艾芬豪矿业（Ivanhoe Mines）发布2026年三季度业绩，卡莫阿-卡库拉下调2027年铜产量指引

更新后的卡莫阿-卡库拉（Kamoa-Kakula）矿山全生命周期计划将于2027年3月发布，详细说明使卡莫阿-卡库拉铜矿综合体恢复至全球生产商最顶尖梯队的路径

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更新后的运营计划将实现灵活且风险降低的运营，在卡莫阿引入浅层高品位露天开采，以补充地下矿山

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2027年卡莫阿-卡库拉（Kamoa-Kakula）铜产量短期指引修订为30万至35万吨铜，现金成本（C1）为每磅2.50至3.00美元。

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全部满负荷运转，现有的一期、二期和三期选矿厂目标铜产量为40万至45万吨

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卡莫阿-卡库拉（Kamoa-Kakula）将通过第四阶段磨矿扩建，利用预建基础和第三阶段磨机设计，将稳态铜产量提高至约每年50万吨

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Western Forelands 2027 年加密钻探与工程计划，旨在从全资拥有的浅层高品位露天矿带来额外铜产量

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60兆瓦混合太阳能设施全面投入运行，显著降低电力和柴油成本；到2028年第一季度将扩建至120兆瓦

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硫酸产量平均约1,250吨/日；合同价格平均超过每吨900美元

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Kipushi有望再创纪录之年

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Platreef二期选矿厂按计划将于2027年第四季度竣工，届时将启用我们世界领先的铂、钯、镍、铑、金和铜生产设施

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艾芬豪矿业（Ivanhoe Mines）公布2026年第三季度利润为4500万美元，调整后EBITDA为2.41亿美元，其中包括来自Kamoa-Kakula的1.90亿美元应占EBITDA和来自Kipushi的1.08亿美元EBITDA

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卡莫阿-卡库拉（Kamoa-Kakula）实现创纪录的季度营收，
超过10亿美元 

南非约翰内斯堡——（Newsfile Corp. – 2026年11月3日）——艾芬豪矿业（Ivanhoe Mines）（TSX: IVN）（OTCQX: IVPAF）总裁兼首席执行官Marna Cloete和首席财务官David van Heerden今日公布了公司2026年第三季度财务业绩，以及运营和项目开发最新进展。

艾芬豪矿业（Ivanhoe Mines）是一家领先的加拿大矿业公司，在南部非洲拥有三个主要的一级采矿运营项目：位于刚果民主共和国（DRC）的卡莫阿-卡库拉铜矿综合体（Kamoa-Kakula Copper Complex）；同样位于刚果民主共和国的超高品位基普希锌-铜-铅-锗矿（Kipushi）；以及位于南非的普拉特瑞夫铂、钯、镍、铑、金和铜矿（Platreef）。

此外，艾芬豪矿业（Ivanhoe Mines）正在扩大位于刚果（金）西部前陆（Western Forelands）的 Makoko 铜矿区发现，并在刚果（金）、安哥拉、赞比亚和哈萨克斯坦广阔且极具前景的勘探许可证区块内寻找新的沉积型铜矿发现。

除另有说明外，所有金额均以美元计。

创始人兼联席主席Robert Friedland评论道：

“我们的工程团队已在卡莫阿-卡库拉（Kamoa-Kakula）做出必要决策，以降低风险，并使这一全球最伟大的铜矿综合体之一恢复至一级资产行列的顶端。短期内修订后的产量和成本指引，体现了对卡莫阿-卡库拉持续转型所采取的严谨态度，优先考虑运营稳定性、采矿灵活性，以及年化铜产量可持续恢复至约50万吨。”

“我们已经实施的运营改进正在带来强劲的切实成果……本季度采矿速率显著提升，选矿厂回收率持续改善，我们的铜冶炼厂正在创造可观的经济效益……硫酸销售现在已足以支付我们冶炼厂的运营成本……我们继续受益于将铜以99.7%纯度的阳极铜形式运往全球市场所带来的大幅降低的运输成本……我们在太阳能发电方面的分阶段投资已经在替代非常昂贵的柴油发电。这些结构性改进将在我们克服当前挑战之后的很长一段时间内增强卡莫阿-卡库拉的竞争力。”

“我们已更新卡莫阿-卡库拉（Kamoa-Kakula）的路线图，通过第四阶段扩建将年铜产量恢复至约50万吨，同时引入极高品位露天开采将为整个矿区综合体带来韧性和运营灵活性。卡莫阿-卡库拉将于2027年3月揭晓这一发展的新篇章。”

“与此同时，Kipushi 已发展成为世界第三大锌矿，彰显了全球最高品位锌矿体的独特品质……实现了创纪录的锌产量，并将季度 EBITDA 翻倍以上至 1.08 亿美元……在 Platreef，我们继续打造全球最重要的铂、钯、镍、铑、金和铜生产商之一……而在 Kamoa-Kakula 正西侧，我们的勘探团队继续揭示并证实 Western Forelands 的巨大潜力，这里拥有过去十年全球规模最大、增长最快、品位最高的铜矿发现。

“世界正进入一个对支撑电气化、减少全球变暖气体、人工智能、先进制造和国家安全的金属需求前所未有的时代。发现、开发并负责任地生产这些金属的重要性从未如此之大。艾芬豪矿业（Ivanhoe Mines）的团队比以往任何时候都更加全力以赴地投入这项任务。”

财务摘要

• 艾芬豪矿业（Ivanhoe Mines）2026年第三季度实现税后利润4500万美元，而2025年同期为3100万美元，2026年第二季度利润为4600万美元。本季度利润归因于Kipushi矿的分部利润4700万美元以及公司在Kamoa-Kakula合资企业中应占的利润2500万美元，部分被增加的勘探支出所抵消。

• 艾芬豪矿业（Ivanhoe Mines）2026年第三季度调整后EBITDA为2.41亿美元，而2025年同期为8600万美元，2026年第二季度为1.79亿美元；其中包含来自卡莫阿-卡库拉（Kamoa-Kakula）的应占EBITDA份额，2026年第三季度为1.90亿美元，而2025年同期为7600万美元。

• Kamoa-Kakula 在第三季度销售了 67,025 吨铜（扣除可支付性调整后的净量），平均实现铜价为 6.12 美元/磅，其中大部分是在本季度早些时候铜价较低时实现的。
• 第三季度相对较低的平均实现铜价6.12美元/磅，是由于第三季度铜销售量中很大一部分（总计61,958吨应付铜）虽已售出但在第三季度末仍处于临时定价状态。该余额按季末收盘铜价6.55美元/磅重新计量，这也是第三季度收入出现2,080万美元正向重新计量调整的主要原因。
• 第三季度末，库存中约有43,000吨未售出的铜。

• Kamoa-Kakula 本季度实现创纪录的营收 10.34 亿美元、营业利润 2.88 亿美元和 EBITDA 4.78 亿美元，相当于 EBITDA 利润率 46%。相比之下，第二季度实现营收 8.80 亿美元、营业利润 1.60 亿美元和 EBITDA 3.85 亿美元，相当于 EBITDA 利润率 44%。

• Kamoa-Kakula第三季度每磅应付铜销售成本为4.59美元/磅，而2026年第二季度为4.86美元/磅。

• 尽管柴油价格高企，全年现金成本（C1）仍有望达到2026年每磅2.60美元至3.00美元的指导区间。2026年第三季度，卡莫阿-卡库拉（Kamoa-Kakula）每磅应付铜产量的现金成本（C1）平均为每磅3.00美元。2026年前九个月的现金成本（C1）平均为每磅2.80美元，处于全年指导区间的中点。

