Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (September 2026)
45 slides from Ivanhoe Mines Ltd. Class A's investor presentation, Sep 21, 2026
Slide 1: Investor Presentation September 2026
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION September 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(1) C$12.26 / share MARKET CAP(1) US$12.41 billion SHARES, OPTIONS, RSUs, Basic Shares: 1,426.4 million PSUs & DSUs(2) Diluted Shares: 1,428.6 million NET DEBT POSITION(3) US$1,474 million CITIC Metal 21.2% Zijin Min
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: Growing Mining Success in the DRC
GROWING MINING SUCCESS IN THE DRC The DRC is the 2nd largest global copper exporter; 40% of Congolese GDP is directly from the mining industry(1) Copper production in DRC has increased by >300% in the past 10 years cementing position as world’s second largest producer 7% year-on-year increase in cop
Slide 6: Kamoa-Kakula
Aerial view over the Phase 1 & 2 concentrators KAMOA-KAKULA The world’s highest grade and greenest major copper complex 6
Slide 7: Kamoa-Kakula Delivery Milestones to ~500ktpa
KAMOA-KAKULA DELIVERY MILESTONES TO ~500KTPA March 2026 May 2026 July 2026 March 2027 End 2027 2028 Release of Reserve Optimized ~500kt Project 95 Solar Project Commissioning Development steady state Update Phase 1 5-Year FS Complete Advance Completed Kahala Kansoko Sud Updated Commence Annualized B
Slide 8: Ramp Up of Copper Production to 500,000tpa
RAMP UP OF COPPER PRODUCTION TO 500,000TPA Destocked copper 2026 production guidance: 2027 production guidance: conc. from inventory(1) 290kt – 310kt(3) 380kt – 420kt Copper in finished saleable products(2) Kamoa-Kakula Mining rate at Kamoa Mining rate at Kamoa Mining rate at copper smelter increase
Slide 9: 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 64,328 tonnes of blister and anode(1) in Q2 2026 Further ramp-up of smelter in-line with as Kamoa-Kakula mining rates increa
Slide 10: Margins Boosted by Kamoa-Kakula Smelter
MARGINS BOOSTED BY KAMOA-KAKULA SMELTER (Figures shown on 100% basis for Kamoa-Kakula) At 60% capacity, the smelter delivered ~$0.42/lb. in cost savings, excluding additional $0.07/lb in road & export tax savings(1) Cash Cost (C1) Waterfall between H2 2025 and H1 2026 (US$/lb.) ~$0.42/lb. net benefi
Slide 11: Kamoa-Kakula Diesel Impact on Cash Cost (C1)
KAMOA-KAKULA DIESEL IMPACT ON CASH COST (C1) $0.26/lb. increase in cash cost (C1) in Q2 Guidance 2026 2027 2028(1) 2026, $0.18/lb. of which is due to higher diesel prices Cash Cost (C1) ($/lb.) 2.60 – 3.00 2.10 – 2.50 ~2.00 Large increase in Q3 2026 sulphuric acid contracts to more than offset highe
Slide 12: Sulphuric Acid Sales Benefiting from Tight Market
SULPHURIC ACID SALES BENEFITING FROM TIGHT MARKET Q2 2026 sulphuric acid realized price was $465 per tonne; 2026 cash cost (C1) guidance assumed $400 - $500 per tonne Sulphuric acid & sulphur market remain tight in DRC due to reduced supply of sulphur passing through the Strait of Hormuz, coupled wi
Slide 13: 60 MW of Continuous Baseload Solar Power
60 MW OF CONTINUOUS BASELOAD SOLAR POWER First 30 MW delivered to Kamoa- Kakula in August; increase to 60 MW of continuous power by end of Q3 Plans advancing to double on-site solar power capacity with battery storage to 120 MW Power purchase agreement signed for 60-MW facility 2028 New solar facili
Slide 14: 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 40 60 MW of on-site solar from Q3 2026, (Imports)
Slide 15: Updated Life of Mine Plan
STUDY 2027 KAMOA-KAKULA SLIDE… UPDATED LIFE OF MINE PLAN Work has commenced on the recommendations from the 2026 Kamoa-Kakula MRE from March 31, 2026 250,000-metre drill program started in July; results to inform updated geotechnical and hydrological models; up to 12 diamond drill rigs to be mobiliz
Slide 16: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 16
Slide 17: Western Forelands Overview
WESTERN FORELANDS OVERVIEW Same underlying geology as licence area; Kamoa-Kakula ~5x larger than Kamoa-Kakula’s mining rights Western Forelands’ licences majority owned by Ivanhoe Mines; maximum ownership 80%, with 20% DRC / local Over 55 million tonnes of copper discovered by Ivanhoe geologists sin
Slide 18: The Most Important Sedimentary-Hosted Copper Basin
THE MOST IMPORTANT SEDIMENTARY-HOSTED COPPER BASIN The largest copper system discovered of the past 30+ years, with over 55 million tonnes of copper discovered by Ivanhoe geologists since 2008 Top 50 largest copper deposits globally (bubbles sized by 2025 production rate) 3.5% Kamoa Kakula Discovery
Slide 19: Largest & Highest-Grade Copper Discovery of Past Decade
LARGEST & HIGHEST-GRADE COPPER DISCOVERY OF PAST DECADE 2026 Mineral Resource update increases contained copper by 30% Top-10 Copper Discoveries of the Past Decade 14.0 3.00% 2018 Contained Copper Resources (Mt) Contained, M&I Copper Grade in Resources (%) 12.0 Contained, Inferred 2.50% 10.0 Grade,
Slide 20: Makoko Continues to Prove Its Exceptional Prospectivity
