Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (February 2025)
36 slides from Ivanhoe Mines Ltd. Class A's investor presentation, Feb 24, 2025
Slide 1: Investor Presentation February 2025
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION February 2025
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”) is confidential and has been prepared to assist the recipients hereof in conducting their own evaluation of Ivanhoe and does not
Slide 3: Ivanhoe at a Glance
IVANHOE AT A GLANCE CORPORATE INFORMATION TSX: IVN LISTINGS OTCQX: IVPAF SHARE PRICE C$15.78 / share(1) MARKET CAP US$14.3 billion(1) SHARES, OPTIONS, Common Shares: 1,350.9 million(2) RSUs, PSUs & DSUs Options, RSUs & DSUs: 18.8 million(2) NET DEBT POSITION US$853 million(2) CITIC Metal 22.4% Fidel
Slide 4: A Leading Producer, Developer and Explorer in Africa
A LEADING PRODUCER, DEVELOPER AND EXPLORER IN AFRICA World’s fastest growing major copper mine with the highest grades World’s highest-grade zinc mine OWNERSHIP: OWNERSHIP: KAMOA-KAKULA KIPUSHI Ivanhoe Mines (39.6%) Ivanhoe Mines (62%) Zijin Mining Group (39.6%) Gécamines (38%) Government of DRC (20
Slide 5: The World's Newest Diversified Major Miner
THE WORLD’S NEWEST DIVERSIFIED MAJOR MINER Ivanhoe will be a responsible, leading supplier of critical metals for the clean-energy transition, including copper, nickel, zinc and PGMs. EXPLORATION FIRST PRODUCTION Q4 2025 RAMPING UP PRODUCTION EXPANDING PRODUCTION WESTERN FORELANDS PLATREEF KIPUSHI K
Slide 6: 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 7: Kamoa-Kakula
Kamoa-Kakula’s new copper smelter in the foreground, with the Phase 1 & 2 4.6-Mtpa-concentrators in the background KAMOA-KAKULA The world’s fastest growing, highest grade and greenest major copper mine 7
Slide 8: Kamoa-Kakula Copper Complex
KAMOA-KAKULA COPPER COMPLEX World’s fastest growing, highest grade, lowest-carbon, major copper mine Democratic Republic of the Congo is the world’s 2nd largest copper exporter Mechanized underground mine; employing safe, modern mining methods The world’s third largest copper mine with production ca
Slide 9: Kamoa-Kakula: Record Production from Phase 1, 2 & 3
KAMOA-KAKULA: RECORD PRODUCTION FROM PHASE 1, 2 & 3 Kamoa-Kakula produced record 437,147 tonnes Ore tonnes milled (‘000’s tonnes) / of copper in 2024, a 11% increase, despite Copper ore grade processed (%) intermittent grid power 5.93% 5.59% 5.24% 4.46% Phase 3 expansion achieved steady state 11,363
Slide 10: Kamoa-Kakula: Outstanding 2024 Annual Results
KAMOA-KAKULA: OUTSTANDING 2024 ANNUAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula) Revenue ($ million) / Realized Copper Price ($/lb.) Kamoa-Kakula generated $4.34/lb. $4.16/lb. $4.08/lb. $4.09/lb. record $1.81 Billion EBITDA $3.82/lb. over 2024 at a margin of 58% based on $4.09/lb. realiz
Slide 11: Kamoa-Kakula: Cash Cost Guidance Achieved, Again
KAMOA-KAKULA: CASH COST GUIDANCE ACHIEVED, AGAIN $1.65/lb. C1 cash cost in FY 2024, within Kamoa Kakula C1 Cash Cost ($ per lb.) guidance range of $1.50 – $1.70/lb. C1 cash cost (US$/lb.) Power impact on C1 (US$/lb.) $1.75 $1.69 Annual C1 cash costs within guidance 2024 FY cash cost of $1.65/lb. ran
Slide 12: Kamoa-Kakula 2025 Cash Cost Guidance
KAMOA-KAKULA 2025 CASH COST GUIDANCE $3.50 2024 C1 Cash Cost Breakdown C1 Cash Cost ($/lb Payable Cu) $3.00 TC/RC 16% $2.50 Mining 33% 2025 guidance $2.00 range: $1.65 - $1.85 Logistics 27% $1.50 Processing 16% $1.00 G&A 9% Inga II Smelter and & Target $0.50 Smelter from power Q4 2024initiatives --
