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Ivanhoe Mines issues 2025 second quarter financial results, overview of construction and exploration activities

Production Results Mine Development & Operations Financials Exploration Programs

July 30, 2025

Ivanhoe Mines issues 2025 second quarter financial results, overview of construction and exploration activities ■ Ivanhoe Mines’ reports Q2 2025 profit of $35 million and adjusted EBITDA of $123M, including $128M of attributable EBITDA from Kamoa-Kakula

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Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, Phase 1 and 2 operating at 85% design capacity, Phase 3 concentrator operating 30% above design capacity ■

Mining rates on the western side of Kakula improve; operations in line with revised 2025 production guidance ■

Stage One dewatering of the Kakula Mine advances; Stage Two dewatering to commence imminently

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Kamoa-Kakula capex reviewed for dewatering and ramp-up plan; upper end of 2025 guidance range lowered ■

Africa’s largest and greenest copper smelter on schedule to commence start-up in September

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Recent rise in platinum and palladium prices improves Platreef NPV8% (10.7 Mtpa PEA) by over 20% to approx. $3.8 billion; first production on schedule for next quarter ■

Kipushi operations achieved another record quarter; imminent completion of debottlenecking program to boost processing rates by 20% ■ Ivanhoe Mines’ balance sheet has $774 million in attributable cash and equivalents

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Democratic Republic of the Congo and AFC/M23 sign declaration of principles agreement in Qatar to end fighting in eastern DRC

JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) President and Chief Executive Officer, Marna Cloete, and Chief Financial Officer David van Heerden are pleased to announce the company’s financial results for the second 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); ramping up production and debottlenecking the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; and soon, commencing the startup 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.

Watch a video highlighting Ivanhoe Mines’ second quarter financial results, as well as an operational update:

https://vimeo.com/1105228328/945ffda895?share=copy

Founder and Co-Chairman Robert Friedland commented:

“More important than the financial results of this second quarter are the milestones achieved beneath the surface at Kakula. Since resuming operations in early June, our underground teams have delivered remarkable outcomes, exceeding our expectations and demonstrating extraordinary dedication under challenging circumstances. Their efforts are driving steady, week-on-week improvements, as we work our way back towards full capacity. Guided by technical assessments and strategic leadership directives, this progress showcases robust momentum and a clear path forward.

“Equally commendable are our colleagues in China, whose exceptional coordination has been instrumental in sourcing, assembling, and shipping four high-capacity submersible pumps. These critical infrastructure components, set to begin operation in August, will expedite the dewatering efforts of Kakula.

By the end of 2025, these pumps are expected to enable us access back into the mine's eastern high-grade zones.

“However, the most groundbreaking transformation is yet to come. With the Platreef Mine poised to begin production next quarter, this will be a new frontier for the global platinum group metals industry and South Africa. Platreef signifies the future of sustainable mining, combining large-scale operations, mechanization, cost efficiency, environmental stewardship, and an emphasis on social and community partnership. It is not merely a new mine but a redefinition of how platinum group metals, as well as nickel and copper, are produced responsibly. The dawn of the Platreef era is upon us, and the world is watching.”

FINANCIAL HIGHLIGHTS

  • Ivanhoe Mines’ Q2 2025 adjusted EBITDA was $123 million, compared with

$226 million for Q1 2025, which includes an attributable share of EBITDA from Kamoa-Kakula of $128 million. Ivanhoe Mines recorded a profit after tax of $35 million for Q2 2025, compared to $67 million for the same period in 2024 and $122 million in Q1 2025.

  • Kamoa-Kakula sold 101,714 tonnes of copper (net of payability) during the

second quarter at an average realized copper price of $4.34/lb., compared with 109,963 tonnes in Q1 2025 at an average realized copper price of $4.19/lb. Sales continued to lag production due to a build-up of inventory for the smelter, which is expected to start up in September. At the end of the second quarter, there were approximately 53,600 tonnes of unsold copper in inventory, up from approximately 48,000 tonnes at the end of Q1 2025.