• 艾芬豪矿业（Ivanhoe Mines）将2027年卡莫阿-卡库拉（Kamoa-Kakula）现金成本指引区间修订为每磅2.50至3.00美元（此前为每磅2.10至2.50美元），原因是柴油价格长期高企、品位下降以及2027年产量减少。在第四阶段扩建之前，现金成本预计将呈下降趋势，低于每磅2.50美元。

• Kamoa-Kakula 2026年第三季度冶炼厂运营成本平均为0.51美元/磅，被0.69美元/磅的硫酸副产品抵扣额所抵消有余。此外，由于出口纯度为99.7%的铜阳极而非含铜35%至40%的铜精矿，2026年第三季度的物流费用为0.29美元/磅，不到冶炼厂投产前同等成本的一半。

• Kamoa-Kakula本季度销售了109,424吨高强度硫酸，平均价格为每吨915美元。预计在可预见的未来，硫酸价格将保持高位，从11月开始的3个月期合同预计平均约为每吨900美元。

• Kamoa-Kakula 在 2026 年第三季度的资本支出为 2.06 亿美元。截至 2026 年 9 月 30 日的九个月资本支出为 7.97 亿美元。2026 年资本支出指引已更新，将区间上限下调 2 亿美元至 11 亿 – 12 亿美元（此前为 11 亿 – 14 亿美元）。这 2 亿美元的未支出部分已推迟至 2027 年，2027 年全年资本支出指引区间已上调至 9.5 亿 – 11.5 亿美元（此前为 7.5 亿 – 9.5 亿美元）。该估算不包括露天矿的资本化剥离前期费用，估计为 1 亿至 2 亿美元。

• Kipushi 本季度锌销量创下 69,384 吨的纪录（已扣除可支付性调整），平均实现锌价为 1.73 美元/磅，而 2026 年第二季度为 43,424 吨，平均实现锌价为 1.58 美元/磅。库存中未售出的锌精矿较 2026 年第二季度末减少约 2,000 吨，但仍较 2026 年第一季度末多约 12,000 吨。

• Kipushi在2026年第三季度实现季度收入2.55亿美元、分部利润4700万美元和EBITDA 1.08亿美元，相当于43%的EBITDA利润率。相比之下，2026年第二季度的EBITDA为5100万美元，EBITDA利润率为35%。

• Kipushi第三季度每磅应付锌销售成本为1.14美元/磅，2026年第二季度为1.06美元/磅。第三季度每磅应付锌销售现金成本（C1）平均为0.91美元/磅，年初至今平均为0.89美元/磅。Kipushi有望实现全年现金成本（C1）指导值0.85美元/磅至0.95美元/磅。

• Platreef 2026 年第三季度的资本支出为 1.24 亿美元。全年指引区间已上调至 4.15 亿美元 – 4.45 亿美元（此前为 3.50 亿美元 – 3.80 亿美元），以计入与商业生产前第一阶段运营相关的额外资本化成本。

• 截至2026年9月30日，艾芬豪矿业（Ivanhoe Mines）持有现金及现金等价物6.43亿美元，资金状况稳健。

运营亮点

• 2026年第三季度，卡莫阿-卡库拉（Kamoa-Kakula）生产了76,401吨可销售产品中的铜。卡莫阿-卡库拉的铜冶炼厂生产了61,506吨阳极铜和5,645吨炉渣精矿中的铜，位于科卢韦齐的卢阿拉巴铜冶炼厂（Lualaba Copper Smelter，LCS）生产了2,347吨粗铜中的铜，另有6,904吨铜细粒被指定用于销售。2026年第二季度，卡莫阿-卡库拉生产了64,328吨持有待售的阳极铜、粗铜和炉渣精矿中的铜，其中62,072吨为阳极铜，2,256吨为粗铜中的铜。

• Kamoa-Kakula 2026年产量预计约为29万吨可销售产品中的铜。

• 更新后的矿山寿命计划工作进展顺利，预计将于2027年3月发布，该计划基于2026年卡莫阿-卡库拉矿产资源估算（2026 Kamoa-Kakula MRE）的关键建议，该估算已于2026年3月31日发布。迄今为止已完成的工作包括卡莫阿和卡库拉的最新地质、水文和岩土模型，并辅以加密钻探和工程权衡研究。

• 卡莫阿（Kamoa）矿体浅部区域将引入高品位露天开采，以提供更大的采矿灵活性并降低运营风险。首批初始矿坑的预剥离将于2027年第一季度开始，预计2027年第三季度产出首批矿石。

• 2027年产量指导下调至30万至35万吨铜。此外，由于在Kakula选厂整改期间优先处理露天矿矿石，Kamoa-Kakula一期、二期及三期选矿厂的稳态产能降至40万至45万吨铜，此调整在四期扩建之前生效。

• 第四阶段扩建的详细工程设计将于2027年第一季度启动，目标是将产能提升至约50万吨铜。与之前的选矿厂扩建类似，第四阶段与第三阶段共用部分土建基础设施，并可在项目获批后18至24个月内完成。

• 整个矿区的采矿量环比增长20%，达到每月逾120万吨，相当于每年约1440万吨，其中采场采矿量增长了84%。

• 卡莫阿-卡库拉（Kamoa-Kakula）的现场铜冶炼厂是非洲最大的铜冶炼厂，自2月中旬以来一直以约1,250吨/日的产能运行，即产能的60%。该冶炼厂在本季度生产了创纪录的118,638吨高强度硫酸。

• Kamoa-Kakula 的现场混合太阳能光伏（PV）设施及电池储能系统（BESS）已于季末全面爬坡，为矿区提供 60 MW 的持续基荷电力。随着 Kakula 的排水作业于 10 月中旬从由备用柴油发电机供电切换至该新设施，预计每磅应付铜的能源成本将降低 0.10 至 0.20 美元。

• Kamoa-Kakula 正在推进相关计划，拟到 2028 年第一季度末将混合太阳能设施提供的基载电力翻倍至 120 兆瓦。总计 60 兆瓦的两个招标项目已授标，配套的购电协议（PPA）已于第二季度和第三季度签署。此外，目前正在讨论将现有混合太阳能设施再扩建 30 兆瓦，使现场规划总装机容量达到 150 兆瓦。

• 得益于95项目升级改造的完成，卡莫阿-卡库拉（Kamoa-Kakula）一期和二期选矿厂的回收率提高了约5%。第三季度选矿厂平均回收率为89%，10月中旬的两周内创下了92%的纪录。

• 在Kipushi，选矿厂在第三季度处理了193,581吨矿石，平均品位达到创纪录的41.6%锌，生产了创纪录的77,147吨锌精矿。选矿厂在第二季度处理了200,774吨矿石，平均品位为38.7%锌，生产了70,177吨锌精矿。

• 艾芬豪矿业（Ivanhoe Mines）将其Kipushi矿2026年产量指引收窄至27万至29万吨锌精矿（此前为24万至29万吨）区间的高端，预计这将使Kipushi跻身全球三大锌矿之列。

• Kipushi 混合太阳能光伏项目的招标预计将于 2027 年第一季度授标。该设施将设计为提供 10 MW 的持续基荷电力，满足现场约 50% 的能源需求。该设施预计将于 2028 年中期投入运营，并将大幅减少现场备用发电机的柴油消耗。

• 自季度末以来，Kipushi 的运营一直由第三方供应商提供的额外 10 MW 电网供电支持。预计这部分额外电力将减少 Kipushi 的电力不稳定性，并降低备用柴油发电机的电力成本。

• 在Platreef，2026年第三季度一期选矿厂处理了99,391吨矿石，平均给矿品位为每吨2.30克，生产了4,552盎司铂、钯、铑和黄金（3PE +Au）。一期运营继续爬坡至商业化生产，因此，迄今达到的产量并不反映稳态条件。

