Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Q4 2025 Earnings Presentation
34 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, Feb 19, 2026
Slide 1: 2025 Annual Results
2025 ANNUAL RESULTS February 19, 2026 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
Stacked anodes from the Kamoa-Kakula copper smelter, being checked before loading. OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: 2025 Annual Highlights
Aerial view of Platreef Mine with Shaft #2 as the focal point, followed by Shaft #1 and Shaft #3 to its right. 2025 ANNUAL HIGHLIGHTS Marna Cloete, President & Chief Executive Officer 4
Slide 5: 2025 in Summary: Kamoa-Kakula in Recovery
2025 IN SUMMARY: KAMOA-KAKULA IN RECOVERY (Figures shown on 100% basis for Kamoa-Kakula) 388,841 tonnes Kamoa-Kakula generates 2025 revenue of $3.28 billion Copper Produced (Kamoa) and EBITDA of $1.45 billion, at a margin of 44%, despite lower production and sales since May 203,168 tonnes Ramp-up of
Slide 6: 2025: A Year of Prosperity for DRC
2025: A YEAR OF PROSPERITY FOR DRC Progress on regional peace via Washington Accords for Peace and Prosperity has boosted outlook for the country DRC has attracted significant Foreign Direct Investment into the mining industry and across the geopolitical spectrum 7% year-on-year increase in copper p
Slide 7: Continued Focus on Health & Safety
CONTINUED FOCUS ON HEALTH & SAFETY 69% reduction in group- Ivanhoe Mines' Total Recordable wide TRIFR since 2021, Injury Frequency Rate (TRIFR) despite workforce increasing by 155% to 2.86 ICMM 2024 Industry 31,609 employees & Average TRIFR(1) 2.29 contractors 1.79 Zero lost-time injuries 1.26 (LTI)
Slide 8: Q4 Sustainability Highlights
Q4 SUSTAINABILITY HIGHLIGHTS Construction completion and hand over of three schools and one clinic to local communities Ivanplats and Wheaton Precious Metals renovated a crèche and built new classrooms in villages surrounding the Platreef Mine Masodi wastewater treatment plant was officially inaugur
Slide 9: 2025 Annual Financial Overview
Employees from the construction department achieved 754 LTI-free man-hours 2025 ANNUAL FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer 9
Slide 10: Kamoa-Kakula: 2025 Annual Results
KAMOA-KAKULA: 2025 ANNUAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula) Revenue ($ million) / Realized Copper Price ($/lb.) Kamoa-Kakula generated $4.98/lb. $1.45 Billion EBITDA over $4.19/lb. $4.34/lb. $4.42/lb. $4.40/lb. 2025 at a margin of 44% based on $4.40/lb. realized copper price $3,
Slide 11: Kamoa-Kakula: Quarterly EBITDA Waterfall
KAMOA-KAKULA: QUARTERLY EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, $ millions) Quarter-on-quarter increase (decrease) in EBITDA ($ million) ($26) +69% $71 ( $21) QoQ ($33) $97 $47 $331 $196 (1) EBITDA Q3 2025 Tonnes sold Copper price Remeasurement Logistics, Realisation cost Ope
Slide 12: Kamoa-Kakula: 2025 Cash Cost Within Revised Guidance
KAMOA-KAKULA: 2025 CASH COST WITHIN REVISED GUIDANCE $2.16/lb. C1 cash cost in FY 2025, within Cash Cost (C1) ($/lb.) revised guidance range Post seismic event recovery +57% increase in C1 cash cost in H2 2025 (since seismic event and recovery): • Key impact 37% decrease in head grade FY 2025 $2.16/
Slide 13: Kamoa-Kakula: 2026 & 2027 Cash Cost Guidance
KAMOA-KAKULA: 2026 & 2027 CASH COST GUIDANCE >20% cash cost improvement targeted in H2 2025 Cash Cost (C1) vs. guidance driven by smelter ramp-up and 2026 / 2027 Guidance improved grade 2.80 2.50 Breakdown of H2 2025 Unit Cash Cost 2.30 ~30% reduction target based on 2.20 smelter (incl. TC/RC opex a