  • Kamoa-Kakula recognized revenue of $875 million, an operating profit of

$190 million, and EBITDA of $325 million for the quarter, equivalent to an EBITDA margin of 37%. This compares with Q1 2025 EBITDA of $594 million.

  • Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was

$2.85/lb. for the second quarter, compared with $1.87/lb. in Q1 2025. Cash cost (C1) per pound of payable copper produced in the quarter averaged $1.89/lb., compared with $1.69/lb. during Q1 2025. The costs of sales include abnormal costs while Phase 1 and Phase 2 concentrators were temporarily suspended after May 18, 2025.

  • Kamoa-Kakula revised its 2025 cash cost (C1) guidance range to $1.90/lb. –

$2.20/lb., from previously $1.65/lb. – $1.85/lb. of payable copper produced. Kamoa-Kakula is anticipating higher cash costs during the second half of 2025, which is primarily due to the processing of lower-grade ore.

Additionally, the financial benefits of operating the smelter are unlikely to have a significant positive impact until ramp-up is advanced towards the end of the year.

  • In June, Kamoa Copper signed an offtake agreement with Trafigura Asia

Trading Pte Ltd for the remaining 20% of the smelter’s annual anode production. The agreement is over a three-year term and also includes a $200 million offtake-linked advance payment facility. The facility has an interest rate of the 1-month Secured Overnight Financing Rate (SOFR) plus 3.75%. Offtake agreements for the other 80% of anode production were signed in Q1 with CITIC Metal (HK) Limited and Gold Mountains International Mining Company Limited, a subsidiary of Zijin Mining. CITIC Metal and Gold Mountains also provided advance payment facilities totaling $500 million.

  • 2025 capital expenditure guidance for Kamoa-Kakula has been

comprehensively reviewed with respect to the ongoing dewatering and ramp-up plan. The lower end of guidance is maintained at $1,420 million with the upper end lowered to $1,600 million from $1,670 million.

Discretionary Phase 3 optimization expenditure in the original 2025 budget is deferred to 2026, partially offset by increased sustaining costs associated with the rehabilitation and dewatering of Kakula and the ramp- up of Kamoa.

  • Despite operational challenges during the second quarter, the Kamoa-

Kakula joint venture returned a positive net cash flow of $169 million.

  • Kipushi sold 43,348 tonnes of zinc (net of payability) during the quarter, up

by almost 44% from the 30,108 tonnes of zinc sold in Q1 2025. Kipushi recognized a quarterly revenue of $97 million, a segmented loss of $6 million and EBITDA of $9 million. Kipushi’s cost of sales per pound of payable zinc sold was $1.05/lb. and the cash cost (C1) per pound of payable zinc sold totaled $0.96/lb.

  • Kipushi Mine’s cash costs (C1) for the first half of 2025 are just below the

mid-point of guidance at $0.94/lb. of payable zinc. Ivanhoe Mines maintains Kipushi’s 2025 cash cost (C1) guidance of $0.90/lb. to $1.00/lb. of payable zinc.

  • Platreef capital expenditure is tracking at the lower end of 2025 guidance,

with the Phase 1 project nearing completion. Negotiations are progressing well for a $700 million Phase 2 senior project finance facility, which is expected to close in Q1 2026.

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

on hand of $672 million and attributable group pro-rata cash and cash equivalents of $774 million on hand, as at June 30, 2025.

OPERATIONAL HIGHLIGHTS

  • During the second quarter, Kamoa-Kakula’s Phase 1, 2, and 3

concentrators milled 3.62 million tonnes of ore, producing 112,009 tonnes of copper, representing an 11% increase when compared with the same period in 2024. This included a monthly record of approximately 50,000 tonnes of copper in April, prior to the occurrence of seismic activity in May 2025. Copper production for the first half of 2025 totaled 245,127 tonnes.

