Ivanhoe Mines Issues 2026 Second-Quarter Financial Results, Overview of Operations and Exploration Activities

Ivanhoe Mines' reports Q2 2026 profit of $46M and Adjusted EBITDA of $179M, including $152M of attributable EBITDA from Kamoa-Kakula Kamoa-Kakula's smelter operating costs offset by high-strength sulphuric acid sales during Q2 2026 Sulphuric acid production averaging 1,250+ tonnes per day; Q3 contract prices up >100% this year to ~$840 per tonne H2 2026 Kamoa-Kakula copper production rates set to increase; 2026 production guidance tightened to 290,000 to 310,000 tonnes of copper 2027 Kamoa-Kakula Updated Life-of-Mine Plan underway; new mine plan to be optimized with 250,000-metre in-fill drill program and trade-off studies Commissioning of Kamoa-Kakula's solar facility with battery backup underway; full capacity expected by end of Q3 Platreef's Shaft #3 commissioned; new hoisting capacity to ramp up Phase 1 operations & Phase 2 expansion Phase 2 concentrator earthworks advancing; construction on schedule for completion in Q4 2027 Kipushi produced record 70,177 tonnes of zinc in Q2 2026, at a cost of sales of $1.06/lb. and a cash cost (C1) of $0.90/lb., as prices climb to multi-year highs of $1.60/lb. of zinc Western Forelands Mineral Resource upgrade expected in September; Makoko District copper discovery continues to grow Johannesburg, South Africa--(Newsfile Corp. - July 29, 2026) - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) President and Chief Executive Officer, Marna Cloete, and Chief Financial Officer David van Heerden today announce the company's financial results for the second quarter of 2026, 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 Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC); the ultra-high-grade Kipushi zinc-copper-lead-germanium mine, also in the DRC; and the Platreef platinum, palladium, nickel, rhodium, gold, and copper mine in South Africa. In addition, Ivanhoe Mines is expanding the Makoko District copper discovery in the Western Forelands, in the DRC, as well as exploring for new sedimentary-hosted copper discoveries across its vast and highly prospective exploration licence packages in the DRC, Angola, Zambia, and Kazakhstan. All figures are in U.S. dollars unless otherwise stated. Founder and Co-Chairman Robert Friedland commented: “Our operational recovery at Kamoa-Kakula is gathering momentum and we firmly believe we have turned the corner… Mining rates have continued to improve at both Kamoa and Kakula as underground development advances and additional mining areas are brought online. We intend to have higher copper production in the second half of 2026, setting the foundation for an even stronger 2027.  “Despite elevated global diesel prices during the quarter, the impact on our operating costs has been well contained. Both our Kamoa-Kakula and Kipushi operations remain comfortably within our cash cost guidance ranges. “Our world-class smelter at Kamoa-Kakula provides a natural hedge while flows through the Strait of Hormuz remain constrained. During the second quarter, revenues from sulphuric acid sales covered the smelter's operating costs… With sulphuric acid prices increasing by a further 80% into the third quarter, this extremely valuable by-product credit will provide a strong tailwind for Kamoa-Kakula for the foreseeable future. “Kipushi delivered another outstanding quarter, achieving yet another production record as zinc prices reach multi-year highs. We continue to examine ways to unlock the high concentrations of gallium and germanium at Kipushi, two metals critical to the resilience of global supply chains. “Beyond our operating mines, we continue to unlock extraordinary value across the Western Forelands. We look forward to publishing a significant Mineral Resource update in September, which we believe will further demonstrate that this emerging copper district is one of the most important new discoveries anywhere in the world. “Our balance sheet will further strengthen in the second half of 2026 as we monetize our stockpiles of unsold metal… at a time when metal prices outperform at $13,700 per tonne of copper and $3,600 per tonne of zinc. At Kamoa-Kakula we currently hold 40,000 tonnes of unsold copper, and at Kipushi we currently hold 44,000 tonnes of unsold zinc. As the price of copper and zinc rises, so does the value of these stocks… You may enjoy doing math to determine the value of these stockpiles of copper and zinc.” FINANCIAL HIGHLIGHTS Ivanhoe Mines recorded a profit of $46 million for Q2 2026, compared with a $2 million loss for Q1 2026. The quarterly improvement in profit was attributable to Kamoa-Kakula's $16 million share of profit and Kipushi's $27 million segmental profit. Ivanhoe Mines recorded Adjusted EBITDA of $179 million in Q2 2026, compared to $123 million for the same period in 2025. The Adjusted EBITDA includes an attributable share of EBITDA from Kamoa-Kakula of $152 million, compared to $128 million for the same period in 2025. Kamoa-Kakula sold 61,249 tonnes of copper (net of payability) during the second quarter at an average realized copper price of $5.99/lb., compared with 66,619 tonnes in Q1 2026 at an average realized copper price of $5.79 per pound (lb.). At the end of the second quarter, there were approximately 40,000 tonnes of unsold copper in inventory, which was unchanged from the end of the first quarter. The planned destocking of unsold copper inventory is now expected to take place during the second half of 2026. Kamoa-Kakula recognized revenue of $880 million, an operating profit of $160 million and EBITDA of $385 million for the quarter, equivalent to an EBITDA margin of 44%. Kamoa-Kakula's cost of sales per pound of payable copper sold was $4.86/lb. for the second quarter, compared with $3.90/lb. in Q1 2026. The elevated cost of sales was primarily due to $1.35/lb. in depreciation charges during the quarter. Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $2.84/lb. during the quarter, compared with $2.58/lb. in Q1 2026. Cash cost (C1) for the first six months of 2026 averaged $2.70/lb., well within the full year guidance range of $2.60/lb. to $3.00/lb. Kamoa-Kakula's Q2 2026 smelter operating costs averaged $0.41/lb., which were largely offset by $0.39/lb. in sulphuric acid by-product credits. In addition, logistics charges in Q2 2026 averaged $0.24/lb, similar to Q1 2026 and approximately one-third of the cost prior to the commencement of smelter operations. The logistics cost improvements result from exporting 99.7%-pure copper anodes during the quarter, compared with exporting concentrate containing 35% to 40% copper prior to the start-up of the smelter. Kamoa-Kakula sold 119,603 tonnes of high-strength sulphuric acid during the quarter, at an average price of $465 per tonne. The sulphuric acid offtake contracts for July and August delivery are expected to average approximately $840 per tonne. Sulphuric acid prices are expected to remain elevated for the foreseeable future. Kamoa-Kakula’s capital expenditure in Q2 2026 was $284 million. Capital expenditure during H1 2026 was $592 million, with total spend for 2026 tracking in line to achieve the full-year guidance range of $1,100 million to $1,400 million. Kipushi sold 43,424 tonnes of zinc (net of payability) during the quarter, at an average realized zinc price of $1.58/lb., compared with 54,940 tonnes in Q1 2026 at an average realized zinc price of $1.47/lb. The decrease in sales volumes during the quarter was due to logistical constraints, resulting in an increase in unsold zinc in concentrate held in inventory by approximately 14,000 tonnes of payable zinc. Destocking of this build up in unsold zinc is expected in H2 2026. Kipushi recognized quarterly revenue of $146 million, a segmented profit of $27 million and EBITDA of $51 million in Q2 2026, which is equivalent to an EBITDA margin of 35%. This compares with an EBITDA of $58 million and an EBITDA margin of 36% in Q1 2026. Kipushi’s cost of sales per pound of payable zinc sold was $1.06/lb. for the second quarter, and was also $1.06/lb. in Q1 2026. Cash cost (C1) per pound of payable zinc sold averaged $0.90/lb. during the second quarter. Kipushi is on track to achieve the full-year cash cost (C1) guidance of $0.85/lb. to $0.95/lb., with cash cost (C1) for H1 2026 averaging $0.88/lb. Platreef's capital expenditure during Q2 2026 was $83 million and $150 million for the first half of the year. The full-year guidance range of $350 million to $380 million is unchanged and relates to the ongoing Phase 2 expansion. Financial close of the Platreef Mine’s $700 million Phase 2 senior project finance facility was achieved on April 30, 2026. The Phase 2 facility amended and upsized the Phase 1 facility, resulting in approximately $600 million in net additional capital provided by a syndicate comprising of Societe Generale, Absa Bank Limited, and Nedbank Limited. In July, Platreef drew and received $87 million from the new facility. Ivanhoe Mines had cash and cash equivalents on hand of $635 million as at June 30, 2026. OPERATIONAL HIGHLIGHTS In Q2 2026, Kamoa-Kakula produced 64,328 tonnes of copper contained in anode, blister and slag concentrate held for sale. 62,072 tonnes of anode were produced by Kamoa-Kakula's copper smelter, and 2,256 tonnes of copper in blister were produced by the Lualaba Copper Smelter (LCS) in Kolwezi. Kamoa-Kakula's on-site smelter is the largest copper smelter in Africa and has been operating at approximately 60% of capacity since mid-February. The smelter produced 112,307 tonnes of high-strength sulphuric acid during the quarter. The production rate is currently approximately 1,250 tonnes per day, which is equivalent to approximately 60% of design capacity. Ivanhoe Mines tightens 2026 production guidance range to 290,000 to 310,000 tonnes of copper (from 290,000 to 330,000 tonnes of copper) in anode, blister or saleable slag concentrate. The 2027 copper production guidance range of 380,000 to 420,000 tonnes of copper remains unchanged. Work on a new Kamoa-Kakula life-of-mine study commenced in the second quarter. The new study, called the 2027 Updated Kamoa-Kakula Life of Mine Plan (2027 Kamoa-Kakula LOM) is planned for completion in late Q1 2027 and will build on the key recommendations from the 2026 Kamoa-Kakula Mineral Resource Estimate (2026 Kamoa-Kakula MRE), which was released on March 31, 2026. The 2027 Kamoa-Kakula LOM will outline, in greater detail than the 2026 Kamoa-Kakula MRE, the ramp-up to 500,000 tonnes of annualized copper production from 2028 onwards, at a target cash cost (C1) of approximately $2.00/lb. or less. 2027 Kamoa-Kakula LOM will include significantly improved geotechnical and hydrological models for Kamoa and Kakula. The improved models will be informed by a new 250,000-metre drilling program, which commenced in July. In addition, various technical trade-off studies are underway aimed at improving the extraction efficiency and rate of ore from both mines. Commissioning of Kamoa-Kakula’s on-site hybrid solar photovoltaic (PV) facility with battery energy storage system (BESS) is nearing completion. The facility is expected to be fully ramped up and delivering a continuous baseload of 60 MW to the copper complex by Q3. The first 15 MW of power was delivered in July. The facility is the largest hybrid solar PV with BESS installed on a mine site in Africa. Kamoa-Kakula is advancing plans to double the on-site hybrid solar capacity. A tender was awarded, and a power purchase agreement (PPA) was signed in late April for an additional 30 MW of capacity. The tender for an additional 30-MW facility is in the final stages of being awarded. By the end of 2027, Kamoa-Kakula is expected to be supplied with approximately 120 MW of continuous baseload power by the on-site facilities. Kamoa-Kakula's Project 95 upgrades to the Phase 1 and 2 concentrators were completed and commissioned by the end of the second quarter. During Q3, concentrator recoveries are expected to improve. Depending on feed grade, concentrator recoveries are expected to increase to between 90% and 95%. At Kipushi, the concentrator milled a record 200,774 tonnes of ore at an average grade of 38.7% zinc during the second quarter, producing a record 70,177 tonnes of zinc in concentrate. Construction of Kipushi's newly expanded tailings storage facility was completed during the quarter. The facility is compliant with the Global Industry Standard on Tailings Management (GISTM) and is among the smallest tailings storage facilities of any major base metal mine globally. The tender for Kipushi's hybrid solar PV project is expected to be awarded in the fourth quarter. The facility will be designed to provide 10 MW of continuous baseload power, providing approximately 50% of the site's energy needs. The facility is expected to be operational in Q2 2028. Ivanhoe Mines maintains 2026 production guidance for the Kipushi Mine of 240,000 to 290,000 tonnes of zinc in concentrate, making it one of the top three zinc mines in the world. At Platreef, the Phase 1 concentrator milled 37,296 tonnes of ore during Q2 2026, at an average feed grade of 2.19 grams per tonne, producing 1,538 ounces of platinum, palladium, rhodium and gold (3PE +Au). Phase 1 operations have not yet reached commercial production. Therefore, production rates achieved to date are not representative of steady-state conditions. Hoisting rates improved significantly during the quarter, following the completion of Shaft #3. Commissioning of Shaft #3 and supporting underground infrastructure was completed on schedule in June. Shaft #3 enables greater flexibility in hoisting both ore and waste rock to the surface, supporting the Phase 1 ramp-up to full capacity and the Phase 2 expansion from Q4 2027. Stoping (production mining) of higher-grade ore within the Flatreef orebody commenced at the end of the second quarter; completing two stopes to date. Mining rates are expected to ramp up throughout H2 2026. Commercial production is now expected in Q4 2026. Platreef's project team continue to advance the construction of the Phase 2 concentrator, which is targeted for completion in Q4 2027. Construction activities broke ground on the 3.3-million-tonne-per-annum Phase 2 concentrator site on April 9, 2026. Phase 2 is expected to have a design capacity of over 450,000 ounces of