Slide 14: Kipushi: Breakout Financial Quarter
KIPUSHI: BREAKOUT FINANCIAL QUARTER Kipushi generated $441 million Revenue ($ million) / Realized Zinc Price ($/lb.) Revenue and $91 EBITDA in 2025 $1.29/lb. $1.23/lb. $1.27/lb. $1.44/lb. $1.31/lb. at a margin of 21% based on $1.31/lb. realized zinc price $441 $77 $97 $129 $138 Q1 2025 Q2 2025 Q3 20
Slide 15: Ivanhoe Mines Consolidated Financial Results
IVANHOE MINES CONSOLIDATED FINANCIAL RESULTS Key financial metrics relatively flat year-on-year, despite significantly disrupted operations at Kamoa-Kakula Net Profit Group-level adjusted EBITDA(1) ($ million) ($ million) $625 $228 $578 $193 FY 2024 FY 2025 FY 2024 FY 2025 (1) Adjusted EBITDA is a n
Slide 16: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at December 31, 2025; all values in $ million Ivanhoe Mines Ivanhoe Mines Cash and cash equivalents Pro-rata net debt Improved liquidity outlook at both Ivanhoe Mines and Kamoa-Kakula $1,190 $885 Cash bolstered by QIA private $853 placement proceed
Slide 17: Capex Expenditure
CAPEX EXPENDITURE (Figures shown on 100% basis, $ millions) 2025 2025 2026 2027 2025 actual spend for Kamoa- Capital Expenditure Guidance Actual Guidance Guidance Kakula below guidance; 2026 Kamoa-Kakula capital expenditure increase Expansion 950 – 1,050 867 600 – 850 300 – 450 accounts for underspe
Slide 18: Operations & Project Update
Project 95 thickeners in the foreground with the Phase 1 and 2 concentrator plants in the background OPERATIONS & PROJECT UPDATE Tom van den Berg, Chief Operating Officer Steve Amos, Executive Vice President, Projects Alex Pickard, Executive Vice President, Corporate Development 18
Slide 19: Kamoa-Kakula: Concentrator Production
KAMOA-KAKULA: CONCENTRATOR PRODUCTION 388,841 tonnes of copper in concentrate Ore tonnes milled (‘000’s tonnes) / produced in 2025; achieving revised guidance Copper ore grade processed (%) 5.93% 5.59% 5.24% 4.46% Phase 3 copper production continues to 3.14% outperform with a record 144,489 tonnes p
Slide 20: Kamoa-Kakula: Dewatering Off the Critical Path
KAMOA-KAKULA: DEWATERING OFF THE CRITICAL PATH Stage Two dewatering of the Underground water level at Kakula as at January 31, 2026, Kakula Mine was completed in overlaid with the underground pumping infrastructure. December, as planned. Stage Three dewatering to continue in Q2 2025 Selective mining
Slide 21: Kamoa-Kakula: Recovery Advancing
KAMOA-KAKULA: RECOVERY ADVANCING Kamoa Copper engineering working with world-class industry experts to determine conservative ramp-up plan to 17 Mtpa from Kakula and Kamoa complex Work underway on new access declines into the Kamoa and Kansoko underground mines to increase mining rates Updated resou
Slide 22: Direct-to-Blister Smelter: First Anode Produced
DIRECT-TO-BLISTER SMELTER: FIRST ANODE PRODUCED First anode produced in late Q4 2025; ramp up exceeding expectations at >60% of capacity Reduced shipping volumes and acid credits – improved margin and cash costs First shipment of ultra-low-CO2 anodes taking place along the Lobito Rail Corridor to in
Slide 23: Direct-to-Blister Smelter: Acid Sales
DIRECT-TO-BLISTER SMELTER: ACID SALES By-product acid production from smelter averaging 1,200 tpd, equivalent to >60% capacity Export restriction from Zambia has raised spot prices for high-strength sulphuric acid to >$700 per tonne Realized price from acid sales is >$450 / tonne; expected to normal