  • Quarterly copper production was significantly impacted by seismic activity

on the eastern side of the Kakula Mine, as reported on May 20, 2025. This resulted in the suspension of underground mining activities at the Kakula Mine. Mining recommenced on the western side of the Kakula Mine on June 7, 2025. Kamoa-Kakula’s 2025 production guidance was revised to between 370,000 and 420,000 tonnes of copper.

  • The Phase 1 and 2 concentrators commenced the processing of ore from

the western side of the Kakula Mine on June 8, 2025. For the remainder of the year, the Phase 1 and 2 concentrators are expected to operate at between 80% and 85% of plant capacity, targeting 50% of ore feed from surface stockpiles and 50% from ore mined from the western side of Kakula. The processing of surface stockpiles is expected to continue until they are depleted in Q1 2026.

  • The Phase 3 concentrator milled a record 1.6 million tonnes of ore in the

second quarter, producing a record 40,608 tonnes of copper. The milling record is equivalent to an annualized rate of 6.5 million tonnes, which is 30% higher than the Phase 3 concentrator’s design capacity of 5.0 million tonnes per annum. The average quarterly feed grade for the Phase 3 concentrator was a record 2.92% copper.

  • Stage One dewatering continues as planned, with water levels modestly

decreasing. The delivery of the four Stage Two, submersible, high-capacity dewatering pumps has recently commenced with the first of three cargo flights arriving in Lubumbashi. Stage Two dewatering is on schedule to start in August.

  • Ivanhoe Mines is targeting to provide in September 2025 an update on

Kamoa-Kakula’s recovery plan and ramp-up to steady-state operations over the medium term. Work has also commenced on an updated life-of-mine integrated development plan, which is targeted for completion in the first quarter of 2026.

  • 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 September. All concentrates produced by Phase 1, 2, and 3 concentrators are expected to be treated by the on-site smelter.

  • Site clearance and early earthworks for Kamoa-Kakula’s 60-megawatt (MW),

on-site solar (PV) facility with battery storage have commenced. The solar facility is expected to be operational in mid-2026, supplying up to 25% of Kakula’s energy requirements.

  • Mechanical and electrical equipment installation for the refurbished Turbine

#5 at the Inga II hydroelectric facility is now completed. Pre-commissioning activities have already commenced and are expected to be completed early in the fourth quarter.

  • At Kipushi, during Q2 2025, the concentrator milled a record 153,342 tonnes

of ore at a record average grade of 33.4% zinc, producing a near-record 41,788 tonnes of zinc in concentrate at a contained grade of over 51% zinc.

  • The first phase of Kipushi’s debottlenecking program was completed in

June with the second phase on schedule to be completed in the coming weeks, requiring a shutdown to tie in the newly installed equipment. In mid- July following completion of the first phase, Kipushi achieved a daily production record equivalent to 327,000 tonnes of zinc in concentrate on an annualized basis, and a weekly production record equivalent to 289,000 tonnes of zinc in concentrate on an annualized basis.

  • Kipushi produced 84,524 tonnes of zinc during H1 2025. The production

rate in H2 2025 is expected to significantly improve following improved availability of the dense media separation (DMS) circuit and the imminent completion of the debottlenecking program. Kipushi’s 2025 production guidance is maintained at 180,000 to 240,000 tonnes of zinc in concentrate.

  • At Platreef, the first feed of ore into the Phase 1 concentrator is on

schedule to take place in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make the Platreef Mine one of the world’s largest producers of platinum, palladium, rhodium, and gold, with significant copper and nickel credits.

  • Phase 2 expansion activities are underway and on track for first production

in Q4 2027. Platreef’s Phase 2 expansion is expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold per annum, 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 $1,600 per ounce of 3PE+Au, as at July 29, 2025.

  • On May 8, 2025, mining crews at the Platreef Mine started underground

development into the high-grade polymetallic Flatreef orebody for the first time, as the mine rapidly advances to commercial production later this year. This significant milestone comes 15 years after the discovery of the 26-metre thick, flat-lying Flatreef orebody was made. Development ore is being stockpiled on the surface and will be used in the ramp-up of the Phase 1 concentrator. The Ivanplats team aims to accumulate a stockpile of approximately 60,000 tonnes of development ore ahead of the first feed of ore into the Phase 1 concentrator.

