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Ivanhoe Mines issues 2025 fourth quarter and annual financial results

Production Results Financials

February 18, 2026

Ivanhoe Mines issues 2025 fourth quarter and annual financial results ■ Ivanhoe Mines reports profit of $228M and adjusted EBITDA of $578M for 2025

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Kamoa-Kakula generates 2025 revenue of $3.28B and EBITDA of $1.45B, at a margin of 44%, despite lower production and sales since May

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Kamoa-Kakula cost of sales of $2.82/lb., and cash cost (C1) of $2.16/lb., achieving revised 2025 guidance ■

Kamoa-Kakula cash cost (C1) guidance of $2.20/lb. to $2.50/lb. for 2026, decreasing to $1.90/lb. to $2.30/lb. for 2027 ■

Ramp up of Africa’s largest and highest-technology copper smelter advancing ahead of schedule at over 60% capacity ■

First shipment of 99.7%-pure copper anodes along Lobito Railway Corridor expected imminently

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Kipushi generates 2025 revenue of $441M and EBITDA of $91M during ramp-up; revenue of $138M and EBITDA of $44M in Q4 alone, at a margin of 32%

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Kipushi cost of sales of $1.12/lb. and cash cost (C1) of $0.92/lb., achieving guidance

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Kipushi 2026 cash cost (C1) guidance of $0.85/lb. to $0.95/lb. ■

Engineering contractor mobilized for Phase 2 expansion of Platreef; over 400+% increase in production from Phase 1 expected from Q4 2027

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Updated Mineral Resource Estimate for Makoko District in Western Forelands targeted for mid-year

JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) President and Chief Executive Officer, Marna Cloete, and Chief Financial Officer David van Heerden today announce the company’s financial results for the fourth quarter and year ended December 31, 2025, and provide 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); the ultra-high-grade Kipushi zinc-copper-lead- germanium mine in the DRC; and the Platreef platinum, palladium, nickel, rhodium, 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 licences across the DRC, Angola, Zambia, and Kazakhstan.

All figures are in U.S. dollars unless otherwise stated.

Founder and Co-Chairman Robert Friedland commented:

“2026 marks a decisive turning point for Ivanhoe Mines… a year in which the extraordinary efforts made at each of our Tier-One mines coincide with increasingly tighter global commodity markets.

“As copper prices push to historic highs, we are turning the corner at Kamoa- Kakula following the 2025 seismic event. This extraordinary complex, which is the highest-grade major copper complex, has many decades of life ahead, powered by clean hydroelectric power… And, in the Western Forelands, we continue to expand our copper resource at a discovery cost of below a penny per pound of copper, at a 1% cut-off grade… a statistic unmatched anywhere else in the world.

“In addition, at Platreef, we are ramping up the Phase 1 concentrator, as platinum, palladium, nickel, rhodium, copper and gold prices approach multi- year highs, positioning the operation as one of the most important polymetallic mines on the planet… And, Kipushi is ascending to its place as the world’s fourth-largest zinc mine, as zinc prices also reach multi-year highs.

“We remain, as always, engaged in strategic discussions with sovereign governments and leading industry participants around the globe. Our growth pipeline is aligned with the intense and ever-increasing long-term demand for responsibly produced critical metals.

“Finally, I would like to extend our warmest wishes to our Chinese friends and partners for prosperity and success in the Year of the Fire Horse, and to thank all of our stakeholders for their continued confidence as we advance the next phase of our growth.”

FINANCIAL HIGHLIGHTS

  • Ivanhoe Mines recorded a profit after tax of $228 million in 2025 compared with a

profit of $193 million in 2024, equivalent to basic earnings per share of $0.19 and $0.17, respectively.

  • Ivanhoe Mines’ adjusted EBITDA was $578 million in 2025 compared with $625

million in 2024, which includes an attributable share of EBITDA from Kamoa- Kakula of $569 million.

  • Kamoa-Kakula sold 351,674 tonnes of copper (net of payability) in 2025 at an

average realized copper price per pound (lb.) of $4.40/lb., compared with 396,972 tonnes in 2024 at an average realized copper price of $4.09/lb.

