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

April 30, 2025

Ivanhoe Mines issues 2025 first quarter financial results, overview of construction and exploration activities ■ Ivanhoe Mines reports net profit of $122M and record $226M adjusted EBITDA in Q1 2025, up from $136M in Q4 2024 ■ Kamoa-Kakula produced a near-record 133,120 tonnes of copper in Q1 2025, with annualized production rates increasing to approx. 614,000 tonnes since mid-March ■ Kamoa-Kakula set to achieve record month in April with approximately 50,000 tonnes of copper produced ■ Kamoa-Kakula achieves record $973M revenue, operating profit of $471M, and $585M EBITDA in Q1 2025 ■ Kamoa-Kakula maintains competitive cost structure with $1.69/lb. cash cost (C1); near low end of annual guidance ■

Commissioning of Africa’s largest and greenest copper smelter nearing completion; start-up expected in May with first anodes from July

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Western Forelands Mineral Resource update set for mid-May, 2025

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Ivanhoe Mines notes the Declaration of Principles, jointly signed by the governments of the DRC and Rwanda, and witnessed by the US Secretary of State, to bring peace and prosperity to eastern DRC region

JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) President & Chief Executive Officer Marna Cloete and Chief Financial Officer

David van Heerden are pleased to announce the company’s financial results for the first quarter of 2025, as well as 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 tier-one 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; and advancing exploration 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 video highlighting Ivanhoe Mines’ first quarter financial results, as well as an operational update:

https://vimeo.com/1079754785/ef469c412a?ts=0&share=copy

Founder and Co-Chairman Robert Friedland commented:

"Ivanhoe Mines is proud to report strong financial and operational performance in the first quarter of 2025, reflecting the significant efforts of our team and the broad shoulders of the world-class Kamoa-Kakula Copper Complex.

“As we announced earlier this month, the initiatives to overcome power challenges and secure sustainable short, medium, and long-term energy sources for the growth of the world’s most important copper mine are beginning to bear fruit.

“Kamoa-Kakula is set for record production in the shorter month of April, achieving approximately 50,000 tonnes of copper in concentrate, equivalent to an annualized rate of over 600,000 tonnes – a remarkable achievement.

This will provide the basis from which to continue our growth in 2026, including our optimization projects such as Project 95, even before the Phase 4 expansion.

"The start-up of Africa’s largest and greenest direct-to-blister is just a few weeks away, which transforms Kamoa-Kakula into a fully integrated, low- cost, multi-generational supermajor copper complex. First production of 99+% pure copper anodes is expected in July. This milestone will lower transportation costs by more than 50% per unit of contained copper while enabling us to sell by-product sulphuric acid locally to meet rising demand in the Democratic Republic of the Congo’s copper industry.

"Exploration continues to play a vital role in our future growth. On our Western Forelands licenses, we are making significant progress and will release an interim Mineral Resource update by mid-May. This update will highlight the immense potential of this highly prospective region adjacent to Kamoa-Kakula.

"We have also recently expanded our exploration efforts into Zambia – a country with tremendous geological prospectivity outside of the known Copperbelt region. The government of Zambia is also a critical partner in addressing long-term energy in the Southern African region.

“Finally, we praise the leadership of the governments of the United States and Qatar for bringing together the governments of the DRC and Rwanda to agree on principles of peace and prosperity, opening the way for increased investment and the responsible development of DRC’s huge critical minerals endowment that will be required to meet the rising global demand for these essential metals.”

FINANCIAL HIGHLIGHTS

• Ivanhoe Mines recorded a profit of $122 million during Q1 2025, equivalent to a

basic profit of $0.10 per share, up from $88 million in Q4 2024. Profit included Ivanhoe Mines’ share of profit and finance income from the Kamoa-Kakula joint venture of $142.0 million, up from $127.3 million in Q4 2024.

• Ivanhoe Mines’ Q1 2025 adjusted EBITDA was a record $226 million, up from

$136 million in Q4 2024, which includes an attributable share of EBITDA from Kamoa-Kakula of $231 million.

• Kamoa-Kakula recognized record revenue of $973 million, operating profit of

$471 million, and EBITDA of $585 million for Q1 2025, equivalent to a margin of 60%.

• Kamoa-Kakula’s first quarter record EBITDA of $585 million, compares with

$431 million in Q4 2024 and benefits in part from a positive remeasurement of contract receivables of $51 million due to a rise in the copper price during the quarter.