  • Equipping of Shaft #3 is progressing well. Installation of the rock winder

has commenced, with the mechanical and electrical work nearing completion. Shaft #3 is expected to be “ready to hoist” from Q1 2026 with a capacity of approximately 4 million tonnes per annum.

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

licence area, adjacent to Kamoa-Kakula. Drilling activity increased as the wet season ended in late April, with the deployment of four more rigs. In total, nine contractor-operated diamond drill rigs were active during the quarter, which completed a total of 14,843 meters of drilling.

  • On May 14, 2025, Ivanhoe announced its independently verified, updated

Mineral Resource estimate for the Makoko District in the Western Forelands. The total copper contained in the Makoko District has approximately doubled in the past 18 months, during which 86,000 metres of diamond drilling were completed. The Makoko District ranks as the world’s fifth-largest copper discovery since Kakula in 2015.

  • In Kazakhstan, drilling commenced in July on Ivanhoe’s joint venture

licences. Two rigs have been deployed for the 17,500-metre maiden diamond drilling program. In addition, over 95% of the planned 16,911 km² in licences have now been fully granted. Concurrent with the drilling program, extensive geophysical and geochemical programs are underway across the licence package.

  • On July 19, 2025, representatives from the DRC and the Congo River

Alliance/March 23 Movement (AFC/M23) signed a declaration of principles in Doha, Qatar. The declaration is intended as a roadmap towards a permanent settlement. Both parties agree to implement the terms of the deal by July 29, 2025. In addition, a final peace deal is expected to be agreed by August 18, 2025, and must align with last month's US-brokered Peace Agreement signed on June 27, 2025, between the DRC and Rwanda.

Africa’s largest and greenest copper smelter at Kamoa-Kakula is expected to commence start-up in September.

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 the company’s MD&A for the three and six months ended June 30, 2025.

Conference call for investors on Thursday, July 31, 2025

Ivanhoe Mines will hold an investor conference call to discuss the results on Thursday, July 31, 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.400.lumiconnect.com/r/participant/live-meeting/400-061-613-

Audience Phone Number:

Local - Toronto (+1) 289 514 5005 Toll Free - North America (+1) 800 206 4400

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 Q2 2025 Sustainability Review:

During the second 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 1.06 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

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.

Copper production at Kamoa-Kakula commenced in May 2021, following the completion of the Phase 1 concentrator. Since, the Phase 2 and Phase 3 mine and concentrator expansions have been completed, as well as the construction of a 500,000 tonne per annum direct-toblister copper smelter. A production record was achieved in April 2025, with 50,000 tonnes of copper in concentrate produced during the month, exceeding the target annualized production capacity of 600,000 tonnes. Production since May 18, 2025, has been impacted by the seismic activity and subsequent flooding on the eastern side of the Kakula Mine, which has resulted in production rates being curtailed. Dewatering and rehabilitation work are underway with the target to increase production from underground to meet Phase 1 and 2 concentrator capacity. The Phase 3 concentrator, supplied by the Kamoa mines, continues uninterrupted.

Ivanhoe sold a 49.5% share interest in Kamoa Holding Limited (Kamoa Holding) to Zijin Mining and a 1% share interest in Kamoa Holding to privately owned Crystal River in December 2015. Kamoa Holding holds an 80% interest in the project, and the DRC government holds 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 7,300, and approximately 90% are Congolese.