  • 2026 copper sales from Kamoa-Kakula are expected to be approximately 30,000

tonnes higher than copper production as the on-site inventory of unsold copper concentrate is destocked now that the smelter is operational, predominantly during the first half of the year.

  • Kamoa-Kakula recognized revenue of $3.28 billion, operating profit of $0.91 billion

and EBITDA of $1.45 billion for 2025, equivalent to a margin of 44%. This compares with revenue of $3.11 billion, operating profit of $1.43 billion and EBITDA of $1.81 billion in 2024.

  • Kamoa-Kakula recognized EBITDA of $331 million for the fourth quarter of 2025,

up from $196 million in the third quarter, in part impacted by stronger sales during the quarter and a favourable remeasurement of contract receivables due to higher copper prices.

  • Kamoa-Kakula’s cost of sales per pound of payable copper sold was $2.82/lb. for

2025 compared with $1.71/lb. in 2024. Cash cost (C1) per pound of payable copper produced in 2025 totaled $2.16/lb., achieving guidance, compared with $1.65/lb. in 2024. The higher cash costs during Q4 2025 were primarily due to processing low- grade surface stockpiles and lower-grade run-of-mine ore, as well as elevated logistics costs on a per pound basis due to lower contained copper in concentrate being transported and one-off higher charges associated with G&A.

  • Ivanhoe Mines announces Kamoa-Kakula’s 2026 cash cost (C1) guidance of

$2.20/lb. to $2.50/lb. of payable copper produced. Cash cost (C1) for 2026 is expected to improve throughout the year as head grades increase and production improves. 2027 cash cost (C1) guidance is set to improve to between $1.90/lb. and $2.30/lb. of payable copper, as production continues to ramp-up to full capacity.

  • Kamoa-Kakula’s 2025 capital expenditure was $1.24 billion, below the revised

guidance range of $1.30 billion to $1.50 billion. Ivanhoe Mines adjusts Kamoa- Kakula’s 2026 capital expenditure guidance range to include the underspend from 2025 to between $1.10 billion and $1.40 billion, from $800 million to $1,30 billion. In addition, the 2027 capital expenditure guidance range has been set at $750 million to $950 million.

  • Kipushi sold 171,275 tonnes of zinc (net of payability) during ramp-up in 2025 at

an average realized zinc price of $1.31/lb., recognizing revenue of $441 million.

  • Kipushi’s cost of sales per pound (lb.) of payable zinc sold was $1.12/lb. for 2025

and cash cost (C1) per pound of payable zinc sold totaled $0.92/lb., towards the lower end of the guidance range. During the fourth quarter Kipushi cash cost (C1) decreased to $0.86/lb.

  • Kipushi recognized 2025 EBITDA of $91 million, equivalent to an EBITDA margin

of 21%. This includes $44 million of EBITDA in the fourth quarter alone, at a margin of 32%.

  • Ivanhoe Mines announces Kipushi’s 2026 cash cost (C1) guidance of $0.85/lb. to

$0.95/lb. of payable zinc sold.

  • Kipushi’s 2026 capital expenditure was $86 million, close to guidance of $80

million, and included the completion of the de-bottlenecking project. 2026 guidance for Kipushi is now sustaining capital of $60 million, falling to $35 million in 2027.

  • Platreef’s 2025 capital expenditure of $252 million was at the lower end of

guidance, as Phase 1 was completed under budget. Ivanhoe Mines reconfirms Platreef’s 2026 capital expenditure guidance range of $350 million to $380 million. In addition, the 2027 capital expenditure guidance range has been set at $380 million to $420 million, as execution of the Phase 2 expansion continues.

  • Platreef’s 2026 and 2027 capital expenditure will be focused predominantly on the

Phase 2 expansion, which will partly be funded by the $700 million senior project finance facility, as announced on January 12, 2026. The new Phase 2 senior project finance facility was signed on February 18, 2026, with financial close targeted for the end of the first quarter. Funding will be drawn in stages, subject to the satisfaction of conditions precedent.