platinum, palladium, rhodium, and gold (3PE + Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. The widening of Shaft #2 from its current diameter of 3.1 metres to 10 metres commenced at the start of the second quarter. Shaft #2 is expected to be ready to hoist labour and materials by the end of 2028 and ore by the end of 2029. In the Western Forelands, drilling continues to expand the footprint of the Makoko District, with mineralization now within eight kilometres of Kamoa-Kakula's Kakula West deposit. Early project development workstreams commenced in Q2 at Makoko, including the establishment of site perimeters, baseline studies and various regulatory processes, including a community resettlement and livelihood restoration program. The updated 2026 Mineral Resource estimate will now be released in September once these workstreams are more advanced. Conference call for investors on Thursday, July 30, 2026 Ivanhoe Mines will hold an investor conference call to discuss the results on Thursday, July 30, 2026, 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.lumiconnect.com/400-215-425-413 Audience Phone Number: Local - Toronto: (+1) 416-855-9085 Toll Free - North America: (+1) 800- 990-2777 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 Second Quarter 2026 Sustainability Review: https://www.ivanhoemines.com/investors/document-library/#sustainability To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_002full.jpg During the second quarter of 2026, the group achieved a combined Lost Time Injury Frequency Rate (LTIFR) of 0.53 and a Total Recordable Injury Frequency Rate (TRIFR) of 1.91 per 1,000,000 hours worked. Regrettably, one loss-of-life incident occurred underground at the Kakula Mine after the end of the quarter. A breakdown of Ivanhoe's health and safety performance is available in the Q2 2026 Sustainability Review. Principal projects and review of activities 1. Kamoa-Kakula Copper Complex 39.6%-owned by Ivanhoe Mines Democratic Republic of the 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. Kamoa Holding holds an 80% interest in Kamoa-Kakula, with the DRC government holding 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 7,481, and over 90% are Congolese. Copper production at Kamoa-Kakula commenced in May 2021 from the Phase 1 concentrator, which was delivered ahead-of-schedule. Two further concentrator expansions were also subsequently successfully delivered, also ahead of schedule, as well as an on-site 500,000-tonne-per-annum, direct-to-blister copper smelter produced the first batch of 99.7%-pure copper anodes in late 2025. Kamoa-Kakula ranks among the largest and highest-grade copper complexes globally. Kamoa-Kakula summary of operating and financial data Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Ore tonnes milled (000's tonnes) 2,968 3,108 3,374(4) 3,456 3,622 Copper ore grade processed (%) 2.39% 2.32% 2.35% 2.47% 3.58% Copper recovery (%) 87.4% 85.6% 85.7% 82.7% 85.4% Copper in concentrate produced (tonnes) 61,134 61,906 71,569 72,143 112,009 Contained copper in blister or anode produced (tonnes)(1) 64,328 71,417 - - - Payable copper sold (tonnes)(2) 61,249 66,619 78,469 61,528 101,714 Cost of sales per pound ($ per lb.) 4.86 3.90 3.80 3.23 2.85 Cash cost (C1) ($ per lb.)(3) 2.84 2.58 2.99 2.62 1.89 Realized copper price ($ per lb.) 5.99 5.79 4.98 4.42 4.34 Sales revenue before remeasurement ($'000) 847,627 872,539 782,691 555,293 868,846 Remeasurement of contract receivables ($'000) 32,818 (10,237) 83,353 11,072 6,443 Sales revenue after remeasurement ($'000) 880,445 862,302 866,044 566,365 875,289 EBITDA ($'000) 384,887 397,476 331,121 195,597 325,181 EBITDA margin (% of sales revenue) 44% 46% 38% 35% 37%   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 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 MD&A for the three months ended June 30, 2026. (1) From 2026 onwards, copper production in anode and blister produced consists of copper production from Kamoa-Kakula's on-site smelter, as well as toll-treated Kamoa-Kakula concentrate at the LCS smelter in Kolwezi. Production also includes slag concentrate produced by Kamoa-Kakula's smelter that is sold to third parties and not reprocessed by either the on-site smelter or by LCS. (2) Payable copper in concentrate sold is net of 96.7% payability. Payable copper in anode or blister sold is net of 99.7% payability. (3) Units in U.S. dollars per payable pound of copper in saleable product produced. (4) Ore tonnes milled in Q4 2025, excludes 160,000 tonnes of ore milled at the smelter's slag flotation plant. Kamoa-Kakula cash cost (C1) breakdown: Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Mining ($ per lb.) 1.46 1.39 1.22 1.22 0.73 Processing ($ per lb.) 0.69 0.59 0.51 0.50 0.34 Smelter operating cost ($ per lb.) 0.41 0.27 0.01 - - Logistics charges ($ per lb.) 0.24 0.22 0.70 0.38 0.49 Refining and treatment charges ($ per lb.) 0.08 0.12 0.13 0.21 0.14 Sulphuric acid credits ($ per lb.) (0.39) (0.32) - - - General & Administrative ($ per lb.) 0.35 0.31 0.42 0.31 0.19 Cash cost (C1) ($ per lb.) 2.84 2.58 2.99 2.62 1.89   Units in U.S. dollars per payable pound of copper in saleable product produced The cost of power, which is allocated between mining, processing and smelting in the above cash cost split, can be split out as follows: Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Power costs ($ per lb.) 0.57 0.47 0.33 0.35 0.20 Power costs as a proportion of total cash cost (C1) (%) 20.1% 18.2% 11.0% 13.4% 10.6%   Units in U.S. dollars per payable pound of copper in saleable product produced 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 64,328 tonnes of contained copper in Q2 2026, at a cash cost (C1) of $2.84/lb. During the second quarter, the Phase 1, 2, and 3 concentrators milled 2.97 million tonnes of ore, producing 61,134 tonnes of copper in concentrate. Kamoa-Kakula's copper smelter produced 62,072 tonnes of copper in anode and saleable slag concentrate, and LCS produced 2,256 tonnes of copper in blister, for a total of 64,328 tonnes of copper produced in anode, blister or saleable slag concentrate by Kamoa-Kakula during the quarter. The decline in copper blister production was due to a 56-day shutdown of LCS during the quarter. LCS resumed normal operations on July 1, 2026. Copper held in inventory remained unchanged during the quarter, at approximately 40,000 tonnes of copper. The planned destocking of up to 10,000 tonnes of copper held in inventory will now take place during H2 2026. At the start of 2026, approximately 50,000 tonnes of copper were in inventory on-site at Kamoa-Kakula and at LCS. At the end of the second quarter, there were approximately 40,000 tonnes of contained copper in inventory, which was unchanged from the end of the first quarter. Kamoa-Kakula management is targeting a year-end inventory of between 25,000 and 30,000 tonnes of copper. Summary of quarterly production data from Kamoa-Kakula Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Phase 1 & 2 Ore milled (000's tonnes) 1,387 1,534 1,712 1,838 1,991 Feed grade of ore processed (% copper) 2.59% 2.35% 2.32% 2.50% 4.12% Copper recovery (%) 86.6% 84.1% 83.2% 81.3% 85.4% Copper in concentrate produced (tonnes) 30,211 30,527 34,602 37,744 71,401 Phase 3 Ore milled (000's tonnes) 1,582 1,574 1,662 1,618 1,631 Feed grade of ore processed (% copper) 2.22% 2.28% 2.38% 2.44% 2.92% Copper recovery (%) 88.2% 87.2% 88.2% 84.2% 85.5% Copper in concentrate produced (tonnes) 30,923 31,379 34,814 33,522 40,608 Combined Phase 1, 2 and 3 Ore milled (000's tonnes) 2,986 3,108 3,374 3,456 3,622 Feed grade of ore processed (% copper) 2.39% 2.32% 2.35% 2.47% 3.58% Copper recovery (%) 87.4% 85.6% 85.7% 82.7% 85.4% Copper in concentrate produced (tonnes) 61,134 61,906 69,416 71,266 112,009 Smelter Contained copper in anode, blister or concentrate (tonnes)(1) 64,328 71,417 - - - High-strength sulphuric acid (tonnes) 112,307 117,871 - - -   Data in BOLD denotes a quarterly record. (1) Copper production in anode and blister produced consists of copper production from Kamoa-Kakula's on-site smelter, as well as toll-treated Kamoa-Kakula concentrate at the LCS smelter in Kolwezi. Production also includes slag concentrate produced by Kamoa-Kakula's smelter that is sold to third parties and not reprocessed by either the on-site smelter or by LCS. Copper production in H2 2026 is set to increase following improved mining rates at Kamoa; additional mined ore to supply Phase 1 and 2 concentrators Total ore processed by the Phase 1, 2 and 3 concentrators was largely unchanged between Q1 and Q2, at approximately 3 million tonnes. The processing rate was kept constant as depleted stockpiles were replaced with increased mining rates. Lower-grade surface stockpiles, which supplemented ore feed into the Phase 1 and 2 concentrators since mid-2025 were fully depleted by the end of the first quarter. Total ore mined in Q2 2026 increased by approximately 25% quarter-on-quarter, driven primarily by increased mining rates from Kamoa. The Q2 mining rate of 2.98 million tonnes is equivalent to an annualized rate of 12 million tonnes per annum, or 70% of total Kamoa-Kakula concentrator capacity. The exclusive processing of fresh run-of-mine ore, rather than stockpiles, also had a notable impact on recoveries, exceeding 88% in May and June. In addition, Kakula head grades continued to improve in Q2, exceeding 3.1% in May and June. The Kamoa head grades were slightly lower at approximately 2.0%, but these are expected to improve in H2 2026. Figure 1. Planned growth in quarterly copper production at Kamoa-Kakula ('000 tonnes). To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_003full.jpg Notes: Figures shown on a 100% basis. Bars in grey are an indication of forecasted quarterly copper production and are not official guidance (1) At the start of 2026, there were approximately 50,000 tonnes of copper contained in concentrate held in inventory. Excess inventory to be destocked during 2026. (2) 2025 production is reported as contained copper in concentrate. Production reported from 2026 onwards is reported as copper in anode, blister or slag concentrate held for sale. After quarter-end, mining crews at the Kakula and Kamoa mines took industrial action. A total of 9 days of mining were lost at Kakula, and 7 days at Kamoa. The industrial action took place ahead of the signing of the updated Collective Bargaining Agreement (CBA), which was under negotiation at the time between Kamoa Copper and several trade unions. 95% of employees at Kamoa-Kakula are covered by the CBA, which has been in place since 2021. Negotiations for the updated CBA were concluded during July and thereafter underground mining operations returned to normal, with no major changes made to the terms of the CBA. Concentrator and smelting activities continued to operate unaffected throughout. 2026 production guidance is tightened to 290,000 to 310,000 tonnes of copper (from 290,000 to 330,000 tonnes of copper) in anode or blister. Copper production rates in H2 2026 are expected to be boosted as outlined in Figure 1. Increased copper production will be driven by higher mining rates across the Kamoa mines (Kamoa 1 and Kansoko), as well as the destocking of unsold copper concentrate in inventory. In H2 2026, mining rates across the Kamoa mines are planned to increase by 30% to 700,000 tonnes per month, equivalent to approximately 8.5 million tonnes per annum (Mtpa). The increase is driven by the mobilization of additional mining crews and the commencement of high-volume stoping (production mining). In addition, new access to the Kamoa Mine was recently achieved via the Kahala box cut, the decline of which has been developing in ore since June. Another decline is under development at the Kamoa mines, called Kansoko Sud. Construction of the Kansoko Sud box cut was completed in Q2 2026, with twin declines currently being developed. A further 700 metres of decline development is required before reaching the orebody, which is expected in Q1 2027. Bird's eye view over new Kahala box cut. During Q3 2026, the mining rate of the Kamoa mines is expected to increase by 30% following the deployment of additional mining crews, an increase in stoping (production mining) and the completion of the new Kahala box cut. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_004full.jpg Looking east over the newly constructed Kansoko Sud box cut, which is expected to start underground development in ore from Q1 2027. The new box cut will support the increase in production to between 380,000 and 420,000 tonnes of copper in 2027. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_005full.jpg During the second quarter, the Phase 1 and 2 concentrators were campaigned, or batch operated, due to reduced ore availability from Kakula. With greater ore availability expected in H2 2026 from both Kakula and Kamoa, utilization of the Phase 1 and 2 concentrators is expected to increase. Ore feed into the Phase 1 and 2 concentrators in H2 2026 will continue to come predominantly from the western side of Kakula at a rate of approximately 400,000 tonnes per month, or 4.8 Mtpa annualized, at a grade of approximately 2.7% copper. In addition, with the mining rate at Kamoa expected to increase from 6.5 Mtpa to 8.5 Mtpa by the end of Q3 2026, the additional 2 Mtpa of ore mined, at an average grade of 2.5% copper, will be processed by the Phase 1 and 2 concentrators. 