• Kamoa-Kakula sold 109,963 tonnes of copper (net of payability) during the first

quarter at an average realized copper price of $4.19/lb., compared with 112,881 tonnes in Q4 2024 at an average realized copper price of $4.08/lb. Sales continued to lag production due to a build-up of inventory for the commissioning of the smelter next month. At the end of the first quarter, there were approximately 48,000 tonnes of unsold copper in inventory, up from approximately 30,000 tonnes at the end of 2024.

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

$1.87/lb. for the first quarter compared with $1.94/lb. in Q4 2024. Cash cost (C1) per pound of payable copper produced in the quarter averaged $1.69/lb., compared with $1.75/lb. in Q4 2024, a reduction was achieved despite an increase in energy costs resulting from backup generator usage.

• Kamoa-Kakula maintains its 2025 cash cost (C1) guidance of $1.65/lb. to

$1.85/lb. of payable copper produced, with first quarter cash cost at the lower end of the range.

• Kamoa Copper signed offtake agreements with CITIC Metal (HK) Limited and

Gold Mountains International Mining Company Limited, a subsidiary of Zijin Mining, for a combined 80% of the smelter’s anode production. CITIC Metal and Gold Mountains also provided an advance payment facility of $250 million each, totaling $500 million, the full amount of which was received in January 2025.

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

Kakula joint venture has generated over $6.1 billion of EBITDA and $5.2 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 sold 30,108 tonnes of zinc (net of standard 85% payability for zinc

concentrate) during the quarter, which was up from the 16,999 tonnes of zinc sold in Q4 2024 and still affected by ramp-up, recognizing revenue of $77 million and quarterly segmented EBITDA of $11 million. Kipushi’s cost of sales per pound (lb.) of payable zinc sold was $1.23/lb. and cash cost (C1) per pound of payable zinc sold totaled $0.93/lb.

• Ivanhoe Mines maintains Kipushi’s 2025 cash cost (C1) guidance of $0.90/lb.

to $1.00/lb. of payable zinc.

• 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 also entered into a $120 million revolving credit facility agreement, which remains undrawn.

• Ivanhoe Mines’ cash and cash equivalents on hand as at March 31, 2025, was

$717 million.

OPERATIONAL HIGHLIGHTS

• Kamoa-Kakula produced a near-record 133,120 tonnes of copper during the

first quarter. This compares with the quarterly record of 133,819 tonnes of copper produced in Q4 2024 and 86,117 tonnes of copper in Q1 2024

• Imported hydroelectric power increased by 20 megawatts (MW) to 70 MW in

mid-March. Imported hydropower further increased to 100 MW after quarter end. Further increases in grid power are expected during the second half of 2025 as the smelter ramps up.

• Copper production rate on an annualized basis increased to an average of

614,000 tonnes of copper since March 18, 2025, with daily records reaching as high as 700,000 tonnes of copper annualized. Kamoa-Kakula is set to produce a monthly record of approximately 50,000 tonnes of copper in April, a 30-day month.

• Kamoa-Kakula’s Phase 1, 2, and 3 concentrators achieved a combined milling

record of approximately 3.7 million tonnes of ore during the first quarter, at an average record recovery rate of 87.4%. The outperformance was underpinned by the Phase 3 concentrator averaging throughput 20% above its design capacity, equivalent to an annualized milling rate of 6 million tonnes per annum.

• The Phase 1 and 2 concentrators milled 2.2 million tonnes of ore during Q1

2025 at an average grade of 5.01%, despite shutdowns for plant maintenance in March. The Phase 3 concentrator milled 1.5 million tonnes of ore at an average grade of 2.76%.

• Kamoa-Kakula’s 2025 production guidance is maintained at 520,000 to 580,000

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

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

blister copper smelter, the largest in Africa, is now complete with the smelter undergoing commissioning. Start-up of the smelter is expected to commence in May, with first copper anode production expected in July. Offtake agreements with local buyers for the by-product, high-strength sulphuric acid are well advanced.

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

advancing on schedule for 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.

• Kamoa-Kakula’s 2025 Integrated Development Plan, covering all the planned

growth initiatives of the copper complex, is advancing well for completion in mid-2025.

• In Q1 2025, the Kipushi concentrator milled a record 151,403 tonnes of ore at a

record average grade of 32.5% zinc, producing a record 42,736 tonnes of zinc in concentrate at a contained grade of over 53% zinc. The ramp-up to steady state of the ultra-high-grade Kipushi zinc mine is progressing well into the second quarter.

• The Kipushi debottlenecking program is 66% complete and advancing on

schedule for completion late in the third 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.

