Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Shareholder Meeting (June 2025)
25 slides from Ivanhoe Mines Ltd. Class A's shareholder meeting presentation, Jun 19, 2025
Slide 1: AGM Investor Webinar
AGM INVESTOR WEBINAR June 19, 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: 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” or the “Company”) has been prepared to assist the reader in understanding the business and operational results of Ivanhoe with res
Slide 4: 2024 Annual Highlights
www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF 2024 ANNUAL HIGHLIGHTS Marna Cloete, President and CEO
Slide 5: 2024 in Summary: Three More Major Projects Delivered
2024 IN SUMMARY : THREE MORE MAJOR PROJECTS DELIVERED (Figures shown on 100% basis for Kamoa-Kakula) Kamoa-Kakula achieves record annual production with Phase 3 expansion delivered ahead of schedule 437,147 tonnes Copper Produced Construction complete on Africa’s largest copper smelter, set to impro
Slide 6: Continued Focus on Health & Safety
CONTINUED FOCUS ON HEALTH & SAFETY Ivanhoe Mines' Total Recordable Injury 69% reduction in group- Frequently Rate (TRIFR) wide TRIFR since 2021, despite workforce ICMM 2023 Industry 2.86 Average TRIFR(1) 2.59 increasing by 155% to 31,609 employees & contractors 1.79 Zero lost-time injuries (LTI) rec
Slide 7: Kamoa-Kakula: Unrivalled Cashflow Generation
KAMOA-KAKULA: UNRIVALLED CASHFLOW GENERATION (Figures shown on 100% basis for Kamoa-Kakula) Industry-leading return on capital from ~$6.0 Bn Phase 1, 2 & 3 investment(1) EBITDA ($ million) Cash Flow from Operations(2) ($ million) $109 $15 $520 $1,684 $1,814 $1,383 $1,449 $1,449 $1,209 $588 $554 2021
Slide 8: Kakula Mine – Summary of Recent Events
KAKULA MINE – SUMMARY OF RECENT EVENTS May 18, 2025: seismic activity was experienced at Kakula Mine; all personnel were safely evacuated and mobile equipment removed Seismic activity continued but has since decreased; underground pumping capacity impacted leading to eastern side of Kakula flooding
Slide 9: Kakula Mine Workings in Context
KAKULA MINE WORKINGS IN CONTEXT Majority of the original Kakula deposit has not yet been mined, with Kakula West undeveloped Kakula North Portal >5% copper >4% copper >3% copper Kakula South >2% copper Portal Regional fault 2 km Notes: Existing underground development as at May 2025. Illustration is
Slide 10: Phased, Conservative and Safe Restart of Kakula Mining Activities
PHASED, CONSERVATIVE AND SAFE RESTART OF KAKULA MINING ACTIVITIES Restore pumping and stabilize 1 underground water levels (June 2) Recommence mining in western side of 2 Kakula (June 7) – ramp up to 3.6 Mtpa during H2 2025 2 1 Develop new access drives to new 3 mining area to the east 3 4 Dewater e
Slide 11: Direct-to-Blister Smelter: First Anode in October
DIRECT-TO-BLISTER SMELTER: FIRST ANODE IN OCTOBER Heat-up of smelter expected to commence in September; expected to be well above minimum operating capacity of 50% or 250,000 tonnes of copper annualized 33,000 tonnes of unsold copper in concentrate as at May 31, 2025, in preparation for the smelter
Slide 12: Processing Strategy – Current & Rest of Year
PROCESSING STRATEGY – CURRENT & REST OF YEAR Phase 1 & 2 concentrators Current throughput Next six months target processing stockpiles at ~50% capacity – lower grade, 9.2 Mtpa 9.2 Mtpa but low cost (Nameplate) (Nameplate) Spare 3.8 Mt at ~3% Cu in high and capacity medium grade stockpiles 6.5 Mtpa 6
Slide 13: Kamoa-Kakula Remains a Generational Copper Mine
KAMOA-KAKULA REMAINS A GENERATIONAL COPPER MINE >$6.0 billion capital invested – largely funded by project cash flows Lowest capital cost intensity in the copper industry High margin and green copper producer, generating $6.1 billion EBITDA since 2021 Within 4 years became 8% of DRC GDP 90% of emplo
Slide 14: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 14
Slide 15: Western Forelands Regional
WESTERN FORELANDS REGIONAL Same underlying geology licence area; as Kamoa-Kakula ~5x larger than Kamoa-Kakula’s mining rights Western Forelands’ licences are 60 - 100% owned by Ivanhoe Mines Over 52 million tonnes of copper discovered by Ivanhoe geologists since 2008 – over 2x global annual mine pro
Slide 16: Makoko District Ranks as World's Fifth Largest Copper Discovery Since 2015
MAKOKO DISTRICT RANKS AS THE WORLD’S FIFTH LARGEST COPPER DISCOVERY SINCE KAKULA IN 2015 45.0 3.00% Copper mineralization in the Contained Copper in Resources (Mt) Contained, M&I Makoko District spans a corridor 40.0 Copper Grade in Resources (%) Contained, Inferred 2.50% at least 13 km in length an
Slide 17: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 17
Slide 18: 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 in Q1 2025 32.2% 28.9% 29.0%
Slide 19: 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 20: Platreef
PLATREEF One of the world’s largest undeveloped precious metals projects 20
Slide 21: Independent Platreef Phase 2 & 3 Expansion Studies
INDEPENDENT PLATREEF PHASE 2 & 3 EXPANSION STUDIES 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 targets first production from Phase 1 in Q4 2
Slide 22: Mining Crews Enter the Giant Flatreef Orebody
MINING CREWS ENTER THE GIANT FLATREEF OREBODY Ivanplat’s mining crew intersected Flatreef orebody on May 8, 2025 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
Slide 23: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 23
Slide 24: Platreef: Lowest Cost = Profit Through the Cycle
PLATREEF: LOWEST COST = PROFIT THROUGH THE CYCLE Global primary PGM producer total cash cost + sustaining capital curve Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 Total cash cost + sustaining capital 1,750 1,500 ($ per oz of 3PE+Au) 1,250 1,000 750 10.7 Mtpa(2) 4.1 Mtpa (1) 500 Platreef Platr
Slide 25: AGM Investor Webinar – Management Q&A
AGM INVESTOR WEBINAR MANAGEMENT Q&A 25