Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Q1 2026 Earnings Presentation
46 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, May 6, 2026
Slide 1: Investor Presentation May 2026
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION May 2026
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: Ivanhoe at a Glance
IVANHOE AT A GLANCE CORPORATE INFORMATION TSX: IVN LISTINGS OTCQX: IVPAF SHARE PRICE C$11.48 / share(1) MARKET CAP US$12.01 billion(1) SHARES, OPTIONS, Basic Shares: 1,426.0 million(2) RSUs, PSUs & DSUs Diluted Shares: 1,428.6 million(2) NET DEBT POSITION US$471 million(3) CITIC Metal 21.2% Zijin Mi
Slide 4: A Leading Producer, Developer and Explorer
A LEADING PRODUCER, DEVELOPER AND EXPLORER OWNERSHIP: Operating Mines Exploration Projects KAMOA-KAKULA Ivanhoe Mines (39.6%) Zijin Mining Group (39.6%) Government of DRC (20%) Crystal River Global (0.8%) KAZAKHSTAN: Copper Copper OWNERSHIP: KIPUSHI Ivanhoe Mines (62%) Gécamines (38%) WESTERN FORELA
Slide 5: DRC: Awakening a Copper Giant
DRC: AWAKENING A COPPER GIANT 2nd largest global copper exporter As the host country, and as a shareholder of Kamoa Copper, the DRC sees this local value creation Abundant hydro-power capacity as a strategic imperative Median population age of 17 His Excellency Félix Tshisekedi, President of the Dem
Slide 6: Kamoa-Kakula
Project 95 modifications to the Phase 1 & Phase 2 concentrators, which are expected to be operational from June 2026 KAMOA-KAKULA The world’s highest grade and greenest major copper complex 6
Slide 7: Kakula Mine: Area Mined Since 2021
KAKULA MINE: AREA MINED SINCE 2021 Kakula north Smelter twin decline Phase 1 & 2 concentrators Pre-seismic event: 50 million tonnes of Western ore reserves, of which approximately side two-thirds are on the Eastern side Eastern side Scale: 1 kilometre Kakula south twin decline 7
Slide 8: World-Class Mineral Resource Base Intact
WORLD-CLASS MINERAL RESOURCE BASE INTACT Kamoa-Kakula Remains a World Class Copper Deposit1 Contained Copper in Mineral Resources (Mt) 150 M&I Cont. Cu 3.0% 36.8 33.8 2024 2025 Inf. Cont. Cu 125 2.5% Contained Copper (Mt) M&I Grade Copper Grade (%) Inf. Grade 100 2.0% 75 1.5% 50 1.0% 5.2 6.1 25 0.5%
Slide 9: Mineral Reserve Reconciliation
MINERAL RESERVE RECONCILIATION Figures for Kamoa-Kakula shown on 100%-basis Removal of old Kakula Mine from Mineral Reserve; of which some is 20 1a 1 excluded as Mature Extraction Zone Cont. Copper in Reserves (Mt) 1b 1.9 2 (a); some is reclassified to Inferred (b) 15 0.9 5 4.4 3 4 Increased pillar
Slide 10: Exclusion of Old Kakula Mine from Reserves
11) EXCLUSION OF OLD KAKULA MINE FROM RESERVES Kakula North Kakula North Portal Kakula Exclusion Zones Portal Based on the current access to the Kakula Mine, the following geotechnical zones have been determined: 1a Mature Extraction Zone: The seismic event occurred inside this zone, where achieved
Slide 11: Increased Pillar Widths
2 INCREASED PILLAR WIDTHS Updated Kamoa 1 Mine Design: Application of New Geotechnical Parameters: Kamoa-Kakula global redesign Kamoa 1 creates geotechnically stable mining Portal fronts supported by: Early Establishment of Periphery Blocks 80-110m wide x Panel Max 300 x 300m Access Drives and Long-
Slide 12: Increased Stoping & Reduced Cut-Off Grade
3) INCREASED STOPING & REDUCED CUT-OFF GRADE 3&4 Decreasing the cut-off grade maximises extraction of the orebody but adds additional ore tonnes at lower grade 4m True Thickness Long Hole Mining Drifts Lower cost, higher productivity where orebody dip is less than approximately 30°, representing the
Slide 13: Kamoa 3-6 Resource to Reserve Conversion
