Ivanhoe Mines issues 2025 fourth quarter and annual financial results
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
■
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
■
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
■
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%
■
Kipushi cost of sales of $1.12/lb. and cash cost (C1) of
$0.92/lb., achieving guidance
■
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
■
Updated Mineral Resource Estimate for Makoko District in
Western Forelands targeted for mid-year
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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 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.”
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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
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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.
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• 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.
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• 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.
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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
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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-of-
schedule 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 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025
Ore tonnes milled (000’s tonnes) 14,335 3,534 3,456 3,622 3,723
Copper ore grade processed (%) 3.15% 2.35% 2.47% 3.58% 4.10%
Copper recovery (%) 85.6% 85.7% 82.7% 85.4% 87.4%
Copper in concentrate produced
(tonnes) 388,841 71,569 72,143 112,009 133,120
Payable copper sold (tonnes)(1) 351,674 78,469 61,528 101,714 109,963
Cost of sales per pound ($ per
lb.) 2.82 3.80 3.23 2.85 1.87
Cash cost (C1) ($ per lb.) 2.16 2.99 2.62 1.89 1.69
Realized copper price ($ per lb.) 4.40 4.98 4.42 4.34 4.19
Sales revenue before
remeasurement ($’000) 3,129,241 782,691 555,293 868,846 922,411
Remeasurement of contract
receivables ($'000) 151,854 83,353 11,072 6,443 50,986
Sales revenue after
remeasurement ($’000)
3,281,095
866,044 566,365 875,289 973,397
EBITDA ($'000) 1,446,236 331,121 195,597 325,181 594,337
EBITDA margin (% of sales
revenue) 44% 38% 35% 37% 61%