• 本季度，一期选矿厂继续按计划运行，原料为低品位开拓矿石。地下物料搬运和尾矿过滤系统中已识别的瓶颈基本得到解决，预计第四季度采矿和磨矿速率将进一步提高。预计未来几个月磨矿量将逐步增加，2026年10月一期选矿厂磨矿量约为设计产能的70%。

• 二期扩建项目年产330万吨选矿厂的土方工程接近完工，土建工程正在推进。该选矿厂预计按计划于2027年底建成。全面达产后，二期运营的设计产能预计将超过45万盎司铂、钯、铑和金（3PE + Au），外加约9,000吨镍和6,000吨铜。

• 本季度，2号竖井的扩径工程继续进行，将其当前3.1米的直径扩大至10米。2号竖井预计于2028年底具备提升人员和物料的条件，并于2029年底具备提升矿石的条件。

• 在西前陆（Western Forelands），2026年9月8日公布了更新的矿产资源估算，探明矿产资源量为4200万吨，铜品位2.66%，另有推断矿产资源量6.12亿吨，铜品位1.80%（按100%权益基准）。更新后的矿产资源稳固地使西前陆成为过去十年全球最大、品位最高的铜矿发现。

• 自2025年矿产资源更新以来的15个月里，已在106个钻孔中完成约64,000米钻探，在探明矿产资源类别中新增含铜量13万吨，在推断类别中新增含铜量263万吨。

• Western Forelands 2026 年勘探钻探计划为 94,500 米，是有史以来规模最大的一次，预计将按计划于年底前完成。截至第三季度末，钻探已完成约 80%。该钻探计划将从 2026 年第四季度起扩大至 120,000 米，主要侧重于对具有露天开采潜力的浅部矿化进行加密钻探。

2026年11月4日（星期三）投资者电话会议

艾芬豪矿业（Ivanhoe Mines）将于11月4日（星期三）东部时间上午10:30/太平洋时间上午8:30举行投资者电话会议，讨论业绩。电话会议最后将设问答（Q&A）环节。媒体可受邀以只听方式参加。

如需观看网络直播，请使用以下链接：
https://meetings.lumiconnect.com/400-316-378-071

听众电话号码：
本地 – 多伦多 +1 (416) 855-9085
免费 – 北美 +1 (800) 990-2777
会议 ID：32677

电话会议的音频网络直播录音及配套演示幻灯片将在艾芬豪矿业（Ivanhoe Mines）网站 www.ivanhoemines.com 上提供。

发布后，简明合并中期财务报表及管理层讨论与分析将可在 www.ivanhoemines.com 和 www.sedarplus.ca 查阅。

阅读艾芬豪矿业（Ivanhoe Mines）2026年第三季度可持续发展回顾：

艾芬豪矿业（Ivanhoe Mines）的 MSCI ESG 评级本季度上调至 AA，反映出该公司在重大环境、社会和治理风险方面相对于行业同行的管理水平。

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

2026年第三季度，集团合计损失工时伤害频率（LTIFR）为0.41，每百万工时总可记录伤害频率（TRIFR）为1.98。如先前披露，令人遗憾的是，本季度初在卡库拉矿（Kakula Mine）井下发生了一起致命事故。

Ivanhoe 的健康与安全绩效明细见 2026 年第三季度可持续发展审查报告。

悼念：Ivano Manini

艾芬豪矿业（Ivanhoe Mines）对基普希矿（Kipushi Mine）总经理Ivano Manini的近期逝世表示哀悼。

Manini 先生在过去 11 年里一直是艾芬豪矿业（Ivanhoe Mines）大家庭中备受珍视的一员，也是公司高级管理团队不可或缺的组成部分。在艾芬豪矿业的职业生涯中，Manini 先生曾在 Kamoa-Kakula、Platreef 以及最近的 Kipushi 担任要职。他为艾芬豪矿业的成功发挥了关键作用，尤其是在历史悠久的 Kipushi 矿的非凡重生中，他从建设阶段一直负责到如今创纪录的运营。

Manini 先生对艾芬豪矿业（Ivanhoe Mines）及其员工的领导、奉献与投入将留下持久的遗产。他的同事和朋友将深切怀念他，我们的思念与诚挚哀悼与他的家人和亲人同在。

Kipushi合资伙伴Gécamines的首席执行官Baraka Kabemba评论道：

“Manini 先生在整个矿山重建及转入运营过程中的领导，帮助一个对刚果民主共和国具有重大历史和经济意义的项目得以实现。”

我们代表Gécamines，向他的家人、朋友以及艾芬豪矿业（Ivanhoe Mines）的同事致以最深切的哀悼。他对Kipushi以及我们合作伙伴关系的贡献将不会被遗忘。”

主要项目及活动回顾

1. 卡莫阿-卡库拉铜矿综合体
艾芬豪矿业（Ivanhoe Mines）持有39.6%权益
刚果民主共和国

卡莫阿-卡库拉铜矿综合体由艾芬豪矿业（Ivanhoe Mines）与紫金矿业合资的卡莫阿控股（Kamoa Holding）运营。该综合体许可区域面积达400平方公里，位于中非铜矿带最西缘的科卢韦齐镇西南约25公里处。

Kamoa Holding 持有 Kamoa-Kakula 80% 的权益，刚果（金）政府持有剩余 20% 的权益。因此，艾芬豪矿业（Ivanhoe Mines）和紫金矿业各自间接持有 Kamoa-Kakula 39.6% 的权益，Crystal River 间接持有 0.8% 的权益。Kamoa-Kakula 的全职员工超过 7,785 人，其中超过 90% 为刚果（金）籍。

卡莫阿-卡库拉（Kamoa-Kakula）的铜生产于2021年5月从一期选矿厂开始，该选矿厂提前交付。此后，又有两座选矿厂扩建项目成功提前交付，以及一座年处理50万吨的直接闪速吹炼铜冶炼厂。该冶炼厂于2025年底生产出首批纯度为99.7%的铜阳极。卡莫阿-卡库拉跻身全球最大、品位最高的铜矿综合体之列。

卡莫阿-卡库拉（Kamoa-Kakula）运营与财务数据摘要

上表中的所有数字均按项目100%口径列示。以精矿形式报告的金属量为精炼损失或与冶炼条款相关的扣减之前的数值。本公告包含“EBITDA”“调整后EBITDA”“EBITDA利润率”“按比例计算的现金及现金等价物”和“现金成本（C1）”，这些均为非GAAP财务业绩指标。有关本公告所用各项非GAAP财务业绩指标的详细说明，以及与IFRS会计准则下最直接可比指标的详细调节表，请参阅本公告的“非GAAP财务业绩指标”和“按比例计算的财务比率”章节，以及公司截至2026年9月30日止三个月及九个月的MD&A。四舍五入误差可能影响合计数。

⁽¹⁾ 自2026年起，可销售产品中的总含铜量包括卡莫阿-卡库拉（Kamoa-Kakula）现场冶炼厂生产的阳极铜、在LCS冶炼厂以收费方式加工成粗铜的精矿，以及卡莫阿-卡库拉生产的炉渣精矿和高品位细粒料——这些物料因无法在现场或LCS冶炼，被指定销售给第三方。2026年之前，总含铜量由一期、二期和三期选矿厂精矿中的铜构成。
⁽²⁾ 售出精矿中的应付铜按96.7%的应付率净额计算。售出阳极铜或粗铜中的应付铜按99.7%的应付率净额计算。
⁽³⁾ 单位为美元/可销售产品中生产的每应付磅铜。
⁽⁴⁾ 2025年第四季度磨矿处理的矿石吨数，不包括冶炼厂炉渣浮选厂处理的160,000吨矿石。