MAKOKO CONTINUES TO PROVE ITS EXCEPTIONAL PROSPECTIVITY +245% in contained copper; +78% increase in copper price greatly increases Makoko’s value $8,167 / t 78% increase in copper price $14,530 / t Nov 3, 2023 Sept 7, 2026 14 2026 (3) Exploration meters drilled (km) 12 400 Copper Endowment (Mt) 2025
Slide 21: Copper Projects Are Increasingly Difficult to Find
COPPER PROJECTS ARE INCREASINGLY DIFFICULT TO FIND The rate of copper discoveries has been declining over the past 30 years; Ivanhoe Mines has consistently been the world leader in major copper discoveries. 20 OYU TOLGOI Number of copper discoveries made per year 17 15 KAMOA 13 12 12 12 11 MAKOKO &
Slide 22: Western Forelands Drill Program
2024WESTERN 2026 WORK PLAN FORELANDS DRILL PROGRAM 94,500-metre drill program planned for 2026 across Western Forelands’ licences Three focus areas of 2026 drilling: 2 1 Testing southern extension 2 Central Infill drilling 3 3 Testing eastern extension Mineralization remains open in multiple directi
Slide 23: Drilling Commences into New Horizons
DRILLING COMMENCES INTO NEW HORIZONS Moxico and Cuando Cubango North-Western Province Chu-Sarysu Basin JV Angola (100%-owned) Zambia (100%-owned) Kazakhstan (20%-owned)* ▪ Targeting Western-Foreland- ▪ Exploration package 3x larger ▪ Exploration JV formed to style sedimentary copper than the Western
Slide 24: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 24
Slide 25: Kipushi Set for a Record Year
KIPUSHI SET FOR A RECORD YEAR (Figures shown on 100% basis for Kipushi) Kipushi produced a record 70,177 tonnes of Ore tonnes milled (‘000’s tonnes) zinc in Q2 2026 / Zinc ore grade processed (%) 37.8% 37.0% 38.7% 36.2% 33.4% Kipushi milled a record 200,774 tonnes of ore in Q2 at an average grade of
Slide 26: Kipushi Taking Advantage of Zinc Market Tightness
KIPUSHI TAKING ADVANTAGE OF ZINC MARKET TIGHTNESS (Figures shown on 100% basis for Kipushi) Zinc price chart since first production, with actual and Zinc prices trading above 4-year forecast cash costs ($ per pound of payable zinc) highs, hovering near $1.80/lb. 2.00 Zinc Price on Sept 1: $1.78/lb.
Slide 27: Platreef Mine
PLATREEF MINE The right time for the world’s best new producer of platinum, palladium, rhodium & gold 27
Slide 28: 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 29: What Makes the Flatreef Orebody Unique?
PLATREEF: WHAT MAKES THE FLATREEF OREBODY UNIQUE? Platreef Underground Mine Khomanani Mine, Rustenburg Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mechanised, Mining Method labour intensive lo
Slide 30: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 30
Slide 31: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY Future Phase 2 & 3 Phase 1 Shaft #1 Shaft #3 Shaft #2 Dry-stack Concentrator site concentrator tailings pad Platreef 3-phase plan to be one of the world’s largest and lowest-cost primary producers of platinum, palladium, rhodium & gold, with significant copper & nickel c
Slide 32: Phase 1 Ramp-Up Unlocked by Shaft #3 Completion
PHASE 1 RAMP-UP UNLOCKED BY SHAFT #3 COMPLETION Construction of Shaft #3 completed on schedule in late Q1 2025; stoping (production mining) of Flatreef orebody began in Q2 2026 Shaft #3 increases total hoisting capacity to enable completion of Phase 1 concentrator ramp-up and (L-R) Shaft #1 headfram
Slide 33: 18-Month Timeline to Platreef Phase 2 Operations
PLATREEF PHASE 2 MILESTONES 18-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 34: 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 +$622/oz (+47%) Platreef Metals Price Basket 2,500 1,959 ($/oz) 3PE+Au) 2,000 Date of 2025 FS & PEA 275 1,500 2025
Slide 35: 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 36: Three Long-Life, World-Class Mines
29 Cu Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with 2026 production guidance mines with low costs, low management team with an partners CITIC, Zijin & QIA cash & cash equivalents of of 290kt – 310kt of copper capital intensity and established t
Slide 37: Capital Projects on Track
CAPITAL PROJECTS ON TRACK (Figures shown on 100% basis, US$ millions) YTD 2026 2026 2027 2026 and 2027 capex guidance Capital Expenditure Actual Guidance Guidance unchanged Kamoa-Kakula Expansion capital 347 600 – 850 300 – 450 Kamoa-Kakula expansion capital ~75% on accelerated Sustaining capital 24
Slide 38: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at June 30, 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) $1,313 $1,474 2.44x 2.48x $754 $635 Q1 2026 Q2 2026 Q1 2026 Q2 2026 Q1 2026 Q2 2026 $750
Slide 39: 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 40: 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 41: Exclusion of Old Kakula Mine from Reserves
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 extr
Slide 42: Increased Pillar Widths
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-te
Slide 43: 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 44: 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 45: Appendix: Technical Information / 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 Category Tonnage (Mt Ore) Copper Grade (%) Cont. Copper (Mt Cu) (Hons), MSc (Eng), FSAIMM (703500) and Simon
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