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

short-term deposits on hand of $885 million as at December 31, 2025.

OPERATIONAL HIGHLIGHTS

  • Kamoa-Kakula’s concentrators milled a record total of 14.3 million tonnes of ore,

at an average grade of 3.14% copper, producing 388,841 tonnes of copper in 2025. This includes a record contribution from the Phase 3 concentrator, which milled 6.4 million tonnes of ore, which is approximately 30% above design capacity, at an average grade of 2.62% producing a record 144,489 tonnes of copper

  • Ivanhoe Mines maintains 2026 production guidance for Kamoa-Kakula of 380,000 to

420,000 tonnes of copper, and 500,000 to 540,000 tonnes of copper for 2027, as announced on December 3, 2025.

  • Stage Two dewatering of the Kakula Mine was completed in December, as

planned. With the completion of Stage Two, dewatering activities are now off the critical path and selective mining on the eastern side of the Kakula Mine restarted. Dewatering below the Stage Two pumps will continue into Q2 2026, using refurbished underground pumping infrastructure that was previously water- damaged (Stage Three dewatering).

  • An updated life-of-mine plan for Kamoa-Kakula is on track for the end of March

2026. The plan will update reserve and resource estimates, based on updated mining methods and technical parameters implemented since the seismic event and subsequent recovery plan, and targets increasing mining rates to 17 million tonnes per annum, to fully utilize Phase 1, 2 and 3 concentrator capacity, prior to a potential Phase 4 expansion.

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

the largest in Africa, cast the first batch of anodes in late December 2025. Ramp- up of the smelter is advancing ahead of expectations, with the concentrate feed rate already at over 60% of design capacity.

  • Most of the copper concentrate produced by Kamoa-Kakula in the future is

expected to be smelted on-site, resulting in significant cost savings on logistics costs, as well as by-product credits from sulphuric acid sales.

  • Production of by-product, high-strength sulphuric acid from the smelter is

averaging 1,200 tonnes per day, equivalent to over 60% of design capacity. The average realized price for high-strength acid sales to date is over $450 per tonne. Kamoa-Kakula expects the realized price for acid to moderate between $350 and $400 per tonne over the medium-term.

  • The first batch of copper anodes produced by the Kamoa-Kakula smelter is set to

be delivered to the Atlantic port of Lobito, in Angola, via the Lobito Atlantic Railway in the coming days. The anodes will then be shipped to Europe for refining, to produce some of the world’s lowest-carbon intensive refined copper.

  • Kamoa-Kakula’s Project 95 is 75% complete, with completion expected in early Q2

2026. The “Project 95” initiative for the Phase 1 and 2 concentrators aims to increase the overall recovery rate up to 95%, up from the design recovery rate of 87%.

  • Construction of Kamoa-Kakula’s on-site, solar (PV) facilities, with battery storage,

is advancing to plan at approximately 70% complete. The two sites, with a total capacity of 60 MW, are expected to be operational during Q2 2026.

  • The refurbishment of the 178-MW Turbine #5 at the Inga II hydroelectric dam was

completed in early Q4 2025. Kamoa-Kakula is receiving an initial 50 MW of power from Inga II, ramping up to 85 MW in late Q1 2026. As transmission improvement initiatives are completed over the next 12 months, power delivered to Kamoa- Kakula from Inga II is expected to increase to 150 MW.

  • At Kipushi, the concentrator milled a record 667,747 tonnes of ore at an average

grade of 35.2% zinc during 2025, producing a record 203,168 tonnes of zinc in concentrate, achieving guidance.

  • Kipushi’s concentrator throughput rates notably improved in the fourth quarter,

following the completion of the debottlenecking program in August. Multiple concentrator records have since been achieved, including a monthly record of 22,629 tonnes of zinc in concentrate produced in December.

  • Ivanhoe Mines maintains 2026 production guidance for Kipushi of 240,000 to

290,000 tonnes of zinc in concentrate.

