Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (January 2026)
35 slides from Ivanhoe Mines Ltd. Class A's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION January 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”) 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 0 CORPORATE INFORMATION TSX: IVN LISTINGS OTCQX: IVPAF SHARE PRICE C$16.40 / share(1) MARKET CAP US$14.75 billion(1) SHARES, OPTIONS, Basic Shares: 1,419.6 million(2) RSUs, PSUs & DSUs Diluted Shares: 1,436.5 million(2) NET DEBT POSITION US$100.8 million(3) CITIC Metal 21.3% Ziji
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
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 6
Slide 7: Kakula Mine Seismic Event
KAKULA MINE SEISMIC EVENT When: 18 May 2025 – Kakula Mine. What: Underground tremor, caused by a sudden elastic energy release from pillars yielding in the central part of the eastern section. Smaller tremors continued to be felt for the following weeks Immediate Response: Mining operations halted,
Slide 8: Kamoa-Kakula Orientation
KAMOA-KAKULA ORIENTATION Seismic activity centred around Kakula operation; Kamoa and Kansoko mines and concentrators continue uninterrupted KAMOA 1 & 2 500 ktpa MINE PORTAL SMELTER KAKULA NORTH MINE PORTAL Kamoa & Kansoko KANSOKO Mines MINE PORTAL PHASE 1&2 CONCENTRATORS 9.2 Mtpa Outline of Kamoa Mi
Slide 9: Kakula Mine Workings in Context
KAKULA MINE WORKINGS IN CONTEXT Majority of the original Kakula deposit has not yet been mined, with Kakula West undeveloped Notes: Existing underground development as at May 2025. Illustration is based on the 2023 Kamoa-Kakula IDP showing the estimated average grade of each vertical stack of blocks
Slide 10: 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 10
Slide 11: Recovery Plan: Dewatering Kakula Mine
RECOVERY PLAN: DEWATERING KAKULA MINE Delivering recovery plan in place Plan view of Kakula Mine’s underground water levels as at end of since June 2025 December 2025 Stage One: install temporary pumping capacity to hold water levels stable (completed early June) Stage Two: install four high-capacit
Slide 12: Kakula Mine: Underground Rehabilitation
KAKULA MINE: UNDERGROUND REHABILITATION A dewatered area BEFORE rehabilitation A dewatered area AFTER rehabilitation 12 12
Slide 13: Updated Medium and Long Term Mine Plans Underway
UPDATED MEDIUM AND LONG TERM MINE PLANS UNDERWAY Work commenced in Q2 2025 on a Target overall copper production comprehensive new life of mine design; rate from the complex to return to completion on track for Q1 2026 over 550 ktpa in the medium term Production guidance to be provided as dewatering
Slide 14: Kamoa-Kakula: Quarterly Production
KAMOA-KAKULA: QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes) / 388,838 tonnes of copper in concentrate Combined copper ore grade processed (%) produced in 2025; including a record 144,493 tonnes from the Phase 3 concentrator 4.26% 4.10% 3.
Slide 15: Direct-to-Blister Smelter: First Anode Produced
DIRECT-TO-BLISTER SMELTER: FIRST ANODE PRODUCED First anode produced in late Q4 2025; ramp-up to full capacity during 2026; current production averaging 500 tonnes per day Reduced shipping volumes and acid credits – improved margin and cash costs High market price for sulphur and export ban of acid
Slide 16: Solar Facility and Inga II Turbine
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 100 MW in Q1 2026; ramping up further on compl
Slide 17: 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 110 180 210 210 278 MW of refurbishment hydropower from Turbine #5 Inga II from Q4 2025 Third party purchases MW 100 100 100 100 (Imports) 60 MW of on-site solar from mid-2
Slide 18: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 18
Slide 19: 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 20: 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 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 21: Makoko District
2024 WORK MAKOKO PLAN DOUBLES IN SIZE OVER 18 MONTHS DISTRICT Copper mineralization across the Makoko District doubles to 13 km in length and between 1.7 km and 5.8 km wide Enlarged Mineral Resource based on 86,000 metres of drilling since the maiden Mineral Resource in December 2023 Within 8km of T
Slide 22: Drilling on New Horizons
DRILLING ON NEW HORIZONS Moxico and Cuando Cubango Chu-Sarysu Basin JV Angola (100%-owned) Kazakhstan (20%-owned, earn-in rights up to 80%) ▪ 22,000 km² licence package ▪ Exploration JV formed to explore the Chu-Sarysu Sedimentary Copper Basin ▪ 600 km² baseline soil geochemical & ground- based geop
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 Record Production
KIPUSHI RECORD PRODUCTION (Figures shown on 100% basis for Kipushi) Kipushi concentrator milled a record 191,140 Ore tonnes milled (‘000’s tonnes) tonnes of ore at an average grade of 36.2% / Zinc ore grade processed (%) zinc, producing a record 61,444 tonnes of zinc 37.8% 36.2% at a recovery close
Slide 25: Platreef Mine
PLATREEF MINE The right time for the world’s best new producer of platinum, palladium, rhodium & gold 25
Slide 26: 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 27: Platreef: What Makes the Flatreef Orebody Unique?
PLATREEF: WHAT MAKES THE FLATREEF OREBODY 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 mecha
Slide 28: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 28
Slide 29: Platreef Phase 1 First Production
PLATREEF PHASE 1 FIRST PRODUCTION First production of platinum-palladium-nickel- rhodium-copper-gold concentrate from the Phase 1 concentrator on November 18, 2025 Mining crews developing in Flatreef orebody since May; development ore to be used in Phase 1 ramp up until Shaft #3 is ready to hoist in
Slide 30: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY Phase 1 is first step of a three-phase expansion plan to make the Platreef Mine one of the world’s largest and lowest cost producers of platinum, palladium, rhodium, and gold, with significant copper and nickel credits Phase 2 expansion activities underway; EPCM contract
Slide 31: 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 32: 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 33: Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with a
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 and Zijin net debt of $101 million as of 380kt – 420kt of copper capital intensity and established t
Slide 34: Growth Capex
GROWTH CAPEX (Figures shown on 100% basis, US$ million) YTD 2025 2025 2026 Kamoa-Kakula 2025 capital Capital Expenditure Actual Guidance Guidance expenditure range lowered by Kamoa-Kakula $100 million; 2026 guidance range raised by $100 million Phase 3 and other expansion capital 630 900 – 1,000 – S
Slide 35: Improved Consolidated Pro-Rata Financial Ratios
IMPROVED CONSOLIDATED PRO-RATA FINANCIAL RATIOS (Figures shown in US$ million) $750 million 7.875% debut senior Ivanhoe Mines’ credit ratings: unsecured notes due 2030; offering closed on January 23, 2025 B stable B stable Improved financial ratios; target Pro-rata total cash Pro-rata net debt to ad