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Ivanhoe Mines issues 2025 second quarter financial results, overview of construction and exploration activities ■ Ivanhoe Mines’ reports Q2 2025 profit of $35 million and adjusted EBITDA of $123M, including $128M of attributable

Financials Exploration Programs

July 30, 2025

Ivanhoe Mines issues 2025 second quarter financial results,

overview of construction and exploration activities

Ivanhoe Mines’ reports Q2 2025 profit of $35 million and

adjusted EBITDA of $123M, including $128M of attributable

EBITDA from Kamoa-Kakula

Kamoa-Kakula produced 112,009 tonnes of copper in Q2

2025, Phase 1 and 2 operating at 85% design capacity, Phase

3 concentrator operating 30% above design capacity

Mining rates on the western side of Kakula improve;

operations in line with revised 2025 production guidance

Stage One dewatering of the Kakula Mine advances; Stage

Two dewatering to commence imminently

Kamoa-Kakula capex reviewed for dewatering and ramp-up

plan; upper end of 2025 guidance range lowered

Africa’s largest and greenest copper smelter on schedule to

commence start-up in September

Recent rise in platinum and palladium prices improves

Platreef NPV8% (10.7 Mtpa PEA) by over 20% to approx. $3.8

billion; first production on schedule for next quarter

Kipushi operations achieved another record quarter;

imminent completion of debottlenecking program to boost

processing rates by 20%

Ivanhoe Mines’ balance sheet has $774 million in attributable

cash and equivalents

Democratic Republic of the Congo and AFC/M23 sign

declaration of principles agreement in Qatar to end fighting

in eastern DRC

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JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX:

IVPAF) President and Chief Executive Officer, Marna Cloete, and Chief

Financial Officer David van Heerden are pleased to announce the company’s

financial results for the second quarter of 2025, as well as an operations and

project development update.

Ivanhoe Mines is a leading Canadian mining company with three principal tier-

one mining operations in Southern Africa. The company is primarily focused

on operations at the Kamoa-Kakula Copper Complex in the Democratic

Republic of the Congo (DRC); ramping up production and debottlenecking the

ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; and

soon, commencing the startup of the Platreef platinum, palladium, rhodium,

nickel, gold, and copper mine in South Africa.

In addition, Ivanhoe Mines is expanding the Makoko District copper discovery

in the Western Forelands, as well as exploring for new sedimentary-hosted

copper discoveries across its expansive and highly prospective exploration

licence packages across the DRC, Angola, Zambia, and Kazakhstan. All figures

are in U.S. dollars unless otherwise stated.

Watch a video highlighting Ivanhoe Mines’ second quarter financial

results, as well as an operational update:

https://vimeo.com/1105228328/945ffda895?share=copy

Founder and Co-Chairman Robert Friedland commented:

“More important than the financial results of this second quarter are the

milestones achieved beneath the surface at Kakula. Since resuming operations

in early June, our underground teams have delivered remarkable outcomes,

exceeding our expectations and demonstrating extraordinary dedication under

challenging circumstances. Their efforts are driving steady, week-on-week

improvements, as we work our way back towards full capacity. Guided by

technical assessments and strategic leadership directives, this progress

showcases robust momentum and a clear path forward.

“Equally commendable are our colleagues in China, whose exceptional

coordination has been instrumental in sourcing, assembling, and shipping four

high-capacity submersible pumps. These critical infrastructure components,

set to begin operation in August, will expedite the dewatering efforts of Kakula.

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By the end of 2025, these pumps are expected to enable us access back into

the mine's eastern high-grade zones.

“However, the most groundbreaking transformation is yet to come. With the

Platreef Mine poised to begin production next quarter, this will be a new

frontier for the global platinum group metals industry and South Africa.

Platreef signifies the future of sustainable mining, combining large-scale

operations, mechanization, cost efficiency, environmental stewardship, and an

emphasis on social and community partnership. It is not merely a new mine but

a redefinition of how platinum group metals, as well as nickel and copper, are

produced responsibly. The dawn of the Platreef era is upon us, and the world is

watching.”

FINANCIAL HIGHLIGHTS

• Ivanhoe Mines’ Q2 2025 adjusted EBITDA was $123 million, compared with

$226 million for Q1 2025, which includes an attributable share of EBITDA

from Kamoa-Kakula of $128 million. Ivanhoe Mines recorded a profit after tax

of $35 million for Q2 2025, compared to $67 million for the same period in

2024 and $122 million in Q1 2025.

