Ivanhoe Mines Ltd. Class A · TSX:IVN
Ivanhoe Mines Ltd. Class A — Investor Presentation (February 2026)
41 slides from Ivanhoe Mines Ltd. Class A's investor presentation, February 2026
Slide 1: Investor Presentation
TSX: IVN | OTCQX: IVPAF INVESTOR PRESENTATION February 2026
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”) is confidential and has been prepared to assist the recipients hereof in conducting their own evaluation of Ivanhoe and does not
Slide 3: Ivanhoe at a Glance
IVANHOE AT A GLANCE 0 CORPORATE INFORMATION TSX: IVN LISTINGS OTCQX: IVPAF SHARE PRICE C$15.60 / share(1) MARKET CAP US$16.31 billion(1) SHARES, OPTIONS, Basic Shares: 1,426.0 million(2) RSUs, PSUs & DSUs Diluted Shares: 1,428.6 million(2) NET DEBT POSITION US$290.0 million(3) CITIC Metal 21.3% Ziji
Slide 4: A Leading Producer, Developer and Explorer
A LEADING PRODUCER, DEVELOPER AND EXPLORER OWNERSHIP: Operating Mines Exploration Projects KAMOA-KAKULA Ivanhoe Mines (39.6%) Zijin Mining Group (39.6%) Government of DRC (20%) Crystal River Global (0.8%) KAZAKHSTAN: Copper Copper OWNERSHIP: KIPUSHI Ivanhoe Mines (62%) Gécamines (38%) WESTERN FORELA
Slide 5: DRC: Awakening a Copper Giant
DRC: AWAKENING A COPPER GIANT 2nd largest global copper exporter As the host country, and as a shareholder of Kamoa Copper, the DRC sees this local value creation Abundant hydro-power capacity as a strategic imperative Median population age of 17 His Excellency Félix Tshisekedi, President of the Dem
Slide 6: Kamoa-Kakula
Kamoa-Kakula’s Phase 1 & 2 4.6-Mtpa- concentrators, with the Phase 3 5.0-Mtpa- concentrator in the distant background KAMOA-KAKULA The world’s fastest growing, highest grade and greenest major copper mine 6
Slide 7: Kakula Mine Workings in Context
KAKULA MINE WORKINGS IN CONTEXT Majority of the original Kakula deposit has not yet been mined, with Kakula West undeveloped Notes: Existing underground development as at May 2025. Illustration is based on the 2023 Kamoa-Kakula IDP showing the estimated average grade of each vertical stack of blocks
Slide 8: Kakula Mine: Area Mined Since 2021
KAKULA MINE: AREA MINED SINCE 2021 Kakula north Smelter twin decline Phase 1 & 2 concentrators Pre-seismic event: 50 million tonnes of Western ore reserves, of which approximately side two-thirds are on the Eastern side Eastern side Scale: 1 kilometre Kakula south twin decline 8
Slide 9: Kamoa-Kakula: Dewatering Off the Critical Path
KAMOA-KAKULA: DEWATERING OFF THE CRITICAL PATH Stage Two dewatering of the Underground water level at Kakula as at January 31, 2026, Kakula Mine was completed in overlaid with the underground pumping infrastructure. December, as planned. Stage Three dewatering to continue in Q2 2025 Selective mining
Slide 10: Kakula Mine: Underground Rehabilitation
KAKULA MINE: UNDERGROUND REHABILITATION A dewatered area BEFORE rehabilitation A dewatered area AFTER rehabilitation 10 10
Slide 11: Kamoa-Kakula: Recovery Advancing
KAMOA-KAKULA: RECOVERY ADVANCING Kamoa Copper engineering working with world-class industry experts to determine conservative ramp-up plan to 17 Mtpa from Kakula and Kamoa complex Work underway on new access declines into the Kamoa and Kansoko underground mines to increase mining rates Updated resou