卡莫阿-卡库拉现金成本（C1）明细：

单位为美元/可销售产品中应付铜磅

电力成本在上述现金成本拆分中分配于采矿、选矿和冶炼环节，可单独列示如下：

单位为美元/可销售产品中生产的应付铜磅。

现金成本（C1）依据伍德麦肯兹（Wood Mackenzie）成本指南中与行业标准定义一致的口径编制，但并非《国际财务报告准则》（IFRS）会计准则所认可的计量指标。在计算 C1 现金成本时，成本的计量口径与公司从卡莫阿控股（Kamoa Holding）合资企业分得的利润份额所采用的口径相同，该利润份额载于财务报表中。管理层使用 C1 现金成本评估经营业绩，其包括所有直接采矿、选矿以及一般及行政成本。销售至最终目的港所产生的冶炼厂费用和运费扣减（该等费用确认为销售收入的组成部分）被加回至 C1 现金成本，以得出交付的成品金属的近似成本。C1 现金成本不包括权利金、生产税及非经常性费用，因为这些并非直接生产成本。

所有数据均按项目100%口径计算，精矿中报告的金属量为精炼损失或与冶炼条款相关的扣减之前的数值。

年初至今，卡莫阿-卡库拉（Kamoa-Kakula）已生产含铜212,146吨，现金成本（C1）为2.80美元/磅。

卡莫阿-卡库拉（Kamoa-Kakula）的可销售产品铜产量合计212,146吨，其中包括卡莫阿-卡库拉冶炼厂生产的阳极铜含铜180,991吨、在附近卢阿拉巴铜冶炼厂（Lualaba Copper Smelter，LCS）进行收费处理的粗铜含铜12,349吨、卡莫阿-卡库拉冶炼厂产生的炉渣精矿含铜11,903吨，以及指定用于销售的铜细粒6,904吨。

卡莫阿-卡库拉季度产量数据摘要

粗体数据表示季度纪录。

(1) 阳极铜和粗铜产量包括卡莫阿-卡库拉（Kamoa-Kakula）现场冶炼厂生产的铜，以及在科卢韦齐（Kolwezi）LCS 冶炼厂进行收费处理的卡莫阿-卡库拉精矿所产的铜。产量还包括卡莫阿-卡库拉冶炼厂产生的炉渣精矿，该精矿出售给第三方，且不再由现场冶炼厂或 LCS 进行再处理。

Kamoa-Kakula 2026年产量预计约为29万吨可销售产品中的铜。

2026年第三季度初，卡莫阿-卡库拉（Kamoa-Kakula）库存中约有40,000吨未售出的铜。2026年第三季度末，卡莫阿-卡库拉库存中约有43,000吨铜。未售出的铜库存主要包括现场和LCS持有的未售出精矿中的铜、冶炼回路中的铜，以及不合格精矿中的铜，包括炉渣精矿和高品位铜细粒。目前预计年末铜库存将在35,000至40,000吨铜之间。

本季度，卡莫阿-卡库拉（Kamoa-Kakula）对6,904吨高品位铜细粒进行了化验、测量并招标出售，这些铜细粒也已计入铜库存。高品位铜细粒是此前生产并堆存的物料，因无法冶炼而被指定出售给第三方。铜细粒的销售预计将于第四季度开始。

更新后的卡莫阿-卡库拉（Kamoa-Kakula）矿山全生命周期计划预计于2027年3月完成；2027年短期铜产量及现金成本指引已修订

在2026年3月31日发布卡莫阿-卡库拉2025年矿产储量与矿产资源估算之后，更新后的矿山寿命计划工作随即启动，该计划有望于2027年3月完成。

自2026年第二季度初以来，已完成大量工作，包括加密钻探活动和工程权衡研究。这些工作产生的数据为更新卡莫阿（Kamoa）和卡库拉（Kakula）的地质、水文和岩土模型提供了充分基础。

从迄今已完成的工作来看，在修订后的参数下，1、2、3期选矿厂（不包括未来的4期选矿厂）的最大产能已下调至40万至45万吨可销售产品中的铜。此外，预计2027年的爬产速度将慢于预期，2027年产量指引下调至30万至35万吨可销售产品中的铜，成本指引上调至每磅应付可销售铜2.50至3.00美元。2027年爬产放缓的主要原因是Kakula东侧采场开始回采的时间从2027年第四季度推迟至2028年第一季度末，以及Kakula估计最大采矿速率下调。

预计从2027年中期起，一期、二期和三期选矿厂的总处理能力将得到充分利用，尽管平均品位将低于此前指引。构成2027年和中期指引的矿石来源如图1所示。随着2027年更多钻探和工程工作带来新数据，矿山计划将进一步细化。

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图1. Kamoa-Kakula 2027年铜产量指引及第四阶段前展望，按开采矿石来源（吨）和预期原矿品位（%铜）列示。

卡莫阿-卡库拉铜矿综合体的未来将包括露天矿开采，以支持地下作业；卡莫阿露天矿的预剥离将于2027年第一季度开始

预计露天开采将为1、2、3期选矿厂以及未来的4期选矿厂提供可扩展的矿石来源，从而提高卡莫阿-卡库拉铜矿综合体的运营灵活性。

Kamoa 两个初始采场的预剥离预计将于 2027 年第一季度开始，首批矿石的目标开采时间为 2027 年第三季度。到 2028 年底，预计将从露天采场开采约 350 万吨矿石，平均品位为 2.5%。Kamoa 另外两个初始采场的预剥离将于 2028 年底前开始。

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图2. Kamoa 1号和2号初始露天采场的剖面图，叠加了Kamoa块体模型。

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图3. 规划中的初始露天采场等轴测视图，叠加Kamoa区块模型。

在条件允许的情况下，与整个矿区目前采用的地下开采方法相比，露天开采是一种成本更低的提取方式。因此，经济可采矿产资源的品位门槛可以降低，从而有可能释放卡莫阿（Kamoa）浅部铜矿化的部分区域，这些区域此前被排除在地下矿山设计和矿产储量之外。

露天开采矿石的边界品位将从目前的铜品位1.5%至2.0%降低至铜品位0.4%。虽然露天开采会降低整体原矿品位，但其资本密集度较低，可提高开采速率，并将矿体整体回采率从目前地下开采方式下的约65%提高至约95%。

因此，露天开采的引入影响了第四阶段扩建引入的时间安排，因为较低品位的给矿需要额外的加工能力，以生产足够的精矿来满足现场铜冶炼厂的需求。

第四阶段扩建将使卡莫阿-卡库拉（Kamoa-Kakula）的产能提升至约每年50万吨；第四阶段选矿厂的详细设计将于2027年第一季度启动

自项目启动以来，卡莫阿-卡库拉（Kamoa-Kakula）的项目开发一直由分多阶段的扩建计划构成。一期选矿厂于2021年完工并投产，较计划提前且未超预算，初始资本支出为13亿美元。二期扩建于次年完成，同样较计划提前且未超预算，以额外7亿美元的资本投资将卡莫阿-卡库拉的加工能力翻倍。一期和二期选矿厂完全相同，并毗邻建设于卡库拉北井口附近。一期的资本支出比二期高出85%，因为二期选矿厂所需的堆存、物料搬运、破碎和筛分能力以及其他相关基础设施已在一期建设期间预先建成。

卡莫阿-卡库拉（Kamoa-Kakula）的最后一次扩建——第三阶段，同样于2024年6月提前完工且未超预算，包括在卡莫阿（Kamoa）建设一座更大的选矿厂及相关的井下矿山扩建，总资本支出为20亿美元。第三阶段选矿厂建在坎索科（Kansoko）与卡莫阿1号（Kamoa 1）井口之间，产能比第一、第二阶段选矿厂大30%。