• Kamoa-Kakula sold 101,714 tonnes of copper (net of payability) during the

second quarter at an average realized copper price of $4.34/lb., compared

with 109,963 tonnes in Q1 2025 at an average realized copper price of

$4.19/lb. Sales continued to lag production due to a build-up of inventory

for the smelter, which is expected to start up in September. At the end of

the second quarter, there were approximately 53,600 tonnes of unsold

copper in inventory, up from approximately 48,000 tonnes at the end of Q1

2025.

• Kamoa-Kakula recognized revenue of $875 million, an operating profit of

$190 million, and EBITDA of $325 million for the quarter, equivalent to an

EBITDA margin of 37%. This compares with Q1 2025 EBITDA of $594

million.

• Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was

$2.85/lb. for the second quarter, compared with $1.87/lb. in Q1 2025. Cash

cost (C1) per pound of payable copper produced in the quarter averaged

$1.89/lb., compared with $1.69/lb. during Q1 2025. The costs of sales

include abnormal costs while Phase 1 and Phase 2 concentrators were

temporarily suspended after May 18, 2025.

• Kamoa-Kakula revised its 2025 cash cost (C1) guidance range to $1.90/lb. –

$2.20/lb., from previously $1.65/lb. – $1.85/lb. of payable copper produced.

Kamoa-Kakula is anticipating higher cash costs during the second half of

2025, which is primarily due to the processing of lower-grade ore.

Additionally, the financial benefits of operating the smelter are unlikely to

have a significant positive impact until ramp-up is advanced towards the

end of the year.

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• In June, Kamoa Copper signed an offtake agreement with Trafigura Asia

Trading Pte Ltd for the remaining 20% of the smelter’s annual anode

production. The agreement is over a three-year term and also includes a

$200 million offtake-linked advance payment facility. The facility has an

interest rate of the 1-month Secured Overnight Financing Rate (SOFR) plus

3.75%. Offtake agreements for the other 80% of anode production were

signed in Q1 with CITIC Metal (HK) Limited and Gold Mountains

International Mining Company Limited, a subsidiary of Zijin Mining. CITIC

Metal and Gold Mountains also provided advance payment facilities totaling

$500 million.

• 2025 capital expenditure guidance for Kamoa-Kakula has been

comprehensively reviewed with respect to the ongoing dewatering and

ramp-up plan. The lower end of guidance is maintained at $1,420 million

with the upper end lowered to $1,600 million from $1,670 million.

Discretionary Phase 3 optimization expenditure in the original 2025 budget

is deferred to 2026, partially offset by increased sustaining costs

associated with the rehabilitation and dewatering of Kakula and the ramp-

up of Kamoa.

• Despite operational challenges during the second quarter, the Kamoa-

Kakula joint venture returned a positive net cash flow of $169 million.

• Kipushi sold 43,348 tonnes of zinc (net of payability) during the quarter, up

by almost 44% from the 30,108 tonnes of zinc sold in Q1 2025. Kipushi

recognized a quarterly revenue of $97 million, a segmented loss of $6

million and EBITDA of $9 million. Kipushi’s cost of sales per pound of

payable zinc sold was $1.05/lb. and the cash cost (C1) per pound of payable

zinc sold totaled $0.96/lb.

• Kipushi Mine’s cash costs (C1) for the first half of 2025 are just below the

mid-point of guidance at $0.94/lb. of payable zinc. Ivanhoe Mines maintains

Kipushi’s 2025 cash cost (C1) guidance of $0.90/lb. to $1.00/lb. of payable

zinc.

• Platreef capital expenditure is tracking at the lower end of 2025 guidance,

with the Phase 1 project nearing completion. Negotiations are progressing

well for a $700 million Phase 2 senior project finance facility, which is

expected to close in Q1 2026.

• Ivanhoe Mines has a strong balance sheet with cash and cash equivalents

on hand of $672 million and attributable group pro-rata cash and cash

equivalents of $774 million on hand, as at June 30, 2025.