Slide 12: Kamoa-Kakula: Concentrator Production
KAMOA-KAKULA: CONCENTRATOR PRODUCTION 388,841 tonnes of copper in concentrate Ore tonnes milled (‘000’s tonnes) / produced in 2025; achieving revised guidance Copper ore grade processed (%) 5.93% 5.59% 5.24% 4.46% Phase 3 copper production continues to 3.14% outperform with a record 144,489 tonnes p
Slide 13: Kamoa-Kakula: 2025 Cash Cost Within Revised Guidance
KAMOA-KAKULA: 2025 CASH COST WITHIN REVISED GUIDANCE $2.16/lb. C1 cash cost in FY 2025, within Cash Cost (C1) ($/lb.) revised guidance range Post seismic event recovery +57% increase in C1 cash cost in H2 2025 (since seismic event and recovery): • Key impact 37% decrease in head grade FY 2025 $2.16/
Slide 14: Kamoa-Kakula: 2026 & 2027 Cash Cost Guidance
KAMOA-KAKULA: 2026 & 2027 CASH COST GUIDANCE >20% cash cost improvement targeted in H2 2025 Cash Cost (C1) vs. guidance driven by smelter ramp-up and 2026 / 2027 Guidance improved grade 2.80 2.50 Breakdown of H2 2025 Unit Cash Cost 2.30 ~30% reduction target based on 2.20 smelter (incl. TC/RC opex a
Slide 15: Kamoa-Kakula: 2025 Annual Results
KAMOA-KAKULA: 2025 ANNUAL RESULTS (Figures shown on 100% basis for Kamoa-Kakula) Revenue ($ million) / Realized Copper Price ($/lb.) Kamoa-Kakula generated $4.98/lb. $1.45 Billion EBITDA over $4.19/lb. $4.34/lb. $4.42/lb. $4.40/lb. 2025 at a margin of 44% based on $4.40/lb. realized copper price $3,
Slide 16: Direct-to-Blister Smelter: First Anode Produced
DIRECT-TO-BLISTER SMELTER: FIRST ANODE PRODUCED First anode produced in late Q4 2025; ramp up exceeding expectations at >60% of capacity Reduced shipping volumes and acid credits – improved margin and cash costs First shipment of ultra-low-CO2 anodes taking place along the Lobito Rail Corridor to in
Slide 17: Direct-to-Blister Smelter: Acid Sales
DIRECT-TO-BLISTER SMELTER: ACID SALES By-product acid production from smelter averaging 1,200 tpd, equivalent to >60% capacity Export restriction from Zambia has raised spot prices for high-strength sulphuric acid to >$700 per tonne Realized price from acid sales is >$450 / tonne; expected to normal
Slide 18: 60 MW of Additional Green Power from Q2 2026
60 MW OF ADDITIONAL GREEN POWER FROM Q2 2026 Two 30-MW on-site solar facilities with battery storage are under construction Scheduled for completion in Q2 2026; facility to supply up to 20% of Kamoa- Kakula’s energy requirements Study work has commenced to expand on-site solar facilities to 120 MW A
Slide 19: 60 MW Solar Facility / 178-Megawatt Inga II Turbine Refurbishment
60 MW SOLAR FACILITY 178-MEGAWATT INGA II TURBINE WITH BATTERY REFURBISHMENT STORAGE COMPLETE Refurbishment completed in Q4 2025 of 178-MW Turbine #5 at Inga II hydroelectric dam Kamoa-Kakula receiving an initial additional 50 MW of power; increasing to 85 MW in late Q1 2026; ramping up further over
Slide 20: Increasing Diversification of Power Sources
INCREASING DIVERSIFICATION OF POWER SOURCES Dec 25 Dec 26 Dec 27 Dec 28 INCREASING RENEWABLE GENERATION SNEL (national grid) MW 110 180 210 210 178 MW of refurbishment hydropower from Turbine #5 Inga II completed Third party purchases MW 100 100 100 100 (Imports) 60 MW of on-site solar from mid-2026
Slide 21: Western Forelands Exploration Project
