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Ivanhoe Mines issues 2024 fourth quarter and annual financial results, overview of construction and exploration activities

Production Results Mine Development & Operations Financials Exploration Programs

February 19, 2025

Ivanhoe Mines issues 2024 fourth quarter and annual financial results, overview of construction and exploration activities ■ Ivanhoe Mines posts $193M net profit, $386M normalized profit ■ Ivanhoe Mines reports record $625M adjusted EBITDA in 2024, up from $604M in 2023 ■ Kamoa-Kakula delivers record copper production of 437,061 tonnes in 2024, including 133,819 tonnes in Q4 ■ Kamoa-Kakula achieves record $3.11B revenue, and $1.81B EBITDA in 2024 ■ Kamoa-Kakula maintains competitive cost structure: $1.71/lb Cost of Sales, $1.65/lb. cash cost (C1), meeting guidance for fourth consecutive year

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Africa’s largest and greenest copper smelter construction complete, set to boost margins in H2 2025

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Kipushi zinc-copper-silver mine achieved commercial production in Q4 2024; advancing to nameplate milling rate in Q1 2025

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Ivanhoe announces Phase 2 & 3 expansion studies for Platreef platinum-palladium-rhodium-nickel-gold-copper mine; Phase 1 production expected in Q4 2025

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Exploration update set for February 24, 2025, at BMO Global Metals & Mining Conference

JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present today the company’s financial results for the fourth quarter and year ended December 31, 2024, and provide an operations and project development update.

Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding production at the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC); ramping up the ultra-high-grade Kipushi zinc- copper-lead-germanium mine in the DRC; building the tier-one Platreef platinum, palladium, rhodium, nickel, gold, and copper mine in South Africa; as well as and advancing exploring for new copper discoveries across the expansive exploration licenses of Ivanhoe’s Western Forelands Exploration Project, which hosts the Makoko, Kitoko, and Kiala copper discoveries near Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.

Watch a February 2025 video highlighting Ivanhoe Mines’ financial results, as well as construction and exploration activities:

https://vimeo.com/1057866017/026367c9cd?share=copy

Founder and Co-Chairman Robert Friedland commented:

“In 2024, Ivanhoe Mines achieved remarkable milestones, solidifying our position as a global leader in the copper mining sector and reinforcing our commitment to sustainable development and production growth. The extraordinary performance at Kamoa-Kakula, highlighted by record-breaking copper production levels and industry-leading operational efficiency, reflects our dedication to innovation and excellence in every aspect of our operations. The completion of Africa’s largest and greenest copper smelter marks a pivotal moment, unlocking new potential for enhanced profitability, reduced costs, and streamlined efficiencies.

“Beyond our achievements at Kamoa-Kakula, the steady progress on the Phase 2 and Phase 3 development plans at the Platreef Project further underscores Ivanhoe Mines’ unwavering commitment to long-term value creation. Platreef stands as a world-class operation poised to produce a diversified suite of critical metals vital to the global energy transition, advancing our goal of driving sustainable production growth. These advancements align with our ambition to become a pre-eminent supplier of responsibly sourced metals while creating lasting economic benefits for the communities in which we operate.

“With peak capital expenditures now behind us at Kamoa-Kakula, Ivanhoe Mines is entering an era of exceptional free cash flow generation. Our disciplined approach to capital allocation will enable us to expand exploration programs across our high-potential, diversified portfolio and pursue strategic opportunities that align with our core values. The success we have achieved to date is reflective of the dedication, resilience, and expertise of our global team. It is their contributions that empower us to rise above challenges and deliver consistent value to our shareholders and stakeholders alike. Our vision for the future is clear—to responsibly grow, innovate, and lead in the critical metals sector as we continue to build a legacy of excellence.”

FINANCIAL HIGHLIGHTS

  • Ivanhoe Mines recorded a profit of $193 million in 2024, equivalent to a basic

profit of $0.17 per share, and normalized profit of $386 million, equivalent to $0.32 per share. This compares with profit of $303 million in 2023, equivalent to $0.26 per share, and normalized profit of $388 million, equivalent to $0.33 per share. The normalized profit in 2024 excludes a $164 million loss on fair value on the convertible notes following the 40% appreciation in the share price from C$12.85 on December 31, 2023, to a weighted average of C$17.95 during the redemption period as well as $28 million in finance costs associated with the early redemption of the notes.

  • Ivanhoe’s profit for the year includes Ivanhoe Mines’ share of profit and

finance income from the Kamoa-Kakula joint venture of $516 million for 2024, up from $482 million in 2023.

