Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Q1 2025 Earnings Presentation
35 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Financial Results
Q1 2025 FINANCIAL RESULTS May 1, 2025 www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanhoe”) has been prepared to assist the reader in understanding the business and financial results of Ivanhoe for the periods indicated a
Slide 3: Opening Remarks
Africa’s greenest and largest copper smelter in the foreground with the Phase 1 and 2 concentrators in the background Record monthly production achieved in April 2025 of over 50,000 tonnes of copper in concentrate Record equivalent to over 600,000 tonnes of OPENING REMARKS copper annualized; Kamoa-K
Slide 4: DRC and Rwanda sign Declaration of Principles
Therese Kayikwamba Wagner (left), Democratic Republic of the Congo Minister of Foreign Affairs and Olivier Nduhungirehe (right), Foreign Minister of Rwanda sign the “Declaration of Principles” with Marco Rubio (centre), United States Secretary of State as a witness. The DRC and Rwanda commit to draf
Slide 5: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer The team inside Kamoa’s new smelter furnace complex. 5
Slide 6: Q1 2025: Highlights of the First Quarter
Q1 2025: HIGHLIGHTS OF THE FIRST QUARTER (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Record EBITDA and record revenue achieved at Kamoa- 133,120 tonnes Kakula during quarter Copper Produced Since mid-March imported hydropower increased from 50 MW to 100 MW at Kamoa-Kakula; further inc
Slide 7: Health & Safety: Continued Focus
HEALTH & SAFETY: CONTINUED FOCUS Ivanhoe Mines’ Industry Leading TRIFR Group Level 2.59 Industry Average(1) 2.86 1.79 0.92 1.19 0.90 2021 2022 2023 2024 Q1 2025 TRIFR: Total recordable injury frequency rate = (fatalities + lost time injuries + restricted work injury + medical treatment injury) x 1,0
Slide 8: 2024 Sustainability Report - Mining with a Greater Purpose
2024 SUSTAINABILITY REPORT - MINING WITH A GREATER PURPOSE Kamoa-Kakula and Kipushi ~8% of DRC’s GDP; $1.1 billion paid in taxes & royalties 38% year-on-year increase in workforce $5 billion in total value created and distributed 75% of all procurement sourced from local suppliers and contractors Fi
Slide 9: Q1 2025 Financial Overview
Q1 2025 FINANCIAL OVERVIEW Furnace Operators Jeremie Muhiya, Chirack Mwamba and Cosma Sangwa, completing the last David van Heerden, Chief Financial Officer stages of commissioning inside the smelter furnace 9
Slide 10: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Copper sold marginally lower and revenue higher in Q1 2025, attributable to higher copper price. 48,000 tonnes of unsold copper at quarter end, stored at nearby smelter and at on-site smelter in anti
Slide 11: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Record EBITDA of $585 million for Q1 2025 with EBITDA margin of 60% Quarterly cash costs (C1) decreased to $1.69/lb, driven by lower treatment and refining charges. Cash costs within lower end of gui
Slide 12: Kamoa-Kakula: Q1 2025 EBITDA Waterfall
KAMOA-KAKULA: Q1 2025 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ millions) Quarter-on-quarter increase in EBITDA driven by higher copper price, positive remeasurement of contract receivables on provisional pricing and decrease in cash costs. Chart Quarter on Quarter Title EB
Slide 13: Kipushi: Quarterly Financial Results