WESTERN FORELANDS EXPLORATION PROJECT The next great copper frontier… 21
Slide 22: Western Forelands Overview
WESTERN FORELANDS OVERVIEW Same underlying geology licence area; as Kamoa-Kakula ~5x larger than Kamoa-Kakula’s mining rights Western Forelands’ licences are 60 - 100% owned by Ivanhoe Mines Over 48 million tonnes of copper discovered by Ivanhoe geologists since 2008 – over 2x global annual mine pro
Slide 23: Makoko District Ranks as World's Fifth Largest Copper Discovery Since 2015
MAKOKO DISTRICT RANKS AS THE WORLD’S FIFTH LARGEST COPPER DISCOVERY SINCE KAKULA IN 2015 Copper mineralization in the Contained Copper in Resources (Mt) 45.0 Contained, M&I 3.00% Makoko District spans a corridor Copper Grade in Resources (%) Contained, Inferred at least 13 km in length and 40.0 Grad
Slide 24: Makoko District Continues to Expand Footprint
MAKOKO DISTRICT CONTINUES TO EXPAND FOOTPRINT Map of Makoko District drilling since the May 2025 Mineral Resource Estimate Step-out drilling continues to delineate broader mineralized footprint Updated Mineral Resource Estimate targeted mid-2026 Preliminary engineering works underway on mine site la
Slide 25: Significant Increase in Exploration Expenditure
SIGNIFICANT INCREASE IN EXPLORATION EXPENDITURE $90 million budget for 2026, including $50 million 2026 Exploration Spend in Western Forelands – by Project 88% increase on spend South Africa compared with 2025 3% Zambia 10% Angola 9% Western Forelands, DRC Growth through the drill Kazakhstan 56% 22%
Slide 26: Kipushi
KIPUSHI World’s highest-grade, lowest-carbon major zinc mine Kipushi’s 800ktpa concentrator, with Shaft P5 in the background 26
Slide 27: Kipushi Approaches Full Production Capacity
KIPUSHI APPROACHES FULL PRODUCTION CAPACITY (Figures shown on 100% basis for Kipushi) Debottlenecking project completed and further Ore tonnes milled (‘000’s tonnes) backup power installed / Zinc ore grade processed (%) 37.8% 36.2% 32.2% 33.4% Kipushi produced 203,168 tonnes of zinc in 2025, achievi
Slide 28: Kipushi: Breakout Financial Quarter
KIPUSHI: BREAKOUT FINANCIAL QUARTER Kipushi generated $441 million Revenue ($ million) / Realized Zinc Price ($/lb.) Revenue and $91 EBITDA in 2025 $1.29/lb. $1.23/lb. $1.27/lb. $1.44/lb. $1.31/lb. at a margin of 21% based on $1.31/lb. realized zinc price $441 $77 $97 $129 $138 Q1 2025 Q2 2025 Q3 20
Slide 29: Kipushi: Sleeping Giant Awakened at the Right Time
KIPUSHI: SLEEPING GIANT AWAKENED AT THE RIGHT TIME (Figures shown on 100% basis for Kipushi) Zinc prices trading at 3 year highs, World’s top 10 zinc mines in 2024 by paid zinc production above $1.45/lb. (‘000 tonnes) with head grade (% zinc) 600 40% Paid Zn Production (kt) Paid Zn 35% 500 Productio
Slide 30: Platreef Mine
PLATREEF MINE The right time for the world’s best new producer of platinum, palladium, rhodium & gold 30
Slide 31: Platreef Platinum-Palladium-Nickel-Rhodium-Copper-Gold Mine
PLATREEF PLATINUM-PALLADIUM-NICKEL-RHODIUM-COPPER-GOLD MINE Multi-generational resource with significant exploration upside Set to be one of the largest and highest margin primary PGM mines PGM Diversified commodity basket of precious metals, nickel and copper Ni Cu Phase 1 ramping up; Phase 2 devel
Slide 32: Platreef: What Makes the Flatreef Orebody Unique?