  • At the Platreef Mine, the first production of platinum-palladium-nickel-rhodium-

gold-copper concentrate from the Phase 1 concentrator took place on November 19, 2025. Phase 1 is the first step in a three-phase expansion plan that aims to make the Platreef Mine one of the world’s largest and lowest-cost producers of platinum, palladium, rhodium and gold, with significant nickel and copper by- products.

  • Production from the Phase 1 concentrator is currently being campaigned with

development ore until the new Shaft #3 is commissioned and is ready to hoist ore in late April 2026. Thereafter, long-hole stoping (production mining) of the Flatreef orebody is expected to commence in early Q2 2026, enabling the ramp-up of the concentrator to continue with run-of-mine ore.

  • Work on the Phase 2 expansion has commenced, with the appointment of the

engineering, procurement, and construction management (EPCM) in Q4 2025. Early works on the 3.3-million-tonne-per-annum, Phase 2 concentrator site, located adjacent to the Phase 1 concentrator, and associated infrastructure have commenced.

  • Platreef’s Phase 2 expansion is targeting completion in Q4 2027. Phase 2

production is expected to be more than four times larger than Phase 1, producing approximately 450,000 ounces of platinum, palladium, rhodium, and gold (3PE + Au), 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 $2,318 per ounce of 3PE+Au, as at February 16, 2026.

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

area, adjacent to Kamoa-Kakula. Drilling efforts during 2025 focused on the Makoko District, as well as the new target areas of Tshipaya and Kamilli. Drilling to the east of the Makoko District has identified an extension of mineralization that will continue to be tested during the wet season. An updated Mineral Resource Estimate for the Makoko District is planned by mid-2026.

  • Ivanhoe Mines announces an exploration budget of approximately $90 million

across its portfolio, including approximately $50 million budgeted in the Western Forelands, and $40 million spread across its exploration activities in Angola, Kazakhstan, South Africa and Zambia. This represents an increase of 88% compared to 2024 spend of $48 million.

99.7%-pure copper anodes, produced by the recently commissioned Kamoa- Kakula smelter, are stacked in the smelter yard awaiting export. Ramp-up of Africa’s largest and greenest copper smelter is ahead of schedule, operating at a feed rate of over 60% of capacity.

Conference call for investors on Thursday, February 19, 2026

Ivanhoe Mines will hold an investor conference call to discuss the results on Thursday, February 19, 2026, 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.lumiconnect.com/400-110-047-205

Audience Phone Number:

Local – Toronto: (+1) 416-855-9085 Toll Free – North America: (+1) 800- 990-2777

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 audited consolidated annual financial statements and Management’s Discussion and Analysis will be available at www.ivanhoemines.com and www.sedarplus.ca.

Read Ivanhoe's Q4 2025 Sustainability Review:

During the fourth quarter of 2025, the group achieved a combined Lost Time Injury Frequency Rate (LTIFR) of 0.49 and a Total Recordable Injury Frequency Rate (TRIFR) of 2.29 per 1,000,000 hours worked. Regrettably, after quarter-end, a fatality occurred at Kamoa-Kakula. Two contractors were conducting surface maintenance at the Phase 2 concentrator when a flammable liquid ignited, causing a flash fire. Despite all efforts, one of the contractors sadly succumbed to his injuries. The other contractor is stable and recovering.

A breakdown of Ivanhoe’s health and safety performance can be found in the latest quarterly Sustainability Review on the company’s website. The Ivanhoe Mines 2025 Annual Sustainability Report will be published in April.

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

Principal projects and review of activities

1. Kamoa-Kakula Copper Complex

39.6%-owned by Ivanhoe Mines Democratic Republic of Congo

The Kamoa-Kakula Copper Complex is operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining. The complex covers a licence area of 400 square kilometres and is approximately 25 kilometres southwest of the town of Kolwezi on the far western edge of the Central African Copperbelt.

Kamoa Holding holds an 80% interest in Kamoa-Kakula, with the DRC government holding the remaining 20% interest. Ivanhoe and Zijin Mining, therefore, each hold an indirect 39.6% interest in Kamoa-Kakula, with Crystal River holding an indirect 0.8% interest. Kamoa- Kakula’s full-time employee workforce is over 6,800, and over 90% are Congolese.