2027 Kamoa-Kakula Updated Life of Mine Plan advancing; drilling commenced and underground development rates at Kamoa and Kakula are advancing in line with the plan Following completion of the 2026 Kamoa-Kakula MRE, announced on March 31, 2026, a series of workstreams commenced in Q2 to advance the technical report's key recommendations to improve the rate and efficiency of ore extraction. The results from these workstreams will inform an updated life-of-mine plan, which is targeted for completion in late Q1 2027 (2027 Updated LOM Plan). A key recommendation from the 2026 Kamoa-Kakula MRE is to improve the accuracy of Kamoa and Kakula’s geotechnical and hydrological models. Without available, up-to-date information, the 2026 Kamoa-Kakula MRE assumed similar geotechnical conditions across all areas of both mines. With improved geotechnical and hydrological accuracy, the mine design in the 2027 Updated LOM Plan can adapt each mine’s extraction ratio and extraction rate more accurately, compared with the prior technical report. Improved geotechnical and hydrological accuracy is set to be achieved via a 250,000-metre in-fill drilling program across both orebodies. The first rigs of the 12-rig program mobilised and commenced drilling in July. Concurrently, a series of technical trade-off studies are also being undertaken on optimizing ore extraction rates. The 2027 Updated LOM Plan aims to further optimize the ramp-up to approximately 500,000 tonnes of copper per annum from 2028, at a C1 cash cost of approximately US$2.00/lb. or lower. As outlined in the 2026 Kamoa-Kakula MRE, development activities over the next 18 months at both Kamoa and Kakula will be focused on establishing long-term access and mine services ahead of stoping (production mining). Production stoping at Kamoa began towards the end of Q2, while stoping at Kakula is expected to commence in H2 2027. Over the next 12 months, ore mined at Kakula will be solely from development. Development is focused on establishing peripheral access drives in lower-grade areas around the edges of the orebody, before stoping in the newly developed, high-grade mining areas can begin. Year-to-date, development rates are advancing in line with the plan, as outlined in Figure 2. Notably development rates achieved at Kakula increased by 21% in Q2. It is expected that by year-end, the average development rate at Kamoa and Kakula will increase to approximately 128 metres of advance per development drill rig per month. Engineers from Kamoa-Kakula's technical services team and operators from drilling contractor Rubatek SARL of Likasi, DRC, standing in front of a diamond drill rig above Kakula. The drilling program for the 2027 Updated LOM Plan started in July. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_006full.jpg Figure 2. Chart of underground development rates at Kamoa and Kakula against the new quarterly target introduced in late Q1 2026 (average linear meters of development advance per development drill rig per month). (1) Q2 2026 target is based on the updated development rates as outlined in the Kamoa-Kakula MRE, dated March 31, 2026 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_007full.jpg On-site, 500,000 tonnes-per-annum copper smelter remains at 60% of design capacity; acid sales continue to benefit from global supply chain disruptions The smelter is targeting production of approximately 850 tonnes per day of copper in anode in H2 2026, equivalent to an annualized rate of 300,000 tonnes of copper, or approximately 60% of design capacity. Further ramp-up of the smelter, beyond 60% capacity, is currently constrained by concentrate feed. The smelter is expected to ramp up to its full capacity of 500,000 tonnes per annum in 2028. In addition to copper anodes, the smelter is producing high-strength sulphuric acid at an average rate of 1,250 tonnes per day, equivalent to approximately 480,000 tonnes per annum, compared with the steady-state design capacity of 700,000 tonnes per annum. The sulphuric acid is sold to nearby mining operations on the DRC Copperbelt. The offtakers purchase the sulphuric acid from Kamoa-Kakula's mine gate. The realized price for high-strength sulphuric acid sales during Q2 was unchanged quarter-on-quarter. Contract prices for sulphuric acid sales for July and August are set to be 80% higher at approximately $840 per tonne. During the quarter, 112,307 tonnes of high-strength sulphuric acid were produced. At the end of the quarter, approximately 11,300 tonnes of acid were held in inventory and stored on-site. The smelter's operating costs of $0.41/lb. in the second quarter were largely offset by sulphuric acid sales of $0.39/lb. The higher smelter costs in Q2, compared with $0.27/lb. in Q1 were due to the partial capitalization of smelter operating costs in Q1. Logistical savings from the smelter's operations remain considerable. Logistics charges are approximately one-third of what they were prior to the smelter's operations of $0.24/lb. Sunset over the Phase 1 and 2 concentrators (background) with the newly installed thickeners as part of the Project 95 recovery improvement initiative (foreground, right). Commissioning of Project 95 was completed in June, with concentrator recoveries from the set to increase during Q3 2026. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_008full.jpg Kamoa-Kakula's on-site solar facility with battery storage set to ramp up to full capacity by the end of Q3 2026; plans well advanced to double on-site solar capacity to 120 MW by the end of 2027, lowering cash costs Commissioning of Kamoa-Kakula's on-site solar photovoltaic (PV) facilities is underway. Once fully ramped up by the end of the third quarter, the facilities will deliver 60 megawatts (MW) of continuous baseload power to Kamoa Copper, its sole offtaker. The two facilities are owned, operated, and funded by CrossBoundary Energy and Green World Energie. The two facilities have a combined 433 MW of peak installed solar photovoltaic (PV) capacity and 1,107 megawatt-hours (MWh) of battery energy storage system (BESS) capacity. The facility is the largest hybrid solar PV and BESS facility installed on a mine site in Africa. Kamoa-Kakula is advancing plans to double the on-site solar power capacity, with battery storage, up to 120 MW by the end of 2027. In the second quarter, a tender was awarded, and a power purchase agreement (PPA) was signed with Green World Energie for an additional 30 MW on-site hybrid solar PV facility with BESS. Construction is expected to be completed in Q3 2027. A further 30 MW solar PV facility is currently undergoing final contract negotiation and is expected to be awarded soon. Once fully ramped up, the new on-site solar facility will deliver 60 MW of continuous baseload power to Kamoa-Kakula’s operations. The facility is the largest hybrid solar PV and battery storage facility installed on a mine site in Africa. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_009full.jpg COPPER PRODUCTION, CASH COST AND CAPITAL EXPENDITURE GUIDANCE Kamoa-Kakula Guidance 2026 2027 Contained copper in anode or blister (tonnes) 290,000 - 310,000(1) 380,000 - 420,000 Cash cost (C1) ($ per lb.)(2) 2.60 - 3.00 2.10 - 2.50 Capital expenditure ($ million) 1,100 - 1,400 750 - 950   (1) 2026 production guidance previously 290,000 to 330,000 tonnes of copper in anode or blister (2) US dollars per payable pound of copper in saleable product produced Guidance figures are on a 100% project basis and metal reported in concentrate is before refining losses associated with smelter terms. Kamoa-Kakula's guidance is based on several assumptions and estimates. It involves estimates of known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially. The turnaround of the Kakula Mine is advancing; however, risk factors remain. The risk factors including the integrity of underground infrastructure. Construction of new de-watering infrastructure is now underway and will be required for access to new mining areas within the required timeline and to deliver the planned ramp-up of underground operations in line with expectations. Guidance for Kamoa-Kakula is based on an assessment of these factors that management believes are reasonable at this time, given all available information. 2026 and 2027 production and cash cost (C1) guidance, which was revised on March 31, 2026 includes updated mine designs at both the Kamoa and Kakula mines which include a longer period of up-front development to support a more sustainable future rate of mining. Development will be focused over the next 12 to 18 months to complete more peripheral development around the Kakula Mine before stoping of the newly developed areas begin. Stoping started at Kamoa in Q2 2026, whereas stoping at Kakula is not expected until the second half of 2027. In addition, the achieved rate of heading development has been lower than expected, due to adverse geotechnical and hydrological conditions. As such, target development rates have been reduced by approximately 15%. Ivanhoe Mines now targets annualized copper anode or blister production to return to over 500,000 tonnes from 2028, at a target cash cost (C1) of less than $2.00/lb. Production guidance going forward is reported as contained tonnes of copper in anode or blister, whereas previously guidance was provided as copper in concentrate. With the ongoing ramp-up of the on-site Kamoa-Kakula smelter to its annualized run rate of 500,000 tonnes per annum, the majority of concentrate produced by the Phase 1, 2, and 3 concentrators is expected to be processed through the smelter producing copper anodes. Cash cost (C1) guidance is based primarily on assumptions, including tonnes of ore mined, feed grades of processed copper ore, concentrator recoveries, as well as the timing and ramp-up of the on-site smelter, among other variables. Cash cost (C1) is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, stockpile rehandling, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination (predominantly China), which are recognized as a component of sales revenues, are added to cash cost (C1) to arrive at an approximate cost of delivered finished metal. Kamoa-Kakula's 2026 capital expenditure guidance is trending towards the lower end of the range. Any unspent capital in 2026 will likely be deferred to H1 2027. The 2027 capital expenditure guidance remains unchanged. For historical comparatives and a reconciliation to the most directly comparable measure under IFRS, see the non-GAAP Financial Performance Measures section of the MD&A for the three months ended June 30, 2026. 2. Kipushi Mine 62%-owned by Ivanhoe Mines Democratic Republic of the Congo The ultra-high grade Kipushi underground zinc-copper-germanium-silver-lead mine in the DRC is located adjacent to the town of Kipushi on the Zambian border, approximately 30 kilometres southwest of Lubumbashi on the Central African Copperbelt. Kipushi is approximately 250 kilometres southeast of the Kamoa-Kakula Copper Complex. Ivanhoe acquired a 68% interest in the Kipushi Mine in November 2011, through Kipushi Holding, which is 100%-owned by Ivanhoe Mines. The balance of 32% in the Kipushi Mine was held by the DRC state-owned mining company, Gécamines. As per the updated joint venture agreement signed in late 2023, Gécamines' ownership increased to 38% in Q1 2025. Ivanhoe, together with its joint-venture partner, restarted the Kipushi zinc mine in mid-2024, with the ramp-up to steady state operations continuing during the quarter. On November 17, 2024, His Excellency Félix Tshisekedi, President of the Democratic Republic of the Congo, along with a government delegation, officially reopened the Kipushi zinc mine. Ramp-up of Kipushi is ongoing, following the successful completion of the debottlenecking program in Q3 2025. Kipushi summary of operating and financial data Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Ore tonnes milled (tonnes) 200,774 196,774 194,140 168,862 153,342 Feed grade of ore milled (% zinc) 38.71% 36.96% 36.18% 37.81% 33.37% Zinc recovery (%) 91.91% 90.63% 87.71% 89.36% 85.22% Zinc in concentrate produced (tonnes) 70,177 65,044 61,444 57,200 41,788 Payable zinc sold (tonnes)(1) 43,424 54,940 48,075 49,744 43,348 Cost of sales per pound ($ per lb.) 1.06 1.06 1.13 1.11 1.05 Cash cost (C1) ($ per lb.)(2) 0.90 0.86 0.86 0.95 0.96 Realized zinc price ($ per lb.) 1.58 1.47 1.44 1.27 1.23 Sales revenue before remeasurement ($'000) 137,413 160,142 133,792 126,855 92,875 Remeasurement of contract receivables ($'000) 8,872 1,400 4,246 2,548 3,882 Sales revenue after remeasurement ($'000) 146,285 161,542 138,038 129,403 96,757 EBITDA ($'000) 50,907 58,485 44,211 26,674 9,295 EBITDA margin (% of sales revenue) 35% 36% 32% 21% 10%   Data in BOLD denotes a quarterly record. 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 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 MD&A for the three months ended June 30, 2026. (1) Payable zinc in concentrate sold is net of standard 85% payability. (2) Units in U.S. dollars per payable pound of zinc sold. Kipushi cash cost (C1) breakdown: Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Mining ($ per lb.) 0.19 0.17 0.18 0.18 0.16 Processing ($ per lb.) 0.07 0.07 0.09 0.05 0.08 Logistics charges ($ per lb.) 0.50 0.46 0.44 0.49 0.50 Treatment charges ($ per lb.) 0.06 0.07 0.07 0.07 0.07 Support services ($ per lb.) 0.08 0.09 0.08 0.16 0.15 Cash cost (C1): ($ per lb.) 0.90 0.86 0.86 0.95 0.96   Units in U.S. dollars per payable pound of payable zinc sold Cash cost (C1) is prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but cash cost per pound for the Kipushi Mine has been presented on a per tonne sold basis to eliminate the impact of unsold tonnes of zinc concentrate in inventory. Cash cost (C1) and cash cost per pound are not measures recognized under IFRS Accounting Standards. 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. Kipushi concentrator produced a record 70,177 tonnes of zinc in Q2 2026, a quarter-on-quarter increase of 8%; production tracking towards the upper end of 2026 guidance The Kipushi concentrator produced a record 70,177 tonnes of zinc in concentrate in Q2 2026, up 8% quarter-on-quarter and equivalent to an annualized zinc production of approximately 280,000 tonnes. The quarterly performance was boosted by a record 200,774 tonnes of ore milled, a record feed grade of 38.7% zinc and a record concentrator recovery of 92%. In addition, a record 25,634 tonnes of zinc were produced in May. The Kipushi Mine produced 135,221 tonnes of zinc in the first half of 2026. Kipushi's Q2 2026 production marks the seventh consecutive quarter-on-quarter increase in zinc production, as shown in Figure 3, with operations on track to meet the 2026 production guidance of 240,000 to 290,000 tonnes of zinc in concentrate. Higher cash costs (C1) during the quarter, compared with Q1 2026, were attributable higher diesel prices impacting mining costs, as well as higher logistics charges due to customs clearance and transportation bottlenecks. Despite record quarterly production, logistics bottlenecks increased the inventory unsold zinc concentrate throughout the quarter, reducing sales volumes. Logistical constraints between the Kipushi Mine and the ports of export resulted in an increase in unsold inventory to approximately 44,000 tonnes of zinc in concentrate, equivalent to approximately two months' worth of production. The destocking of the unsold zinc inventory is expected during H2 2026. Figure 3. Quarterly zinc in concentrate produced by the Kipushi concentrator (tonnes). Q2 2026 production annualized is equivalent to 280,000 tonnes of zinc in concentrate To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_010full.jpg Figure 4. World's top 10 zinc mines by contained zinc production ('000 tonnes), with head grade (% zinc). Kipushi is on track to meet 2026 production guidance, placing it among the top 3 zinc mining operations. Notes. Source: Company Data, S&P Capital IQ on June 28, 2026. *Denotes that company guidance not provided, in its place 2025 paid zinc production used as per S&P Capital IQ, 2026. Lanping Jinding excluded. Production for Kipushi is the 2026 guidance range as disclosed on January 14, 2026 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_4.jpg Aerial view over Kipushi's 960,000-tonnes-per-annum concentrator, with the run-of-mine stockpiles of ultra-high-grade zinc ore in the foreground. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_012full.jpg Following the success of the hybrid solar PV facility at Kamoa-Kakula, a similar facility is planned to support the Kipushi operations. The tender for the facility is currently undergoing adjudication, with project award expected in the fourth quarter. The facility will be designed to provide 10 MW of continuous baseload power, providing approximately 50% of the Kipushi Mines' energy requirements. The facility is expected to be commissioned and operational in Q2 2028. Concentrate produced by the Kipushi Mine also includes significant quantities of germanium and gallium, two highly strategic critical minerals. We are actively examining ways to unlock the gallium and germanium that are in high concentrations at Kipushi, two metals that are vitally critical to the resilience of our supply chains. Germanium is a strategic metal used today in electronic devices, flat-panel display screens, light-emitting diodes, night-vision devices, optical fibres, optical lens systems, and solar power arrays. Gallium is a strategic metal used to manufacture compound semiconductor wafers for integrated circuits and optoelectronic devices such as laser diodes, light-emitting diodes, photodetectors, and solar cells. ZINC PRODUCTION, CASH COST AND CAPITAL EXPENDITURE GUIDANCE FOR 2026 Kipushi 2026 Guidance Contained zinc in concentrate (tonnes) 240,000 to 290,000 Cash cost (C1) ($ per pound of payable zinc sold) 0.85 to 0.95 Capital expenditure ($ million) 60   Guidance figures are on a 100% project basis. Kipushi's guidance is based on several assumptions and estimates of known and unknown risks, uncertainties, and other factors that may cause the actual results to differ, including the reliability of DRC grid power supply and prevailing logistics rates, among other variables. Metal reported in concentrate is before treatment losses or payability deductions associated with smelter terms. Cash cost (C1) is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, stockpile rehandling charges, 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 cash cost (C1) to arrive at an approximate cost of delivered finished metal. For historical comparatives and a reconciliation to the most directly comparable measure under IFRS see the non-GAAP Financial Performance Measures section of the company's MD&A for the three and six months ended June 30, 2026. 3. Platreef Mine 64%-owned by Ivanhoe Mines South Africa The Platreef Mine is located on the Northern Limb of the Bushveld Igneous Complex in Limpopo Province – approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane in South Africa. The project is owned by Ivanplats (Pty) Ltd. (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats' historically disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees, and local entrepreneurs. The remaining 10% interest is held by a Japanese consortium, consisting of ITOCHU Corporation, Japan Organization for Metals and Energy Security (JOGMEC), and Japan Gas Corporation. Platinum-group metals (PGM) mineralization in the Northern Limb is primarily hosted within a 30-kilometre mineralized sequence. Platreef is contiguous with, and along strike from, Valterra Platinum's Mogalakwena PGM operations. Platreef hosts an underground deposit of platinum-group metals, nickel, copper, and gold mineralization, called the Flatreef deposit. The Flatreef is a thick, relatively flat-lying and high-grade orebody, which is amenable to highly mechanized, highly productive, underground bulk mining methods. Since 2007, Flatreef has become one of the largest undeveloped precious metals deposits globally, with 56 million ounces in platinum equivalent Indicated Mineral Resources and 74 million ounces in platinum equivalent Inferred Mineral Resources, at a 2.0 g/t 3PE + AU cut-off. The Flatreef is also host to one of the world's largest undeveloped nickel sulphide mineral resources. Following the successful opening of the Platreef Mine in November, 2025, ramp-up of the Phase 1 concentrator is advancing, with commercial production expected mid-year. View over the headgear of Platreef Mine's three shafts. Shaft #3 was commissioned in Q2 2026. Shaft #2 is currently being widened to a diameter of 10 metres, making it the largest shaft in Africa. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/3396/307108_911b1cfe747aea72_013full.jpg Platreef summary of quarterly production data from Phase 1 commissioning Q2 2026 Q1 2026 Q4 2025 Platreef Phase 1 concentrator Ore tonnes milled (DMT) 37,296 27,512 25,543 Feed grade of ore milled (g/t) 2.19 2.78 2.64 Recovery (%) 59 57% 45% PGM production (3PE + Au ounces) 1,538 1,428 965   Shaft #3 expands hoisting capacity at the Platreef Mine, unlocking Phase 1 operations while supporting underground development for Phase 2 expansion from Q4 2027 Production from the 0.8-Mtpa Phase 1 concentrator started on November 18, 2025. Since then, approximately 3,931 ounces of platinum, palladium, rhodium, and gold have been produced. Phase 1 operations have not yet reached commercial production. Therefore, production rates achieved to date are not representative of steady-state conditions. Platreef Mine's Phase 1 concentrator continued to be campaigned, or batch operated, during the quarter, predominantly fed by lower-grade development ore. Commercial production is now expected in Q4 2026, when identified bottlenecks in materials handling and the processing plant are expected to be resolved. Construction of Shaft #3 was completed on schedule in late Q1 2026, with the first ore hoisted to the surface on April 1, 2026. Commissioning of the shaft was finalized in June. Commissioning of the underground infrastructure supporting Shaft #3, consisting of a crusher, two conveyor belts and two strike tips, was also completed in June 2026. Following the commissioning of Shaft #3 and its associated underground infrastructure, the total hoisting capacity at the Platreef Mine has increased significantly. The new shaft also enables the concurrent hoisting of stoping ore and development waste, which was previously not possible with Shaft #1. Following the increase in hoisting capacity, stoping (production mining) of the higher-grade ore within the Flatreef orebody commenced at the end of the second quarter. The mining of two stopes has been completed so far. Mining rates are expected to ramp up throughout H2 2026. Shaft #3 is now also hoisting development waste, as the underground infrastructure is constructed in preparation for the Phase 2 expansion, which is expected to be completed by the end of 2027. Construction works on Phase 2 expansion advancing; first pour of Phase 2 concentrator concrete foundations expected later this month Earthworks on the Phase 2 expansion's 3.3-million-tonne-per-annum concentrator began at the start of the second quarter and are advancing according to plan. The first pour of the concentrator's concrete foundations is expected later this month. Engineering work on the concentrator is advancing, with the current focus on completing the civil and steel designs. The procurement of mechanical and electrical secondary long-lead items is underway, as well as the ordering of the Electrical, Control, and Instrumentation (EC&I) packages. The Structural, Mechanical, Piping, and Platework (SMPP) installation package for the flotation plant was awarded during the second quarter. The widening of Shaft #2 from its current diameter of 3.1 metres to 10 metres commenced at the start of the second quarter. The work consists of a mining technique called slipe-and-line that widens the shaft from the top down, while simultaneously installing a permanent shaft-wall lining. Approximately 50 metres out of the total 1,000 metres have been completed to date. Shaft #2 is expected to be ready to hoist labour and materials by the end of 2028 and ready to hoist ore by the end of 2029, supporting both the steady-state operations of Phase 2, as well as the future Phase 3 expansion. Platreef's $700 million Phase 2 project finance facility closed in April In December 2023, Ivanplats concluded a senior debt facility with Société Générale and Nedbank Limited to fund the construction of Phase 1. An initial $70 million was drawn, with a further $30 million drawn in the second quarter of 2025. Following the completion of the Phase 2 expansion study, Ivanhoe Mines entered into negotiations to enlarge the project finance package to fund the Phase 2 expansion's capital requirements. As announced on January 12, 2026, credit approvals were received, and underwriting engagements were signed with Societe Generale, Absa Bank Limited and Nedbank Limited for a $700 million senior project finance facility. The Phase 2 facility amends and upsizes the Phase 1 facility, resulting in approximately $600 million of net additional capital. Financial close of the upsized senior project finance facility took place on April 30, 2026. Financing for the future Phase 3 expansion is expected to be underpinned by cash flow generated from Platreef's Phase 1 and 2 operations. 4. Global Exploration Portfolio Ivanhoe's group 2026 exploration budget was upsized in early Q2 2026 to $126 million from $90 million. The 2026 budget is now more than double the group's 2025 exploration expenditure of $60 million, as confidence continues to grow across the company's exploration portfolio, most notably in the Western Forelands. The total group exploration budget is allocated as follows: $86 million to the Western Forelands Exploration Project in the DRC, $20 million to the company's joint venture in Kazakhstan, and the remaining $20 million to Ivanhoe's exploration activities in Angola, Zambia and South Africa. Western Forelands Exploration Project, DRC 54%- to 100%-owned by Ivanhoe Mines The Western Forelands Exploration Project consists of a licence package covering 2,427 square kilometres (km2) adjacent to the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC). The area of the Western Forelands licence package is approximately six times larger than that of the Kamoa-Kakula Copper Complex. The Western Forelands 2026 drilling program is set to be Ivanhoe's largest to date, with more than 80,000 metres of diamond core and 16,000 metres of reverse circulation (RC) drilling planned. The diamond drilling program primarily focuses on step-out and infill drilling across the Makoko District. In addition, a 16,000-metre RC drilling program is planned for the Kamilli regional target area during the dry season. During the second quarter, exploration efforts in the Western Forelands transitioned from the wet-season program to the dry-season program. Drilling continues to focus on the Makoko District (Makoko, Makoko West, and Kitoko), with additional drilling added around Makoko East and Lufupa. Approximately 22,000 metres of diamond drilling were completed across 30 drill holes during the second quarter of 2026, totaling 42,205 metres drilled year to date. The Makoko District drilling program in Q2 2026 continued to support both resource expansion and infill drilling objectives. Results from the infill drilling programme, which aims to reduce drill spacings to less than 400 metres in parts of the Makoko District, continue to demonstrate the continuity of mineralization. A third of all holes drilled were in-fill, improving the confidence of the already delineated Inferred Mineral Resources. Expansion drilling during the quarter targeted gaps between the Makoko West and Kitoko deposits, as well as the eastern extension of the Makoko orebody where there is resource growth potential. Drilling continues to expand the footprint of the Makoko District, with mineralization now within eight kilometres of Kamoa-Kakula’s Kakula West deposit. Early project development workstreams also commenced in Q2 at Makoko, including the establishment of site perimeters, baseline studies and various regulatory processes, including a community resettlement and livelihood restoration program. The updated 2026 Mineral Resource estimate will now be released in September, once these workstreams are more advanced. A dedicated diamond drill rig continued geotechnical drilling throughout the quarter. Five geotechnical holes, totaling 2,640 metres, together with hydrological packer testing and detailed geotechnical logging, were completed during the second quarter, to support pre-feasibility study requirements for the placement of mining and dewatering infrastructure. Since November 2025, a total of 11 geotechnical holes have been completed for the Makoko District. The 2026 geophysics field program commenced in June, with the start of the Audio-magnetotellurics and Magnetotellurics program (AMT-MT) over Makoko. This program will provide a more detailed assessment of the Katangan Basin architecture through improved depth estimates of pyritic siltstones and the identification of sub-vertical faults associated with increased weathering and potential groundwater flow pathways or aquifers. The wireline geophysics program, originally scheduled to commence in Q2 2026, will now begin in the third quarter. The program will investigate the downhole physical properties of the Makoko District and selected regional