Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Q3 2026 Earnings Presentation
39 slides from Ivanhoe Mines Ltd. Class A's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Financial Results
Q3 2026 FINANCIAL RESULTS November 4, 2026 www.ivanhoemines.com | TSX: IVN; OTCQX: IVPAF
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS The information contained in this presentation and other information furnished by or on behalf of Ivanhoe Mines Ltd. (“Ivanhoe”) has been prepared to assist the reader in understanding the business and financial results of Ivanhoe for the periods indicated a
Slide 3: Opening Remarks
Kamoa-Kakula’s new on-site hybrid solar facility with battery storage, which is now delivering 60 MW of continuous baseload power OPENING REMARKS Robert Friedland, Founder & Executive Co-Chairman 3
Slide 4: Q3 2026 Highlights
Widening of Platreef’s Shaft #2 from a diameter of 3.1 metres to 10.0 metres. Once complete, Shaft #2 will be the largest shaft in Africa. Q3 2026 HIGHLIGHTS Marna Cloete, President & Chief Executive Officer 4
Slide 5: In memory of Ivano Manini
In memory of Ivano Manini Ivano Manini Ivano played an instrumental role in 12 October 1965 – 31 October 2026 Ivanhoe Mines success, including key roles at Kamoa-Kakula, Platreef and Kipushi Most recently Ivano oversaw the rebirth of the historic Kipushi Mine, into one of the largest, lowest carbon-
Slide 6: Third Quarter Highlights
THIRD QUARTER HIGHLIGHTS (Project figures are shown on 100% basis, US dollars) Kamoa-Kakula YTD 2026 cash cost (C1) of $2.80/lb. within 76,401 tonnes guidance; margins supported by $0.47/lb. smelter benefit Copper produced(1) (Kamoa-Kakula) Kamoa-Kakula 2026 production to be ~290kt of copper in sale
Slide 7: One Ivanhoe, One Road to Zero
ONE IVANHOE, ONE ROAD TO ZERO Ivanhoe Mines launched a group-wide health & safety initiative to implement a cross-asset safety culture & actively address key on-site risks Campaign: Zero Harm. Healthy People. Every Shift. No task is so urgent that it cannot be done safely Campaign consists of a thre
Slide 8: Kamoa-Kakula Mine Plan Update
KAMOA-KAKULA MINE PLAN UPDATE Simon Bottoms, EVP Technical Services 8
Slide 9: Study the Future of Kamoa-Kakula
STUDY THE FUTURE SLIDE… OF KAMOA-KAKULA Fully integrated, flexible and de-risked top-tier copper producer Life-of-mine plans introduce high-grade, shallow open pit mining to complement underground mines Refreshed operating plan introduces significantly de-risked and flexible ore mix and reduces over
Slide 10: Update on Kakula Turnaround Strategy
UPDATE ON KAKULA TURNAROUND STRATEGY Q1 development slower than Inferred Pillar Mineral anticipated; development Stoping blocks Resource Area Kakula North rates for Q2 & Q3 were on Portal target Kakula development rates increased 30% since Q1 2026 Western section Mining of first high-grade Mature co
Slide 11: Study of Kamoa Open Pits Introduction
STUDY SLIDE… OF KAMOA OPEN PITS INTRODUCTION Approx. 3.5 million tonnes of sulphide ore at an average grade of 2.5% expected from open pits by end of 2028 Open pits add a scalable ore source, helping Kamoa rebuild stockpiles and improve operational flexibility Isometric view of the planned starter o
Slide 12: Unlocking Production Flexibility at Kamoa-Kakula
UNLOCKING PRODUCTION FLEXIBILITY AT KAMOA-KAKULA Kamoa-Kakula will introduce shallow, high- Copper Production Range grade open pits add mining from open pits 290kt 300kt - 350kt 400kt - 450kt to support underground operations Mill Feed Ore by Source and Head Grades 20 Pre-stripping of Kamoa open pit
Slide 13: 2029 & Beyond: Phase 4 Provides Pathway to 500 ktpa
2029 & BEYOND: PHASE 4 PROVIDES PATHWAY TO 500 KTPA Phase 4 footprint Phase 3 design anticipated a similarly sized Phase 4 Synergies with existing Phase 3 crushing circuit and pre-completed earthworks reduce Phase 4 capital Phase 4 expansion is expected to add an additional 5.0 – 6.5 million tonnes
Slide 14: Open Pits to Be Among Highest-Grade Globally
OPEN PITS TO BE AMONG HIGHEST-GRADE GLOBALLY Steady state open pit Global Open Pit Copper Mines (>50kt Production) ore tonnes targeting 3.0% ~40% of feed post Phase 4 expansion 2.5% Potential Kamoa open pit production Multiple shallow open 2.0% Copper Grade pit footprints provides production flexibi
Slide 15: Q3 2026 Financial Overview
Phase 1 & 2 Concentrators at Kakula (foreground) adjacent to the 500,000-tonnes-per-annum copper smelter (background) Q3 2026 FINANCIAL OVERVIEW David van Heerden, Chief Financial Officer 15
Slide 16: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Record quarterly revenue from increased tonnes sold and higher copper prices, including $101 million in high-strength sulphuric acid sales Copper inventories increased with the addition of 6,900 tonn
Slide 17: Kamoa-Kakula: Quarterly Financial Results
KAMOA-KAKULA: QUARTERLY FINANCIAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula, US dollars) Highest quarterly EBITDA for Kamoa-Kakula since Q1 2025 Cash cost (C1) increased due to lower grades mined and higher energy costs; partially offset by sulphuric acid by-product credits; 2026 guidanc
Slide 18: Margins Boosted by Kamoa-Kakula Smelter
MARGINS BOOSTED BY KAMOA-KAKULA SMELTER (Figures shown on 100% basis for Kamoa-Kakula) At 60% capacity, the smelter delivers ~$0.47/lb. in cost savings At full capacity, smelter fixed costs will be spread over a higher production volume Cash Cost (C1) waterfall between H2 2025 and YTD 2026 (US$/lb.)