OPERATIONAL HIGHLIGHTS

• During the second quarter, Kamoa-Kakula’s Phase 1, 2, and 3

concentrators milled 3.62 million tonnes of ore, producing 112,009 tonnes

of copper, representing an 11% increase when compared with the same

period in 2024. This included a monthly record of approximately 50,000

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tonnes of copper in April, prior to the occurrence of seismic activity in May

2025. Copper production for the first half of 2025 totaled 245,127 tonnes.

• Quarterly copper production was significantly impacted by seismic activity

on the eastern side of the Kakula Mine, as reported on May 20, 2025. This

resulted in the suspension of underground mining activities at the Kakula

Mine. Mining recommenced on the western side of the Kakula Mine on June

7, 2025. Kamoa-Kakula’s 2025 production guidance was revised to between

370,000 and 420,000 tonnes of copper.

• The Phase 1 and 2 concentrators commenced the processing of ore from

the western side of the Kakula Mine on June 8, 2025. For the remainder of

the year, the Phase 1 and 2 concentrators are expected to operate at

between 80% and 85% of plant capacity, targeting 50% of ore feed from

surface stockpiles and 50% from ore mined from the western side of

Kakula. The processing of surface stockpiles is expected to continue until

they are depleted in Q1 2026.

• The Phase 3 concentrator milled a record 1.6 million tonnes of ore in the

second quarter, producing a record 40,608 tonnes of copper. The milling

record is equivalent to an annualized rate of 6.5 million tonnes, which is

30% higher than the Phase 3 concentrator’s design capacity of 5.0 million

tonnes per annum. The average quarterly feed grade for the Phase 3

concentrator was a record 2.92% copper.

• Stage One dewatering continues as planned, with water levels modestly

decreasing. The delivery of the four Stage Two, submersible, high-capacity

dewatering pumps has recently commenced with the first of three cargo

flights arriving in Lubumbashi. Stage Two dewatering is on schedule to

start in August.

• Ivanhoe Mines is targeting to provide in September 2025 an update on

Kamoa-Kakula’s recovery plan and ramp-up to steady-state operations over

the medium term. Work has also commenced on an updated life-of-mine

integrated development plan, which is targeted for completion in the first

quarter of 2026.

• Kamoa-Kakula's 500,000-tonne-per-annum on-site, direct-to-blister copper

smelter, the largest in Africa, is expected to commence start up in

September. All concentrates produced by Phase 1, 2, and 3 concentrators

are expected to be treated by the on-site smelter.

• Site clearance and early earthworks for Kamoa-Kakula’s 60-megawatt (MW),

on-site solar (PV) facility with battery storage have commenced. The solar

facility is expected to be operational in mid-2026, supplying up to 25% of

Kakula’s energy requirements.

• Mechanical and electrical equipment installation for the refurbished Turbine

#5 at the Inga II hydroelectric facility is now completed. Pre-commissioning

activities have already commenced and are expected to be completed early

in the fourth quarter.

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• At Kipushi, during Q2 2025, the concentrator milled a record 153,342 tonnes

of ore at a record average grade of 33.4% zinc, producing a near-record

41,788 tonnes of zinc in concentrate at a contained grade of over 51% zinc.

• The first phase of Kipushi’s debottlenecking program was completed in

June with the second phase on schedule to be completed in the coming

weeks, requiring a shutdown to tie in the newly installed equipment. In mid-

July following completion of the first phase, Kipushi achieved a daily

production record equivalent to 327,000 tonnes of zinc in concentrate on an

annualized basis, and a weekly production record equivalent to 289,000

tonnes of zinc in concentrate on an annualized basis.

• Kipushi produced 84,524 tonnes of zinc during H1 2025. The production

rate in H2 2025 is expected to significantly improve following improved

availability of the dense media separation (DMS) circuit and the imminent

completion of the debottlenecking program. Kipushi’s 2025 production

guidance is maintained at 180,000 to 240,000 tonnes of zinc in concentrate.

• At Platreef, the first feed of ore into the Phase 1 concentrator is on

schedule to take place in Q4 2025. Phase 1 is the first step of a three-phase

expansion plan, which aims to make the Platreef Mine one of the world’s

largest producers of platinum, palladium, rhodium, and gold, with

significant copper and nickel credits.

• Phase 2 expansion activities are underway and on track for first production

in Q4 2027. Platreef’s Phase 2 expansion is expected to produce over

460,000 ounces of platinum, palladium, rhodium, and gold per annum, plus

approximately 9,000 tonnes of nickel and 6,000 tonnes of copper.

• The Platreef Mine is projected to be the lowest-cost primary platinum-

group-metals producer globally. The Phase 2 life-of-mine total cash cost is

estimated to be $599 per ounce of 3PE+Au, net of nickel and copper by-

product credits. This compares very favourably with a basket spot price of

approximately $1,600 per ounce of 3PE+Au, as at July 29, 2025.