exploration holes. Rock property data collected during the program will be used to enhance the interpretation of existing high-resolution airborne geophysical datasets. North-Western Province, Zambia 100%-owned by Ivanhoe Mines Ivanhoe's geologists believe that the Central African Copperbelt extends further west from the Western Forelands basin into western Zambia and eastern Angola. Ivanhoe Mines was awarded a 7,757-square-kilometre (km²) exploration licence package, located in a highly strategic area of Zambia's North-Western Province in early Q2 2025. The 100%-owned landholding is over three times larger than Ivanhoe's Western Forelands Exploration Project and is situated between the company's existing DRC assets and the Angolan exploration licences. Ivanhoe's significantly underexplored licence package in Zambia has the potential to unlock the next generation of copper discoveries. Initial exploration activities in 2025 were focused on analyzing historical geophysical and geological data from the licence's previous owners, as well as conducting an airborne gravity gradiometer (AGG) and magnetics survey. Data analysis from the surveys has generated several target areas across the licence for follow-up drilling. During the quarter, Remote Exploration Services (Pty) Ltd (RES) were awarded the contract to manage the onsite geological services including camp and logistics, management of diamond drilling activities, ground geophysics and possibly surface geochemical surveys. A drilling contract was awarded to a Zambian company, Blu Rock Mining Services Ltd, to complete a 7,000-metre diamond drilling program across 14 holes with drilling activities commencing in June 2026, with 1,060m completed by end of the quarter. A wireline geophysics program is planned in Q3 and Q4 for physical property data collection to enhance airborne geophysical interpretation and follow-up targeting on the licences. Moxico and Cuando Cubango Provinces, Angola 100%-owned by Ivanhoe Mines Ivanhoe Mines is leveraging its proven exploration expertise from the Western Forelands and Kamoa-Kakula to unlock a major new frontier in Angola. The company has secured approximately 22,000 km² of highly prospective exploration licences in the Moxico and Cuando Cubango provinces, one of the largest greenfield sediment-hosted copper exploration packages in the region. Following the signing of a mining investment contract with Angola's National Agency for Mineral Resources on November 27, 2023, with limited to no prior exploration to date, exploration activities commenced with airborne magnetic and airborne gravity geophysical mapping of the full 22,000 km2 licence package in June 2024. Ivanhoe's exploration team then commenced a 600-km² baseline soil geochemical sampling. Other field work completed since consists of ground-based geophysical work, including Audio-frequency Magnetotellurics (AMT), Magnetotellurics (MT), and Passive Seismic surveys. A 12-hole stratigraphic drill program was started in late 2025 and paused after one drill hole was completed due to the onset of the wet season. Drilling restarted in the second quarter and is expected to be completed by the end of the year. Three diamond drill holes have been completed. The Chu-Sarysu Basin Exploration Joint Venture, Central Kazakhstan 20%-owned by Ivanhoe Mines (option to acquire up to 80%) Ivanhoe Mines has established a strategic exploration joint venture with UK-based Pallas Resources to unlock the potential of the Chu-Sarysu Copper Basin in Kazakhstan. The basin is recognised as the world's third-largest sediment-hosted copper district. The partnership covers a vast and highly prospective 16,708 km² licence area, enriched by a comprehensive archive of Soviet-era exploration data. Under the agreement announced on February 12, 2025, Ivanhoe has committed to $18.7 million in exploration funding over an initial two-year period, with the option to increase its ownership stake to 80% through staged earn-in milestones. The initial $18.7 million investment has been fully drawn down for the initial geophysical and diamond-drilling program, which began in Q3 2025. From May 2026, an additional $20 million was invested in the joint venture, more than doubling the planned drill program to approximately 40,000 metres. The additional budget will be allocated across all licences, thereby increasing Ivanhoe's earn-in across them all. Ongoing regional and prospect-scale geophysical and geochemical surveys, as well as stratigraphic drilling completed to date, continues to show significant promise across the underexplored, high-potential copper district. A total of 3 diamond drill rigs were operational at the end of Q2, which have completed 7,048 metres of drilling year to date. Mokopane Feeder Project, South Africa 100%-owned by Ivanhoe Mines Ivanhoe Mines is exploring the Northern Limb of South Africa's Bushveld Complex, adjacent to Ivanplats' flagship Platreef Mine. The company is targeting a significant gravity-high anomaly interpreted as a potential massive nickel-copper sulphide primary feeder zone for the region's rich mineralization, including the world-class Flatreef orebody. Following the completion of comprehensive geological and geophysical data analysis in early 2024, Ivanhoe has identified multiple drill targets. A 6,000-metre diamond drilling program commenced in Q1 2025, with 3,300 metres completed across two holes by the end of 2025. No drilling has been completed since the end of 2025. Exploration activities during 2026 continue to focus on reprocessing geophysical data to generate drill targets. SELECTED QUARTERLY FINANCIAL INFORMATION The following table summarizes selected financial information for the prior eight quarters. Revenue from commercial production at the Kipushi Mine commenced in Q4 2024. Also included in revenue for the company, is revenue from pre-production sales at the Platreef Mine which commenced in Q4 2025. All revenue from production at Kamoa-Kakula is recognized within the Kamoa Holding joint venture. Ivanhoe did not declare or pay any dividend or distribution in any financial reporting period. Three months ended June 30, March 31, December 31, September 30, 2026 2026 2025 2025 $'000 $'000 $'000 $'000 Revenue 152,611 165,529 138,435 129,403 Cost of sales (108,058) (132,537) (120,518) (122,151) Finance income 44,990 43,895 45,099 43,855 Share of profit (loss) from joint venture 16,277 (42,040) 45,647 11,305 General & administrative expenditure (15,546) (19,428) 4,518 (2,068) Exploration and project evaluation expenditure (15,226) (15,951) (19,722) (10,324) Deferred tax (expense) recovery 4,261 3,157 (32,995) 3,169 Finance costs (4,632) (4,132) (9,314) (20,920) Share-based payments (4,166) (2,604) (5,324) (6,194) Gain (loss) on fair valuation of derivative liability (17,153) 7,261 (3,125) - Profit (loss) attributable to: Owners of the company 49,741 17 54,687 33,057 Non-controlling interests (3,487) (2,045) (14,774) (2,505) Total comprehensive income attributable to: Owners of the company 96,769 (29,917) 83,544 55,839 Non-controlling interest 1,339 (5,095) (11,687) (3) Basic profit per share 0.03 0.00 0.04 0.02 Diluted profit per share 0.03 0.00 0.04 0.02 Three months ended June 30, March 31, December 31, September 30, 2025 2025 2024 2024 $'000 $'000 $'000 $'000 Revenue 96,757 77,020 40,818 - Cost of sales (100,217) (81,771) (51,563) - Share of profit from joint venture 15,704 107,948 73,620 83,507 Finance income 43,583 41,623 56,041 60,164 General & administrative expenditure (10,378) (9,957) (19,633) (10,573) Exploration and project evaluation expenditure (8,585) (9,145) (15,845) (12,813) Finance costs (4,947) (7,838) (6,849) (471) Deferred tax recovery 7,842 4,374 12,663 575 Share-based payments (4,447) (2,418) (2,977) (7,504) Loss on fair valuation of embedded derivative liability - - - (4,171) Profit (loss) attributable to: Owners of the company 44,051 129,760 99,344 117,942 Non-controlling interests (8,726) (7,560) (11,338) (9,760) Total comprehensive income (loss) attributable to: Owners of the company 60,900 135,033 60,964 141,525 Non-controlling interest (7,066) (7,161) (15,158) (7,469) Basic profit per share 0.03 0.10 0.07 0.09 Diluted profit per share 0.03 0.10 0.07 0.09   DISCUSSION OF RESULTS OF OPERATIONS Review of Ivanhoe Mines for the three months ended June 30, 2026 vs. June 30, 2025 The company's revenue was $153 million for the second quarter of 2026, $56 million higher than the same period in 2025 ($97 million). Of the total revenue recognized for the quarter, $146 million was from zinc concentrate sales at the Kipushi Mine, while $3 million was attributable to pre-commercial production revenue at the Platreef Mine. Cost of sales for the three months ended June 2026 was $108 million, up from $100 million for the same period in 2025, with the increase mainly due to the Kipushi Mine ($102 million). Results for the Kipushi Mine is explained separately in the "Review of the Kipushi Mine" section below. The company's share of profit from the Kamoa Holding joint venture was $1 million higher in Q2 2026 than in the same period in 2025 and is explained separately in the "Review of the Kamoa-Kakula Copper Complex" section below. Ivanhoe's exploration and project evaluation expenditure amounted to $15 million in Q2 2026 and $9 million for the same period in 2025. Of the total exploration and project evaluation expenditure for Q2 2026, $4 million related to the company Kazakhstan exploration, $1 million related to the company Angolan exploration and the remainder related mainly to exploration at Ivanhoe's Western Foreland exploration licences. Finance income for Q2 2026 amounted to $45 million and was $1 million more than for the same period in 2025 ($44 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture which amounted to $39 million for Q2 2026, and $35 million for the same period in 2025 and increased due to the higher accumulated loan balance. Included in the profit for the three months ended June 30, 2026, is a loss on the fair valuation of derivative liabilities of $17 million. The derivative liabilities arise on zinc hedging contracts undertaken by the company, which were unrealized at the end of the period. The company recorded a profit of $46 million and a total comprehensive income of $98 million for Q2 2026, compared to a profit of $35 million and a total comprehensive income of $54 million for the same period in 2025. The total comprehensive income for the three months ended June 30, 2026, included an exchange gain on translation of foreign operations of $52 million, compared to $19 million for the same period in 2025, resulting mainly from the strengthening of the South African Rand by 4% from March 31, 2026, to June 30, 2026. Review of the Kipushi Mine for the three months ended June 30, 2026 vs. June 30, 2025 The company sold 43,424 tonnes of payable zinc produced by the Kipushi Mine in the second quarter of 2026, realizing revenue of $146 million at a cost of sales of $102 million. This is compared to 43,348 tonnes of payable zinc sold for the same period in 2025, realizing revenue of $97 million at a cost of sales of $100 million. Kipushi's cost of sales per pound of payable zinc sold was $1.06/lb. for the second quarter of 2026 and was $1.05/lb. in Q2 2025. Cash cost (C1) per pound of payable zinc sold in the second quarter of 2026 averaged $0.90/lb. compared with $0.96/lb. for the same period in 2025. Revenue includes the mark-to-market gain impact of remeasurement of contract receivables of $9 million for the three months ended June 30, 2026. The realized, provisional, and forward zinc prices used for the remeasurement (mark-to-market) of contract receivables of Kipushi for the three months ended June 30, 2026, and for the same period in 2025, can be summarized as follows: Three months ended June 30, 2026 2025 Realized during the period - open at the start of the period Opening forward price ($/lb.)(1) 1.47 1.29 Realized price ($/lb.)(1) 1.55 1.31 Payable zinc tonnes sold 31,510 9,690 Remeasurement of contract receivables ($'000) 5,671 425 Realized during the period - new zinc sold in the current period Provisional price ($/lb.)(1) 1.54 1.19 Realized price ($/lb.)(1) 1.63 1.20 Payable zinc tonnes sold 18,503 21,800 Remeasurement of contract receivables ($'000) 3,872 484 Open at the end of the period - new zinc sold in the current period Provisional price ($/lb.)(1) 1.60 1.20 Closing forward price ($/lb.)(1) 1.58 1.26 Payable zinc tonnes sold 24,920 21,547 Remeasurement of contract receivables ($'000) (671) 2,973 Total remeasurement of contract receivables ($'000) 8,872 3,882   (1) Calculated on a weighted average basis Review of the Kamoa-Kakula Copper Complex for the three months ended June 30, 2026 vs. June 30, 2025 The company recognized income in aggregate of $55 million from the joint venture in Q2 2026 and $51 million for the same period in 2025, which can be summarized as follows: Three months ended June 30, 2026 2025 $'000 $'000 company share of profit from joint venture 16,277 15,704 Interest on loan to joint venture 38,636 34,927 company income recognized from joint venture 54,913 50,631   The company's share of profit from the Kamoa Holding joint venture was $1 million more in Q2 2026 compared to the same period in 2025 and is broken down in the following table: Three months ended June 30, 2026 2025 $'000 $'000 Revenue from contract receivables 847,627 868,846 Remeasurement of contract receivables 32,818 6,443 Revenue 880,445 875,289 Cost of sales (656,189) (640,194) Gross profit 224,256 235,095 General and administrative costs (60,416) (40,087) Amortization of mineral property (3,983) (4,799) Profit from operations 159,857 190,209 Finance costs (111,117) (52,873) Foreign exchange loss 9,239 (15,926) Finance income and other 4,994 5,405 Impairment(1) - (59,025) Profit before taxes 62,973 67,790 Current tax expense (41,993) (147,856) Deferred tax expense 14,999 116,773 Profit after taxes 35,979 36,707 Non-controlling interest of Kamoa Holding (3,095) (4,982) Total comprehensive income for the period attributable to the owners of the joint venture 32,884 31,725 company share of profit from joint venture (49.5%) 16,277 15,704   The Kamoa-Kakula Copper Complex sold 61,249 tonnes of payable copper in Q2 2026 realizing revenue of $880 million for the Kamoa Holding joint venture, compared to 101,714 tonnes of payable copper sold for revenue of $875 million for the same period in 2025. While sales volumes for Q2 2026 decreased by 40% when compared with the same period in 2025, the increase in average copper prices during the period, together with an increase in net upward remeasurements of contract receivables contributed to the positive movement in revenue. Of the $880 million of revenue recognized by Kamoa-Kakula during the three months ended June 30, 2026, $56 million relates to the sale of 119,603 tonnes of sulphuric acid. The realized, provisional and forward copper prices used for the remeasurement (mark-to-market) of contract receivables for the three months ended June 30, 2026, and for the same period in 2025, can be summarized as follows: Three months ended June 30, 2026 2025 Realized during the period - open at the start of the period Opening forward price ($/lb.)