37 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, Jul 31, 2025
Slide 1: Q2 2025 Financial Results
Q2 2025 FINANCIAL RESULTS July 31, 2025 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
Kamoa-Kakula’s engineering team inspecting the delivery of the first of three cargos of high-capacity dewatering pumps that recently arrived on site; the two remaining cargos are expected imminently OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: Q2 2025 Highlights
Kamoa-Kakula’s maintenance crew. The haul truck pictured, which was the first in operation at Kakula, has recently completed an overhaul and rebuild. With the first rebuild of its kind, it was a valuable exercise in transferring their skills onto local teams. Q2 2025 HIGHLIGHTS Marna Cloete, Preside
Slide 5: Q2 2025: Highlights of the Quarter
Q2 2025: HIGHLIGHTS OF THE QUARTER (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Despite operational challenges during Q2, Kamoa-Kakula 112,009 tonnes returned a positive net cash flow of $169 million Copper Produced Dewatering activities advancing as planned; delivery of high-capacity
Slide 6: Health & Safety: One of the Safest Mining Cultures
HEALTH & SAFETY: ONE OF THE SAFEST MINING CULTURES Ivanhoe Mines’ industry-leading Group Level total recordable injury frequency rate (TRIFR) 2.59 Industry Average(1) 1.79 0.92 0.90 1.19 1.06 2022 2023 2024 Q1 2025 Q2 2025 TRIFR: Total recordable injury frequency rate = (fatalities + lost time injur
Slide 7: Sustainability: Prosperous Produce
SUSTAINABILITY: PROSPEROUS PRODUCE Kipushi’s aquaculture and agricultural community projects are proving to be very successful for the town’s local community The project consists of 53 fishponds, 21 hectares of agricultural farming and a poultry farm The projects have been influenced by similar succ
Slide 8: Q2 2025 Financial Overview
Kamoa Copper project team members working on concentrator upgrades Q2 2025 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) Copper sold and revenue lower in Q2 2025, offset by higher realized copper price 53,000 tonnes of unsold copper in inventory at quarter end, with 31,500 stored at on-site smelter in anticipation of s
Slide 10: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) EBITDA for Q2 2025 of $325 million with EBITDA margin of 37% Q2 2025 EBITDA lower and cash costs (C1) per pound higher, driven primarily by lower-grade ore processed, including stockpiles and operati
Slide 11: Kamoa-Kakula: Q2 2025 EBITDA Waterfall
KAMOA-KAKULA: Q2 2025 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ millions) Quarter-on-quarter decrease in EBITDA due to lower production and sales due to the effects of the seismic activity at Kakula during the Q2 2025. Quarter on Quarter EBITDA Chart Title Waterfall Gross o
Slide 12: Kamoa-Kakula: Revised 2025 Cash Cost Guidance
KAMOA-KAKULA: REVISED 2025 CASH COST GUIDANCE (Figures shown on 100% basis for Kamoa-Kakula, US dollars) 2025 Cash costs (C1) per pound guidance Cash Cost (C1) Breakdown: Q2 vs. Q1 2025 range revised to $1.90/lb. – $2.20/lb. ($/lb. of copper) (previously $1.65/lb. – $1.85/lb.) $1.89 $1.69 $0.19 $0.1
Slide 13: Kipushi: Quarterly Financial Results
KIPUSHI: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kipushi, US dollars) Cash cost (C1) of $0.96/lb; ramp-up to steady state production continued into Q2 A record 43,348 tonnes of payable zinc sold, recognizing a record $97 million in revenue(1) and $9 million in EBITDA for Q2 Q2 2
Slide 14: Ivanhoe Mines' Adjusted EBITDA
IVANHOE MINES’ ADJUSTED EBITDA Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) Lower adjusted EBITDA in Q2 2025 driven by lower attributable EBITDA from the Kamoa-Kakula joint venture – associated with lower production and $226 sales, abnormal costs from temporary milling $203 interuptions and eleva
Slide 15: Treasury and Liquidity Outlook
TREASURY AND LIQUIDITY OUTLOOK (Figures shown in US$ millions) Ivanhoe Mines has a strong balance sheet with group cash and cash equivalents of $672 million on hand at the end of Q2 2025 Ivanhoe Mines: Cash and cash equivalents Kamoa-Kakula: Cash and cash equivalents ($ million) ($ million) $717 $67
Slide 16: Kamoa-Kakula 2025 & 2026 Capex Guidance Revision
KAMOA-KAKULA 2025 & 2026 CAPEX GUIDANCE REVISION (Figures shown on 100% basis, US$ millions) H1 2025 2025 Guidance 2026 Guidance Actual Original Revised Original Revised Capital expenditure ($ million) 571 1,420 – 1,670 1,420 – 1,600 680 – 930 700 – 1,200 All capital expenditure figures are presente
Slide 17: Growth Capex