Kamoa-Kakula summary of operating and financial data

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

Ore tonnes milled (000’s tonnes)3,6223,7233,6553,2662,381
Copper ore grade processed (%)3.58%4.10%4.26%4.14%4.91%
Copper recovery (%)85.4%87.4%86.6%85.3%86.7%

Copper in concentrate produced

(tonnes) 112,009 133,120 133,819 116,313 100,812 Payable copper sold (tonnes)(1) 101,714 109,963 112,811 103,106 95,900

Cost of sales per pound ($ per lb.)2.851.871.941.801.53
Cash cost (C1) ($ per lb.)1.891.691.751.691.52
Realized copper price ($ per lb.)4.344.194.084.164.34

Sales revenue before remeasurement

($'000) 868,846 922,411 895,758 836,871 813,817

Remeasurement of contract

receivables ($'000) 6,443 50,986 (52,428) (8,983) 3,256

Sales revenue after remeasurement

($'000) 875,289 973,397 843,330 827,888 817,073

EBITDA ($'000) 325,181 594,337 431,802 469,735 547,257 EBITDA margin (% of sales revenue) 37% 61% 51% 57% 67% 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 the company’s MD&A for the three and six months ended June 30, 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 the company’s MD&A for the three and six months ended June 30, 2025

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

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

Mining($ per lb.) 0.730.630.610.620.45
Processing($ per lb.) 0.340.290.300.260.21
Logistics charges($ per lb.) 0.490.410.400.420.48
TC, RC, smelter charges($ per lb.) 0.140.190.270.260.25
General & Administrative($ per lb.) 0.190.170.170.130.13

Cash cost (C1) per pound of payable copper produced ($ per lb.) 1.89 1.69 1.75 1.69 1.52

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

Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

Power costs included in Mining and Processing cost ($ per lb.) 0.20 0.24 0.22 0.19 0.12 Power costs as a proportion of cash cost (C1) per pound of payable copper produced (%) 10.6% 14.2% 12.6% 11.2% 7.9%

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.

Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, following disruption from seismic activity in mid-May; rehabilitation plans advancing on track

During the second quarter of 2025, the Phase 1, 2, and 3 concentrators milled 3.62 million tonnes of ore, producing 112,009 tonnes of copper, representing an 11% increase when compared with the same period in 2024. Copper production for the first half of 2025 totaled 245,127 tonnes. Quarterly performance was impacted by the seismic activity on the eastern side of the Kakula Mine as reported on May 20, 2025, which resulted in the suspension of underground mining activities at the Kakula Mine until June 7, 2025.

In June, Kamoa-Kakula’s Phase 1, 2, and 3 concentrators produced a total of 28,147 tonnes of copper. During the month, approximately 15,000 tonnes of copper were produced by the Phase 1 and 2 concentrators, at an average grade of 3.3% copper and an average recovery rate of 79%. The lower-than-average recovery rate is primarily due to lower recoveries achieved from processing lower-grade ore from surface stockpiles.

Underground development to a new mining area, located on the far eastern side of the Kakula Mine, commenced in early July. The development of the two new access drives will be conducted from existing underground infrastructure.

Kamoa-Kakula summary of quarterly production data:

Q2 2025 Phase 1 & 2Q1 2025 Q4 2024 Q3 2024 Q2 2024
Ore tonnes milled (000's tonnes) 1,991* Copper ore grade processed (%) 4.12%* Copper recovery (%) 85.4%* Copper in concentrate produced 71,401* Phase 32,211 2,329 2,215 2,288 5.01% 5.08% 4.86% 5.04% 88.3% 87.0% 86.6% 87.0% 97,575 102,042 94,214 99,706
Ore tonnes milled (000’s tonnes) 1,631 Copper ore grade processed (%) 2.92% Copper recovery (%) 85.5% Copper in concentrate produced 40,608 Combined Phase 1, 2, and 31,512 1,326 1,050 93 2.76% 2.82% 2.64% 1.67% 85.1% 85.1% 79.9% 83.3% 35,545 31,777 22,099 1,106
Ore tonnes milled (000’s tonnes) 3,622 Copper ore grade processed (%) 3.58% Copper recovery (%) 85.4% Copper in concentrate produced 112,0093,723 3,655 3,266 2,381 4.10% 4.26% 4.14% 4.91% 87.4% 86.6% 85.3% 86.7% 133,120 133,819 116,313 100,812

Data in red denotes a quarterly record.