(1) 5.52 4.44 Realized price ($/lb.)(1) 5.85 4.27 Payable copper tonnes sold 41,390 64,422 Remeasurement of contract receivables ($'000) 29,742 (23,066) Realized during the period - new copper sold in the current period Provisional price ($/lb.)(1) 6.05 4.23 Realized price ($/lb.)(1) 6.15 4.42 Payable copper tonnes sold 39,844 63,522 Remeasurement of contract receivables ($'000) 8,354 25,473 Open at the end of the period - new copper sold in current period Provisional price ($/lb.)(1) 6.13 4.45 Closing forward price ($/lb.)(1) 6.02 4.50 Payable copper tonnes sold 21,405 38,192 Remeasurement of contract receivables ($'000) (5,278) 4,036 Total remeasurement of contract receivables ($'000) 32,818 6,443   (1) Calculated on a weighted average basis The finance costs recognized in the Kamoa Holding joint venture increased by $58 million from $53 million for the three months ended June 2025 to $111 million for the same period in 2026, with the increase largely attributable to a decrease in borrowing costs capitalized as qualifying assets reached completion. The finance costs can be broken down as follows: Three months ended June 30, 2026 2025 $'000 $'000 Interest on shareholder loans 78,016 70,521 Interest on provisional and advance payment facilities 28,751 35,137 Interest on bank loans and overdraft facilities 18,551 7,250 Interest on syndicated loans 9,970 11,376 Lease liability unwinding 1,687 1,651 Rehabilitation unwinding 1,621 759 Interest on equipment financing facilities 753 1,643 Interest capitalized as borrowing costs (28,232) (75,464) 111,117 52,873   Review of Ivanhoe Mines for six months ended June 30, 2026 vs. June 30, 2025 The company's revenue was $318 million for the six months ended June 30, 2026 and was $144 million more than for the same period in 2025 ($174 million). Of the total revenue recognized for the first half of 2026, $308 million was from the Kipushi Mine, while $6 million was attributable to pre-commercial production revenue at the Platreef Mine. Cost of sales for the six months ended June 2026 was $241 million, and was $182 million for the same period in 2025, with cost of sales for the period mainly attributable to the Kipushi Mine ($230 million). Results for the Kipushi Mine is explained separately in the "Review of the Kipushi Mine" section below. The company recorded its share of loss from the Kamoa Holding joint venture of $26 million for the six months ended June 30, 2026, compared to a profit of $124 million for the same period in 2025. The Kamoa Holding joint venture incurred a loss for the period as a result of a $183 million tax adjustment in settlement of tax claims related to tax audit assessments of Kamoa Copper in prior years during Q1 2026. Results for the Kamoa Holding joint venture is explained separately in the "Review of the Kamoa-Kakula Copper Complex" section below. Ivanhoe's exploration and project evaluation expenditure amounted to $31 million for the six months ended June 30, 2026, and $18 million for the same period in 2025. Of the total exploration and project evaluation expenditure for the first half of 2026, $9 million related to the company's Kazakhstan exploration, $2 million related to the company's Angolan exploration, and the remainder ($20 million) related mainly to exploration at Ivanhoe's Western Forelands exploration licences. Included in general and administrative expenses for the six months ended June 30, 2026 is foreign exchange losses of $9 million compared with $2 million for the same period in 2025. Finance income amounted to $89 million for the six months ended June 30, 2026, and $85 million for the same period in 2025. Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund past development that amounted to $75 million for the six months ended June 30, 2026, and $69 million for the same period in 2025 and increased due to the higher accumulated loan balance. Included in the profit for the six months ended June 30, 2026, is a loss on the fair valuation of derivative liabilities of $10 million. The derivative liabilities arise on zinc hedging contracts undertaken by the company. The company recorded a profit of $44 million and a total comprehensive income of $63 million for the six months ended June 30, 2026, compared to a profit of $158 million and a total comprehensive income of $182 million for the same period in 2025. Review of the Kipushi Mine for six months ended June 30, 2026 vs. June 30, 2025 The company sold 98,364 tonnes of payable zinc produced by the Kipushi Mine in the first half of 2026, realizing revenue of $308 million at a cost of sales of $230 million. This is compared to 73,456 tonnes of payable zinc sold for the same period in 2025, realizing revenue of $174 million at a cost of sales of $182 million. The cost of sales for the six months ended June 30, 2026 also included depreciation and amortization of $35 million, which was $29 million for the same period in 2025. Cost of sales per pound of payable zinc sold was $1.06/lb. for the first half of 2026, compared to $1.12/lb. for the same period in 2025. Cash cost (C1) per pound of payable zinc sold for the six months ended June 30, 2026 averaged $0.88/lb. and $0.94/lb. for the same period in 2025. The realized, provisional, and forward zinc prices used for the remeasurement (mark-to-market) of contract receivables of Kipushi for the six months ended June 30, 2026, and for the same period in 2025, can be summarized as follows: Six months ended June 30, 2026 2025 Realized during the period - open at the start of the period Opening forward price ($/lb.)(1) 1.41 1.34 Realized price ($/lb.)(1) 1.47 1.28 Payable zinc tonnes sold 32,966 11,596 Remeasurement of contract receivables ($'000) 4,208 (1,496) Realized during the period - new zinc sold in the current period Provisional price ($/lb.)(1) 1.49 1.25 Realized price ($/lb.)(1) 1.53 1.25 Payable zinc tonnes sold 73,444 51,908 Remeasurement of contract receivables ($'000) 6,736 (288) Open at the end of the period - new zinc sold in the current period Provisional price ($/lb.)(1) 1.60 1.20 Closing forward price ($/lb.)(1) 1.58 1.26 Payable zinc tonnes sold 24,920 21,547 Remeasurement of contract receivables ($'000) (671) 2,973 Total remeasurement of contract receivables ($'000) 10,273 1,189   (1) Calculated on a weighted average basis Review of the Kamoa-Kakula Copper Complex for six months ended June 30, 2026 vs. June 30, 2025 The company recognized income in aggregate of $49 million from the joint venture in the six months ended June 30, 2026 (2025: $193 million), which can be summarized as follows: Six months ended June 30, 2026 2025 $'000 $'000 Company's share of (loss) profit from joint venture (25,763) 123,652 Interest on loan to joint venture 74,890 69,007 Company's income recognized from joint venture 49,127 192,659   The company recorded its share of loss from the Kamoa Holding joint venture of $26 million for the six months ended June 30, 2026, compared to a profit of $124 million for the same period in 2025, the breakdown of which is summarized in the following table: Six months ended June 30, 2026 2025 $'000 $'000 Revenue from contract receivables 1,720,166 1,791,257 Remeasurement of contract receivables 22,581 57,429 Revenue 1,742,747 1,848,686 Cost of sales (1,228,765) (1,093,457) Gross profit 513,982 755,229 General and administrative costs (125,223) (74,607) Amortization of mineral property (8,154) (9,795) Profit from operations 380,605 670,827 Foreign exchange loss (3,646) (16,741) Finance income and other 10,553 10,721 Finance costs (198,240) (112,229) Impairment - (68,202) Profit before taxes 189,272 484,376 Current tax expense (263,651) (250,084) Deferred tax (expense) recovery (4,008) 68,835 (Loss) profit after taxes (78,387) 303,127 Non-controlling interest of Kamoa Holding 26,341 (53,325) Total comprehensive income (loss) for the period attributable to the owners of the joint venture (52,046) 249,802 Company's share of (loss) profit from joint venture (49.5%) (25,763) 123,652   The Kamoa-Kakula Copper Complex sold 127,868 tonnes of payable copper in the first half of 2026, realizing revenue of $1.74 billion for the Kamoa Holding joint venture, compared to 211,677 tonnes of payable copper sold for revenue of $1.85 billion for the same period in 2025. The increase in the average provisional copper sales price achieved during the six months ended June 30, 2026, contributed to the increase in revenue despite the decrease in payable copper sold when compared with the same period in 2025. Of the $1.74 billion of revenue recognized by Kamoa-Kakula during the six months ended June 30, 2026, $106 million relates to the sale of 227,296 tonnes of sulphuric acid. The realized and provisional copper prices used for the remeasurement (mark-to-market) of contract receivables for the six months ended June 30, 2026, and for the same period in 2025, can be summarized as follows: Six months ended June 30, 2026 2025 $'000 $'000 Realized during the period - open at the start of the period Opening forward price ($/lb.)(1) 5.64 4.01 Realized price ($/lb.)(1) 5.81 4.14 Payable copper tonnes sold 50,249 79,985 Remeasurement of contract receivables ($'000) 18,565 21,811 Realized during the period - new copper sold in the current period Provisional price ($/lb.)(1) 5.89 4.25 Realized price ($/lb.)(1) 5.93 4.33 Payable copper tonnes sold 106,463 173,485 Remeasurement of contract receivables ($'000) 9,294 31,582 Open at the end of the period - new copper sold in current period Provisional price ($/lb.)(1) 6.13 4.45 Closing forward price ($/lb.)(1) 6.02 4.50 Payable copper tonnes sold 21,405 38,192 Remeasurement of contract receivables ($'000) (5,278) 4,036 Total remeasurement of contract receivables ($'000) 22,581 57,429   (1) Calculated on a weighted average basis The finance costs recognized in the Kamoa Holding joint venture was $112 million for the six months ended June 30, 2025 and increased by $86 million to $198 million for the six months ended June 30, 2026, largely due to the interest in shareholder loans, which increased due to the higher accumulated loan balance, the interest on bank loans and overdraft facilities and a decrease in borrowing costs capitalized as qualifying assets reached completion. The finance costs can be broken down as follows: Six months ended June 30, 2026 2025 $'000 $'000 Interest on shareholder loans 151,221 139,338 Interest on provisional and advance payment facilities 53,008 75,334 Interest on bank loans and overdraft facilities 37,516 14,748 Interest on syndicated loans 21,236 22,619 Rehabilitation unwinding 3,232 3,012 Lease liability unwinding 3,070 3,434 Interest on equipment financing facilities 2,479 3,400 Interest capitalized as borrowing costs (73,522) (149,656) 198,240 112,229   Financial position of Ivanhoe Mines as at June 30, 2026, vs. December 31, 2025 The company's total assets increased by $177 million, from $7,626 million as at December 31, 2025, to $7,803 million as at June 30, 2026. The increase in total assets was mainly attributable to the increase in property, plant and equipment of $224 million as project development continued at the Platreef Mine, and the increase in the company's investment in the Kamoa Holding joint venture by $123 million, offset in part by the decrease in cash and cash equivalents and short term deposits by $250 million, as explained below. Cash and cash equivalents and short-term deposits decreased by $250 million, from $885 million as at December 31, 2025, to $635 million as at June 30, 2026. The company spent $185 million on project development and acquiring other property, plant, and equipment and used $5 million in its operating activities. Of the total interest repaid during the six months ended June 30, 2026, $30 million related to the semi-annual interest repayment on the Senior Notes (as defined below), $6 million related to repayments of interest on advance payment facilities, $3 million related to interest on overdraft facilities, and $16 million related to interest on other term loan facilities. The company advanced equity contributions of $74 million to the Kamoa Holding joint venture during the six months ended June 30, 2026. Inventory increased by $51 million, from $66 million as at December 31, 2025, to $117 million as at June 30, 2026. Included in inventory is $56 million of zinc concentrate finished goods, up from $28 million at the end of 2025. Finished goods as at June 30, 2026 contains 43,984 tonnes of zinc in concentrate and increased from December 31, 2025 (28,345 tonnes) due to logistics constraints experienced during the second quarter of 2026. 