Ivanhoe Mines Reports 71,266 Tonnes of Copper Produced by Kamoa-Kakula in Q3 2025; Recovery Efforts Advancing Well

Executive Summary

• Ivanhoe Mines reported record Q3 2025 production: 71,226 t copper from Kamoa‑Kakula and a 37% increase to 57,200 t zinc at Kipushi.
• Stage 2 dewatering at the Kakula Mine is >20 % complete and on track for completion by end‑Nov 2025; full mine dewatering expected Feb 2026.
• Africa’s largest direct‑to‑blister copper smelter start‑up scheduled for early Nov 2025, with a 60 MW UPS installation nearing completion.

Key Details

• Kamoa‑Kakula Copper Complex – Q3 2025 milled 3.46 M t ore, producing 71,226 t copper; YTD copper production 316,393 t. Production guidance of 370–420 k t copper in concentrate remains unchanged.
• Dewatering Progress – Stage 2 pumps (4 submersible units) operating at ~2,600 L/s; total potential pumping capacity 6,400 L/s (≈550 ML/day). >20 % of dewatering work completed; full Stage 2 expected end‑Nov 2025, Stage 3 by Q1 2026.
• Mining Rate Increase – Western side mining resumed 7 Jun 2025; average rate 350 k t/month (≈4.2 M t/yr). Cut‑off grade lowered to 1.5 % Cu to boost feed. Head grades on western side projected 3.5–4.5 % Cu in Q4 2025.
• Smelter Start‑up – Heat‑up of on‑site direct‑to‑blister copper smelter slated for early Nov 2025. Installation of a 60 MW battery‑backed UPS (2‑hour backup) nearing completion; additional 60 MW diesel generators also in place. Unsold copper concentrate inventory 59,000 t (including 7,300 t at Lualaba Copper Smelter). First feed to smelter expected 4–6 weeks after heat‑up.
• Kipushi Zinc Production – Record Q3 2025 zinc concentrate 57,200 t (37% YoY increase); ore milled 168,862 t at 37.8 % Zn grade; recovery 89.36 %. Total YTD zinc concentrate 137,224 t. Debottlenecking program completed Aug 2025 (throughput ↑20 % to 960 k t/yr) – delivered under budget and ahead of schedule.
• Kipushi Power – Additional 6 MW backup generator being installed; total onsite backup capacity will reach 20 MW.
• Platreef Phase 1 – First ore feed into 0.8 Mtpa concentrator expected by end‑Oct 2025 (first production Q4 2025). Underground development: 165 m of reef completed, 17,125 t ore blasted, 10,215 t hoisted to surface. Shaft 3 completion targeted Q1 2026; long‑hole stoping slated for Q2 2026.
• Platreef Phase 2 – EPCM contractor appointment expected Q4 2025; earthworks to begin shortly thereafter. Targeted 3.3 Mtpa concentrator completion Q4 2027. Shaft 2 headgear completed; shaft enlargement to start Q1 2026.
• Future Guidance – Copper production guidance for 2026‑27 will be released after physical inspection of newly dewatered areas (expected Q1 2026). New life‑of‑mine plan also anticipated Q1 2026. Kipushi 2025 zinc production guidance unchanged at 180–240 k t.

Notable Quotes

• Robert Friedland, Founder & Co‑Chair: “We are on track to restore Kamoa‑Kakula towards its previous copper production levels… the upcoming smelter ramp‑up will drive lower cash costs.”
• Marna Cloete, President & CEO: “First production at Platreef is imminent, positioning us as a top‑tier producer of platinum‑group metals and associated base metals.”