55) KAMOA 3-6 RESOURCE TO RESERVE CONVERSION Inclusion of additional reserves from Kamoa 3, Kamoa #6 (future) 4, 5 and 6 Mines, which were converted from Kamoa #5 resources, increasing mine life, in addition to (future) reserves from lower cut-off grade Kamoa #4 (future) Category Tonnage Copper Cont
Slide 14: 2026 & 2027: Resetting Kakula 2.0 Mine Strategy
2026 & 2027: “RESETTING” KAKULA 2.0 MINE STRATEGY Outline of area LEGEND reclassified to Inferred 8% copper stope Stoping Develop safe long-term access Resource classification blocks 5% copper stope around the orebody periphery Kakula North 3% copper stope Portal 2% copper stope 1.5% copper stope St
Slide 15: 2028 Onwards: Kakula Mine Steady State +500 ktpa
2028 ONWARDS: KAKULA MINE STEADY STATE +500 KTPA KAKULA WEST KAKULA Outline of area LEGEND reclassified to Inferred 8% copper stope Resource classification 5% copper stope Kakula North 3% copper stope Portal High-productivity stoping from 2028 2% copper stope to enable Tier-One complex 1.5% copper s
Slide 16: Kamoa Mines Ready to Ramp Up Volumes
KAMOA MINES READY TO RAMP UP VOLUMES Opportunities at the Kamoa Mines: Applying the same productivity and stability optimization from the new Kakula Mine at Kamoa New Kahala Boxcut Started two new boxcuts, Kahala and Kamoa 1 Kansoko Sud, to open new mining Portal fronts Kansoko Kamoa Mine currently
Slide 17: Upcoming Kamoa-Kakula Delivery Milestones
UPCOMING KAMOA-KAKULA DELIVERY MILESTONES March 2026 March 2027 June / July 2026 Release of May 2026 Solar Project Release 2028 Reserve Project 95 Phase 1 Optimized End 2027 +500kt Update Commissioning Commercial 5-Year FS Development steady state Complete Operation Advance Kahala Kansoko Sud Update
Slide 18: 2026 & 2027 Revised Production Guidance
2026 & 2027 REVISED PRODUCTION GUIDANCE Figures for Kamoa-Kakula shown on 100%-basis Previous 600 Copper in Copper in Guidance: Concentrate Anode 500-540kt +500 500 Previous Annual Copper Production (kt) Guidance: 380-420kt 420 400 437 394 389 330 380 300 333 290 200 100 106 0 2021 2022 2023 2024 20
Slide 19: 2026 & 2027 Revised Cash Cost and Capex Guidance
2026 & 2027 REVISED CASH COST AND CAPEX GUIDANCE Guidance revision resulting from Revised Guidance 2026 2027 lower production forecast and grade during 2026 and 2027 2.60 – 3.00 2.10 – 2.50 Cash Cost (C1) ($/lb.) (Prev. 2.20 – 2.50) (Prev. 1.90 – 2.30) Factors in sensitivity around higher diesel pri
Slide 20: Ramping Up Concentrator Throughput
RAMPING UP CONCENTRATOR THROUGHPUT 2026 to 2028 Processing Plan 17.0 Mt Spare Spare (5.25 Mt) Phase 1 Capacity Capacity ROM Kakula ROM ROM 3.7 – 4.2% 11.8 Mt Kakula Kakula (5.25 Mt) Phase 2 2.7 – 3.2% 3.2 – 3.7% Stockpiles 1.3 – 1.5% 6.5 Mt ROM ROM Phase 3 (6.5 Mt) ROM Kamoa Kamoa Kamoa 2.0 – 2.5% 2
Slide 21: 500,000-Tonne-Per-Annum Smelter at 60% Capacity
500,000-TONNE-PER-ANNUM SMELTER AT 60% CAPACITY On-site smelter is the largest copper smelter in Africa, operating at ~60% of capacity since mid-February Kamoa-Kakula produced 71,417 tonnes of blister or anode in Q1 2026, 15% more production than concentrate produced Toll treatment of local third-pa
Slide 22: Ramping Up to 700ktpa Sulphuric Acid Production
RAMPING UP TO 700KTPA SULPHURIC ACID PRODUCTION Q1 2026 realized price of sulphuric acid was $467 per tonne; Cash cost (C1) guidance assumed $400 - $500 per tonne Sulphuric acid prices rising due to; continued closure of Strait of Hormuz, maintenance of other Copperbelt smelters and Zambia export co
Slide 23: Margins Boosted by Kamoa-Kakula Smelter