• Kipushi’s 2025 production guidance is maintained at 180,000 to 240,000

tonnes of zinc in concentrate. 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.

• On February 18, 2025, Ivanhoe Mines announced 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 producers.

• Platreef’s first production from the Phase 1 concentrator is expected in Q4

2025. The Phase 2 expansion is expected from Q4 2027, increasing production to over 450 koz of platinum, palladium, rhodium, and gold per annum, as well as significant nickel and copper by-products.

• 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.

• Equipping of Shaft #3 progressed well during the reporting period. Installation

of the rock winder commenced, with the mechanical and electrical work advancing well. Shaft #3 is expected to be ‘ready to hoist’ from Q1 2026 with a capacity of approximately 4 million tonnes per annum.

• Underground development at Platreef’s 850-metre level is imminently

expected to reach the Flatreef orebody. Further development in ore will be stockpiled on surface and processed in the Phase 1 concentrator from Q4 2025.

• Ivanhoe continues exploration across its Western Forelands licences,

adjacent to Kamoa-Kakula, with 5 rigs drilling during the wet season. A Mineral Resource update is expected to be released within the coming weeks that will include all drilling completed since the maiden resource in December 2023 up to the end of March 2025. Drilling from the remainder of the 2025 program will be included in a subsequent Mineral Resource update next year.

• Ivanhoe Mines notes the Declaration of Principles jointly signed on April 25, 2025, by the governments of the Democratic Republic of the Congo and the

Republic of Rwanda, and witnessed by the government of the United States, to support a pathway to peace, stability, and integrated economic development in the eastern DRC, as well as the resumption of normal bilateral relations.

• On February 12, 2025, Ivanhoe Mines announced the forming of a joint venture

with a UK private company to commence exploration activities for sediment- hosted copper discoveries in the Chu-Sarysu Basin, Central Kazakhstan. The Chu-Sarysu Basin is the world’s third-largest known sedimentary copper basin. The licence package currently under application is over 18,000 km² and is set to be the largest in the Chu-Sarysu Basin.

• On April 2, 2024, the Zambian government granted Ivanhoe Mines 7,757 km² in

new exploration licences in North-Western Province, which are over three times larger in area than Ivanhoe’s Western Forelands Exploration Project. Exploration activities are expected to commence in this quarter after the wet season ends.

Construction of Africa’s largest and greenest smelter project at Kamoa- Kakula is now complete. Commissioning of the smelter is nearing completion, with the first production of 99.7% copper anodes expected in July.

Conference call for investors on Thursday, May 1, 2025

Ivanhoe Mines will hold an investor conference call to discuss the results on Thursday, May 1, 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/400-384-567-484

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 8^th Annual Sustainability Report and First Quarter 2025 Sustainability Review:

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

Ivanhoe’s 2024 Annual Sustainability Review and Q1 2025 Quarterly Sustainability Review are both available in the sustainability section of our website.

The reports provide a detailed review of each project’s health and safety, environmental, and social activities, as well as more information on the various sustainability initiatives underway across the group.

During the first quarter of 2025, the group achieved a combined Lost Time Injury Frequency Rate (LTIFR) of 0.40 and a Total Recordable Injury Frequency Rate (TRIFR) of 1.19 per 1,000,000 hours worked. A breakdown of Ivanhoe’s industry-leading health and safety performance can be found in the Q1 2025 Sustainability Review.

Team members inside the new smelter furnace complex at Africa’s largest and greenest copper smelter.

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 6,500 and is over 90% Congolese.

Kamoa-Kakula summary of operating and financial data

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Ore tonnes milled (000’s tonnes)	3,723	3,655	3,266	2,381	2,061
Copper ore grade processed (%)	4.10%	4.26%	4.14%	4.91%	4.80%
Copper recovery (%)	87.4%	86.6%	85.3%	86.7%	87.4%

Copper in concentrate produced

(tonnes)	133,120 133,819 116,313 100,812					86,117
Payable copper sold (tonnes)(1)	109,963 112,811 103,106				95,900	85,155
Cost of sales per pound ($ per lb.)		1.87	1.94	1.80	1.53		1.50
Cash cost (C1) ($ per lb.)		1.69	1.75	1.69	1.52		1.57
Realized copper price ($ per lb.)		4.19	4.08	4.16	4.34		3.82

Sales revenue before

remeasurement 922,411 895,758 836,871 813,817 612,496

Remeasurement of contract

receivables ($'000) 50,986 (52,428) (8,983) 3,256 5,824

Sales revenue after remeasurement

($'000) 973,397 843,330 827,888 817,073 618,320

EBITDA ($'000) 585,160 431,802 469,735 547,257 364,893 EBITDA margin (% of sales revenue) 60% 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 news release 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 in the company’s MD&A for the three months ended March 31, 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 in the company’s MD&A for the three months ended March 31, 2025.

