29 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 FINANCIAL RESULTS May 7, 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
Aerial view over the Platreef Mine OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: Q1 2026 Highlights
First batch of Kamoa-Kakula anodes 99.7%-pure arrive at the Lobito port, Angola, prior to being shipped to Europe for refining Q1 2026 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer 4
Slide 5: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS (Project figures are shown on 100% basis, US dollars) Kamoa-Kakula updated technical report outlines path to 71,417 tonnes ~500,000 tonnes per annum of copper production from 2028 Copper anodes and blister produced (Kamoa-Kakula) Kamoa-Kakula cash cost (C1) below guidance ($
Slide 6: 9th Annual Sustainability Report
9th ANNUAL SUSTAINABILITY REPORT Ivanhoe Mines’ 2025 Sustainability report published on April 23, 2026 Download 2025 report: www.ivanhoemines.com/ sustainability/ 6
Slide 7: Q1 2026 Financial Overview
Q1 2026 FINANCIAL OVERVIEW 99.7%-pure copper anodes, produced by Kamoa- David van Heerden, Chief Financial Officer Kakula’s smelter, stacked and ready for shipping 7
Slide 8: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Payable copper sold lower due to ongoing recovery plan, revenue partially offset by higher realized copper price Q1 Revenue includes ~$50 million of sulphuric acid sold Payable Copper Sold(1) (kt) Qu
Slide 9: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Q1 2026 EBITDA of $397 million; EBITDA margin of 46% Cash cost (C1) decreased driven by lower logistics charges and higher sulphuric acid by-product credits from on-site smelter; 2026 cash cost guida
Slide 10: Margins Boosted by Kamoa-Kakula Smelter
MARGINS BOOSTED BY KAMOA-KAKULA SMELTER (Figures shown on 100% basis for Kamoa-Kakula, US dollars) At 60% capacity, the smelter delivered ~$0.44/lb. in cost savings, excluding additional $0.16/lb in road & export tax savings(1) Cash Cost (C1) Waterfall between H2 2025 and Q1 2026 (US$/lb.) $(0.33) $
Slide 11: Kamoa-Kakula: Q1 2026 EBITDA Waterfall
KAMOA-KAKULA: Q1 2026 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ million) Quarter-on-quarter increase in EBITDA due to higher realized copper price & smelter benefits Quarter on Quarter EBITDA Waterfall (US$ million) $32 $50 ($92) +20% $94 ($130) QoQ $112 $397 $331 (1) EBITD
Slide 12: Kipushi: Another Record Quarter
KIPUSHI: ANOTHER RECORD QUARTER Kipushi generated a record $162 million revenue and Revenue ($ million) / Realized Zinc Price ($/lb.) record $58 EBITDA in Q1 at a record margin of 36% $1.44 $1.47 $1.29 $1.27 $1.23 Kipushi delivered a cash cost (C1) of $0.86/lb. at the lower end of full-year guidance
Slide 13: Ivanhoe Mines' Net Financial Results
IVANHOE MINES’ NET FINANCIAL RESULTS Ivanhoe Mines’ Adjusted EBITDA(1) (US$ million) Adjusted EBITDA improved to a new high post- seismic event, driven by high copper prices, sulphuric acid credits and continued success at Kipushi Ivanhoe Mines’ net loss for Q1 2026 of $2 million was primarily impac
Slide 14: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at March 31, 2026; all values in US$ million Ivanhoe Mines Ivanhoe Mines Pro-rata net debt to Cash and cash equivalents Pro-rata net debt adjusted EBITDA (LTM) $1,170 $1,313 2.44x 2.02x $885 $754 Q4 2025 Q1 2026 Q4 2025 Q1 2026 Q4 2025 Q1 2026 $750
Slide 15: Capital Expenditure on Track
CAPITAL EXPENDITURE ON TRACK (Figures shown on 100% basis, US$ millions) Capital Expenditure Q1 2026 2026 2027 Kamoa-Kakula and Platreef Actual Guidance Guidance capex guidance reaffirmed Kamoa-Kakula Expansion capital 197 600 – 850 300 – 450 Kamoa-Kakula expansion capital ~75% on accelerated Sustai