Slide 13: 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 14: Kamoa-Kakula: Smelter Construction Now Complete
KAMOA-KAKULA: SMELTER CONSTRUCTION NOW COMPLETE 500,000 tonnes of 99+% pure anode copper production annually Up to 700,000 tpa of by-product acid production; to be sold into DRC Copper Belt Volume of shipments of copper more than halved – driving down cash costs Smelter complex complete in early 202
Slide 15: Power Stability Initiatives in Progress
POWER STABILITY INITIATIVES IN PROGRESS • Inga II hydropower turbine 5-Year Power Sources & Requirement (MW) #5 wet commissioning to 800 delayed to H2 2025 (+178 Increasing MW) 700 Renewable • 60 MW on-site solar in Generation progress 600 500 • $450M investment in long- 400 term DRC grid improvemen
Slide 16: Further Growth Plans at Kamoa-Kakula
FURTHER GROWTH PLANS AT KAMOA-KAKULA Updated 2025 Integrated Development Plan Project 95 in execution: to be completed in Q2 2025… 95% ~30ktpa Cu production due Q1 2026 Maximizing Optimize Phase 3 Recoveries recovery to 92% Increase Phase 3 nominal throughput by over 20% Throughput (6.5 Mtpa) due H2
Slide 17: Project 95 to Deliver Low-Cost Production Growth
PROJECT 95 TO DELIVER LOW-COST PRODUCTION GROWTH Targeting increased Phase 1 & Kamoa-Kakula’s industry-leading capital intensity 2 recoveries to ~95% from Q1 (US$/t of copper) 2026; construction underway Recent Up to ~30 ktpa of additional Recent projects up copper production from Phase to $35,000/t
Slide 18: Shipments Commence Along Lobito Corridor
SHIPMENTS COMMENCE ALONG LOBITO CORRIDOR Dar es Salaam DRC TANZANIA G7 and EU join the US investment LOBITO RAIL CORRIDOR KAMOA partnership to accelerate the 2,466 km ANGOLA Roundtrip: ~40 days development of Lobito Railway Corridor Lobito KIPUSHI Rail to Lobito 1,739 km ZAMBIA < 8-day journey time
Slide 19: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 19
Slide 20: 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 21: Makoko & Kiala: Exceptional Grade
MAKOKO & KIALA: EXCEPTIONAL GRADE Already the fourth-largest copper discovery in past decade Contained, M&I 30.0 4.0 Contained Copper in Resources (Mt) Contained, Inferred Copper Grade in Resources (%) 25.0 Grade, M&I (%) 3.0 20.0 Grade, Inferred (%) 15.0 2.0 10.0 1.0 5.0 -- -- *The Kamoa discovery,
Slide 22: 2025 Exploration Work Plan: Large-Scale Drill Program
2024EXPLORATION: 2025 WORK PLAN LARGE-SCALE DRILL PROGRAM • Over 300 km2 of new licences acquired in 2024, expanding Western Forelands’ footprint by approx. 20% • 11 diamond drill rigs (5 drilling through wet season) • $50 million exploration budget ($37 million in 2024) • 102,000 metres of drilling
Slide 23: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 23
Slide 24: Kipushi: Historic, Ultra-High-Grade Zinc Deposit
KIPUSHI: HISTORIC, ULTRA-HIGH-GRADE ZINC DEPOSIT World’s top 10 major zinc mines (ranked by 2025 production) Measured & Indicated Resource of 11.8 Mt at 35.3% zinc, plus copper, 600 40.0% lead, silver and germanium Paid Zn Production Head Grade 35.0% Paid Zn Production Kt 500 Zn Head Grade % 30.0% 4
Slide 25: Kipushi: Restarted After 32 Years
KIPUSHI: RESTARTED AFTER 32 YEARS Kipushi concentrator first production in mid 2024; ramp up continues into 2025 2024 production of 50,037 tonnes of zinc in concentrate at $1.13/lb. C1 cash costs; impacted by ongoing ramp-up to steady state Quarterly zinc production was 32,323 tonnes, at an average