PLATREEF: WHAT MAKES THE FLATREEF OREBODY UNIQUE? 29 meters By way of visual comparison Khomanani Mine, Rustenburg Shaft 1 headframe, Platreef Deposit Merensky Reef / UG2 Flatreef(1) Bushveld Location Western / Eastern Limb Northern Limb Underground: narrow-reef, manual, Underground: efficient mecha
Slide 33: Platreef: Optimized, Phased Plan for Phase 2 & 3
PLATREEF: OPTIMIZED, PHASED PLAN FOR PHASE 2 & 3 33
Slide 34: The Right Time for the World's Best New Producer of PGMs
THE RIGHT TIME FOR THE WORLD’S BEST NEW PRODUCER OF PLATINUM, PALLADIUM, RHODIUM & GOLD Inauguration and first production of platinum- palladium-nickel-rhodium-gold-copper concentrate from the Phase 1 concentrator on November 18, 2025 Mining crews developing in Flatreef orebody since May; developmen
Slide 35: Platreef's Shaft #3 Nearly Complete
PLATREEF’S SHAFT #3 NEARLY COMPLETE Shaft #3 ready to hoist from April 2026; stoping (production mining) from early Q2 2026 Shaft #3 to increase total hoisting capacity to 5.0 Mtpa, unlocking the Phase 1 ramp-up and future Phase 2 ramp up (L-R) Shaft #1 headframe and the recently installed Shaft #3
Slide 36: Phase 2 Development Underway
PHASE 2 DEVELOPMENT UNDERWAY 3-phase plan to make Platreef one of the world’s largest and lowest cost producers of platinum, palladium, rhodium &gold, with significant copper & nickel credits Phase 2 EPCM contractor appointed with early works underway Construction of Shaft #2 head frame completed; S
Slide 37: Significant Increase in Metals Basket Price Boosts Project Value
SIGNIFICANT INCREASE IN METALS BASKET PRICE INCREASES REVENUE, LOWERS COSTS AND BOOSTS PROJECT VALUE 3,000 Platreef Mine's metal basket price ($ per ounce) +$994/oz Platreef Metal Price Basket 2,500 2,331 (+74%) Date of 2025 313 2,000 ($/oz 3PE+Au) FS & PEA 306 1,500 2025 FS & PEA metal basket price
Slide 38: Platreef: Lowest Cost = Profit Through the Cycle
PLATREEF: LOWEST COST = PROFIT THROUGH THE CYCLE Global primary PGM producer total cash cost + sustaining capital curve Quartile 1 Quartile 2 Quartile 3 Quartile 4 2,000 Total cash cost + sustaining capital 1,750 ($ per oz of 3PE+Au) 1,500 1,250 1,000 750 10.7 Mtpa(2) 4.1 Mtpa (1) 500 Platreef Platr
Slide 39: Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with a
29 Cu Three long-life, world-class Robust, experienced Committed support from key Strong balance sheet with a 2026 production guidance mines with low costs, low management team with an partners CITIC, Zijin & QIA net debt of $290 million as of 380kt – 420kt of copper capital intensity and establishe
Slide 40: Capex Expenditure
CAPEX EXPENDITURE (Figures shown on 100% basis, $ millions) 2025 2025 2026 2027 2025 actual spend for Kamoa- Capital Expenditure Guidance Actual Guidance Guidance Kakula below guidance; 2026 Kamoa-Kakula capital expenditure increase Expansion 950 – 1,050 867 600 – 850 300 – 450 accounts for underspe
Slide 41: Strong Treasury and Liquidity Maintained
STRONG TREASURY AND LIQUIDITY MAINTAINED Figures as at December 31, 2025; all values in $ million Ivanhoe Mines Ivanhoe Mines Cash and cash equivalents Pro-rata net debt Improved liquidity outlook at both Ivanhoe Mines and Kamoa-Kakula $1,190 $885 Cash bolstered by QIA private $853 placement proceed
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