卡莫阿-卡库拉（Kamoa-Kakula）项目团队在第三阶段采用了与第一阶段类似的策略，即在施工期间为紧邻其建设的下一扩建阶段做好准备。未来第四阶段选矿厂的基础以及物料输送基础设施，包括原矿（ROM）堆场及取料机、输送机、筛分与破碎回路，均已建成。未来的第四阶段扩建预计将包括一座规模类似的选矿厂。此外，自第三阶段扩建完成以来，尾矿储存设施（TSF）2号池的施工已于今年早些时候完成，该池原属第四阶段的一部分。

如图4所示，第1、2、3期的资本强度合计约为每吨年化铜产量9,800美元。根据初步估算，第4期扩建预计将新增每年500万至650万吨的选矿厂产能，使总综合处理能力从目前的每年1,700万吨提升至每年2,200万至2,350万吨。第4期扩建的资本强度预计约为每吨年化铜产量9,000至12,000美元，其中包括配套露天采矿作业的开发。根据图4中的数据，该资本强度与同类棕地项目相比具有优势。

预计第四阶段扩建将使卡莫阿-卡库拉（Kamoa-Kakula）的铜产量维持在每年约50万吨。预计第四阶段扩建的建设工期为获批后18至24个月。第四阶段选矿厂的详细工程设计也预计于2027年第一季度启动。

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图4. 卡莫阿-卡库拉（Kamoa-Kakula）一期、二期和三期实际实现的资本强度，以及四期扩建项目资本强度的初步估算，并与绿地及棕地铜行业同行对比（按每吨年化铜产量的初始资本支出计）

来源：行业平均数据取自 Wood Mackenzie 研究，截至 2026 年 11 月 3 日。Kamoa-Kakula 数据由 1、2 和 3 期总资本支出 44 亿美元和年化铜产量 45 万吨组成。1、2 和 3 期资本包括去瓶颈计划，不包括 Project 95、刚果（金）电网电力基础设施改进、刚果（金）水电设施翻新以及现场铜冶炼厂。4 期资本强度基于对资本和产量的指示性内部估算。

2026年第三季度铜产量继续改善；得益于整个矿区采矿率环比提高20%，采场出矿量增加了84%

2026年第三季度，整个矿区的采矿速率环比提高20%，达到每月逾120万吨，相当于约1440万吨/年（Mtpa）。这一增长得益于增派采矿队伍、新开凿通往卡莫阿1矿（Kamoa 1 Mine）的箱形堑沟入口，以及回采（生产采矿）量增加84%。

2026年第二季度，通往卡莫阿1矿（Kamoa 1 Mine）的新堑沟（box cut）建设已完成。新的“Kahala”堑沟斜坡道自2026年6月起已在矿体中掘进。

1期和2期选矿厂处理的矿石量比上一季度增加了30%，主要原因是Kakula和Kansoko供应了更多矿石。截至季末，1期和2期选矿厂约50%的给矿来自Kakula西侧，其余矿石来自Kansoko矿。

随着Project 95的引入，一期和二期选矿厂的铜回收率显著提高。在Project 95完成之前，一期和二期选矿厂的铜回收率平均为83%至85%。在第二季度末Project 95完成后，铜回收率有所提高，第三季度平均为89%。自季度末以来，10月中旬的两周内实现了创纪录的92%铜回收率。

现场年产50万吨铜冶炼厂仍维持在设计产能的60%；全球供应链中断持续利好当地对冶炼厂高强度硫酸的需求

与精矿产量相匹配，这座年产能50万吨的冶炼厂继续以约60%的设计产能运行。除铜阳极外，该冶炼厂还以平均约1,250吨/日的速度生产高强度硫酸。这相当于约45万吨/年的年化产量，而设计产能为70万吨/年。卡莫阿-卡库拉（Kamoa-Kakula）在矿山门口向刚果（金）铜矿带附近的矿业作业出售硫酸，这些作业用硫酸从氧化矿石中浸出铜和钴金属。

第三季度，卡莫阿-卡库拉（Kamoa-Kakula）冶炼厂生产了创纪录的118,638吨高浓度硫酸。2026年第三季度高浓度硫酸销售的平均净实现价格较上一季度约翻倍，达到约每吨915美元。9月和10月高浓度硫酸的平均净实现价格约为每吨950美元。预计短期内硫酸价格将维持高位，11月起的3个月期合同设定的实现价格约为每吨900美元。

计划于2027年上半年对冶炼厂进行为期35天的停产，以进行安全与效率升级。

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卡莫阿-卡库拉（Kamoa-Kakula）年产50万吨铜冶炼厂的酸储存与装运设施上空的日落。该冶炼厂目前以60%的产能运行。

卡莫阿-卡库拉（Kamoa-Kakula）配备电池储能的现场混合太阳能设施已全面投入运行，持续提供60兆瓦（MW）的基荷电力；已签署购电协议，将在18个月内将现场混合太阳能装机容量翻倍至120兆瓦

第三季度，卡莫阿-卡库拉（Kamoa-Kakula）现场太阳能光伏（PV）设施及电池储能系统（BESS）的建设与调试完成。截至季末，两套设施均已全面达产，以合计铭牌容量运行，为卡莫阿-卡库拉的运营提供60兆瓦的持续基荷电力。

两座30兆瓦设施的建设于2025年6月启动。首座30兆瓦设施于2026年8月开始供电，第二座于9月下旬投入运行。每座30兆瓦设施均由CrossBoundary Energy和Green World Energie拥有、运营并出资。

这座总装机433兆瓦（峰值容量）的光伏设施所发电力，储存于相邻的1,107兆瓦时（MWh）电池储能设施中。该设施以60兆瓦的连续功率、全天24小时向唯一购电方卡莫阿-卡库拉（Kamoa-Kakula）的运营供电。这些设施共同构成了非洲矿业运营中最大的混合太阳能装置，因此也是同类中规模最大的。

卡莫阿-卡库拉（Kamoa-Kakula）正在推进相关计划，拟在18个月内将现场混合太阳能光伏发电容量（含电池储能系统BESS）翻倍至120兆瓦。2026年4月，卡莫阿-卡库拉授予了一份合同，并与Green World Energie签署了30兆瓦的购电协议（PPA）。卡莫阿-卡库拉还于2026年8月授予了另一份合同，并与Lualaba Solar Company签署了30兆瓦的购电协议（PPA）。这两个新设施也都将建在卡莫阿-卡库拉的合资许可区域内，靠近一期和二期选矿厂。

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新建现场混合太阳能设施全景，该设施已于9月全面达到满负荷运行，为卡莫阿-卡库拉（Kamoa-Kakula）的运营提供60兆瓦的持续基载电力。该设施是非洲大陆矿山现场安装的最大带电池储能的混合太阳能光伏设施。

9月现场太阳能设施全面投运，减少了对排水备用发电机的依赖，使成本降低0.10美元/磅至0.20美元/磅。

第二季度末，现场柴油消耗量中约50%由现场备用柴油发电机使用。在维持整个综合设施的抽水作业方面，这些发电机比电网供电更可靠。

随着现场混合太阳能设施现已完工，对备用柴油发电机的依赖将大幅降低。第三季度，约有12 MW的备用发电机电力专门用于抽水作业。10月中旬，此前由备用发电机供电的抽水基础设施已转由太阳能设施供电。

展望未来，与使用现场柴油发电机相比，该太阳能设施预计可将电力成本节约约0.10美元/磅至0.20美元/磅。

铜产量、现金成本及资本支出指引

(1) 2026年产量指引区间此前为290,000至310,000吨阳极铜或粗铜
(2) 每可销售产品中应付铜磅的美元价格
(3) 资本支出不包括资本化预剥离，估计为1亿至2亿美元。

