Q1 2026 FINANCIAL RESULTS
May 7, 2026 www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF
Aerial view over the Platreef Mine
OPENING REMARKS
Robert Friedland, Founder & Executive Co-Chairman
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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
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FIRST QUARTER HIGHLIGHTS
(Projec t figures are s hown on 100% bas is , US dollars )
71,417 tonnesCopper anodes and blister produced (Kamoa-Kakula)
$2.58 per poundCash cost (C1) (Kamoa-Kakula)
65,044 tonnesZinc produced (Kipushi)
$191 millionAdj. EBITDA (Ivanhoe Mines)
Kamoa-Kakula updated technical report outlines path to
~500,000 tonnes per annum of copper production from 2028
Kamoa-Kakula cash cost (C1) below guidance ($2.60/lb. -
$3.00/lb); margins boosted by $0.44/lb. smelter benefit
Sulphuric acid price up 3X in 2026 to $725 per tonne
Platreef Shaft #3 completed on schedule; fivefold increase in hoisting capacity supports Phase 1 & Phase 2 expansion
Earthworks commenced on Phase 2 concentrator s ite, production to increase >450koz 3PE + Au from Q4 2027
Kipushi produced a record 65,044 tonnes of zinc in Q1 2026
at a joint-record $0.86/lb. cash cost (C1)
Contingency preparations: diesel secured for ~12 months
EBITDA and C1 cash cost are non-GAAP financial performance measures. For a detailed description and a reconciliation to the most directly comparable measure under IFRS, please refer to the Non-GAAP Financial Performance Measures section of Ivanhoe Mines' MD&A
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