27,830 tonnes of zinc in concentrate was en-route to the port at the end of Q2 2026 (December 31, 2025: 15,972 tonnes). The inventory balance as at June 30, 2026, also contains $32 million in ore stockpiles (December 31, 2025: $19 million). The ore stockpile contained approximately 360,828 tonnes of ore at an estimated average grade of 27.2% zinc (December 31, 2025: 303,038 tonnes of ore at an estimated average grade of 24.7% zinc). The company's investment in the Kamoa Holding joint venture increased by $123 million from $3,571 million as at December 31, 2025, to $3,694 million as at June 30, 2026. The company's investment in the Kamoa Holding joint venture can be broken down as follows: June 30, December 31, 2026 2025 $'000 $'000 Company's share of net assets in joint venture 2,335,388 2,286,901 Loan advanced to joint venture 1,358,579 1,283,689 Total investment in joint venture 3,693,967 3,570,590   The company's share of the net assets in the Kamoa Holding joint venture can be broken down as follows: June 30, 2026 December 31, 2025   100%  49.5%  100%  49.5%    $'000  $'000  $'000  $'000  Assets         Property, plant and equipment 7,486,198 3,705,668 7,085,455 3,507,300 Indirect taxes receivable 1,151,629 570,056 1,141,769 565,176 Current inventory 706,997 349,964 759,207 375,807 Mineral property 736,217 364,427 744,371 368,464 Long-term loan receivable 451,306 223,396 428,363 212,040 Other receivables 282,478 139,827 364,097 180,228 Trade receivables 465,589 230,467 336,094 166,367 Cash and cash equivalents 129,481 64,093 310,590 153,742 Right-of-use asset 75,536 37,390 39,834 19,718 Run of mine stockpile 19,490 9,648 104,790 51,871 Prepaid expenses 19,193 9,501 18,484 9,150 Non-current deposits 3,127 1,548 3,127 1,548 Income taxes receivable - - 88,289 43,703 Deferred tax asset - - 30,201 14,949 Liabilities Shareholder loans (2,744,807) (1,358,679) (2,593,586) (1,283,825) Term loan facilities (907,076) (449,003) (1,069,004) (529,157) Advance payment facilities (916,897) (453,864) (906,915) (448,923) Trade and other payables (659,045) (326,227) (675,358) (334,302) Deferred tax liability (343,654) (170,109) (369,851) (183,076) Overdraft facility (315,435) (156,140) (276,430) (136,833) Rehabilitation provision (150,080) (74,290) (132,004) (65,342) Income taxes payable (9,366) (4,636) - - Dividends payable (12,509) (6,192) (87,242) (43,185) Provisional payment facilities (75,532) (37,388) (80,756) (39,974) Lease liability (66,728) (33,030) (44,075) (21,817) Other provisions (69,805) (34,553) (34,806) (17,229) Non-controlling interest (538,351) (266,484) (564,641) (279,497) Net assets of the joint venture 4,717,956 2,335,388 4,620,003 2,286,901   Before commencing commercial production in July 2021, the Kamoa Holding joint venture principally used loans from its shareholders to develop the Kamoa-Kakula Copper Complex through investing in development costs and other property, plant, and equipment. Advance payment facilities represent financing arrangements linked to Kamoa-Kakula's offtake agreements with its customers. Each customer has provided advance payment facilities which are repaid by offsetting amounts payable in terms of provisional invoices in accordance with the terms of each agreement. The repayments of the advanced payment facilities of the Kamoa Holding joint venture can be summarized as follows: More than   0-3 months 3-6 months 6-12 months 12-24 months 24 months   $'000 $'000 $'000 $'000 $'000 As at June 30, 2026 32,177 15,305 66,000 686,848 116,567   Overdraft facilities represent drawn unsecured financing facilities from DRC financial institutions at an attractive cost of capital, utilized to augment cash generated from operations for Kamoa-Kakula's continued expansion and working capital. Total current overdraft facilities amount to $315 million, with an interest rate of approximately 6.5%. The term loan facilities of the Kamoa Holding joint venture, incur interest at a weighted average rate of 8.11% per annum and can be summarized as follows: Description Repayment terms   Maturity date June 30, December 31,   2026 2025   $'000 $'000   Syndicated term facility Repayable in eight equal quarterly installments starting from March 31, 2026   Dec-27 305,797 398,868 Standard Bank facility agreement Full repayment on July 2027 with extension option.   Jul-27 201,612 198,870 Equipment financing facilities Installments on each quarterly facility repayment date   Dec-27 22,596 34,951 Bank of Africa facility Repayable in monthly installments   Nov-26 7,345 15,623 United Bank for Africa loan facility Interest is paid bi-annually & the principal is repaid on maturity.   Oct-26 - 50,472 Offshore Term facility Interest is paid quarterly & four quarterly payments of the principal amount starting on 31 December 2026 and eight (80%) of the principal on maturity.   Oct-27 369,726 370,221 Total term loan facilities   907,076 1,069,004   The repayments of the term loan facilities of the Kamoa Holding joint venture can be summarized as follows: More than 0-3 months 3-6 months 6-12 months 12-24 months 24 months $'000 $'000 $'000 $'000 $'000 As at June 30, 2026 62,517 78,463 - 766,096 -   The cash flows of the Kamoa Holding joint venture can be summarized as follows: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Net cash generated from operating activities before change in working capital items 170,552 232,224 516,480 787,913 Change in working capital items 19,706 127,928 (48,251) (381,303) Net cash used in investing activities (278,464) (265,307) (600,545) (563,769) Net cash generated from financing activities 77,808 57,579 (46,711) 303,871 Effect of foreign exchange rates on cash (211) (3,926) 304 (917) Net cash (outflow) inflow (10,609) 148,498 (178,723) 145,795 Cash and cash equivalents - beginning of the period 140,090 97,938 308,204 100,641 Cash and cash equivalents - end of the period 129,481 246,436 129,481 246,436   The Kamoa Holding joint venture's net increase in property, plant and equipment from December 31, 2025, to June 30, 2026, amounted to $401 million and can be further broken down as follows: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Kamoa Holding joint venture Expansion capital 149,469 192,892 346,628 399,894 Sustaining capital 134,536 81,501 244,679 171,275 284,005 274,393 591,307 571,169 Depreciation capitalized 20,186 16,752 35,823 30,465 Total capital expenditure 304,191 291,145 627,130 601,634 Borrowing costs capitalized 28,233 75,463 73,522 149,655 Total additions to property, plant, and equipment for Kamoa Holding 332,424 366,608 700,652 751,289 Less depreciation, impairment, disposals, and foreign exchange translation (149,176) (186,665) (299,909) (315,640) Net increase in property, plant, and equipment of Kamoa Holding 183,248 179,943 400,743 435,649   The net increase in Ivanhoe's property, plant, and equipment amounted to $224 million, with additions of $191 million to project development and other property, plant, and equipment. Of this total, $158 million pertained to development costs and other acquisitions of property, plant and equipment at the Platreef Mine, while $29 million pertained to acquisitions of property, plant, and equipment at the Kipushi Mine. The main components of the additions to property, plant and equipment – including capitalized development costs – at the Platreef Mine for the six months ended June 30, 2026, and for the same period in 2025, are set out in the following tables: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Platreef Mine Phase 2 construction 48,747 26,554 80,454 48,376 Site costs 15,785 12,117 31,577 22,564 Salaries and benefits 10,670 9,338 24,869 18,522 Administrative and other expenditure 5,596 2,384 10,744 7,322 Depreciation 4,054 2,655 7,664 5,024 Social and environmental 2,478 882 2,478 1,908 Phase 1 construction - 3,133 - 6,186 Studies and contracting work - 2,541 - 3,217 Total development costs 87,330 59,604 157,786 113,119 Other additions to property, plant and equipment 167 903 640 935 Total additions to property, plant and equipment for Platreef 87,497 60,507 158,426 114,054   The company's total liabilities increased by $102 million to $2,003 million as at June 30, 2026, from $1,901 million as at December 31, 2025, with the increase mainly due to $65 million drawn down by Platreef under its shareholder loan facility agreement with ITC Platinum Development Limited, an increase in the derivative liability associated with zinc hedges of $7 million and an increase in current tax liabilities at Kipushi of $10 million. On January 23, 2025, the company issued debt securities with an aggregate principal of $750 million (the Senior Notes) and a maturity date of January 23, 2030. The Senior Notes carry a coupon of 7.875% per annum payable semi-annually in arrears on January 23 and July 23 each year, commencing on July 23, 2025. LIQUIDITY AND CAPITAL RESOURCES The company had $635 million in cash and cash equivalents as at June 30, 2026. As at this date, the company had a consolidated working capital surplus of approximately $511 million, compared to $626 million as at December 31, 2025. The company's capital expenditure guidance can be summarized as follows: Capital Expenditure YTD 2026 Actuals 2026 Guidance 2027 Guidance ($' million) ($' million) ($' million) Kamoa-Kakula Expansion capital (1) 347 600 - 850 300 - 450 Sustaining capital 245 500 - 550 450 - 500 592 1,100 - 1,400 750 - 950 Platreef Phase 2 capital 150 350 - 380 380 - 420 150 350 - 380 380 - 420 Kipushi Sustaining capital 29 60 35 29 60 35   Figures in the above table are presented on a 100% basis. (1) Expansion capital guidance at Kamoa-Kakula for 2026 and 2027 can be attributed 75% to accelerated mining development works, ventilation and dewatering infrastructure, and 25% to completion of smelter, power and Project 95 initiatives. The capital expenditure guidance for 2026 and 2027 remains unchanged from that disclosed in the MD&A as at and for the year ended December 31, 2025. Ivanhoe's exploration budget for 2026 has been set to approximately $127 million, with $86 million earmarked for exploration activities focused on the Western Forelands Project. On July 6, 2026, Ivanplats (Pty) Ltd. drew down on $87 million of the amended Senior Debt facility, further boosting liquidity at the Platreef Mine. The cash flows by segment for the three and six months ended June 30, 2026, and for the same period in 2025 is as follows: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Cash flows from operating activities Kamoa Holding joint venture - - - - Kipushi properties 53,182 9,753 93,938 (12,379) Platreef properties 19,543 586 (12,801) (4,847) Treasury (7,898) (99) (52,357) (4,344) All other segments (19,214) (9,763) (33,640) (33,016) Net cash generated from (used in) operating activities 45,613 477 (4,860) (54,586) Cash flows from investing activities Kamoa Holding joint venture (74,250) - (74,250) - Kipushi properties 9,604 (29,627) (28,851) (53,637) Platreef properties (105,881) (55,948) (152,578) (107,779) Treasury 99,151 2,336 99,143 2,335 All other segments (7,829) (4,192) (8,884) (3,638) Net cash used in investing activities (79,205) (87,431) (165,420) (162,719) Cash flows from financing activities Kamoa Holding joint venture - - - - Kipushi properties (49,467) 11,200 (39,767) 10,900 Platreef properties 64,199 29,687 64,199 29,318 Treasury (747) 1,541 2,798 730,359 All other segments (213) (159) (3,587) (1,779) Net cash generated from financing activities 13,772 42,269 23,643 768,798 Effect of foreign exchange rates on cash 2,920 (630) (2,579) 2,844 Net cash (outflow) inflow by segment Kamoa Holding joint venture (74,250) - (74,250) - Kipushi properties 13,319 (8,674) 25,320 (55,116) Platreef properties (22,139) (25,675) (101,180) (83,308) Treasury 90,506 3,778 49,584 728,350 All other segments (27,256) (14,114) (46,111) (38,433) Effect of foreign exchange rates on cash 2,920 (630) (2,579) 2,844 Net cash (outflow) inflow (16,900) (45,315) (149,216) 554,337 Cash and cash equivalents - beginning of the period 652,222 716,995 784,538 117,343 Cash and cash equivalents - end of the period 635,322 671,680 635,322 671,680   PRO-RATA FINANCIAL RATIOS The following pro-rata financial ratios have been calculated by aggregating the contributions of the company with the contributions from the Kamoa-Kakula joint venture, pro-rata to the company's effective shareholding in the Kamoa-Kakula joint venture. (in millions of $, except ratios) June 30, December 31, 2026 2025* Pro-rata total debt 2,162.7 2,180.0 Pro-rata cash and cash equivalents and short-term investment 688.5 1,010.4 Pro-rata net debt 1,474.2 1,169.6 Pro-rata net debt to Adjusted EBITDA (1) 2.48x 2.02x   (1) Pro-rata net debt to Adjusted EBITDA ratio is a non-GAAP financial measure. Pro-rata net debt to Adjusted EBITDA ratio is pro-rata net debt divided by Adjusted EBITDA for the twelve months ended at the reporting period, expressed as the number of times Adjusted EBITDA needs to be earned to repay the pro-rata net debt. The company's pro-rata total debt is summarized as follows: June 30, December 31, 2026 2025* $'millions $'millions Consolidated indebtedness of the company: Senior notes 761.0 759.2 Senior debt facility 101.3 96.4 Advance payment facilities 100.0 121.0 Overdraft facilities 40.0 80.5 Other borrowings 283.3 199.0 1,285.6 1,256.1 Pro-rata indebtedness of Kamoa Holding joint venture Term loan facilities 359.2 423.3 Advance payment facilities 363.1 359.1 Provisional payment facilities 29.9 32.0 Overdraft facilities 124.9 109.5 877.1 923.9 Pro-rata total debt 2,162.7 2,180.0   The pro-rata cash and cash equivalents of the company are summarized as follows: June 30, December 31, 2026 2025* $'millions $'millions Consolidated cash and cash equivalents and short-term investment of the company 635.3 885.2 Pro-rata cash and cash equivalents of Kamoa Holding joint venture 53.2 125.2 Pro-rata cash and cash equivalents and short-term investment 688.5 1,010.4   The pro-rata net debt of the company is summarized as follows: June 30, December 31, 2026 2025* $'millions $'millions Pro-rata total debt 2,162.7 2,180.0 Pro-rata cash and cash equivalents and short-term investment 688.5 1,010.4 Pro-rata net debt 1,474.2 1,169.6   The Adjusted EBITDA of the company for the twelve months ended June 30, 2026 is summarized as follows: Twelve months ended June 30, 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 $'millions $'millions $'millions $'millions $'millions Profit (loss) after taxes 114.8 46.3 (2.0) 39.9 30.6 Finance income (177.9) (45.0) (43.9) (45.1) (43.9) Current and deferred tax 46.9 10.6 3.0 35.8 (2.5) Finance costs 38.9 4.6 4.1 9.3 20.9 Unrealized foreign exchange (gain) loss (23.5) (0.1) 6.8 (23.5) (6.7) Depreciation 66.5 5.0 21.6 25.2 14.7 Amortization of mineral property 19.8 5.3 5.4 5.0 4.1 EBITDA 85.5 26.7 (5.0) 46.6 17.2 Share of (profit) loss from joint venture net of tax (31.2) (16.3) 42.0 (45.6) (11.3) Company's share of EBITDA from Kamoa-Kakula joint venture (1) 515.3 151.6 157.9 129.5 76.3 Non-cash share-based payments 16.2 4.1 3.5 4.3 4.3 Loss (gain) on fair valuation of derivative liability 13.0 17.2 (7.3) 3.1 - Modification gain on financial liability (4.4) (4.4) - - - Adjusted EBITDA 594.4 178.9 191.1 137.9 86.5   (1) The company's attributable share of EBITDA from the Kamoa-Kakula joint venture is calculated using the company's effective shareholding in Kamoa Copper SA (39.6%), Ivanhoe Mines Energy DRC SARL (49.5%), Kamoa Holding Limited (49.5%), Kamoa Services (Pty) Ltd (49.5%) and the Kamoa Centre of Excellence (49.5%). * The comparative information presented in the tables above, for the year ended December 31, 2025, has been restated, to include the company's overdraft facilities in the pro-rata total debt metric and the company's short-term investments in the pro-rata cash and cash equivalents and short-term investments metric. This restatement facilitates a more meaningful comparison with the pro-rata financial ratios as at June 30, 2026. NON-GAAP FINANCIAL PERFORMANCE MEASURES Cash cost (C1) per pound is a non-GAAP financial measure. These are disclosed to enable investors to better understand the performance of Kamoa-Kakula and Kipushi in comparison to other copper and zinc producers respectively who present results on a similar basis. 