KIPUSHI: QUARTERLY FINANCIAL RESULTS Figures shown on 100% basis for Kipushi, US dollars) Cash cost (C1) of $0.93/lb (lower end of guidance); ramp- up to steady state production continues in Q2 30,108 tonnes of payable zinc sold recognizing $77.0 million in revenue(1) and $10.5 million in EBITDA for
Slide 14: Ivanhoe Mines Consolidated Financial Results
IVANHOE MINES CONSOLIDATED FINANCIAL RESULTS (Figures shown ub US$ millions) Net profit for Q1 2025 of $122 million, driven by share of profit from Kamoa of $108 million, and finance income from the JV of $34 million, offset by G&A, finance costs and exploration spend. Normalized Net Profit(1) ($ mi
Slide 15: Ivanhoe Mines' Record Adjusted EBITDA
IVANHOE MINES’ RECORD ADJUSTED EBITDA Near-term growth initiatives over next 12 – 18 Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) months with limited additional capex: $250 / End Of Quarter IVN Share Price (C$/sh) 22 C$20.12 Kamoa-Kakula 20 $200 ✓ Smelter ramp-up 18 ✓ Project 95 $150 ✓ Phase 3 de
Slide 16: Growth Capex on Track, Tapering Off in 2026
GROWTH CAPEX ON TRACK, TAPERING OFF IN 2026 (Figures shown on 100% basis, US$ millions) Q1 2025 2025 2026 Kamoa-Kakula’s growth self- Capital Expenditure Actuals Guidance Guidance financed by operating cash Kamoa-Kakula flows and $1.5 billion in joint Phase 3 & other expansion venture facilities 207
Slide 17: Inaugural $750 Million Notes Support Growth
INAUGURAL $750 MILLION NOTES SUPPORT GROWTH (Figures shown in US$ millions) $750 million 7.875% debut senior Ivanhoe Mines’ credit ratings: unsecured notes due 2030 offering closed on January 23 , 2025 B stable B stable Target leverage ratio: 1.0x Pro-Rata Net Pro-rata total cash Pro-rata net debt t
Slide 18: Operations & Project Update
OPERATIONS & PROJECT UPDATE Mark Farren, Chief Operating Officer Alex Pickard, EVP, Corporate Development & IR Kamoa-Kakula’s Phase 1 and 2 concentrators 18
Slide 19: Kamoa-Kakula: Further Production Growth for 2025
KAMOA-KAKULA: FURTHER PRODUCTION GROWTH FOR 2025 (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes) / Kamoa-Kakula Phase 1, 2 & 3 concentrators milled Combined copper ore grade processed (%) a record 3.7 million tonnes of ore, producing a near-record 133,120 tonne
Slide 20: Increased Imported Power + Increased Production
INCREASED IMPORTED POWER + INCREASED PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Imported hydropower increased from Kamoa-Kakula weekly copper in concentrate production (kt) 50 MW to 100 MW since mid-March, reducing back up generator power increase in imported hydropower + improved ope
Slide 21: Power Stability Initiatives in Progress
POWER STABILITY INITIATIVES IN PROGRESS Kamoa-Kakula’s Medium-Term Power • Inga II hydropower turbine #5 wet commissioning 600 Requirement vs Sources (MW) expected H2 2025 Increasing Renewable • 60 MW of on-site solar 500 Generation from mid-2026 400 End April 300 • $450M investment in long- term DR
Slide 22: Kamoa-Kakula Near Term Growth Plans
KAMOA-KAKULA NEAR TERM GROWTH PLANS (Figures shown on 100% basis for Kamoa-Kakula) Project 95 is 30% complete, 95% on schedule: ~30 ktpa Cu production from Q1 2026 Maximizing Phase 3: Optimize Recoveries recovery from mid-2027 Increase Phase 3 nominal throughput by over 20% Throughput (6.5 Mtpa) fro
Slide 23: Africa's Largest and Greenest Copper Smelter
AFRICA’S LARGEST AND GREENEST COPPER SMELTER 500,000 tonnes of 99+% pure anode copper production annually Up to 700,000 tpa of by-product acid production to be sold locally - offtake agreements well advanced Volume of shipments of copper more than halved – driving down cash costs Smelter to rank bot
