Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Q3 2025 Earnings Presentation
35 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS October 30, 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
Platreef Mine site in the background with the Phase 1 concentrator in the foreground, which recently received its first feed of ore OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: Q3 2025 Highlights
Members of Kamoa-Kakula’s executive team and project team in front of the discharge point and settling ponds of the Stage 2 dewatering Q3 2025 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer 4
Slide 5: Q3 2025: Turnaround on Track at Kamoa-Kakula
Q3 2025: TURNAROUND ON TRACK AT KAMOA-KAKULA (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Stage Two dewatering advancing for completion in early 71,266 tonnes December; head grades set to improve, with operations Copper Produced on track to meet 2025 production and cash cost guidance U
Slide 6: Health & Safety: Our Number One Priority
HEALTH & SAFETY: OUR NUMBER ONE PRIORITY Ivanhoe Mines’ industry-leading total recordable injury frequency rate (TRIFR) 2.59 Industry Average(1) 1.79 0.92 0.90 1.05 2022 2023 2024 YTD 2025 TRIFR: Total recordable injury frequency rate = (fatalities + lost time injuries + restricted work injury + med
Slide 7: Q3 2025 Financial Overview
Ultra-high-grade run-of-mine stockpiles adjacent to the Kipushi concentrator Q3 2025 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer 7
Slide 8: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Copper sold lower due to ongoing recovery plan, partially offset by higher realized copper price 59,000 tonnes of unsold copper in inventory; unsold inventory to decline to 17,000 tonnes as smelter r
Slide 9: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) EBITDA for Q3 2025 of $196 million with EBITDA margin of 35% C1 cash costs per pound increased in Q3 2025 driven primarily by the processing of lower-grade ore during recovery plan; on target to meet
Slide 10: Kamoa-Kakula: Q3 2025 EBITDA Waterfall
KAMOA-KAKULA: Q3 2025 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ million) Quarter-on-quarter decrease in EBITDA due to lower production and sales from ongoing recovery plan in place since mid-Q2 2025. Chart Title Quarter on Quarter EBITDA Waterfall (US$ million) $81 ($ 299)
Slide 11: Kipushi: Quarterly Financial Results
KIPUSHI: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kipushi, US dollars) Year to date cash cost (C1) of $0.95/lb; in line with the mid-point of 2025 guidance of $0.90/lb. to $1.00/lb. A record 49,744 tonnes of payable zinc sold, Q3 2025 Cash Cost (C1) Breakdown recognizing a record
Slide 12: Ivanhoe Mines' Adjusted EBITDA
IVANHOE MINES’ ADJUSTED EBITDA Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) $226 $160 $136 $123 $87 Lower adjusted EBITDA in Q2 and Q3 2025 driven by production impact and recovery plans since May Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 2025 at the Kamoa-Kakula joint venture (1). The Company's at
Slide 13: Treasury and Liquidity Outlook
TREASURY AND LIQUIDITY OUTLOOK (Figures shown in US$ million) Group cash and cash equivalents of $1,056 Improved liquidity at Kamoa-Kakula with million at quarter end, bolstered by private repayment holidays on the advanced payment placement proceeds of $570 million facilities, additional $500-milli
Slide 14: Growth Capex
GROWTH CAPEX (Figures shown on 100% basis, US$ 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 $100 million Phase 3 and other expansion capital 630 900 – 1,000 – S
Slide 15: Improved Consolidated Pro-Rata Financial Ratios
IMPROVED CONSOLIDATED PRO-RATA FINANCIAL RATIOS (Figures shown in US$ 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
Slide 16: Operations & Project Update
Jose Cadillo, Section Surveyor, flying an Elios Lidar drone to quantify stope extraction inside the Big Zinc deposit at Kipushi OPERATIONS & PROJECT UPDATE Mark Farren, Chief Operating Officer Steve Amos, EVP Projects Alex Pickard, EVP, Corporate Development & IR 16
Slide 17: Kamoa-Kakula: Quarterly Production
KAMOA-KAKULA: QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes) / Phase 1 & 2 concentrators operating at 80% Combined copper ore grade processed (%) capacity; Kakula Mine head grades to improve from Q4 2025 as dewatering activities re-open 4.