GROWTH CAPEX (Figures shown on 100% basis, US$ millions) H2 2025 2025 2026 2025 and 2026 capex guidance Capital Expenditure Actual Guidance Guidance for Platreef and Kipushi Platreef unchanged Phase 1 initial capital 25 70 – Phase 2 capital 84 180 – 210 350 – 380 2025 capital expenditure for Platree
Slide 18: Group Consolidated Pro-Rata Financial Ratios
GROUP CONSOLIDATED PRO-RATA FINANCIAL RATIOS (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
Slide 19: Operations & Project Update
Werner Basson (L) and Tony Kongolo (R), Mining Superintendents, inspecting the underground rehabilitation at Kakula North. OPERATIONS & PROJECT UPDATE Mark Farren, Chief Operating Officer Alex Pickard, EVP, Corporate Development & IR 19
Slide 20: Kamoa-Kakula: Quarterly Production
KAMOA-KAKULA: QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes) / Kamoa-Kakula Phase 1, 2 & 3 concentrators milled Combined copper ore grade processed (%) a 3.62 million tonnes of ore, producing 112,009 tonnes of copper 4.91% 4.14% 4.26% 4.10
Slide 21: Water Levels Stable; Dewatering to Start in August
WATER LEVELS STABLE; DEWATERING TO START IN AUGUST 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 bein
Slide 22: Stage Two Dewatering
STAGE TWO DEWATERING Copper smelter Phase 1 & 2 concentrators Two 650 litres per second submersible, high-capacity pumps to be commissioned by end of August Two 650 litres per second submersible, high-capacity pumps to be commissioned by mid-September The two sites where surface dewatering infrastru
Slide 23: 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 24: 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 25: 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 26: Direct-to-Blister Smelter: Start Up in September
DIRECT-TO-BLISTER SMELTER: START UP IN SEPTEMBER Heat-up of smelter expected to commence in September; prioritize all concentrate from Kamoa-Kakula concentrators to be fed into smelter 31,500 tonnes of unsold copper in concentrate as at June 30, 2025, in preparation for smelter start up Reduced ship
Slide 27: 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 28: 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 29: Kipushi Ramp Up Continues
KIPUSHI RAMP UP CONTINUES 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 32.1% 31.7% 32.2% 33.4% Kipushi
Slide 30: Kipushi: Debottlenecking Completion Imminent
KIPUSHI: DEBOTTLENECKING COMPLETION IMMINENT Figures shown on 100% basis for Kipushi) Debottlenecking program on schedule to be completed in the coming weeks, increasing processing capacity by 20% Final shutdown to tie in debottlenecking equipment planned in August From 2026 targeting zinc annualize
Slide 31: Platreef Phase 1 Production from Q4 2025
PLATREEF PHASE 1 PRODUCTION FROM Q4 2025 Figures shown on 100% basis for Platreef) On schedule for first feed of ore into the Phase 1 concentrator in Q4 2025 Phase 1 is first step of a 3-phase expansion plan to make the Platreef Mine one of the world’s largest and lowest cost producers of platinum,
Slide 32: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY Figures shown on 100% basis for Platreef) Phase 2 expansion activities are already underway Construction of Shaft #2 head frame nearing completion; Shaft to support Phase 2 operations and future Phase 3 expansion Number of mining crews expected to double over the next 18
Slide 33: The Right Time for the World's Best New Producer of PGMs & Gold
THE RIGHT TIME FOR THE WORLD’S BEST NEW PRODUCER OF PLATINUM, PALLADIUM, RHODIUM & GOLD Figures shown on 100% basis for Platreef The metals basket price for the Platreef Mine’s metal basket price ($ / ounce) Platreef Project has recovered from 3,000 cyclical lows to above $1,600 / ounce Platreef Met
Slide 34: Makoko District Work Plan Doubles in Size
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 The highest-gra
Slide 35: One of the Largest Discoveries of Past Decade
ONE OF THE LARGEST DISCOVERIES OF PAST DECADE 45.0 3.00% Makoko District ranks as the Contained Copper in Resources (Mt) Contained, M&I world’s fifth largest copper 40.0 Copper Grade in Resources (%) Contained, Inferred 2.50% discovery since Kakula in 2015 35.0 Grade, M&I (%) Grade, Inferred (%) 30.
Slide 36: Drilling Commences into New Horizons
DRILLING COMMENCES INTO NEW HORIZONS Moxico and Cuando Cubango Chu-Sarysu Basin JV Angola (100%-owned) Kazakhstan (20%-owned)* Targeting Western-Foreland-style sedimentary Exploration JV formed to explore the Chu-Sarysu copper mineralization Sedimentary Copper Basin Drilling contract awarded,
Slide 37: Q2 Financial Results Management Q&A
Q2 FINANCIAL RESULTS MANAGEMENT Q&A 37