Ivanhoe Mines issues 2025 third-quarter financial results, overview of construction and exploration activities ■ Ivanhoe Mines’ reports Q3 2025 profit of $31M and adjusted EBITDA of $87M, including $76M of attributable EBITDA from
October 29, 2025
Ivanhoe Mines issues 2025 third-quarter financial results,
overview of construction and exploration activities
■
Ivanhoe Mines’ reports Q3 2025 profit of $31M and adjusted
EBITDA of $87M, including $76M of attributable EBITDA from
Kamoa-Kakula
■
Stage Two dewatering of Kakula Mine advancing towards
completion in early December; head grades to improve in Q4
2025 as higher-grade mining areas are reopened
■
Updated life-of-mine integrated development plan well
underway for Q1 2026; targeting return of annualized copper
production to over 550,000 tonnes
■
Africa’s largest and greenest copper smelter to start up in
the coming weeks
■
Commissioning 178-megawatt Turbine #5 at Inga II complete;
initial additional 50 megawatts of hydropower supplied to
Kamoa-Kakula from November
■
First feed of platinum-palladium-nickel-rhodium-copper-gold
ore into the Platreef Phase 1 concentrator recently took
place; first concentrate expected in coming weeks
■
Engineering contractor appointed for Phase 2 expansion of
the Platreef Mine; earthworks to commence in Q1 2026
■
Kipushi produced a record 57,200 tonnes of zinc in Q3 2026;
reaching annualized production rates of up to 315,000
tonnes of zinc in concentrate
■
Ivanhoe Mines’ balance sheet strengthened by $500 million
strategic private placement with Qatar Investment Authority
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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 third 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); the ultra-high-grade Kipushi zinc-copper-lead-
germanium mine in the DRC; and the ramping up 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.
Founder and Co-Chairman Robert Friedland commented:
“At Kamoa-Kakula, our teams continue to work around the clock to complete
the Stage Two dewatering. As this critical work is completed, underground
workings and infrastructure are systematically inspected and rehabilitated to
prepare for the resumption of mining activities in higher-grade areas.
“Meanwhile the engineering team of Kamoa Copper, together with Ivanhoe and
Zijin, is working alongside world leading geotechnical experts to determine a
conservative and responsible plan to increase mining rates from underground
to fill our concentrators. We expect production to continue to rise over coming
months and quarters, ultimately targeting over 550,000 tonnes of copper per
year, reaffirming Kamoa-Kakula’s position among the world’s most essential
and lowest-carbon copper producers.
“After almost thirty years of hard work, vision, and perseverance, the Platreef
Mine has come to life. Today, as the first feed of ore entered the concentrator, a
dream that began as a drill hole in the Limpopo dust in the last century is now
a living, breathing mine. Platreef will prosper for generations to come as one of
the lowest-cost and largest sources of platinum, palladium, rhodium, nickel,
copper, and gold. We are incredibly proud of the thousands of dedicated, hard-
working men and women who have made this dream a reality so far… but, we
are only just getting started… the Phase 1 mine is just a baby first step to an
operation that we’ll be making 10 times larger, over two further phases of
expansion.
“Meanwhile, Kipushi’s rebirth as one of the world’s great zinc mines is now
complete — the debottlenecking program has elevated it to the ranks of the
globe’s top producers. Very soon, with copper from Kamoa-Kakula; zinc,
copper, germanium, gallium and silver from Kipushi; as well as platinum,
palladium, rhodium, nickel, copper, and gold from Platreef, Ivanhoe Mines
stands on the threshold of becoming one of the largest and most significant
producers of these critical metals to power our planet’s future.”
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FINANCIAL HIGHLIGHTS
• Ivanhoe Mines’ Q3 2025 adjusted EBITDA was $87 million, compared with
$123 million for Q2 2025, which includes an attributable share of EBITDA
from Kamoa-Kakula of $76 million. Ivanhoe Mines recorded a profit after tax
of $31 million for Q3 2025, compared to $108 million for the same period in
2024 and $35 million in Q2 2025.
• Kamoa-Kakula sold 61,528 tonnes of copper (net of payability) during the
third quarter at an average realized copper price of $4.42/lb., compared with
101,714 tonnes in Q2 2025 at an average realized copper price of $4.34/lb.
At the end of the third quarter, there were approximately 59,000 tonnes of
unsold copper in inventory, up from approximately 53,600 tonnes at the end
of Q2 2025. Inventory levels expected to normalize to approximately 17,000
tonnes as smelter ramp-up advances.
• Kamoa-Kakula recognized revenue of $566 million, an operating profit of
$69 million, and EBITDA of $196 million for the quarter, equivalent to an
EBITDA margin of 35%. This compares with Q2 2025 EBITDA of $325
million.
• Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was
$3.23/lb. for the third quarter, compared with $2.85/lb. in Q2 2025. Cash cost
(C1) per pound of payable copper produced in the quarter averaged
$2.62/lb., compared with $1.89/lb. in Q2 2025. Year-to-date cash cost (C1)
averaged $1.97 /lb. and is on track to meet full year guidance of $1.90 to
$2.20/lb. The higher cash costs during the quarter were primarily due to the
processing of lower-grade ore and lower recoveries.
• Kamoa-Kakula’s 2025 capital expenditure guidance range of $1,420 million
to $1,600 million has been lowered by $100 million to a range of $1,320
million to $1,500 million, with $910 million spent year to date. In addition,
the 2026 capital expenditure guidance has been raised by $100 million from
a range of $700 million to $1,200 million, to a range of $800 million to $1,300
million.
• Kamoa Copper concluded a 2-year term facility of $500 million during the
quarter, of which $370 million was drawn in early October 2025.
• Kipushi sold a record 49,744 tonnes of zinc (net of payability) during the
quarter, at an average realized zinc price of $1.27/lb., compared with 43,348
tonnes in Q2 2025 at an average realized zinc price of $1.23/lb.
• Kipushi recognized a record quarterly revenue of $129 million, a segmented
profit of $8 million, and EBITDA of $27 million for the quarter, equivalent to
an EBITDA margin of 21%. This compares with an EBITDA of $9 million and
an EBITDA margin of 10% in Q2 2025.
• Kipushi’s cost of sales per pound (lb.) of payable zinc sold was $1.11/lb.
and the cash cost (C1) per pound of payable zinc sold totaled $0.95/lb.
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• Kipushi Mine’s cash costs (C1) for the nine months ended September 30,
2025, averaged $0.95/lb. of payable zinc sold, at the mid-point of the 2025
guidance range of $0.90/lb. to $1.00/lb. of payable zinc sold.
• Platreef capital expenditure is tracking at the lower end of 2025 guidance of
$250 to $280 million, with $174 million spent year to date. Negotiations are
progressing well for a $700 million Phase 2 senior project finance facility,
which is expected to close in Q1 2026.
• Ivanhoe Mines completed a private placement with Qatar Investment
Authority during the third quarter, yielding gross proceeds of $500 million.
A further $70 million in proceeds were received from Zijin following the
exercise of its anti-dilution rights.
• Ivanhoe Mines had cash and cash equivalents on hand of $1,056 million as
of September 30, 2025.
OPERATIONAL HIGHLIGHTS
• Quarterly copper production remained impacted by recovery efforts
following seismic activity on the eastern side of the Kakula Mine, as
reported on May 20, 2025.
• During the third quarter of 2025, the Phase 1, 2, and 3 concentrators milled
a total of 3.46 million tonnes of ore, producing 71,226 tonnes of copper.
Copper production for the first nine months of 2025 totaled 316,393 tonnes.
2025 copper production guidance of 370,000 to 420,000 tonnes is
maintained.
• The Phase 3 concentrator milled 1.62 million tonnes of ore in the third
quarter, producing 33,522 tonnes of copper. For a second consecutive
quarter, the Phase 3 concentrator averaged a milling rate equivalent to 6.5
million tonnes per annum, which is 30% higher than its design capacity of
5.0 million tonnes per annum. The average quarterly feed grade for the
Phase 3 concentrator was 2.44% copper.
• Stage Two dewatering of the Kakula Mine is approximately 35% complete
and is expected to be completed in early December 2025, at which point the
underground water level is anticipated to be near the bottom of the Stage
Two dewatering shafts. The central infrastructure enabling underground
access between the north and south declines is expected to be dewatered
in the coming week.
• The four Stage Two high-capacity submersible pumps were commissioned
over the course of two weeks between the end of August and mid-
September. The four pumps are operating at the total design rate of
approximately 2,600 litres per second. Including the mobile Stage One
pump stations located underground, the total potential pumping rate at the
Kakula Mine is 6,400 litres per second, or 550 megalitres per day, subject to
available underground access.
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• To date, approximately 13 kilometres of lateral development have been
rehabilitated. As the water level declines, the mining crews are primarily
focused on rehabilitating the access drives required to reposition the Stage
One underground pumping infrastructure, as well as the access to the
Stage Three pump stations, which are currently submerged. The mining
crews expect to start gaining access to the existing Stage Three pumping
infrastructure in November.
• Work is well underway on an updated life-of-mine integrated development
plan. The plan includes a full review of both the Kakula and Kamoa mine
plans, with the target of increasing mining rates up to 17 million tonnes per
year, prior to the Phase 4 expansion. The review includes updates to
several technical assumptions, which continue to evolve as the dewatering
advances, supported by several industry experts and qualified persons
(QPs) engaged by Kamoa Copper since the seismic activity occurred.
Completion of the life-of-mine integrated development plan is targeted by
the end of Q1 2026.