  • Ivanhoe Mines’ record adjusted EBITDA was $625 million in 2024, up from

$604 million in 2023, which includes an attributable share of EBITDA from Kamoa-Kakula of $712 million.

  • Kamoa-Kakula recognized record revenue of $3.11 billion, operating profit of

$1.43 billion, and EBITDA of $1.81 billion for 2024, equivalent to a margin of 58%.

  • Kamoa-Kakula recognized EBITDA of $432 million for the fourth quarter of

2024, compared with $470 million in the third quarter, in part impacted by a negative remeasurement of contract receivables of $52 million due to a fall in the copper price from $4.41/lb. at the beginning of the quarter to $4.01/lb. at the end of the quarter.

  • Kamoa-Kakula sold 396,972 tonnes of copper (net of payability) in 2024 at an

average realized copper price of $4.09/lb., compared with 375,779 tonnes in 2023 at an average realized copper price of $3.84/lb. Concentrate produced from Phase 3 is being toll-treated into blister copper at the Lualaba Copper Smelter (LCS) to maximize profitability until the on-site smelter is completed. At year-end, there were approximately 30,000 tonnes of unsold copper in inventory, up from approximately 16,000 tonnes of unsold copper in concentrate at the end of the third quarter. The unsold copper in inventory is expected to be sold during the first and second quarter.

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

$1.71/lb. for 2024 compared with $1.33/lb. in 2023. Cash cost (C1) per pound of payable copper produced in 2024 totaled $1.65/lb., compared with $1.45/lb. in 2023, and within the guidance range of $1.50/lb. to $1.70/lb. for a fourth consecutive year.

  • The year-on-year increase in cash costs was due to an increased use of

imported power and on-site back-up power to make up for shortfalls in available DRC grid power, and; the processing of lower-grade surface stockpiles and run-of-mine ore during the commissioning of the Phase 3 concentrator in H2 2024.

  • Ivanhoe Mines announces Kamoa-Kakula’s full-year cash cost (C1) guidance

for 2025 of $1.65/lb. to $1.85/lb. of payable copper produced. Cash cost (C1) per pound of payable copper produced for the fourth quarter of 2024 amounted to $1.75/lb.

  • The increase in cash cost guidance in 2025, relative to 2024, is in part due to

the expectation that Kamoa-Kakula will continue to use imported and back-up power sources, particularly until Turbine #5 at Inga II is commissioned in the second half of 2025. In addition, that the savings associated with the on-site copper smelter are not expected to be realized until ramp up is well underway later in the year.

  • Since entering Phase 1 commercial production on July 1, 2021, the Kamoa-

Kakula joint venture has generated $5.5 billion of EBITDA and $4.7 billion of operating cash flow, excluding working capital movements, which has largely been re-invested in the now-complete Phase 2 and 3 expansions and the direct-to-blister copper smelter, as well as optimization initiatives.

  • Kipushi achieved commercial production during Q4 2024 and sold 16,999

tonnes of zinc (net of payability) during the quarter, which was significantly affected by ramp-up, recognizing revenue of $41 million at a cost of sales of $52 million and EBITDA of $4 million. Kipushi’s cost of sales per pound (lb.) of payable zinc sold was $1.38/lb. and cash cost (C1) per pound of payable zinc sold totaled $1.13/lb.

  • Ivanhoe Mines announces Kipushi’s full-year cash cost (C1) guidance for 2025

of $0.90/lb. to $1.00/lb. of payable zinc. Cash costs are expected to steadily improve over the course of 2025.

  • Ivanhoe Mines continued its excellent record of project execution in 2024, with

capital expenditure, excluding sustaining capital, of $1.62 billion at Kamoa- Kakula on the now-complete Phase 3 expansion and smelter, $267 million at Platreef on advancing Phase 1 and 2, and $185 million completing the Kipushi mine re-start, all being within capex guidance.

  • During the fourth quarter of 2024, Ivanplats drew $70 million of a $150 million

senior debt facility for the Platreef Phase 1 mine; Ivanhoe Mines’ marketing subsidiary entered into a $75 million revolving credit facility and drew $40 million; and Kipushi entered into a $50 million revolving credit facility and drew $26 million.

  • On January 24, 2025, Ivanhoe Mines closed the inaugural offering of an

aggregate principal amount of $750 million senior unsecured notes due 2030, bearing a coupon rate of 7⅞%.

  • Ivanhoe Mines’ cash and cash equivalents on hand as at December 31, 2024,

was $117 million, which excludes the net proceeds from the subsequent $750 million notes issue.

