Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (September 2025)
42 slides from Ivanhoe Mines Ltd. Class A's investor presentation, Sep 4, 2025
Slide 1: Investor Presentation September 2025
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION September 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$12.19 / share(1) MARKET CAP US$11.80 billion(1) SHARES, OPTIONS, Basic Shares: 1,352.4 million(2) RSUs, PSUs & DSUs Diluted Shares: 1,363.2 million(2) NET DEBT POSITION US$1.078 billion(3) CITIC Metal 22.4% Fideli
Slide 4: A Leading Producer, Developer and Explorer
A LEADING PRODUCER, DEVELOPER AND EXPLORER OWNERSHIP: 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%) ANGOLA: Copper WESTERN FORELANDS (DRC): Copper Zinc
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, including copper, nickel, zinc and PGMs. EXPLORATION FIRST PRODUCTION Q4 2025 EXPANDING PRODUCTION EXPANDING PRODUCTION WESTERN FORELANDS PLATREEF KIPUSHI KAMOA-KAKULA Exploration area over
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 Phase 1 & 2 4.6-Mtpa- concentrators, with the Phase 3 5.0-Mtpa- concentrator in the distant background KAMOA-KAKULA The world’s fastest growing, highest grade and greenest major copper mine 7
Slide 8: Water Levels Stable; Dewatering Underway
WATER LEVELS STABLE; DEWATERING UNDERWAY Seismic activity caused damage to Depth profile of Kakula Mine’s underground development Kakula underground pumping infrastructure – comprehensive recovery plan in place Areas currently Areas Areascurrently currently being mined Areas currently being beingmin
Slide 9: Stage Two Dewatering
STAGE TWO DEWATERING Copper smelter Phase 1 & 2 concentrators Two 650 litres per second submersible, high-capacity pumps Two 650 litres per second submersible, high-capacity pumps The two sites where surface dewatering infrastructure is installed as part of the Stage Two dewatering plan 9
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 Recommence mining in western 2 side of Kakula – ramp up to 3.6 Mtpa 2 2 1 1 Areas currently 3 Develop new access drives to new mining area to the east UNDERWAY being mined
Slide 11: Updated Medium and Long Term Mine Plans Underway
UPDATED MEDIUM AND LONG TERM MINE PLANS UNDERWAY Work well advanced on updated recovery and ramp-up plan from underground operations by September 2025; updated life-of-mine integrated development plan targeted Q1 2026 Western side North-east workings Eastern side access ramp (ramp up) workings (dewa
Slide 12: Processing Strategy – H2 2025
PROCESSING STRATEGY – H2 2025 Targeting Phase 1 & 2 concentrators to process at 80% H2 2025 target to 85% of nameplate capacity throughout H2 2025 9.2 Mtpa (Nameplate) Targeting 50% of ore feed from surface stockpiles and Spare capacity 50% from ore mined from the western side of Kakula 6.5 Mtpa ROM
Slide 13: Preliminary Geotechnical Findings
PRELIMINARY GEOTECHNICAL FINDINGS Seismic activity originated in an area within the eastern side of the Kakula Mine with a mature percentage of extraction Ore blocks, targeted for secondary extraction, started to yield, resulting in stress redistribution onto regional pillars, which became over-stre
Slide 14: Key Recommendations from Preliminary Geotechnical Findings
KEY RECOMMENDATIONS FROM PRELIMINARY GEOTECHNICAL FINDINGS Modify short-term mine plan to 1 increase pillar widths for additional structural support Changes to the mining sequence to 2 improve stress distribution and overall stability Enhanced geotechnical monitoring 3 to be installed throughout the
Slide 15: Kamoa & Kansoko Mines to Support Kakula Production
KAMOA & KANSOKO MINES TO SUPPORT KAKULA PRODUCTION, PROVIDING OPERATIONAL FLEXIBILITY Mining rate at Kamoa and Kansoko currently 6.8 Mtpa, supporting the Phase 3 concentrator Phase 3 concentrator operating 30% above design capacity at 6.5 Mtpa Optionality to expand mining rate further with support f
Slide 16: 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 17: 2025 Revised Production Guidance
2025 REVISED PRODUCTION GUIDANCE Revised 2025 production Waterfall breakdown of original to revised 2025 production guidance: 370,000 – 420,000 guidance (‘000’s tonnes of copper) tonnes of copper in concentrate % Change -9% -16% -2% -2% -28% Most significant impact relating -47 to Phase 1 & 2 mills
Slide 18: What's Next at Kamoa-Kakula