Slide 19: Kamoa-Kakula Diesel Impact on Cash Cost (C1)
KAMOA-KAKULA DIESEL IMPACT ON CASH COST (C1) $0.16/lb. quarterly increase in cash cost (C1), 2026 Cash Cost (C1) Guidance vs. of which $0.09/lb. from higher diesel prices 2027 & 2028 onwards ($/lb.) On-site 60 MW significantly reduces diesel $3.00 $3.00 consumption, generating savings of $0.10 - $0.
Slide 20: Kamoa-Kakula: Q3 2026 EBITDA Waterfall
KAMOA-KAKULA: Q3 2026 EBITDA WATERFALL (Figures shown on 100% basis for Kamoa-Kakula, US$ million) Quarter-on-quarter increase in EBITDA due to higher copper price, copper sales and high-strength sulphuric acid sales at higher prices 43,000 tonnes of unsold copper in inventory; targeting steady-stat
Slide 21: Kipushi: Record Sales, But More to Come
KIPUSHI: RECORD SALES, BUT MORE TO COME Kipushi generated a record $255 million in Revenue ($ million)(1) / Realized Zinc Price ($/lb.) revenue as a result of record zinc sold and $1.73 higher zinc prices $1.58 $1.44 $1.47 $1.27 Kipushi sold a record 69,384 tonnes of $255 payable zinc $129 $138 $162
Slide 22: Kipushi Record EBITDA and Cost Discipline
KIPUSHI RECORD EBITDA AND COST DISCIPLINE (Figures shown on 100% basis for Kipushi, US$ million) EBITDA ($ million) / EBITDA Margin (%) Kipushi generated a record $255 million in 43% revenue and $108 million in EBITDA in Q3 at a 36% 35% margin of 43% 32% 21% Year-to-date operating cash flow of $155
Slide 23: Ivanhoe Mines Financial Results
IVANHOE MINES FINANCIAL RESULTS Ivanhoe Mines’ net profit for Q3 2026 of $45 million was driven by profit of $47 million at Kipushi and increased share of profit from Kamoa-Kakula joint venture of $25 million Ivanhoe Mines’ net profit is net of expenditure on exploration projects, the budget of whic
Slide 24: Capital Expenditure Guidance
CAPITAL EXPENDITURE GUIDANCE (Figures shown on 100% basis, US$ millions) YTD 2026 2026 2027 Upper end of Kamoa-Kakula’s Capital Expenditure Actual Guidance Guidance 2026 capex guidance range Kamoa-Kakula lowered by $200m and deferred to 2027 Expansion capital(1,3) 413 600 – 675 500 – 650 Sustaining
Slide 25: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at September 30, 2026; all values in US$ million Ivanhoe Mines Ivanhoe Mines Pro-Rata Net Debt to Cash and cash equivalents Pro-rata net debt Adj. EBITDA (TTM) $1,691 $1,474 2.48x 2.26x $635 $643 Q2 2026 Q3 2026 Q2 2026 Q3 2026 Q2 2026 Q3 2026 $750
Slide 26: Operations & Project Update
Project 95 modifications to the Phase 1 & Phase 2 concentrators delivered record recoveries in Q3, with further improvements expected in Q4 OPERATIONS & PROJECT UPDATE Alex Pickard, EVP Corporate Development Tom van den Berg, Chief Operating Officer Steve Amos, EVP Projects 26
Slide 27: Kamoa-Kakula Quarterly Production
KAMOA-KAKULA QUARTERLY PRODUCTION (Figures shown on 100% basis for Kamoa-Kakula) Total ore tonnes milled (‘000’s tonnes)(1) / Mining and milling rates at 12-month high, Combined copper ore grade processed (%) equivalent to 14 Mtpa; driven by improved mining rates at both Kamoa and Kakula 2.47% 2.35%
Slide 28: Project 95 Has Delivered Record Recoveries
PROJECT 95 HAS DELIVERED RECORD RECOVERIES Modifications made to Phase 1 and 2 concentrators to increase copper recovery are now yielding significant recovery improvements Recoveries at the Phase 1 and 2 concentrators have improved by approximately 5% Concentrator recoveries averaged 89% in Q3, with
Slide 29: 500,000-Tonne-Per-Annum Smelter at 60% Capacity