Copper production at Kamoa-Kakula commenced in May 2021, following the ahead-ofschedule completion of the Phase 1 concentrator. Since then, the Phase 2 and Phase 3 mine and concentrator expansions have also been successfully delivered ahead of schedule, ranking Kamoa-Kakula among the largest and highest-grade copper operations globally.

The first cast of anodes from the 500,000-tonne-per-annum on-site direct-to-blister copper smelter took place in December 2025, significantly lowering the carbon footprint and boosting the margins of Kamoa-Kakula’s copper production.

Kamoa-Kakula summary of operating and financial data

FY 2025Q4 2025 Q3 2025 Q2 2025 Q1 2025
Ore tonnes milled (000’s tonnes) 14,335 Copper ore grade processed (%) 3.15% Copper recovery (%) 85.6% Copper in concentrate produced (tonnes) 388,841 Payable copper sold (tonnes)(1) 351,674 Cost of sales per pound ($ per lb.) 2.82 Cash cost (C1) ($ per lb.) 2.16 Realized copper price ($ per lb.) 4.40 Sales revenue before remeasurement ($’000) 3,129,241 Remeasurement of contract receivables ($'000) 151,854 Sales revenue after remeasurement ($’000) 3,281,095 EBITDA ($'000) 1,446,236 EBITDA margin (% of sales revenue) 44%3,534 3,456 3,622 3,723 2.35% 2.47% 3.58% 4.10% 85.7% 82.7% 85.4% 87.4% 71,569 72,143 112,009 133,120 78,469 61,528 101,714 109,963 3.80 3.23 2.85 1.87 2.99 2.62 1.89 1.69 4.98 4.42 4.34 4.19 782,691 555,293 868,846 922,411 83,353 11,072 6,443 50,986 866,044 566,365 875,289 973,397 331,121 195,597 325,181 594,337 38% 35% 37% 61%

All figures in the above tables are on a 100%-project basis. Metal reported in concentrate is before refining losses or deductions associated with smelter terms. 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 this press release and the company’s MD&A for the three and twelve months ended December 31, 2025.

(1) Payable copper sold is net of the payability factor of circa 97%. Copper in concentrate produced net of the payability factor is noted in the non-GAAP Financial Performance Measures section of this press release and the company’s MD&A for the three and twelve months ended December 31, 2025.

C1 cash cost per pound of payable copper produced can be further broken down as follows:

FY 2025Q4 2025 Q3 2025 Q2 2025 Q1 2025
Mining ($ per lb.) 0.87 Processing ($ per lb.) 0.38 Logistics charges ($ per lb.) 0.48 TC, RC, smelter charges ($ per lb.) 0.17 General & Administrative ($ per lb.) 0.261.22 1.22 0.73 0.63 0.51 0.50 0.34 0.29 0.70 0.38 0.49 0.41 0.14 0.21 0.14 0.19 0.42 0.31 0.19 0.17
Cash cost (C1) per pound of payable copper produced ($ per lb.) 2.162.99 2.62 1.89 1.69

The cost of power, which is allocated between mining and processing in the above cash cost split, can be split out as follows:

FY 2025Q4 2025 Q3 2025 Q2 2025 Q1 2025
Power costs included in Mining and Processing cost ($ per lb.) 0.26 Power costs as a proportion of cash cost (C1) per pound of payable copper produced (%) 12.0%0.33 0.35 0.20 0.24 11.0% 13.4% 10.6% 14.2%

Cash cost (C1) is prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines, but is not a measure recognized under IFRS Accounting Standards. In calculating the C1 cash cost, the costs are measured on the same basis as the Company's share of profit from the Kamoa Holding joint venture, which is contained in the financial statements. C1 cash cost is used by management to evaluate operating performance and includes all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination, which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered, finished metal. C1 cash cost excludes royalties, production taxes, and non-routine charges as they are not direct production costs.