*As announced on May 20, 2025, Phase 1 & 2 production in Q2 2025 was impacted by seismic activity at the Kakula Mine

As revised on June 11, 2025, Kamoa-Kakula’s annual production guidance of 370,000 to 420,000 tonnes of copper is maintained.

As at June 30, 2025, Kamoa-Kakula’s useable ore surface stockpiles totaled approximately 3.0 million tonnes at an estimated blended average grade of 2.49% copper. Contained copper in the stockpiles at the end of June totaled approximately 76,555 tonnes. At current run rates, surface stockpiles are expected to provide mill feed to the Phase 1 and Phase 2 concentrators until Q1 2026.

Phase 1 and 2 concentrators to operate at between 80% and 85% of design capacity, with approximately 50% of feed coming from the western side of the Kakula Mine

The Phase 1 and 2 concentrators commenced the processing of ore from the western side of the Kakula Mine on June 8, 2025. Kamoa-Kakula’s management is targeting that for the remainder of the year, the Phase 1 and 2 concentrators will operate at between 80% and 85% of plant capacity. The ore feed is targeted to be 50% from surface stockpiles and 50% from ore mined from the western side of Kakula. The processing of surface stockpiles is expected to continue until they are depleted in Q1 2026.

As announced on June 11, 2025, mining on the western side of the Kakula Mine restarted. By mid-June, the mining rate had ramped up to 300,000 tonnes per month (3.6 million tonnes on an annualized basis), with grades ranging from 3% to 4% copper. As previously guided, mining in the western side of the Kakula Mine will initially focus on higher-elevation areas in the north and southwest, as shown in Figure 1 and Figure 2, where copper grades range between 3% and 4%. Mining of these areas will continue into the fourth quarter until Stage Two dewatering of the eastern side of the Kakula Mine is well advanced. From late 2025, mining crews plan to advance deeper into the western side of the Kakula Mine, where copper grades are expected to increase to approximately 5%.

The Phase 3 concentrator milled a record 1.6 million tonnes of ore in the second quarter, producing a record 40,608 tonnes of copper. The milling record is equivalent to an annualized rate of 6.5 million tonnes, which is 30% higher than the Phase 3 concentrator’s design capacity of 5.0 million tonnes per annum. The average quarterly feed grade for the Phase 3 concentrator was a record 2.92% copper. For the remainder of 2025, it is expected that the feed grade into the Phase 3 concentrator will average approximately 2.5% copper, as the cut-off grade is lowered to achieve a greater mining rate. Currently, all ore mined at the Kamoa and Kansoko mines is processed by the Phase 3 concentrator.

During the second half of 2025, the combined mining rate from the Kamoa and Kansoko mines will increase, with up to 100,000 tonnes per month of this ore fed into the Phase 1 and 2 concentrators, replacing a portion of the stockpile feed.

Stage One dewatering continues as planned; shipping of Stage Two dewatering pumps has started and expected to arrive

As announced on June 2, 2025, following the seismic activity, Kamoa-Kakula has implemented a two-stage plan to dewater the eastern side of the Kakula Mine. “Stage One” dewatering activities, which involved the installation of temporary underground pumping infrastructure to stabilize and maintain current water levels, have been in place and operating to plan since early June 2025. This has enabled the water levels on the eastern side of the Kakula Mine to decrease modestly, ahead of “Stage Two” dewatering activities that are expected to commence in the coming weeks. In the meantime, the declining water levels have enabled mining crews to access additional areas and commence selective rehabilitation.

“Stage Two” dewatering involves the installation of high-capacity, submersible pumps and new permanent surface infrastructure to fully dewater the eastern side of the Kakula Mine from surface. Kamoa Copper has ordered five high-capacity, submersible pumps, each rated with pumping capacity of 650 litres per second, from Hefei Hengda Jianghai Pump Co., Ltd. of Anhui Province, China.

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