WHAT’S NEXT AT KAMOA-KAKULA Conservatively and safely ramp-up mining activities in Q3 2025 western side of Kakula to 3.6 Mtpa Optimize concentrator capacity to maximize production Ongoing utilizing our stockpiles and multiple mining areas Provide updated cash cost and capital cost guidance July 31,
Slide 19: Inga II Refurbishment Nearing Completion
60 MW 178 SOLAR MW FACILITY INGA II WITH BATTERY REFURBISHMENT STORAGE NEARING COMPLETION Mechanical and electrical equipment installation for Turbine #5 now complete Pre-commissioning activities commenced; wet commissioning from early Q4 2025 Replacement of the resistor banks at the Inga substation
Slide 20: 60 MW Solar Facility with Battery Storage
60 MW SOLAR FACILITY WITH BATTERY STORAGE Kamoa-Kakula 60 MW Solar Plant & substation Site clearance and early earthworks for 60 MW on-site solar facility with battery storage have commenced Scheduled for completion in mid- 2026; facility to supply up to 25% of Kamoa-Kakula’s energy requirements Pla
Slide 21: 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 22: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 22
Slide 23: 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 24: 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 25: Drilling Doubles the Size of Makoko-Kitoko Copper Discoveries
2024 WORK DRILLING PLAN DOUBLES THE SIZE OF MAKOKO-KITOKO COPPER DISCOVERIES IN THE WESTERN FORELANDS IN 18 MONTHS The Makoko District (made up of Makoko, Makoko West, and Kitoko) total Indicated and Inferred Mineral Resources at a 1.0% cut-off grade Copper Vertical Contained Contained Tonnage Area
Slide 26: 2025: Banner Year of Exploration
2024 AWORK 2025: PLAN BANNER YEAR OF EXPLORATION • $50 million exploration budget (35% increase from 2024), covering 102,000 metres of drilling planned (20% increase from 2024) • 11 diamond drill rigs (5 drilling through wet season) 16 km Kamoa Makoko Makoko Kakula West Kitoko DRC Zambia 26
Slide 27: 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 28: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 28
Slide 29: Kipushi Improved Performance
KIPUSHI IMPROVED PERFORMANCE Figures shown on 100% basis for Kipushi, US dollars) Kipushi concentrator milled record 153,342 Ore tonnes milled (‘000’s tonnes) tonnes of ore at an average grade of 33.4% zinc, / Zinc ore grade processed (%) producing 41,788 tonnes of zinc in Q2 2025 32.1% 31.7% 32.2%
Slide 30: Kipushi: Growth Initiatives Underway
KIPUSHI: GROWTH INITIATIVES UNDERWAY Figures shown on 100% basis for Kipushi) Debottlenecking program complete ahead of schedule and under budget, increasing processing capacity by 20% Record 1,052 tonnes of zinc produced in 24 hours, equivalent to an annualized rate of over 340,000 tonnes From 2026
Slide 31: Platreef
PLATREEF One of the world’s largest undeveloped precious metals projects 31
Slide 32: Platreef: World's Largest Precious Metals Development Project
PLATREEF: WORLD’S LARGEST PRECIOUS METALS DEVELOPMENT 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 33: 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; expansion to 10 metres to commence in 2025 R
Slide 34: Flatreef Intersected in May 2025
FLATREEF INTERSECTED IN MAY 2025 Ivanplat’s mining crew intersect Flatreef orebody on May 2, 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 Q4 2025 Franjo
Slide 35: 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 36: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 36
Slide 37: 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 38: 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 39: 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 370kt – 420kt of copper capital intensity and established trac
Slide 40: 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 $1.5 billion in joint Phase 3 & other expansion venture facilities 207
Slide 41: Peak Capex Inflection Point, Moving into Cash Flow
PEAK CAPEX INFLECTION POINT, MOVING INTO CASH FLOW Figures as at December 31, 2024; all values in US$ million Attributable capital expenditure (US$ million) Kamoa-Kakula capex expected to 1,226 taper off in 2025 following the completion of the smelter project 1,068 192 947 226 267 70 719 Phase 4 cap
Slide 42: 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
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