31 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, Jul 30, 2026
Slide 1: Q2 2026 Financial Results
Q2 2026 FINANCIAL RESULTS July 30, 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
New hybrid solar facility, with battery storage, is ramping up to deliver 60 MW of continuous power to Kamoa-Kakula by the end of Q3 OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: Q2 2026 Highlights
New Kahala Box Cut at Kamoa Q2 2026 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer
Slide 5: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS (Project figures are shown on 100% basis, US dollars) Kamoa-Kakula H1 2026 cash cost (C1) of $2.70/lb. within 64,328 tonnes guidance; margins supported by $0.42/lb. smelter benefit Copper produced(1) (Kamoa-Kakula) Kamoa-Kakula sold 120 kt of sulphuric acid at an average pr
Slide 6: Health, Safety & Sustainability Initiatives
HEALTH, SAFETY & SUSTAINABILITY INITIATIVES Conducting training on Visible Felt Leadership (VFL), where leaders are highly visible on the frontline to actively train team Updated underground traffic management plan implanted and shared with all operators to improve underground safety Centre of Excel
Slide 7: 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 8: Q2 2026 Financial Overview
Run-of-mine stockpiles of ultra-high-grade zinc ore ahead of processing through the Kipushi concentrator Q2 2026 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer 8
Slide 9: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Payable copper sold lower than Q1, copper inventories of 40,000 tonnes to be destocked in H2 2026; revenues boosted by higher average copper price Q2 revenue includes ~$56 million in high-strength su
Slide 10: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Q2 2026 EBITDA of $385 million; EBITDA margin of 44% Cash cost (C1) increased due to higher processing & smelter operating costs; partially offset by sulphuric acid by-product credits. 2026 guidance
Slide 11: 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 12: Kamoa-Kakula Diesel Impact on Cash Cost (C1)
KAMOA-KAKULA DIESEL IMPACT ON CASH COST (C1) $0.26/lb. quarterly increase in cash cost 2026 Cash Cost (C1) Guidance vs. (C1), $0.18/lb. of which is due to higher 2027 & 2028 ($/lb.) diesel prices 3.00 Large increase in Q3 2026 sulphuric acid contracts to ~$840/t will help offset higher H1: $2.70 die
Slide 13: Kamoa-Kakula: Q2 2026 EBITDA Waterfall
KAMOA-KAKULA: Q2 2026 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ million) Quarter-on-quarter decrease in EBITDA due to lower tonnes sold but offset by realized copper price Destocking of unsold copper inventory to take place in H2 2026 Quarter on Quarter EBITDA Waterfall (US
Slide 14: Kipushi: Another Outstanding Quarter
KIPUSHI: ANOTHER OUTSTANDING QUARTER Kipushi generated $146 million in revenue and $51 Revenue ($ million) / Realized Zinc Price ($/lb.) million in EBITDA in Q2 at a margin of 35% $1.58 $1.44 $1.47 $1.23 $1.27 Despite record quarterly zinc production, sales lagged due to logistics constraints; unsol
Slide 15: Ivanhoe Mines' Net Financial Results
IVANHOE MINES’ NET FINANCIAL RESULTS Ivanhoe Mines’ net profit for Q2 2026 of $46 million was driven by profit of $27 million at Kipushi and increased share of profit from Kamoa-Kakula joint venture of $16 million Ivanhoe Mines’ profit after tax is net of expenditure on exploration projects, the bud
Slide 16: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at June 30, 2026; all values in US$ 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 $750
Slide 17: Capital Projects on Track
CAPITAL PROJECTS ON TRACK (Figures shown on 100% basis, US$ 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 18: Operations & Project Update
Project 95 modifications to the Phase 1 & Phase 2 concentrators, which were commissioned in June 2026 OPERATIONS & PROJECT UPDATE Tom van den Berg, Chief Operating Officer Simon Bottoms, EVP Technical Services Steve Amos, EVP Projects 18
Slide 19: Kamoa-Kakula: Concentrator Production
KAMOA-KAKULA: CONCENTRATOR PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes)(1) / Phase 3 concentrator continues to mill at >25% Combined copper ore grade processed (%) above design capacity, equivalent to a milling rate of 6.3 Mtpa 3.58% 2.47% 2.35% 2
Slide 20: 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 21: 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 22: 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 23: Kamoa-Kakula 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 24: 60 MW of Continuous Baseload Solar Power
60 MW OF CONTINUOUS BASELOAD SOLAR POWER First 15 MW delivered to Kamoa- Kakula in July; ramping up 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 30-MW facility from Q3 2027; tender
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% Kipushi milled a record 200,774 tonnes of ore in 33.4% Q2 at an average grade of
Slide 26: Platreef's Shaft #3 Complete
PLATREEF’S SHAFT #3 COMPLETE Shaft #3 was completed on schedule in late Q1 2026; stoping (production mining) of Flatreef orebody began in late Q2 2026 Shaft #3 to expands hoisting capacity, unlocking the Phase 1 ramp-up and future Phase 2 expansion Shaft #3 winder house (left) and headframe (right)
Slide 27: Advancing Towards Phase 2 Expansion
ADVANCING TOWARDS PHASE 2 EXPANSION Platreef’s 3-phase expansion plan to make one of the world’s largest and lowest cost producers of platinum, palladium, rhodium & gold, with significant copper & nickel credits Construction of the Phase 2 concentrator; on target for completion in Q4 2027 Widening o
Slide 28: 2026 Western Forelands Drill Program
2024WESTERN 2026 WORK PLAN FORELANDS DRILL PROGRAM 96,000m drill program planned for 2026; Largest ever in Western Forelands Major expansion of the 2026 drill program 2 under consideration for in-fill drilling Three Focus Areas of Makoko District drilling: 1 Testing southern extension around Kitoko
Slide 29: Drilling Continues on New Horizons
DRILLING CONTINUES ON 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 F
Slide 30: Management Q&A
Q2 FINANCIAL RESULTS MANAGEMENT Q&A Kamoa team member celebrating DRC Independence Day on June 30th, 2026 30
Slide 31: Appendix
APPENDIX Footnotes for image used on Slide 27: i. All intercepts calculated use a 1 % copper cutoff and are uncapped; minimum intercept width is 3 metres; no internal dilution. The true width of the intercepts is uncertain at this stage. ii. The grades intercepts results for Makoko District have bee