Slide 24: First Anode from On-Site Smelter in July
FIRST ANODE FROM ON-SITE SMELTER IN JULY Smelter commissioning nearing completion; heat-up expected in May and first 99+% copper anode production from July Ramp up to 80% capacity expected by year-end Trained workforce now at 1,500 Commissioning of the anode furnaces inside the smelter 24
Slide 25: Kipushi Ramp-Up Progressing on Track
KIPUSHI RAMP-UP PROGRESSING ON TRACK Figures shown on 100% basis for Kipushi, US dollars) Kipushi concentrator milled 151,403 tonnes of Ore tonnes milled (‘000’s tonnes) ore at an average grade of 32.2% zinc, producing / Zinc ore grade processed (%) 42,736 tonnes of zinc 32.2% 28.9% 29.0% Kipushi co
Slide 26: Kipushi: Growth Initiatives Underway
KIPUSHI: GROWTH INITIATIVES UNDERWAY Figures shown on 100% basis for Kipushi) Debottlenecking program 72% complete and on schedule to increase processing capacity by 20% from late Q3 2025 From 2026 targeting zinc annualized production rate of 250,000 tonnes of zinc and beyond Engineering underway fo
Slide 27: Independent Platreef Phase 2 & 3 Expansion Studies
INDEPENDENT PLATREEF PHASE 2 & 3 EXPANSION STUDIES Figures shown on 100% basis for Platreef) Platreef, one of the world’s largest undeveloped precious metals deposits, to be lowest cost platinum, palladium, rhodium, and gold producer; with significant nickel and copper 4.1 Mtpa Feasibility Study tar
Slide 28: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 Figures shown on 100% basis for Platreef) 28
Slide 29: Shaft #3 on Track for Hoisting Q1 2026
SHAFT #3 ON TRACK FOR HOISTING Q1 2026 Figures shown on 100% basis for Platreef) Shaft #3 to increase total hoisting capacity to 5.0 Mtpa from Q1 2026, unlocking Phase 1 production and Phase 2 ramp-up Reaming of the giant Shaft #2 to 3.1-metres completed; widening to 10 metres to commence in 2026 Re
Slide 30: Flatreef Within Touching Distance
FLATREEF WITHIN TOUCHING DISTANCE Intersection of Flatreef orebody expected imminently Achievement marks the culmination of 3 years of underground development totalling 5,513 metres Development ore will be stockpiled on surface and processed in the Phase 1 concentrator from Q4 2025 Franjo Bosmich, M
Slide 31: Western Forelands: Banner Year of Exploration
WESTERN FORELANDS: BANNER YEAR OF EXPLORATION $50 million exploration budget (35% increase from 2024), covering 102,000 metres of drilling planned (20% increase from 2024) 5 rigs drilling through wet season (11 from end of May) Updated Mineral Resource Estimate expected mid-May on Makoko, Makoko Wes
Slide 32: Targeting Western-Foreland-Style Copper in Zambia & Angola
TARGETING WESTERN-FORELAND-STYLE COPPER IN ZAMBIA & ANGOLA Zambia (100%-owned) ▪ 7,757 km2 in new exploration licences in North-Western Province ▪ Zambian Geological Survey completed high-resolution airborne geophysics survey licence area, expediting exploration efforts Angola (100%-owned) ▪ Explora
Slide 33: Management Q&A
Q1 FINANCIAL RESULTS MANAGEMENT Q&A 33
Slide 34: Appendices
Q1 FINANCIAL RESULTS APPENDICES Smelter commissioning team inside the direct-to-blister furnace
Slide 35: Kamoa-Kakula Q1 2025 Cash Cost (C1) Guidance
KAMOA-KAKULA Q1 2025 CASH COST (C1) GUIDANCE $3.50 Q1 2025 Cash Cost (C1) Breakdown (%) C1 Cash Cost ($/lb Payable Cu) $3.00 TC/RC 2025 guidance: 11% $1.65 - $1.85/lb. $2.50 Q1 2025: Mining $2.00 $1.69/lb. Logistics 37% 24% $1.50 G&A Processing 10% 17% $1.00 Smelter & power Target $0.50 initiatives