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

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Mining	($ per lb.)	0.63	0.61	0.62	0.45	0.44
Processing	($ per lb.)	0.29	0.30	0.26	0.21	0.23
Logistics charges	($ per lb.)	0.41	0.40	0.42	0.48	0.50
TC, RC, smelter charges	($ per lb.)	0.19	0.27	0.26	0.25	0.25
General & Administrative	($ per lb.)	0.17	0.17	0.13	0.13	0.15

Cash cost (C1) per pound of payable copper produced ($ per lb.) 1.69 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:

Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Power costs included in Mining and Processing cost ($ per lb.) 0.24 0.22 0.19 0.12 0.14 Power costs as a proportion of cash cost (C1) per pound of payable copper produced (%) 14.2% 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 produced near-record 133,120 tonnes of copper during Q1 2025, rising to an annualized production rate of approximately 614,000 tonnes of copper in the six weeks since mid-March

During the first quarter of 2025, the Phase 1, 2, and 3 concentrators milled a record 3.72 million tonnes of ore and achieved a daily milling record of 51,528 tonnes of ore in late March. The outperformance was underpinned by initiatives implemented earlier in the quarter that enabled the Phase 3 concentrator to be consistently fed at higher rates than originally designed. Phase 3 milled a record 1.51 million tonnes of ore during the quarter. The record is equivalent to an annualized milling rate of 6.1 million tonnes per annum, which is more than 20% higher than the Phase 3 concentrator’s design capacity of 5.0 million tonnes per annum.

During March, Kamoa-Kakula’s Phase 1, 2, and 3 concentrators produced an average of 1,509 tonnes of copper per day, which is equivalent to an annualized production rate of 550,000 tonnes per annum (the mid-point of 2025 production guidance). The Phase 1 and 2 concentrators also outperformed during the quarter, despite shutdowns for maintenance in the first half of March.

In the six weeks since mid-March, total copper production has notably risen to an average of 1,683 tonnes per day or 11,804 tonnes per week, as shown in Figure 1. The outperformance is equivalent to an annualized production rate of approximately 614,000 tonnes per annum, approximately 12% higher than the midpoint of 2025 guidance. This includes an outstanding daily production record was also achieved of 1,919 tonnes of copper on March 28, 2025. Production for the month of April, excluding the last day of the month, totaled approximately 48,400 tonnes of copper in concentrate.

Figure 1. Kamoa-Kakula weekly copper in concentrate production (kt) increase in imported hydropower + improved operational efficiencies

11.9 11.8 11.7 11.7 11.7 12.0 11.7 10.1 ^10.6 10.3

8.3 7.7

Note: date on the X axis denoted the week beginning

(1) Production for the week beginning April 28, 2025 is estimated by extrapolating actual production from first two days of the week.

Kamoa-Kakula summary of quarterly production data:

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Phase 1 & 2	Q1 2025
Ore tonnes milled (000's tonnes) 2,061 2,288 2,215 2,329 Copper ore grade processed (%) 4.80% 5.04% 4.86% 5.08% Copper recovery (%) 87.4% 87.0% 86.6% 87.0% Copper in concentrate produced (tonnes) 86,117 99,706 94,214 102,042 Phase 3	2,211 5.01% 88.3% 97,575
Ore tonnes milled (000’s tonnes) - 93 1,050 1,326 Copper ore grade processed (%) - 1.67% 2.64% 2.82% Copper recovery (%) - 83.3% 79.9% 85.1% Copper in concentrate produced (tonnes) - 1,106 22,099 31,777 Combined Phase 1, 2 and 3	1,512 2.76% 85.1% 35,545
Ore tonnes milled (000’s tonnes) 2,061 2,381 3,266 3,655 Copper ore grade processed (%) 4.80% 4.91% 4.14% 4.26% Copper recovery (%) 87.4% 86.7% 85.3% 86.6% Copper in concentrate produced (tonnes) 86,117 100,812 116,313 133,819	3,723 4.10% 87.4% 133,120

Data in red denotes a quarterly record.

Annual production guidance at Kamoa-Kakula is maintained at between 520,000 to 580,000 tonnes of copper.