指导数据按项目100%口径计算，精矿中报告的金属量为精炼损失（与冶炼条款相关）之前的数值。

Kamoa-Kakula 2026年产量预计约为29万吨可销售产品中的铜。

Kamoa-Kakula 的指引基于若干假设和估计。它涉及对已知和未知风险、不确定性及其他因素的估计，这些因素可能导致实际结果出现重大差异。

卡库拉矿（Kakula Mine）的复产推进工作正在进行；但风险因素依然存在。风险因素包括地下基础设施的完整性。新的排水基础设施的建设目前正在进行，且需要在要求的时间范围内建成，以便进入新的采矿区，并按预期实现地下作业的计划产能爬坡。风险因素还包括露天矿承包商于2027年第一季度进场动员，以及合资企业及时批准新的采矿计划。卡莫阿-卡库拉（Kamoa-Kakula）的指导目标基于对这些因素的评估，管理层认为，鉴于现有全部信息，这些因素在目前是合理的。

2026年和2027年的产量及现金成本（C1）指引纳入了卡莫阿（Kamoa）和卡库拉（Kakula）两座矿山更新后的采矿设计，其中包含更长的前期开拓期，以支撑未来更可持续的开采速度。未来12至18个月，开发工作将集中完成卡库拉矿周边更多外围开拓工程，之后才会开始对新开发区域进行回采。卡莫阿已于2026年第二季度开始回采，卡库拉预计要到2028年第一季度末才会开始回采。

现金成本（C1）指引主要基于各项假设，包括矿石开采吨数、入选铜矿石品位、选矿厂回收率，以及现场冶炼厂的投产时间和产能爬坡，还有柴油成本等其他变量。

现金成本（C1）是管理层用于评估经营业绩的非GAAP指标，包括所有直接采矿、加工、堆场再处理以及一般及管理费用。销售至最终目的港（主要为中国）的冶炼费和运费扣减被确认为销售收入的组成部分，将其加回现金成本（C1）以得出交付成品金属的近似成本。

卡莫阿-卡库拉（Kamoa-Kakula）2026年资本支出指引正趋向区间下限。卡莫阿-卡库拉的资本支出指引区间已更新，将2026年指引上限下调2亿美元，并将该部分推迟计入2027年指引区间。2027年资本支出指引不包括卡莫阿露天开采的估计资本支出，估计为1亿至2亿美元。

有关历史可比数据以及与 IFRS 下最直接可比指标的调节情况，请参见本公告的“非 GAAP 财务业绩指标”部分以及公司截至 2026 年 9 月 30 日止三个月和九个月的 MD&A。

2. Kipushi矿
艾芬豪矿业（Ivanhoe Mines）持股62%
刚果民主共和国

位于刚果（金）的超高品位 Kipushi 地下锌铜锗银铅矿毗邻赞比亚边境的 Kipushi 镇，位于中非铜矿带上卢本巴希市西南约 30 公里处。Kipushi 矿位于 Kamoa-Kakula 铜矿综合体东南约 250 公里处。

艾芬豪矿业（Ivanhoe Mines）于2011年11月收购了基普希矿（Kipushi Mine）68%的权益。刚果（金）国有矿业公司Gécamines持有基普希矿剩余32%的权益。继2023年底签署更新后的合资协议后，Gécamines的持股比例已增至38%。

基普希矿（Kipushi Mine）在停产维护32年后于2024年年中重启。在随后的2年里，运营逐季度持续爬坡。2026年，基普希矿将成为全球第三大、品位最高的锌矿。基普希的全职员工约1,303人，其中超过87%为刚果（金）籍。

Kipushi运营与财务数据摘要

数据以粗体表示季度纪录。

上述表格中的所有数字均按项目100%口径列示。精矿中报告的金属量为精炼损失或与冶炼条款相关的扣减之前的数值。本公告及公司MD&A包含“EBITDA”“调整后EBITDA”“EBITDA利润率”“按比例计算的现金及现金等价物”和“现金成本（C1）”，这些均为非GAAP财务业绩指标。有关本公告所用各项非GAAP财务业绩指标的详细说明，以及与IFRS会计准则下最直接可比指标的详细调节表，请参阅本公告及公司截至2026年9月30日止三个月及九个月MD&A中的“非GAAP财务业绩指标”和“按比例计算的财务比率”章节。

⁽¹⁾ 所售精矿中应付锌为扣除标准 85% 应付率后的净额。
⁽²⁾ 单位为美元/所售应付锌磅。

Kipushi 现金成本（C1）明细：

单位为美元/售出的应付锌每应付磅

现金成本（C1）依据伍德麦肯兹（Wood Mackenzie）成本指南中与行业标准定义一致的基础编制，但 Kipushi 矿的每磅现金成本按每吨售出量列示，以消除库存中未售出锌精矿吨数的影响。现金成本（C1）和每磅现金成本并非《国际财务报告准则》（IFRS）会计准则所认可的计量指标。C1 现金成本由管理层用于评估经营业绩，包括所有直接采矿、加工以及一般及管理费用。销售至最终目的港的冶炼厂费用和运费扣减（其被确认为销售收入的组成部分）被加至 C1 现金成本，以得出交付成品金属的近似成本。C1 现金成本不包括权益金、生产税和非经常性费用，因为这些并非直接生产成本。

所有数据均按项目100%口径计算，精矿中报告的金属量为精炼损失或与冶炼条款相关的扣减之前的数值。

Kipushi选矿厂在2026年第三季度生产了创纪录的77,147吨锌，环比增长10%；产量正朝着2026年指导目标的上限推进

Kipushi 选矿厂在 2026 年第三季度生产了创纪录的 77,147 吨锌精矿，环比增长 10%，相当于约 309,000 吨的年化锌产量。本季度业绩得益于 193,581 吨的矿石处理量、创纪录的 41.6% 锌入选品位以及创纪录的 96% 选矿回收率。此外，Kipushi 选矿厂在 7 月生产了创纪录的 26,560 吨锌。

如图 5 所示，Kipushi 2026 年第三季度产量标志着锌产量连续第七个季度环比增长。随着全年锌产量趋向指引区间上限，艾芬豪矿业（Ivanhoe Mines）将 Kipushi 矿 2026 年产量指引收紧至 270,000 至 290,000 吨锌精矿含锌（此前为 240,000 至 290,000 吨），预计这将使 Kipushi 跻身全球前三大锌矿之列。

本季度现金成本（C1）较2026年第二季度上升，主要原因是柴油价格上涨影响了加工和物流成本，以及清关和运输瓶颈带来的额外物流费用。

未售锌精矿库存降至4.2万吨锌含量，低于2026年第二季度的4.4万吨。Kipushi现场库存从1.6万吨降至9千吨，而在途锌精矿库存从2.8万吨增至3.3万吨。

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图5. Kipushi 选矿厂各季度锌精矿产量（吨）及实现锌价（美元/磅）。2026年第三季度产量按年化计算相当于309,000吨锌精矿。

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图6. 按锌含量产量（千吨）排名的全球前十大锌矿，附入选品位（%锌）。Kipushi 有望达成2026年产量指引，跻身全球前三大锌矿运营项目之列。

Notes. Source: Company Data, S&P Capital IQ on October 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 November 3, 2026

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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.

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.

Since quarter-end, Kipushi has been supported by an additional 10 MW of grid-supplied power from third-party providers. The additional power is expected to reduce power instability experienced by Kipushi’s operations and reduce power costs associated with the backup diesel generators.

In the fourth quarter, Kipushi Corporation is expected to upstream excess cash from the DRC subsidiary to Ivanhoe Mines.

ZINC PRODUCTION, CASH COST AND CAPITAL EXPENDITURE GUIDANCE FOR 2026

Guidance figures are on a 100% project basis.
(1) Cash cost (C1) is US dollars per pound of payable zinc sold

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 this release and the company’s MD&A for the three and nine months ended September 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.