Slide 24: 178-MW Inga II Turbine Refurbishment Complete
60 MW SOLAR FACILITY 178-MEGAWATT INGA II TURBINE WITH BATTERY REFURBISHMENT STORAGE COMPLETE Refurbishment completed in Q4 2025 of 178-MW Turbine #5 at Inga II hydroelectric dam Kamoa-Kakula receiving an initial additional 50 MW of power; increasing to 85 MW in late Q1 2026; ramping up further over
Slide 25: 60 MW of Additional Green Power From Q2 2026
60 MW OF ADDITIONAL GREEN POWER FROM Q2 2026 Two 30-MW on-site solar facilities with battery storage are under construction Scheduled for completion in Q2 2026; facility to supply up to 20% of Kamoa- Kakula’s energy requirements Study work has commenced to expand on-site solar facilities to 120 MW A
Slide 26: Kipushi Approaches Full Production Capacity
KIPUSHI APPROACHES FULL PRODUCTION CAPACITY (Figures shown on 100% basis for Kipushi) Debottlenecking project completed and further Ore tonnes milled (‘000’s tonnes) backup power installed / Zinc ore grade processed (%) 37.8% 36.2% 32.2% 33.4% Kipushi produced 203,168 tonnes of zinc in 2025, achievi
Slide 27: 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 $1.45/lb. (‘000 tonnes) with head grade (% zinc) 600 40% Paid Zn Production (kt) Paid Zn 35% 500 Productio
Slide 28: The Right Time for the World's Best New Producer
THE RIGHT TIME FOR THE WORLD’S BEST NEW PRODUCER OF PLATINUM, PALLADIUM, RHODIUM & GOLD Inauguration and first production of platinum- palladium-nickel-rhodium-gold-copper concentrate from the Phase 1 concentrator on November 18, 2025 Mining crews developing in Flatreef orebody since May; developmen
Slide 29: Platreef's Shaft #3 Nearly Complete
PLATREEF’S SHAFT #3 NEARLY COMPLETE Shaft #3 ready to hoist from April 2026; stoping (production mining) from early Q2 2026 Shaft #3 to increase total hoisting capacity to 5.0 Mtpa, unlocking the Phase 1 ramp-up and future Phase 2 ramp up (L-R) Shaft #1 headframe and the recently installed Shaft #3
Slide 30: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY 3-phase plan to make Platreef one of the world’s largest and lowest cost producers of platinum, palladium, rhodium &gold, with significant copper & nickel credits Phase 2 EPCM contractor appointed with early works underway Construction of Shaft #2 head frame completed; S
Slide 31: Significant Increase in Metals Basket Price Increases Value
SIGNIFICANT INCREASE IN METALS BASKET PRICE INCREASES REVENUE, LOWERS COSTS AND BOOSTS PROJECT VALUE 3,000 Platreef Mine's metal basket price ($ per ounce) +$994/oz Platreef Metal Price Basket 2,500 2,331 (+74%) Date of 2025 313 2,000 ($/oz 3PE+Au) FS & PEA 306 1,500 2025 FS & PEA metal basket price
Slide 32: Makoko District Continues to Expand Footprint
MAKOKO DISTRICT CONTINUES TO EXPAND FOOTPRINT Map of Makoko District drilling since the May 2025 Mineral Resource Estimate Step-out drilling continues to delineate broader mineralized footprint Updated Mineral Resource Estimate targeted mid-2026 Preliminary engineering works underway on mine site la
Slide 33: Significant Increase in Exploration Expenditure
SIGNIFICANT INCREASE IN EXPLORATION EXPENDITURE $90 million budget for 2026, including $50 million 2026 Exploration Spend in Western Forelands – by Project 88% increase on spend South Africa compared with 2025 3% Zambia 10% Angola 9% Western Forelands, DRC Growth through the drill Kazakhstan 56% 22%
Slide 34: Management Q&A
2025 ANNUAL RESULTS MANAGEMENT Q&A 34