MARGINS BOOSTED BY KAMOA-KAKULA SMELTER (Figures shown on 100% basis for Kamoa-Kakula, US dollars) At 60% capacity, the smelter delivered ~$0.44/lb. in cost savings, excluding additional $0.16/lb in road & export tax savings(1) Cash Cost (C1) Waterfall between H2 2025 and Q1 2026 (US$/lb.) $(0.33) $
Slide 24: 60 MW of Constant Solar Power from July
60 MW OF CONSTANT SOLAR POWER FROM JULY Construction nearing completion; 60- MW solar facility with battery storage expected to be operational from July Plans advancing to double on-site solar power capacity with battery storage to 120 MW Power purchase agreement signed for 30-MW facility from Q3 20
Slide 25: Increasing Diversification of Power Sources
INCREASING DIVERSIFICATION OF POWER SOURCES Dec 25 Dec 26 Dec 27 Dec 28 INCREASING RENEWABLE GENERATION SNEL (national grid) MW 110 180 210 210 178 MW of refurbishment hydropower from Turbine #5 Inga II completed Third party purchases MW 100 100 100 100 (Imports) 60 MW of on-site solar from mid-2026
Slide 26: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 26
Slide 27: Western Forelands Overview
WESTERN FORELANDS OVERVIEW 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 48 million tonnes of copper discovered by Ivanhoe geologists since 2008 – over 2x global annual mine pro
Slide 28: 2026 Work Plan: Western Forelands Drill Program
2024 2026 WORK PLAN WESTERN FORELANDS DRILL PROGRAM 96,000m drill program planned for 2026; Largest ever in Western Forelands Three Focus Areas of Makoko District drilling: 2 1 Testing southern extension around Kitoko 2 Infill drilling between Makoko West & Central 3 Testing eastern extension of Mak
Slide 29: Makoko District Ranks as World's Fifth Largest Copper Discovery
MAKOKO DISTRICT RANKS AS THE WORLD’S FIFTH LARGEST COPPER DISCOVERY SINCE KAKULA IN 2015 Copper mineralization in the 45.0 3.00% Contained Copper in Resources (Mt) Makoko District spans a corridor 40.0 Contained, M&I Copper Grade in Resources (%) Contained, Inferred at least 13 km in length and Grad
Slide 30: Drilling Commences into New Horizons
DRILLING COMMENCES INTO NEW HORIZONS Moxico and Cuando Cubango North-Western Province Chu-Sarysu Basin JV Angola (100%-owned) Zambia (100%-owned) Kazakhstan (20%-owned)* ▪ Targeting Western-Foreland- ▪ Exploration package 3x larger ▪ Exploration JV formed to style sedimentary copper than the Western
Slide 31: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 31
Slide 32: Kipushi Set for Another Record Year
KIPUSHI SET FOR ANOTHER RECORD YEAR (Figures shown on 100% basis for Kipushi) Kipushi produced a record 65,044 tonnes of Ore tonnes milled (‘000’s tonnes) zinc in Q1 2026 / Zinc ore grade processed (%) 37.8% 36.2% 37.0% 32.2% 33.4% Kipushi milled a record 196,774 tonnes of ore in Q1 at an average gr
Slide 33: Kipushi: Sleeping Giant Awakened at the Right Time
KIPUSHI: SLEEPING GIANT AWAKENED AT THE RIGHT TIME (Figures shown on 100% basis for Kipushi) Zinc prices trading at 3-year highs, World’s top 10 zinc mines in 2024 by paid zinc production above $1.50/lb. (‘000 tonnes) with head grade (% zinc) 600 40% Paid Zn Production (kt) Paid Zn 35% 500 Productio
Slide 34: Platreef Mine
PLATREEF MINE The right time for the world’s best new producer of platinum, palladium, rhodium & gold 34
Slide 35: Platreef Platinum-Palladium-Nickel-Rhodium-Copper-Gold Mine
PLATREEF PLATINUM-PALLADIUM-NICKEL-RHODIUM-COPPER-GOLD MINE Multi-generational resource with significant exploration upside Set to be one of the largest and highest margin primary PGM mines PGM Diversified commodity basket of precious metals, nickel and copper Ni Cu Phase 1 ramping up; Phase 2 devel
Slide 36: Platreef: What Makes the Flatreef Orebody Unique?