Phase 1 concentrator operations started in November 2025 with the first production of concentrate. Construction activities on the Phase 2 concentrator commenced during the following quarter in March 2026. The Phase 2 expansion is expected to complete in Q4 2027 and fully ramp up in Q4 2028.

Platreef summary of quarterly production data from Phase 1 commissioning

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Aerial view over the Platreef Mine site, showing the Phase 2 concentrator construction site and adjacent Phase 1 concentrator in the foreground, with the shaft infrastructure in the background.

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 Platreef Mine’s 0.8-Mtpa Phase 1 concentrator started on November 18, 2025. Since then, the mine has produced approximately 8,483 ounces of platinum, palladium, rhodium, and gold. Phase 1 operations have not yet reached commercial production. Therefore, production rates achieved to date do not reflect steady-state conditions.

Platreef Mine’s Phase 1 concentrator continued to be campaigned, or batch operated, during the quarter, fed by lower-grade development ore. Identified bottlenecks in the underground materials handling and tailings filtration systems have largely been resolved, with mining and milling rates expected improve further in the fourth quarter. The stoping (production mining) of higher-grade stopes is also expected to ramp up in Q4 2026.

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 the remainder of Q4 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 of Phase 2 concentrator advancing on schedule

Earthworks on the Phase 2 expansion’s 3.3-million-tonne-per-annum concentrator began at the start of Q2 2026 and continue to advance on schedule for completion by the end of 2027. Civil works and engineering works on the concentrator are advancing to plan. The procurement of mechanical and electrical secondary long-lead items is complete, as well as the placing of the electrical, control, and instrumentation (EC&I) packages. The Structural, Mechanical, Piping, and Platework (SMPP) installation package for the Phase 2 flotation plant has also been placed.

Earthworks on the Phase 2 expansion’s dry-stacked tailings storage facility (TSF) also commenced during Q3 2026, with completion expected in Q4 2027.

The widening of Shaft #2 from its current diameter of 3.1 metres to 10 metres, which commenced at the start of the second quarter, is progressing as planned. 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. Shaft equipping is expected to commence in Q1 2028.

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.

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View from inside Shaft #2. The widening of the shaft consists of blasting 3.0-metre benches from the top of the shaft down. Waste rock from the blast is dropped down the existing 3.1-metre shaft (shown in the centre of the picture) using a robotic arm suspended from a platform (top of picture). Once complete, Shaft #2 will be the largest shaft in Africa.

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.

An updated Mineral Resource Estimate (MRE) for the Makoko District including Makoko, Makoko West and Kitoko, was released on September 8, 2026. The Makoko District discovery now ranks as the world’s largest and highest-grade copper discovery of the past decade.

In the 15 months between the 2025 Mineral Resource and the 2026 Mineral Resource update, approximately 64,000 metres of diamond drilling were completed across 106 holes. This drilling added approximately 0.13 million tonnes of contained copper in the Indicated Mineral Resource category for an increase of 17%. A further 2.63 million tonnes of contained copper have been added to the Inferred category for an increase of 31%.

Makoko District’s Mineral Resources are now 34 million tonnes of ore at 2.66% copper for a total of 0.9 million tonnes of contained copper in the Indicated category, plus 612 million tonnes of ore at 1.80% copper for a total of 11.0 million tonnes of contained copper in the Inferred category.

The Western Forelands 2026 drilling program is on track 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.

Third quarter work focused on updating the Makoko District mineral resource estimate. Primary activities included resource expansion and infill drilling, geotechnical investigations, geophysics, and advancing early project development activities. Approximately 18,500 metres of diamond drilling were completed across 47 drill holes during Q3 2026, totalling 62,961 metres of diamond drilling completed year to date.

Ivanhoe’s geologists believe that there is potential for further footprint expansion of the Makoko District, however, given the size of the discovery delineated to date and with the majority of the contained copper in Mineral Resources in the Inferred Category, drilling going forward will be primarily focussed on in-filling. The aim is to upgrade the shallow mineralization that has open-pit potential from the Inferred to the Indicated category.

In September, drilling started on the shallow infill program, with 25 holes planned, totalling 5,221 metres across as a 200- by 200-metre grid, to a maximum depth of 200 metres below surface.

Project development workstreams advanced significantly in the third quarter at Makoko, with several workstreams transitioning from planning to field implementation. Community resettlement & livelihood restoration programs advanced with a relocation site selected. Early works also progressed, with sterilization drilling, perimeter road construction, camp infrastructure early works. Completion of the camp is targeted by Q2 2027.

A dedicated diamond drill rig continued geotechnical drilling throughout the quarter. Six geotechnical holes were completed in July, four in August and three in September.

Since November 2025, a total of 11 geotechnical holes have been completed across the Makoko District.

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, diamond drilling targeting Falcon AGG magnetic and gravity anomalies continued on the targets. Drilling to date has confirmed the iron ore-copper-gold (IOCG) mineral system hypothesis. Several holes have encountered encouraging intersections of trace to weak chalcopyrite across intervals of 100 to 150m at depths from 70 to 120m depth below surface. These holes have been sampled and results are pending.

By quarter-end, preliminary drill testing of priority geophysical targets was progressing well against planned meterage of 9,000m, with three water bores and eight diamond drill holes completed for a cumulative 5,961 metres.

An aircore drilling program is being planned on a 1km x 1km grid to drill through Kalahari sand cover of 50 to 80m thick, and to carry out a top-of-regolith geochemical sampling program as follow-up across the target in Q4 2026.

Geophysical activities, including downhole wireline logging, hyperspectral core scanning and preparations for an AMT/MT geophysical survey, are also advancing well.

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, with only three diamond drill holes having been completed to date due to poor contractor performance. Q3 2026 activities mostly focused on advancing regional geological understanding, preparing for an expanded drilling program and progressing licence, infrastructure and community initiatives. The drill program will restart following the mobilization of a new contractor at the end of the wet season in 2027.

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 recognized 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 6 diamond drill rigs and 2 KGK rigs were operational at the end of Q3, which have completed 17,528 metres of drilling year to date.

One drill hole intersected more than 250 metres (from 671 metres depth) of altered mudstone-argillite, containing trace to weak chalcopyrite mineralization and localized bornite associated with calcite veining. The mineralized interval consists of repetitive bleached sedimentary packages interlayered with hematitic red-bed sequences. This hole represents the most significant sediment-hosted, hydrothermal copper system intersected to date within the program.

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.

DISCUSSION OF RESULTS OF OPERATIONS

Review of Ivanhoe Mines for the three months ended September 30, 2026 vs. September 30, 2025

The company’s revenue was $264 million for the third quarter of 2026, $135 million higher than the same period in 2025 ($129 million). Of the total revenue recognized for the quarter, $255 million was from zinc concentrate sales at the Kipushi Mine, while $5 million was attributable to pre-commercial production revenue at the Platreef Mine. Cost of sales for the three months ended September 30, 2026 was $187 million, up from $122 million for the same period in 2025, with cost of sales for the quarter mainly due to the Kipushi Mine ($175 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 $14 million more in Q3 2026 compared to 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 $44 million in Q3 2026 and $10 million for the same period in 2025. Of the total exploration and project evaluation expenditure for Q3 2026, $35 million related to the company’s Western Forelands exploration licences, $6 million related to the company’s Kazakhstan exploration, and the remainder related mainly to Ivanhoe’s Zambian and Angolan exploration.

Exploration and project evaluation expenditure at the Western Forelands Exploration Project increased by $27 million from $8 million for the three months ended September 30, 2025 to $35 million for the same period in 2026, mainly due to $16 million spent on compensation to project-affected persons associated with the relocation and resettlement process at the Makoko District.