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 for Kamoa-Kakula, 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 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 finished metal. C1 cash cost and C1 cash cost per pound exclude royalties, production taxes, and non-routine charges as they are not direct production costs. Reconciliation of Kamoa-Kakula's cost of sales to C1 cash cost, including on a per pound basis: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Cost of sales 656,189 640,194 1,228,765 1,093,457 General and administrative expenditure 49,908 39,230 93,804 73,751 Logistics, treatment and refining charges 32,885 101,838 58,984 212,228 Depreciation (182,473) (141,390) (324,377) (245,009) Sulphuric acid credits (55,568) - (105,846) - Royalties and production taxes (52,631) (71,309) (95,552) (137,553) Non-cash adjustments to inventory (26,896) (18,268) (13,177) 42,715 Extraordinary taxes (13,522) (514) (24,628) (960) Power rebate (6,617) (3,356) (13,056) (7,125) General and administrative expenditures of other group entities (18) (4,004) (275) (4,690) Costs classified as abnormal due to seismic activity - (90,064) - (90,064) C1 cash costs 401,257 452,357 804,642 936,750 Cost of sales per pound of payable copper sold ($ per lb.) 4.86 2.85 4.36 2.34 Cash cost (C1) per payable pound of copper in saleable product produced ($ per lb.) 2.84 1.89 2.70 1.78 Payable copper produced in final saleable product (tonnes) 64,188 108,867 135,395 238,598   Figures in the above table are for the Kamoa-Kakula joint venture on a 100% basis. Reconciliation of Kipushi's cost of sales to C1 cash cost, including on a per-pound basis: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Cost of sales 101,560 100,217 230,215 181,988 Logistics and treatment charges 10,491 18,716 27,954 22,638 General and administrative expenditure 557 386 998 434 Royalties and production taxes (17,064) (10,801) (32,902) (20,654) Depreciation and amortization (9,093) (15,518) (35,333) (29,095) General and administrative expenditures of other group entities (743) (1,477) (1,021) (2,321) C1 cash costs 85,708 91,523 189,911 152,990 Cost of sales per pound of payable zinc sold ($ per lb.) 1.06 1.05 1.06 1.12 C1 cash costs per pound of payable zinc sold ($ per lb.) 0.90 0.96 0.88 0.94 Payable zinc sold in concentrate (tonnes) 43,424 43,348 98,364 73,456   EBITDA, Adjusted EBITDA and EBITDA margin EBITDA and Adjusted EBITDA are non-GAAP financial measures. Ivanhoe believes that Kamoa-Kakula's EBITDA and Kipushi's EBITDA are valuable indicators of each mine's respective ability to generate liquidity by producing operating cash flow to fund their working capital needs, service debt obligations, fund capital expenditures, and distribute cash to its shareholders. EBITDA and Adjusted EBITDA are also frequently used by investors and analysts for valuation purposes. Kamoa-Kakula's EBITDA, Kipushi's EBITDA, and the EBITDA and Adjusted EBITDA for the company are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS Accounting Standards and should not be considered in isolation or as a substitute for measures of performance prepared per IFRS Accounting Standards. EBITDA and Adjusted EBITDA exclude the impact of cash cost of financing activities and taxes, and the effects of changes in operating working capital balances and impairments, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS Accounting Standards. Other companies may calculate EBITDA and Adjusted EBITDA differently. The EBITDA margin is an indicator of Kamoa-Kakula's and Kipushi's respective overall health and denotes their respective profitability, which is calculated by dividing EBITDA by revenue. The EBITDA margin is intended to provide additional information to investors and analysts, does not have any standardized definition under IFRS Accounting Standards, and should not be considered in isolation or as a substitute, for measures of performance prepared per IFRS Accounting Standards. Reconciliation of (loss) profit after tax to Kamoa-Kakula's EBITDA: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Profit (loss) after taxes 35,979 36,707 (78,387) 303,127 Depreciation 186,456 146,189 332,531 254,804 Finance costs 111,117 52,873 198,240 112,229 Current and deferred tax expense 26,994 31,083 267,659 181,249 Modification loss on advance payment facilities 21,671 - 21,671 - Other taxes 13,522 514 24,628 960 Finance income (5,877) (5,907) (11,494) (11,459) Unrealized foreign exchange (gain) loss (4,975) 4,697 27,515 10,406 Impairment (1) - 59,025 - 68,202 EBITDA 384,887 325,181 782,363 919,518   Figures in the above table are for the Kamoa-Kakula joint venture on a 100% basis. Reconciliation of loss after tax to Kipushi's EBITDA: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 $'000 $'000 Segmented profit (loss) after taxes 27,313 (6,131) 43,388 (11,214) Depreciation and amortization 9,093 15,519 35,333 29,095 Finance costs 6,682 8,047 13,533 14,467 Current and deferred tax expense 9,046 (7,865) 12,743 (12,165) Finance income (555) (592) (1,084) (1,204) Unrealized foreign exchange (gain) loss (672) 317 5,479 824 EBITDA 50,907 9,295 109,392 19,803   Reconciliation of profit after tax to Ivanhoe's EBITDA and adjusted EBITDA: Three months ended Six months ended June 30, June 30, 2026 2025 2026 2025 $'000 $'000 Profit after taxes 46,254 35,325 44,226 157,525 Finance income (44,990) (43,583) (88,885) (85,206) Depreciation 5,035 11,282 26,612 23,210 Amortization of mineral property 5,284 5,233 10,657 7,539 Current and deferred tax (recovery) expense 10,553 (7,229) 13,547 (11,182) Finance costs 4,632 4,947 8,764 12,785 Unrealized foreign exchange (gain) loss (178) 661 6,475 1,325 EBITDA 26,590 6,636 21,396 105,996 Share of (loss) profit from joint venture net of tax (16,277) (15,704) 25,763 (123,652) Company's share of EBITDA from Kamoa-Kakula joint venture(1) 151,582 127,839 309,489 362,750 Non-cash share-based payments 4,081 4,553 7,533 8,220 Loss on fair valuation of derivative liability 17,153 - 9,892 - Modification gain on financial liability (4,410) - (4,410) - Adjusted EBITDA 178,719 123,324 369,663 353,314   (1) The company's attributable share of adjusted EBITDA from the Kamoa-Kakula joint venture is calculated using the company's effective shareholding in Kamoa Copper SA (39.6%), Ivanhoe Mines Energy DRC SARL (49.5%), Kamoa Holding Limited (49.5%), Kamoa Services (Pty) Ltd (49.5%), and the Kamoa Centre of Excellence (49.5%). DISCLOSURE OF TECHNICAL INFORMATION Disclosures of a scientific or technical nature in respect of the Kamoa-Kakula Copper Complex, the Platreef Mine and the Kipushi Mine in this press release have been reviewed and approved by Simon Bottoms, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Bottoms is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Technical Services. Mr. Bottoms has verified the technical data disclosed in this press release. Disclosures of a scientific or technical nature regarding the Western Forelands Exploration Project, as well as the company's other exploration projects, in this press release have been reviewed and approved by Tim Williams, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Williams is not considered independent under NI 43-101 as he is the Vice President, Geosciences, at Ivanhoe Mines. Mr. Williams has verified the technical data regarding the Western Forelands Exploration Project disclosed in this press release. Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Copper Complex, the Kipushi Mine and the Platreef Mine, each of which is available on the company's website and under the company's SEDAR+ profile at www.sedarplus.ca. The Kamoa-Kakula Mineral Reserve and Mineral Resource Technical Report, dated March 31, 2026, was prepared by AMC Mining Consultants South Africa (Pty) Ltd and MSA Group (Pty) Ltd. The Kipushi 2022 Feasibility Study, filed on March 4, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and METC Engineering. The Platreef Integrated Development Plan 2025, filed on March 28, 2025, prepared by OreWin Pty Ltd., Mine Technical Services, SRK Consulting Inc., DRA Projects (Pty) Ltd, and Golder Associates Africa. These technical reports include relevant information regarding the effective dates and the assumptions, parameters, and methods of the mineral resource estimates on the Kamoa-Kakula Copper Complex, the Kipushi Mine and the Platreef Mine cited in this press release, as well as information regarding data verification, exploration procedures, and other matters relevant to the scientific and technical disclosure contained in this press release in respect of the Kamoa-Kakula Copper Complex, Kipushi Mine and the Platreef Mine. Information contact Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on Twitter. Investors Tommy Horton: +44 7866 913 207 (London) Eric Zurmuehle: +1 203 451 5834 (New York) Media Tanya Todd: +1 604 331 9834 (Vancouver) Website www.ivanhoemines.com Forward-looking statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this release. Such statements include, without limitation: (i) statements that Kamoa-Kakula’s onside PV facility is expected to be fully ramped up and delivering a continuous baseload of 60 MW to the copper complex by the end of Q3 2026; (ii) statements that by the end of 2027, Kamoa-Kakula is expected to be supplied with approximately 120 MW of continuous baseload power by the on-site facilities; (iii) statements that during Q3, concentrator recoveries are expected to improve, and that depending on feed grade, concentrator recoveries are expected to increase to between 90% and 95%; (iv) statements that Kipushi’s PV facility is expected to be operational in Q2 2028; (v) statements that Kipushi’s 2026 production is on pace for it to become one of the top three zinc mines in the world in 2026; (vi) statements that mining rates at Platreef are expected to ramp up through H2 2026 and that commercial production is now expected in Q4 2026; (vii) statements that Phase 2 is expected to increase production by more than four times, to over 450,000 ounces of platinum, palladium, rhodium, and gold (3PE + Au), plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper; (viii) statements that Shaft #2 is expected to be ready to hoist labour and materials by the end of 2028 and ore by the end of 2029; (ix) statements that an updated Mineral Resource estimate for Western Forelands is expected to be released in September 2026; (x) statements that copper production rates in H2 2026 are expected to be boosted by both higher mining rates across the Kamoa mines (Kamoa 1 and Kansoko), as well as the destocking of copper concentrates held in inventory, and that mining rates across the Kamoa mines are planned to increase by 30% to 700,000 tonnes per month; (xi) statements that a further 700 metres of decline development is required before reaching the orebody, which is expected in Q1 2027; (xii) statements that ore feed into the Phase 1 and 2 concentrators in H2 2026 will continue to come predominantly from the western side of Kakula at a rate of approximately 400,000 tonnes per month at a grade of approximately 2.7% copper and that with the mining rate at Kamoa expected to increase from 6.5 Mtpa to 8.5 Mtpa by the end of Q3 2026, the additional 2 Mtpa of ore mined, at an average grade of 2.5% copper, will be processed by the Phase 1 and 2 concentrators; (xiii) statements that stoping at Kakula is expected to commence in H2 2027; (xiv) statements that it is expected that by year-end, the average development rate at Kamoa and Kakula will increase to approximately 128 metres of advance per development drill rig per month; (xv) statements that the smelter is expected to ramp up to its full capacity of 500,000 tonnes per annum in 2028; (xvi) statements that any unspent capital in 2026 will likely be deferred to H1 2027; (xvii) statements that commercial production at Platreef is expected in Q4 2026, and; (xviii) statements with respect the company’s tightened 2026 production guidance range at Kamoa-Kakula of 290,000 to 310,000 tonnes of copper. Also, all of the results of the Kamoa-Kakula MRE, the Platreef IDP 2025 feasibility study and the Kipushi 2022 feasibility study constitute forward-looking statements or information and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula Copper Complex, Platreef Project and Kipushi Mine, and the exploration of the Western Forelands Exploration Project, the Mokopane Feeder Exploration Project and the Chu-Sarya Basin Exploration JV, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of equipment and facilities necessary to complete development and exploration; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations; and (xix) the consistency and availability of electric power. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, however not limited to, the factors discussed above and under the "Risk Factors" heading in the company's MD&A for the three- and six-months ended June 30, 2026, in the company's current annual information form, and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three- and six-months ended June 30, 2026, in the company's current annual information and elsewhere in this release To view the source version of this press release, please visit https://www.newsfilecorp.com/release/307108