All figures are on a 100% project basis, and metal reported in concentrate is before refining losses or deductions associated with smelter terms.

Elevated cash costs (C1) in the fourth quarter were predominantly due to elevated logistics costs on a per pound basis due to lower contained copper product being transported and one-off general & administrative charges, in addition to higher mining costs associated with lower concentrator feed grades.

Concentrate sold in the fourth quarter was lower grade, averaging 33% contained copper, compared with 43% in the third quarter. This reflected a higher proportion of Phase 3 concentrate sales, which typically grade between 30% and 35% contained copper, versus Phase 1 and Phase 2 concentrate that grades between 40% and 45% contained copper.

During the fourth quarter, approximately 9,000 tonnes of excess copper in concentrate, predominantly from the Phase 3 concentrator and previously stockpiled for the smelter ramp-up, was sold, resulting in payable copper sold exceeding copper produced and contributing to higher-than-normal logistics costs. In addition, ongoing destocking of concentrate at the Lualaba Copper Smelter (LCS) in Kolwezi since Q3 2025 meant that less fourth quarter concentrate was sold to LCS for conversion into blister copper. Concentrate sold to LCS typically carries lower logistics costs because it is exported as approximately 95%-pure copper blister.

Elevated G&A expenses during the fourth quarter were primarily related to one-time bank charges, working-capital rebalancing and inventory write-downs.

Kamoa-Kakula produced 388,841 tonnes of copper in 2025, achieving guidance, supported by record 144,489 tonnes of copper produced by the Phase 3 concentrator

Kamoa-Kakula produced a total of 388,841 tonnes of copper in concentrate in 2025, within the revised guidance range of 370,000 tonnes to 420,000 tonnes. Total copper production consisted of 385,811 tonnes of copper in concentrate produced by the Phase 1, 2 and 3 concentrators, as well as 3,030 tonnes of copper in concentrate produced by the slag concentrator located at the on-site smelter.

Kamoa-Kakula produced 71,569 tonnes of copper in concentrate during the fourth quarter. The slag concentrator was temporarily used to assist with copper production prior to the start-up of the smelter in December 2025.

Prior to the first feed of concentrate into the smelter furnace, as announced on December 1, 2025, the smelter’s slag concentrator was used to reprocess fines and spillage from the Phase 1, 2 and 3 concentrators during Q3 and Q4 2025. The smelter site at Kamoa-Kakula includes a 600,000-tonne-per-annum conventional concentrator plant, which under normal operating conditions is used to regrind and refloat slag produced by the smelter. Slag produced by the smelter contains approximately 4% copper, which, once reprocessed, enables the smelter to achieve a recovery rate of 98.5%. Concentrate produced by the concentrator was stored on site and will be fed into the Kamoa-Kakula smelter. With the smelter now operational, the slag concentrator will no longer produce additional copper in concentrate.

Kamoa-Kakula’s copper production was supported by a record 144,489 tonnes of copper produced by the Phase 3 concentrator during 2025. The Phase 3 concentrator milled 6.4 million tonnes of ore during 2025, approximately 30% above the design capacity of 5.0 million tonnes per annum. The Phase 3 concentrator also achieved a record throughput of 1.66 million tonnes and averaged a record recovery rate of 88.2% in the fourth quarter.

Smelter ramp-up advances with 99.7%-pure anode production already at approximately 500 tonnes per day, in line with specification; first truck- loads of anodes loaded for export.

As announced on January 2, 2026, the casting of the first anode at the Kamoa-Kakula copper smelter took place in late December 2025. Ramp-up of 99.7%-pure copper anode production since the first casting is advancing well and is outperforming expectations. The concentrate feed rate is already averaging at over 60% capacity before accounting for availability.

The first truckloads of 99.7% pure copper anodes were exported in January, with a total of 27,645 tonnes of anodes produced to February 16, 2026. Provisional revenues are recognized as the anodes are exported.