OPERATIONAL HIGHLIGHTS

  • The Kamoa-Kakula Copper Complex produced 437,061 tonnes of copper in

concentrate in 2024, a year-over-year increase of 11% compared with 393,551 tonnes in 2023 following the ramp-up of the Phase 3 concentrator in the second half of 2024.

  • Kamoa-Kakula achieved record quarterly production of 133,819 tonnes of

copper in concentrate in the fourth quarter of 2024, compared with 100,812 tonnes in Q2 2024 and 116,313 tonnes in Q3 2024. This included record monthly production in December of 47,058 tonnes of copper in concentrate.

  • Kamoa-Kakula’s Phase 1 and 2 milled 8.9 million tonnes of ore during 2024 at

an average grade of 4.95% and Phase 3 milled 2.3 million tonnes of ore at an average grade of 2.70% since first ore was fed on May 26, 2024. The three concentrators combined achieved a milling record of approximately 3.7 million tonnes of ore during the fourth quarter, as Phase 3 reached and at times exceeded nameplate capacity.

  • Kamoa-Kakula’s 2025 production guidance has been set at 520,000 to 580,000

tonnes of copper in concentrate. Kamoa-Kakula is targeting a production rate of approximately 600,000 tonnes of copper in concentrate for 2026, following the completion of power initiatives currently underway, together with optimization projects for improved Phase 1 and 2 recoveries (“Project 95”) and increased Phase 3 throughput underway.

  • Construction of Kamoa-Kakula's 500,000-tonne-per-annum on-site, direct-to-

blister copper smelter, the largest in Africa, is now complete. The ramp-up of the smelter complex has been deferred by up to three months due to power availability and is expected to commence in Q2 2025 and will drive improvement in margins.

  • The refurbishment of Turbine #5 at Inga II is expected to be completed in H2

2025. Wet commissioning has been delayed and is expected during the second half of 2025. Simultaneously, Kamoa-Kakula is expected to receive an initial 70 MW of grid-supplied hydropower, increasing to the Turbine #5 nameplate capacity of 178 MW as the ongoing grid improvement initiatives are completed over the remainder of the year.

  • The “Project 95” initiative on Kamoa-Kakula’s Phase 1 and 2 concentrators is

advancing towards completion in Q1 2026. The increase in concentrator recoveries to 95% is expected to increase annualized copper production by up to 30,000 tonnes, with an industry-leading capital intensity of $6,000 per tonne of copper.

  • The ongoing ramp-up of the ultra-high-grade Kipushi zinc mine continued

during the fourth quarter, following first ore feed on May 31, 2024. The nameplate milling rate is expected to be achieved later in the first quarter of 2025.

  • Kipushi produced 50,307 tonnes of zinc during its inaugural year. A monthly

record of 14,900 tonnes of zinc was achieved in December.

  • The Kipushi debottlenecking program is advancing on schedule for

completion early in the fourth quarter. The debottlenecking program is targeting a 20% increase in the Kipushi concentrator’s processing capacity, up to 960,000 tonnes of ore per annum. Engineering and the procurement of long-lead order equipment items are well underway.

  • Kipushi’s 2025 production guidance has been set at 180,000 to 240,000 tonnes

of zinc in concentrate based on the ramp-up schedule. Kipushi is targeting a production rate of over 250,000 tonnes of zinc in concentrate for 2026, following the completion of ramp-up and debottlenecking activities.

  • Ivanhoe Mines announced on February 18, 2025, two independent studies on

the Phase 2 and Phase 3 expansion of the Platreef platinum-palladium- rhodium-nickel-gold-copper mine, outlining plans for Platreef to become one of the world’s largest and lowest-cost platinum group metal producers, with significant nickel and copper by-products.

  • Platreef’s first production is expected from the completed Phase 1

concentrator in Q4 2025. The Phase 2 expansion is accelerated to Q4 2027, increasing production to over 450 koz of platinum, palladium, rhodium, and gold per annum, as well as significant nickel and copper byproducts.

  • Platreef’s Phase 3 expansion is expected to produce over 1.0 million ounces

of platinum, palladium, rhodium, and gold per annum, plus approx. 25,000 tonnes of nickel and 15,000 tonnes of copper.

  • Reaming of the 5.1-meter diameter Shaft #3 from the 950-meter level was

completed in Q4 2024 and equipping has commenced. Shaft #3 is expected to commence hoisting from Q1 2026 with a capacity of approximately 4 million tonnes per annum.