Slide 16: Operations & Project Update
Project 95 modifications to the Phase 1 & Phase 2 concentrators, which are expected to be operational from June 2026 OPERATIONS & PROJECT UPDATE Tom van den Berg, Chief Operating Officer Simon Bottoms, EVP, Technical Services Alex Pickard, EVP, Corporate Development & IR 16
Slide 17: 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 4.10% 3.58% 2.47% 2
Slide 18: Ramping Up Concentrator Throughput
RAMPING UP CONCENTRATOR THROUGHPUT 2026 to 2028 Processing Plan 17.0 Mt Spare Spare (5.25 Mt) Phase 1 Capacity Capacity ROM Kakula ROM ROM 3.7 – 4.2% 11.8 Mt Kakula Kakula (5.25 Mt) Phase 2 2.7 – 3.2% 3.2 – 3.7% Stockpiles 1.3 – 1.5% 6.5 Mt ROM ROM Phase 3 (6.5 Mt) ROM Kamoa Kamoa Kamoa 2.0 – 2.5% 2
Slide 19: 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 71,417 tonnes of blister or anode in Q1 2026, 15% more production than concentrate produced Toll treatment of local third-pa
Slide 20: Ramping Up to 700ktpa Sulphuric Acid Production
RAMPING UP TO 700KTPA SULPHURIC ACID PRODUCTION Q1 2026 realized price of sulphuric acid was $467 per tonne; Cash cost (C1) guidance assumed $400 - $500 per tonne Sulphuric acid prices rising due to; continued closure of Strait of Hormuz, maintenance of other Copperbelt smelters and Zambia export co
Slide 21: 60 MW of Constant Solar Power from July
60 MW OF CONSTANT SOLAR POWER FROM JULY Construction nearing completion; 60- MW solar facility with battery storage expected to be operational from July 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 20
Slide 22: Kipushi Set for Another Record Year
KIPUSHI SET FOR ANOTHER RECORD YEAR (Figures shown on 100% basis for Kipushi) Kipushi produced a record 65,044 tonnes of Ore tonnes milled (‘000’s tonnes) zinc in Q1 2026 / Zinc ore grade processed (%) 37.8% 36.2% 37.0% 32.2% 33.4% Kipushi milled a record 196,774 tonnes of ore in Q1 at an average gr
Slide 23: Platreef's Shaft #3 Complete
PLATREEF’S SHAFT #3 COMPLETE 4.0-Mtpa-Shaft #3 was completed on schedule in late Q1 2026; stoping (production mining) of Flatreef orebody began in early Q2 2026 Shaft #3 to increase total hoisting capacity to ~5.0 Mtpa, unlocking the Phase 1 ramp-up and (L-R) Shaft #1 headframe and the new future Ph
Slide 24: Advancing Towards Phase 2 Expansion
ADVANCING TOWARDS PHASE 2 EXPANSION 3-phase plan to make Platreef one of the world’s largest and lowest cost producers of platinum, palladium, rhodium & gold, with significant copper & nickel credits Phase 2 concentrator earthworks commenced on April 8, 2026; completion targeted in Q4 2027 Widening
Slide 25: Platreef Phase 2 Milestones
PLATREEF PHASE 2 MILESTONES 20-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 26: 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 +$816/oz (+61%) Platreef Metals Price Basket 2,500 2,130 ($/oz) 3PE+Au) 2,000 Date of 2025 284 FS & PEA 287 1,500 2
Slide 27: 2026 Western Forelands Drill Program
2024WESTERN 2026 WORK PLAN FORELANDS DRILL PROGRAM 96,000m drill program planned for 2026; Largest ever in Western Forelands Three Focus Areas of Makoko District drilling: 2 1 Testing southern extension around Kitoko 2 Infill drilling between Makoko West & Central 3 Testing eastern extension of Mako
Slide 28: 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 29: Q1 Financial Results: Management Q&A
Q1 FINANCIAL RESULTS MANAGEMENT Q&A Construction team working on the excavation of the new Kahala box cut in the Kamoa mines area 29