Slide 18: Recovery Plan: Dewatering Kakula Mine
RECOVERY PLAN: DEWATERING KAKULA MINE On track to deliver recovery plan in Plan view of Kakula Mine: Estimated decline in underground water place since June 2025 levels from early Nov (in light blue) to early Dec 2025 (in(dark blue) Stage One: install temporary pumping capacity to hold water levels
Slide 19: Stage Two Dewatering Pump Stations
STAGE TWO DEWATERING PUMP STATIONS Installation completed in approximately six weeks – a major achievement Submersible pumps 1 & 2 commissioned late August Submersible pumps 3 & 4 commissioned mid-Sept Looking South: The two existing shaft locations where the dewatering pumps were installed within j
Slide 20: Kakula Mine: Before Rehabilitation
KAKULA MINE: BEFORE REHABILITATION Underground at the Kakula Mine showing a dewatered area before rehabilitation works 20
Slide 21: Kakula Mine: After Rehabilitation
KAKULA MINE: AFTER REHABILITATION Underground at the Kakula Mine showing a dewatered area after rehabilitation works 21
Slide 22: 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 23: Direct-to-Blister Smelter: Start Up in November
DIRECT-TO-BLISTER SMELTER: START UP IN NOVEMBER Heat-up of smelter expected to commence in November; UPS nearing completion Reduced shipping volumes and acid credits – improved margin and cash costs Export ban of acid from Zambia has raised spot prices for high-strength sulphuric acid in DRC to >$50
Slide 24: 178-Megawatt Inga II Turbine Refurbishment Complete
60 MW SOLAR FACILITY 178-MEGAWATT INGA II TURBINE WITH BATTERY REFURBISHMENT STORAGE COMPLETE Refurbishment of 178-MW Turbine #5 at Inga II hydroelectric dam completed in October, including energization and grid synchronization Kamoa-Kakula to receive an initial additional 50 MW of power from Novemb
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 Debottlenecking Complete
KIPUSHI DEBOTTLNECKING COMPLETE (Figures shown on 100% basis for Kipushi) Kipushi concentrator milled record 168,862 Ore tonnes milled (‘000’s tonnes) tonnes of ore at an average grade of 37.8% / Zinc ore grade processed (%) zinc, producing a record 57,200 tonnes of zinc 37.8% at a recovery close to
Slide 27: Kipushi: One of the World's Largest Zinc Mines
KIPUSHI: ONE OF THE WORLD’S LARGEST ZINC MINES (Figures shown on 100% basis for Kipushi) Debottlenecking program increases World’s top 10 zinc mines in 2024 by paid zinc production (‘000 processing capacity by 20%; complete tonnes) with head grade (% zinc) ahead of schedule and under budget 600 Paid
Slide 28: Platreef Phase 1 First Production
PLATREEF PHASE 1 FIRST PRODUCTION First feed of platinum-palladium-nickel- rhodium-copper-gold ore into the Phase 1 concentrator took place on October 29, 2025 Phase 1 first step of a three-phase expansion plan to make the Platreef Mine one of the world’s largest and lowest cost producers of platinu
Slide 29: Platreef Shaft #3 Equipping Well Advanced
PLATREEF SHAFT #3 EQUIPPING WELL ADVANCED Shaft #3 ready to hoist from Q1 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) The headframes from Platreef Mine’s Shaft #1 and Sh
Slide 30: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY Phase 2 expansion activities are already underway; EPCM contractor for mine and concentrator appointed Construction of Shaft #2 head frame complete; Shaft #2 to support Phase 2 operations from Q4 2028 (men & materials) and future Phase 3 expansion Slype and line contract
Slide 31: The Right Time for the World's Best New Producer of Platinum, Palladium, Rhodium & 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 Platreef Mine’s metal basket price ($ / ounce) the Platreef Mine has 3,000 recovered from cyclical lows Platreef Metals Price Basket ($/oz) t
Slide 32: Makoko District Continues to Grow with Exploration
MAKOKO DISTRICT CONTINUES TO GROW WITH EXPLORATION Drilling since the May Resource update 32
Slide 33: Targeting Western-Foreland-Style Copper in Zambia & Angola
TARGETING WESTERN-FORELAND-STYLE COPPER IN ZAMBIA & ANGOLA Zambia (100%-owned) ▪ 7,757 km² licence package ▪ Acquired historical geophysical and geological data from previous operators; analysis underway ▪ Initiated stakeholder engagements for completion of Environmental Project Briefs across licenc
Slide 34: Kazakhstan: A New Copper Horizon
KAZAKHSTAN: A NEW COPPER HORIZON Exploration JV formed to explore the Chu-Sarysu Sedimentary Copper Basin; earn in rights to 80% 16,780 km2 licence package (7 times larger than Western Forelands) Maiden 17,500-metre diamond drilling program commenced in Q3 2025; two holes completed Visible copper mi
Slide 35: Q3 Financial Results: Management Q&A
Q3 FINANCIAL RESULTS MANAGEMENT Q&A 35