  • Ivanhoe continues exploration across its vast Western Forelands licenses,

adjacent to Kamoa-Kakula. Diamond drilling during the fourth quarter of 2024 focused on wide-spaced, step-out drilling to define the extent of copper mineralization at the Makoko, Makoko West, and Kitoko discoveries. Drilling during the fourth quarter was conducted using eight contractor rigs and produced a total of 18,703 metres of core in 38 holes. A total of 81,734 metres were drilled in 2024 in 126 holes, exceeding the planned diamond drilling by more than 11,500 metres.

  • Ivanhoe Mines announced on February 12, 2025, that it has formed a joint

venture to explore the Chu-Sarysu Basin in Kazakhstan, the world’s third- largest sedimentary copper basin. The joint venture is targeted a licence package of 16,000 km2, the largest in the basin, with $18.7 million committed to exploration activities over the first two years.

Construction of Africa’s largest and greenest smelter project at Kamoa- Kakula is now complete. Smelting of Kamoa's concentrate is expected to drive a material improvement in margins.

Conference call for investors on Thursday, February 20, 2025

Ivanhoe Mines will hold an investor conference call to discuss the results at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time on February 20, 2025. 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/400-631-436-

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 Fourth Quarter 2024 Sustainability Review:

For 2024, the group achieved an industry-leading combined Lost Time Injury Frequency Rate (LTIFR) of 0.33 and a Total Recordable Injury Frequency Rate (TRIFR) of 0.9 per 1,000,000 hours worked. For the fourth quarter, the group achieved an impressive LTIFR of 0.14 and a TRIFR of 0.62 per 1,000,000 hours worked.

For more information on each project’s health and safety performance, as well as more information on the various sustainability initiatives underway across the group, read Ivanhoe’s Q4 2024 Sustainability Review. In addition, the group’s 2024 Sustainability Report will be release in the second quarter:

https://www.ivanhoemines.com/investors/document- library/#sustainability

Anita Kaulo, Water Treatment Plant Operator, at the Kakula North water supply facility.

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 project is approximately 25 kilometres southwest of the town of Kolwezi and about 270 kilometres west of Lubumbashi. Kamoa-Kakula’s Phase 1 concentrator began producing copper in May 2021. The Phase 2 concentrator, completed in April 2022, doubled nameplate production capacity to 400,000 tonnes of copper per annum. A debottlenecking program, completed 10 months later in February 2023, further increased copper production capacity to 450,000 tonnes per annum. The Phase 3 concentrator completed in June 2024 expands annual production capacity up to approximately 600,000 tonnes of copper, ranking the Kamoa- Kakula Copper Complex as the world’s third-largest copper mining operation by international mining consultant Wood Mackenzie.

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 approximately 6,000 and is over 90% Congolese.

Kamoa-Kakula summary of operating and financial data

FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Ore tonnes milled (000’s tonnes)11,3633,6553,2662,3812,061
Copper ore grade processed (%)4.46%4.26%4.14%4.91%4.80%
Copper recovery (%)86.5%86.6%85.3%86.7%87.4%

Copper in concentrate produced

(tonnes)437,061 133,819 116,313 100,81286,117
Payable copper sold (tonnes)(1)396,972 112,811 103,10695,90085,155
Cost of sales per pound ($ per lb.)1.711.941.801.531.50
Cash cost (C1) ($ per lb.)1.651.751.691.521.57
Realized copper price ($ per lb.)4.094.084.164.343.82

Sales revenue before remeasurement

($'000) 3,158,942 895,758 836,871 813,817 612,496

Remeasurement of contract

receivables ($'000) (52,331) (52,428) (8,983) 3,256 5,824

Sales revenue after remeasurement

($'000) 3,106,611 843,330 827,888 817,073 618,320

EBITDA ($'000) 1,813,687 431,802 469,735 547,257 364,893 EBITDA margin (% of sales revenue) 58% 51% 57% 67% 59%

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 MD&A includes “EBITDA”, “Adjusted EBITDA”, “EBITDA margin”, 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 section in the company’s MD&A for the year ended December 31, 2024.

(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 in the company’s MD&A for the year ended December 31, 2024.

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

FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Mining($ per lb.)0.540.610.620.450.44
Processing($ per lb.)0.260.300.260.210.23
Logistics charges($ per lb.)0.440.400.420.480.50
TC, RC, smelter charges($ per lb.)0.260.270.260.250.25
General & administrative($ per lb.)0.150.170.130.130.15

Cash cost (C1) per pound of payable copper produced ($ per lb.) 1.65 1.75 1.69 1.52 1.57

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

FY 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Power costs included in Mining and Processing cost ($ per lb.) 0.17 0.22 0.19 0.12 0.14 Power costs as a proportion of cash cost (C1) per pound of payable copper produced (%) 10.3% 12.6% 11.2% 7.9% 8.9%