• Production rates are expected to steadily improve once the Kakula Mine is
dewatered, with annualized copper production returning to over 550,000
tonnes over the medium term. Ivanhoe Mines also plans to provide, by the
latest in Q1 2026, an update on Kamoa-Kakula’s medium-term production
guidance and recovery plan.
• 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 the
coming weeks. Installation of the 60-megawatt (MW) uninterruptible power
supply (UPS) system is nearing completion and will sustain smelter
operations during periods of grid instability. The majority of concentrates
produced by Phase 1, 2, and 3 concentrators are expected to be smelted
on-site, resulting in significant cost savings on logistics costs, as well as
by-product credits from sulphuric acid sales.
• Construction of Kamoa-Kakula’s on-site solar (PV) facilities, with battery
storage, is well advanced. The two sites, with a combined capacity of 60
MW, are 42% and 46% complete, and are expected to be operational from
Q2 2026.
• Commissioning of the Inga II hydroelectric dam’s 178-MW Turbine #5 was
completed with energization, grid synchronization, and testing started on
October 1, 2025. The Kamoa Copper Complex expects to receive an initial
additional 50 MW of power from November 2025, ramping up to 150 MW
over time as transmission improvement initiatives are completed.
• At Kipushi, the concentrator milled a record 168,862 tonnes of ore at a
record average grade of 37.8% zinc during the third quarter, producing a
record 57,200 tonnes of zinc in concentrate at a contained grade of over
51% zinc.
• Total year-to-date production from the Kipushi concentrator is 141,724
tonnes of zinc in concentrate. Following improved production rates from
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the debottlenecking program completed in August, Kipushi is well on track
to meet its 2025 production guidance range of 180,000 and 240,000 tonnes
of zinc.
• The debottlenecking program was delivered ahead of schedule and on
budget in August, with an industry-leading safety record. Throughout both
the construction of the Kipushi concentrator, which started in September
2022 and was completed in June 2024, and the recently completed
debottlenecking program, the project team at Kipushi did not record a
single lost time injury (LTI). This is an outstanding and incredibly rare
industry achievement.
• Multiple concentrator records were achieved at Kipushi since the
completion of the debottlenecking program. A record 6,064 tonnes of zinc
in concentrate were produced over seven days in late August, equivalent to
an annual production rate of over 315,000 tonnes of zinc, after accounting
for availability. Sustaining this production rate would make the Kipushi
Mine the world’s third-largest zinc mining operation.
• An additional six megawatts of back-up generator capacity are in the
process of being installed at Kipushi. The new generators will increase the
total onsite back-up power to 20 MW, sufficient to maintain operational
continuity during periods of grid instability.
• At the Platreef Mine, the first feed of platinum-palladium-nickel-rhodium-
copper-gold ore into the Phase 1 concentrator took place on October 29,
2025. This event marks the final stage of the concentrator’s hot
commissioning. The first production of concentrate is expected in mid-to-
late November. 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 copper and
nickel byproduct credits.
• Development ore will initially be fed into the Phase 1 concentrator until the
new Shaft #3 is commissioned and is ready to hoist in March 2026.
Thereafter, long hole stoping (production mining) of the Flatreef orebody is
expected to commence in early Q2 2026.
• Platreef’s project team has already commenced work on the development
of Phase 2, targeting first production 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 from Q4 2027.
• The engineering, procurement, and construction management (EPCM)
contractor for the Phase 2 concentrator and mining has been appointed.
Earthworks on the 3.3-million-tonne-per-annum Phase 2 concentrator site,
located adjacent to the Phase 1 concentrator, and associated infrastructure
are scheduled to commence in Q1 2026.
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• 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 $1,900 per ounce of 3PE + Au, as at October 24, 2025.
• In the Western Forelands, Ivanhoe continues exploration across its vast
licence area, adjacent to Kamoa-Kakula. Drilling efforts during the third
quarter 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 for
continuity during the fourth quarter. Preparations have been made to
continue throughout the wet season, which is expected to commence
imminently. An updated Mineral Resource for the Makoko District is
planned for 2026.
• In Kazakhstan, drilling commenced in July on Ivanhoe’s joint venture
licences. Two rigs have been deployed for a 17,500-metre diamond drilling
program, with two holes completed to date. Concurrent with the drilling
program, extensive geophysical and geochemical programs are underway
across the licence package.
Africa’s largest and greenest copper smelter at Kamoa-Kakula is
expected to start up in November. The installation of the uninterruptible
power supply system is almost complete, as shown in the foreground.
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Conference call for investors on Thursday, October 30, 2025
Ivanhoe Mines will hold an investor conference call to discuss the results on
Thursday, October 30, 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.lumiconnect.com/400-472-545-399
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 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 Q3 2025 Sustainability Review:
During the third 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 1.03 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