Slide 26: Kipushi: Growth Initiatives Underway
KIPUSHI: GROWTH INITIATIVES UNDERWAY 2025 production guidance of 180,000 to 240,000 tonnes; nameplate milling rate expected late Q1 2025 Debottlenecking program targeting 20% increase annual processing capacity from Q4 2025 From 2026 targeting zinc annualized production rate of 250,000 tonnes of zin
Slide 27: Platreef
Platreef project site with Shafts #2 and #3 under construction PLATREEF One of the world’s largest undeveloped precious metals projects 27
Slide 28: Platreef: World's Largest Undeveloped Precious Metals Project
PLATREEF: WORLD’S LARGEST UNDEVELOPED PRECIOUS METALS PROJECT Multi-generational resource with significant exploration upside World’s best PGM project: highest margin and lowest cash costs Industry disruptor – safe, mechanized and highly productive mining Phased expansion targeting to be one of the
Slide 29: Platreef: What Makes the Flatreef Unique?
PLATREEF: WHAT MAKES THE FLATREEF UNIQUE? 29 meters By way of visual comparison Khomanani Mine, Rustenburg Shaft 1 headframe, Platreef Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mechanised, M
Slide 30: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 30
Slide 31: Platreef: Key Study Highlights
PLATREEF: KEY STUDY HIGHLIGHTS Shown on 100%-basis in US$ 4.1 Mtpa 2025 FS 10.7 Mtpa 2025 PEA(1) Mine Life 35 29 Nameplate Throughput 4.1 Mtpa 10.7 Mtpa Annual Pt + Pd + Rh + Au (2) 465 koz 1,025 koz Annual Ni + Cu (2) 9 kt + 5 kt 22 kt + 13 kt Total Cash Costs (LOM) (3) $599/oz 3PE+Au $511/oz 3PE+A
Slide 32: Platreef: To Be One of the Largest PGM Producers
PLATREEF: TO BE ONE OF THE LARGEST PGM PRODUCERS Global primary PGM producers ranked by platinum equivalent production Platreef 10.7 Mtpa (2) 2,000 Platinum Equivalent Production (koz) 1,800 Platreef 4.1 Mtpa (1) 1,600 1,400 1,200 Shaded area represents 1,000 by-product credits 800 600 400 200 0 Glo
Slide 33: Platreef: Lowest Cost = Profit Through the Cycle
PLATREEF: LOWEST COST = PROFIT THROUGH THE CYCLE Global primary PGM producer total cash cost + sustaining capital curve Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 Total cash cost + sustaining capital 1,750 ($ per oz of 3PE+Au) 1,500 1,250 3PE+Au basket spot price(3) 1,000 750 10.7 Mtpa(2) 4.1
Slide 34: Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with 2025
29 Cu Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with 2025 production guidance mines with low costs, low management team with an partners CITIC and Zijin proforma pro-rata net debt of 520kt – 580kt of copper capital intensity and established trac
Slide 35: 2024 Projects Completed Within Capex Guidance
2024 PROJECTS COMPLETED WITHIN CAPEX GUIDANCE (Figures shown on 100% basis, $ millions) 2024 2025 2026 2024 actual spend within Capital Expenditure Actual Guidance Guidance guidance at each project Kamoa-Kakula Phase 3 & other expansion capital $1,622 $1,050 – $1,300 $300 – $550 Kamoa-Kakula remaini
Slide 36: Inaugural $750 Million Notes Support Growth
INAUGURAL $750 MILLION NOTES SUPPORT GROWTH Figures as at December 31, 2024; all values in $ million $750 million 7.875% debut senior Pro-Forma Pro-Rata Net Debt Build-up unsecured notes due 2030 offering 117 closed on January 23 , 2025 46 Target leverage ratio: 1.0x Pro-Rata 750 1.36x LTM Net Debt
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