• On May 8, 2025, mining crews at the Platreef Mine started underground

development into the high-grade polymetallic Flatreef orebody for the first

time, as the mine rapidly advances to commercial production later this

year. This significant milestone comes 15 years after the discovery of the

26-metre thick, flat-lying Flatreef orebody was made. Development ore is

being stockpiled on the surface and will be used in the ramp-up of the

Phase 1 concentrator. The Ivanplats team aims to accumulate a stockpile of

approximately 60,000 tonnes of development ore ahead of the first feed of

ore into the Phase 1 concentrator.

• Equipping of Shaft #3 is progressing well. Installation of the rock winder

has commenced, with the mechanical and electrical work nearing

completion. Shaft #3 is expected to be “ready to hoist” from Q1 2026 with a

capacity of approximately 4 million tonnes per annum.

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• In the Western Forelands, Ivanhoe continues exploration across its vast

licence area, adjacent to Kamoa-Kakula. Drilling activity increased as the

wet season ended in late April, with the deployment of four more rigs. In

total, nine contractor-operated diamond drill rigs were active during the

quarter, which completed a total of 14,843 meters of drilling.

• On May 14, 2025, Ivanhoe announced its independently verified, updated

Mineral Resource estimate for the Makoko District in the Western

Forelands. The total copper contained in the Makoko District has

approximately doubled in the past 18 months, during which 86,000 metres

of diamond drilling were completed. The Makoko District ranks as the

world’s fifth-largest copper discovery since Kakula in 2015.

• In Kazakhstan, drilling commenced in July on Ivanhoe’s joint venture

licences. Two rigs have been deployed for the 17,500-metre maiden

diamond drilling program. In addition, over 95% of the planned 16,911 km²

in licences have now been fully granted. Concurrent with the drilling

program, extensive geophysical and geochemical programs are underway

across the licence package.

• On July 19, 2025, representatives from the DRC and the Congo River

Alliance/March 23 Movement (AFC/M23) signed a declaration of principles

in Doha, Qatar. The declaration is intended as a roadmap towards a

permanent settlement. Both parties agree to implement the terms of the

deal by July 29, 2025. In addition, a final peace deal is expected to be

agreed by August 18, 2025, and must align with last month's US-brokered

Peace Agreement signed on June 27, 2025, between the DRC and Rwanda.

Africa’s largest and greenest copper smelter at Kamoa-Kakula is

expected to commence start-up in September.

This press release includes “EBITDA”, “Adjusted EBITDA”, “EBITDA margin”, “Pro-rata cash and cash

equivalents” and "Cash cost (C1)", which are non-GAAP financial performance measures. For a detailed

description of each of the non-GAAP financial performance measures used herein and a detailed reconciliation to

the most directly comparable measure under IFRS Accounting Standards, please refer to the non-GAAP

Financial Performance Measures and Pro-Rata Financial Ratios sections of the company’s MD&A for the three

and six months ended June 30, 2025.

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Conference call for investors on Thursday, July 31, 2025

Ivanhoe Mines will hold an investor conference call to discuss the results on

Thursday, July 31, 2025, at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time. The

conference call will conclude with a question-and-answer (Q&A) session.

Media are invited to attend on a listen-only basis.

To view the webcast, use the link:

https://meetings.400.lumiconnect.com/r/participant/live-meeting/400-061-613-

503

Audience Phone Number:

Local - Toronto (+1) 289 514 5005

Toll Free - North America (+1) 800 206 4400

An audio webcast recording of the conference call, together with supporting

presentation slides, will be available on Ivanhoe Mines’ website at

www.ivanhoemines.com.

After issuance, the condensed consolidated interim financial statements and

Management’s Discussion and Analysis will be available at

www.ivanhoemines.com and www.sedarplus.ca.

Read Ivanhoe's Q2 2025 Sustainability Review:

During the second quarter of 2025, the group achieved a

combined Lost Time Injury Frequency Rate (LTIFR) of

0.34 and a Total Recordable Injury Frequency Rate

(TRIFR) of 1.06 per 1,000,000 hours worked. A breakdown

of Ivanhoe’s industry-leading health and safety

performance can be found in the Q2 2025 Sustainability

Review, on the company’s website:

https://www.ivanhoemines.com/investors/document-library/#sustainability