Cash cost (C1) is prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures 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 that is contained in the financial statements. C1 cash cost is used by management to evaluate operating performance and include 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 nonroutine 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’s Phase 1, 2, and 3 concentrators produced a record 133,819 tonnes of copper in Q4 2024 and an annual record of 437,061 tonnes of copper in 2024

Kamoa-Kakula produced a record 437,061 tonnes of copper in concentrate in 2024, a 11% year-on-year increase, following the ramp-up of the Phase 3 concentrator in the second half of the year. A quarterly record production of 133,819 tonnes of copper in concentrate was achieved in the fourth quarter of 2024, representing a quarter-onquarter increase of 15%. The fourth quarter production included a monthly production record of 47,058 in December.

Record copper concentrate production in the fourth quarter was achieved following a strong performance from the Phase 1 and 2 concentrators, which delivered record throughput with improved grade and recovery; as well as the Phase 3 concentrator reaching, and at times exceeding, nameplate design parameters.

The Phase 3 concentrator milled at an annualized rate of 5.7 million tonnes per annum (Mtpa) during the month, representing a 13% increase over design capacity, and achieved an average recovery rate of 86.6%, in line with design parameters.

Kamoa-Kakula summary of quarterly and annual production data:

FY 2024 Phase 1 & 2Q4 2024 Q3 2024 Q2 2024 Q1 2024
Ore tonnes milled (000’s tonnes) 8,893 Copper ore grade processed (%) 4.95% Copper recovery (%) 87.0% Copper in concentrate produced (tonnes) 382,079 Phase 32,329 2,215 2,288 2,061 5.08% 4.86% 5.04% 4.80% 87.0% 86.6% 87.0% 87.4% 102,042 94,214 99,706 86,117
Ore tonnes milled (000’s tonnes) 2,469 Copper ore grade processed (%) 2.70% Copper recovery (%) 82.9% Copper in concentrate produced (tonnes) 54,982 Combined Phase 1, 2 and 31,326 1,050 93 - 2.82% 2.64% 1.67% - 85.1% 79.9% 83.3% - 31,777 22,099 1,106 -
Ore tonnes milled (000’s tonnes) 11,363 Copper ore grade processed (%) 4.46% Copper recovery (%) 86.5% Copper in concentrate produced (tonnes) 437,0613,655 3,266 2,381 2,061 4.26% 4.14% 4.91% 4.80% 86.6% 85.3% 86.7% 87.4% 133,819 116,313 100,812 86,117

Numbers in red denote a quarterly record.

The 2024 production of 437,061 tonnes was within Kamoa-Kakula’s revised production guidance of between 425,000 and 450,000 tonnes of copper in concentrate.

Kamoa-Kakula’s high- and medium-grade ore surface stockpiles totaled approximately 4.19 million tonnes at an estimated, blended average grade of 3.18% copper. Contained copper in the stockpiles at the end of December totaled approximately 133,000 tonnes.

At year-end, there were approximately 30,000 tonnes of unsold copper in inventory, up from approximately 16,000 tonnes of unsold copper in concentrate at the end of the third quarter. The inventory of unsold copper is largely undergoing toll treatment at the Lualaba Copper Smelter (LCS).

Kamoa Copper continues to work closely with the DRC’s state-owned power company, La Société Nationale d’Electricité (SNEL), to deliver solutions for the identified causes of instability experienced across the southern DRC’s grid infrastructure since late 2022. The project work, which is budgeted up to $200 million and funded by Kamoa Holding, commenced in late Q1 2024 and is expected to be completed by the end of 2025. The funding is assigned to increasing transmission capacity and improving the reliability of the grid.

The project work consists of grid infrastructure upgrades, such as an increase in grid capacity between the Inga II hydroelectric facility and Kolwezi, a new harmonic filter at the Inga Converter Station, as well as a new static compensator at the Kolwezi Converter Substation. In addition, various smaller initiatives have been identified to strengthen the transmission capability and improve the long-term stability of the southern grid. This includes the restringing of powerlines in the southern grid and repairs to the direct current (DC) infrastructure. In addition to this, Ivanhoe Mines Energy DRC SARL is working with SNEL to put in place maintenance contracts to maintain key generation capacity and transmission infrastructure.

Wet commissioning of Turbine #5 at Inga II deferred until Q3 2025

In December, the new turbine runner was lowered into place and installed inside Turbine #5 at Inga II. Wet commissioning of Turbine #5 is delayed and expected to commence in the second half of 2025. Kamoa-Kakula is expected to be allocated an initial, additional 70 megawatts (MW) of hydropower from the grid in the second half of

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