As at the end of December, Kamoa-Kakula’s unsold copper in concentrate inventory totaled 50,000 tonnes, down slightly from 59,000 tonnes at the end of September due to destocking at LCS and the sale of some Phase 3 concentrate for working capital management. 2026 copper sales are expected to be approximately 30,000 tonnes higher than copper production as the on-site inventory of unsold copper concentrate is destocked, predominantly during the first half of 2026. Total unsold copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is expected to be reduced to approximately 17,000 tonnes during 2026 as the smelter ramps up. As destocking occurs, Kamoa-Kakula’s management aims to capitalize on near-record-high copper prices.

Kamoa-Kakula’s operating margins are set to expand due to reduced logistics costs and from revenue generated from by-product, high- strength sulphuric acid sales.

Kamoa-Kakula’s margins are expected to expand as the smelter ramps up, as concentrates produced by Phase 1, 2, and 3 concentrators are smelted on-site rather than exported unbeneficiated. Kamoa-Kakula’s logistics costs are expected to approximately halve as the copper content per truck-load exported more than doubles, from 35% to 45% contained copper in concentrate to 99.7%-pure copper anodes.

Further improvement in Kamoa-Kakula’s margins is also expected to be achieved through the revenues generated from sulphuric acid sales. In addition to the production of copper anodes, the Kamoa-Kakula smelter is currently producing approximately 1,200 tonnes per day, equivalent to over 60% of design capacity, before accounting for availability.

The smelter is expected to produce up to 700,000 tonnes per annum of high-strength sulphuric acid at steady-state operations, which will be sold to local mining operations.

Sulphuric acid is currently in high demand globally, as well as by other mining operations across the Central African Copperbelt. This is due to a number of factors, including increased production driven by high copper prices, export restrictions on acid imposed by Zambia, and elevated seaborne prices for sulphur. Spot high-strength sulphuric acid prices have reached as high as $700 per tonne in Kolwezi in recent months.

The year-to-date realized price for high-strength sulphuric acid sales by the smelter has averaged $450 per tonne, which is three times the $150 per tonne forecast price used in previous studies. Over the medium-term, Kamoa-Kakula management expect realized sulphuric acid prices to average between $350 and $400 per tonne.

First shipment of anodes to international markets along the Lobito Railway Corridor expected imminently, to produce some of the world’s lowest-carbon-intensive refined copper

The first shipment of copper anodes to be transported along the Lobito Railway Corridor is expected to be made in the coming days. The anodes, produced by the Kamoa-Kakula Copper Complex, have been delivered to Trafigura’s dry port facility in Kolwezi, in the DRC. From there, the anodes will be transported along the Lobito Railway Corridor to the Atlantic Port of Lobito, and then shipped to Aurubis Group’s European facilities for refining. Aurubis is a leading global provider of non-ferrous refined metals, with best-in-class sustainability standards. This initial delivery marks a significant step in producing some of the world’s lowest-carbon-intensive refined copper.

Kamoa-Kakula expects that for the foreseeable future, approximately 20% of anode production from the Kamoa-Kakula smelter will be shipped along the Lobito Railway Corridor. In addition, trials are underway to investigate further increasing the allocation of transported anode production along the rail line over time.

The Lobito Atlantic Railway plans to ramp up the annualized outbound capacity to 1.5 million tonnes by the end of the decade. Average journey times between Kolwezi and Lobito takes between six and eight days, compared with 20-25 days trucking from mine gate to the ports of Durban in South Africa, or Dar es Salaam in Tanzania. Cycle times, as well as the costs of transporting exports along the railway line, are expected to further improve as capacity ramps up, with the consortium targeting the westbound journey to be reduced over time to as little as four days.

Figure 1: Map of export routes currently used by Kamoa-Kakula in red, as well as the Lobito Corridor route in orange.

Stage Two dewatering of Kakula Mine is complete; selective mining on the eastern side commenced ahead of schedule in late December

As announced on January 2, 2026, Stage Two dewatering activities were completed in December 2025, with the first pair of high-capacity submersible dewatering pumps (Pumps 3 and 4) running dry. Stage Three dewatering activities are currently ramping up and are expected to continue into Q2 2026, and will not be on the critical path for Kakula’s mining operations.

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