500,000-TONNE-PER-ANNUM SMELTER AT 60% CAPACITY On-site smelter is the largest copper in Africa, operating at ~60% of capacity since mid-February Kamoa-Kakula produced 76,401 tonnes of copper in saleable products(1) in Q3 2026 Kamoa-Kakula had approx. 43,000 of unsold copper in inventory at the end
Slide 30: 60 MW of Continuous Baseload Solar Power
60 MW OF CONTINUOUS BASELOAD SOLAR POWER On-site hybrid solar (PV) facility with battery backup, fully ramped up delivering 60 MW of baseload power to Kamoa-Kakula operations Two PPAs signed to increase on-site solar power capacity with battery storage to 120 MW by end of 2027 and additional 30 MW b
Slide 31: Sulphuric Acid Sales Benefiting from High Prices
SULPHURIC ACID SALES BENEFITING FROM HIGH PRICES Production rates of high-strength sulphuric acid from Kamoa-Kakula smelter averaging 40,000 tonnes per month; 60% capacity on 700kt per annum Sulphuric acid & sulphur market remains tight in DRC due to reduced supply of sulphur passing through the Str
Slide 32: Kipushi Set for a Record Year
KIPUSHI SET FOR A RECORD YEAR (Figures shown on 100% basis for Kipushi) Kipushi produced a record 77,147 tonnes of Ore tonnes milled (‘000’s tonnes) zinc in Q3 2026 / Zinc ore grade processed (%) 41.6% 37.8% 37.0% 38.7% 36.2% Kipushi milled 193,581 tonnes of ore in Q3 at a record average grade of 41
Slide 33: Platreef Advancing to Commercial Production
PLATREEF ADVANCING TO COMMERCIAL PRODUCTION Dry Stack TSF Shaft #2 Shaft #3 is ramping up; expands hoisting capacity to fully unlock the Phase 1 Shaft #3 concentrator and future Phase 2 expansion Shaft #1 Phase 1 concentrator set to reach nameplate milling capacity in early 2027 Phase 1 Concentrator
Slide 34: Western Forelands: Largest & Highest-Grade Copper Discovery of Past Decade
WESTERN FORELANDS: LARGEST & HIGHEST-GRADE COPPER DISCOVERY OF PAST DECADE 2026 Mineral Resource increases Top 10 Copper Discoveries of the Past Decade contained copper by 30% 14.0 2018 3.00% Contained Copper Resources Contained, M&I Copper Grade in Resources (%) 12.0 Contained, Inferred 2.50% Makok
Slide 35: Western Forelands Growth Story Continues
2024 WORK WESTERN PLAN FORELANDS GROWTH STORY CONTINUES… 60,000 metres of drilling not included in the 2026 Mineral Resource estimate 43,000-metre drill program planned for Makoko growth drilling across Western Forelands in 2027 3 Three focus areas: Testing thick, +3% Cu zone down dip 2 1 of Makoko
Slide 36: Major, Phased Infill Drill Campaign Planned
MAJOR, PHASED INFILL DRILL CAMPAIGN PLANNED 63,000 metres planned focusing on shallow sub Phase 1a Phase 2a cropping mineralization Phase 2b Phase 3 <200m depth potentially Phase 1b amenable to open pit mining 106,000 metres planned focusing on shallow high-grade <600m depth mineralization potential
Slide 37: Drilling Continues on New Horizons
DRILLING CONTINUES ON NEW HORIZONS North-Western Province Chu-Sarysu Basin JV Zambia (100%-owned) Kazakhstan (20%-owned)* ▪ Drill testing of geophysical targets ▪ 17,528 metres drilled through Q3 2026, of a progressing well in Q3 2026, with 5,961 40,000 metre programme metres completed ▪ Notable int
Slide 38: Q3 Financial Results Management Q&A
Q3 FINANCIAL RESULTS MANAGEMENT Q&A An Aerial of Platreef with the Shaft #2 headframe, Africa’s largest, in the center 38
Slide 39: Appendix
APPENDIX Slide 35 chart footnotes 2026 Mineral Resource: Indicated Resources total 42 million tonnes at a grade of 2.66% copper, containing 1.1 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 612 million tonnes at a grade of 1.8% copper, containing 11.02 million tonnes