PLATREEF: WHAT MAKES THE FLATREEF OREBODY UNIQUE? Shaft #3, Platreef 40 meters By way of visual comparison Khomanani Mine, Rustenburg Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mechanised, Mi
Slide 37: Platreef's Shaft #3 Complete
PLATREEF’S SHAFT #3 COMPLETE 4.0-Mtpa-Shaft #3 was completed on schedule in late Q1 2025; stoping (production mining) of Flatreef orebody to begin in Q2 2026 Shaft #3 to increase total hoisting capacity to ~5.0 Mtpa, unlocking the Phase 1 ramp-up and (L-R) Shaft #1 headframe and the new future Phase
Slide 38: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY 3-phase plan to make Platreef one of the world’s largest and lowest cost producers of platinum, palladium, rhodium & gold, with significant copper & nickel credits EPCM contractor for Phase 2 expansion mobilized, concentrator civil earthworks commenced on April 8, 2026 W
Slide 39: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 39
Slide 40: Platreef Phase 2 Milestones
PLATREEF PHASE 2 MILESTONES 20-MONTH TIMELINE TO PLATREEF PHASE 2 OPERATIONS PHASE 2 CONCENTRATOR Q3 2027 Dec 2027 April 2026 May-Jul 2026 Aug 2026 Oct 2026 Jan 2027 Concentrator Phase 2 Earthworks Key contracts First pour First steel Delivery of Construction Concentrator commence awarded of concret
Slide 41: The Right Time for Key Critical Minerals
THE RIGHT TIME FOR KEY CRITICAL MINERALS USGS categorizes rhodium as HIGHEST RISK; platinum, palladium & copper are ELEVATED RISK Platreef Mine's metal basket price ($ per ounce) 3,000 +$816/oz (+61%) Platreef Metals Price Basket 2,500 2,130 ($/oz) 3PE+Au) 2,000 Date of 2025 284 FS & PEA 287 1,500 2
Slide 42: 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 ($ per oz of 3PE+Au) 1,500 1,250 1,000 750 10.7 Mtpa(2) 4.1 Mtpa (1) 500 Platreef Platr
Slide 43: Investment highlights
29 Cu Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with a 2026 production guidance mines with low costs, low management team with an partners CITIC, Zijin & QIA net debt of $470 million as of 290kt – 330kt of copper capital intensity and establishe
Slide 44: Capital Expenditure on Track
CAPITAL EXPENDITURE ON TRACK (Figures shown on 100% basis, US$ millions) Capital Expenditure Q1 2026 2026 2027 Kamoa-Kakula and Platreef Actual Guidance Guidance capex guidance reaffirmed Kamoa-Kakula Expansion capital 197 600 – 850 300 – 450 Kamoa-Kakula expansion capital ~75% on accelerated Sustai
Slide 45: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at March 31, 2026; all values in US$ million Ivanhoe Mines Ivanhoe Mines Pro-rata net debt to Cash and cash equivalents Pro-rata net debt adjusted EBITDA (LTM) $1,170 $1,313 2.44x 2.02x $885 $754 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Q1 2026 $750
Slide 46: Appendix: Technical Information and Mineral Reserves
APPENDIX I: Technical Information APPENDIX III: Mineral Reserves The scientific and technical information contained in this presentation has been reviewed and approved by by Steve Amos, BSc (Hons), MSc (Eng), FSAIMM Category Tonnage (Mt Ore) Copper Grade (%) Cont. Copper (Mt Cu) (703500) and Simon