Finance income for Q3 2026 amounted to $47 million and was $3 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 $41 million for Q3 2026, and $36 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 September 30, 2026, is a loss on the fair valuation of derivative liabilities of $18 million. The derivative liabilities arise on zinc and copper hedging contracts undertaken by the company. Of the $18 million loss incurred, $5 million related to zinc and copper hedging contracts that realized during the period, while $13 million related to zinc and copper hedging contracts that were unrealized at the end of the period.

The company recorded a profit of $45 million and a total comprehensive income of $39 million for Q3 2026, compared to a profit of $31 million and a total comprehensive income of $56 million for the same period in 2025.

The total comprehensive income for the three months ended September 30, 2026, included an exchange loss on translation of foreign operations of $5 million, compared to an exchange gain of $25 million for the same period in 2025, resulting mainly from the weakening of the South African Rand during the period.

Review of the Kipushi Mine for the three months ended September 30, 2026 vs. September 30, 2025

The company sold 69,384 tonnes of payable zinc produced by the Kipushi Mine in the third quarter of 2026, realizing revenue of $255 million at a cost of sales of $175 million. This is compared to 49,744 tonnes of payable zinc sold for the same period in 2025, realizing revenue of $129 million at a cost of sales of $122 million. Kipushi’s cost of sales per pound of payable zinc sold was $1.14/lb. for the third quarter of 2026 and was $1.11/lb. in Q3 2025. Cash cost (C1) per pound of payable zinc sold in the third quarter of 2026 averaged $0.91/lb. compared with $0.95/lb. for the same period in 2025. Kipushi’s segmented profit for the third quarter of 2026 was $47 million (Q3 2025: $8 million) and EBITDA was $108 million (Q3 2025: $27 million).

Revenue includes the mark-to-market gain impact of remeasurement of contract receivables of $12 million for the three months ended September 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 September 30, 2026, and for the same period in 2025, can be summarized as follows:

⁽¹⁾ Calculated on a weighted average basis

Review of the Kamoa-Kakula Copper Complex for the three months ended September 30, 2026 vs. September 30, 2025

The company recognized income in aggregate of $67 million from the joint venture in Q3 2026 and $47 million for the same period in 2025, which can be summarized as follows:

The company’s share of profit from the Kamoa Holding joint venture was $14 million more in Q3 2026 compared to the same period in 2025 and is broken down in the following table:

The Kamoa-Kakula Copper Complex sold 67,025 tonnes of payable copper in Q3 2026 realizing revenue of $1.03 billion for the Kamoa Holding joint venture, compared to 61,528 tonnes of payable copper sold for revenue of $566 million for the same period in 2025. Of the $1.03 billion of revenue recognized by Kamoa-Kakula during the three months ended September 30, 2026, $100 million relates to the sale of 109,240 tonnes of sulphuric acid. Revenue was boosted by higher copper prices in 2026, with the provisional price of $6.41/lb. and a realized price of $6.12/lb. for Q3 2026, compared to a provisional price of $4.44/lb and a realized price of $4.42/lb. for Q3 2025.

Kamoa-Kakula’s cost of sales per pound of payable copper sold was $4.59/lb. for the third quarter of 2026 and was $3.23/lb. in Q3 2025. Cash cost (C1) per pound of payable copper sold in the third quarter of 2026 averaged $3.00/lb. compared with $2.62/lb. for the same period in 2025, with the increase mainly attributable to increased mining and smelting costs which were partially offset by sulphuric acid credits.

The realized, provisional and forward copper prices used for the remeasurement (mark-to-market) of contract receivables for the three months ended September 30, 2026, and for the same period in 2025, can be summarized as follows:

⁽¹⁾ Calculated on a weighted average basis

The finance costs recognized in the Kamoa Holding joint venture increased by $35 million from $111 million for the three months ended September 30, 2025 to $146 million for the same period in 2026, with the increase largely attributable to the interest on shareholder loans, which increased due to the higher accumulated loan balances, 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:

Review of Ivanhoe Mines for the nine months ended September 30, 2026 vs. September 30, 2025

The company’s revenue was $582 million for the nine months ended September 30, 2026 and was $279 million more than for the same period in 2025 ($303 million). Of the total revenue recognized for the nine months ended September 30, 2026, $562 million was from the Kipushi Mine, while $12 million was attributable to pre-commercial production revenue at the Platreef Mine. Cost of sales for the nine months ended September 30, 2026 was $427 million, and was $304 million for the same period in 2025, with cost of sales for the period mainly attributable to the Kipushi Mine ($405 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 $1 million for the nine months ended September 30, 2026, compared to a profit of $135 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 $75 million for the nine months ended September 30, 2026, and $28 million for the same period in 2025. Of the total exploration and project evaluation expenditure for the nine months ended September 30, 2026, $54 million related to the company’s Western Forelands exploration licences, $14 million related to the company’s Kazakhstan exploration and the remainder related mainly to Ivanhoe’s Zambian and Angolan exploration.

Exploration and project evaluation expenditure at the Western Forelands Exploration Project increased by $31 million from $23 million for the nine months ended September 30, 2025, to $54 million for the same period in 2026, mainly due to increased drilling, site establishment costs and relocation and resettlement costs incurred as exploration activity increased at the Makoko District.

Included in general and administrative expenses for the nine months ended September 30, 2026, is foreign exchange losses of $10 million compared with foreign exchange gains of $5 million for the same period in 2025.

Finance income amounted to $136 million for the nine months ended September 30, 2026, and $129 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 $116 million for the nine months ended September 30, 2026, and $105 million for the same period in 2025 and increased due to the higher accumulated loan balance.

Included in the profit for the nine months ended September 30, 2026, is a loss on the fair valuation of derivative liabilities of $28 million. The derivative liabilities arise on zinc and copper hedging contracts undertaken by the company. Of the $28 million loss recognized, $7 million related to zinc and copper hedging contracts that realized during the period, while $21 million related to zinc and copper hedging contracts that were unrealized at the end of the period.

The company recorded a profit of $89 million and a total comprehensive income of $102 million for the nine months ended September 30, 2026, compared to a profit of $188 million and a total comprehensive income of $238 million for the same period in 2025.

Review of the Kipushi Mine for the nine months ended September 30, 2026 vs. September 30, 2025

The company sold 167,748 tonnes of payable zinc produced by the Kipushi Mine in the nine months ended September 30, 2026, realizing revenue of $562 million at a cost of sales of $405 million. This is compared to 123,200 tonnes of payable zinc sold for the same period in 2025, realizing revenue of $303 million at a cost of sales of $304 million. The cost of sales for the nine months ended September 30, 2026 also included depreciation and amortization of $64 million, which was $48 million for the same period in 2025. Cost of sales per pound of payable zinc sold was $1.09/lb. for the nine months ended September 30, 2026, compared to $1.12/lb. for the same period in 2025. Cash cost (C1) per pound of payable zinc sold for the nine months ended September 30, 2026 averaged $0.89/lb. and $0.95/lb. for the same period in 2025.

Kipushi’s segmented profit and EBITDA were $91 million and $218 million respectively for the nine months ended September 30, 2026. This is compared with a segmented loss of $4 million and an EBITDA of $46 million 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 nine months ended September 30, 2026, and for the same period in 2025, can be summarized as follows:

⁽¹⁾ Calculated on a weighted average basis

Review of the Kamoa-Kakula Copper Complex for the nine months ended September 30, 2026 vs. September 30, 2025

The company recognized income in aggregate of $116 million from the joint venture in the nine months ended September 30, 2026 (2025: $240 million), which can be summarized as follows:

The company recorded its share of loss from the Kamoa Holding joint venture of $1 million for the nine months ended September 30, 2026, compared to a profit of $135 million for the same period in 2025, the breakdown of which is summarized in the following table:

The Kamoa-Kakula Copper Complex sold 194,893 tonnes of payable copper in the nine months ended September 30, 2026, realizing revenue of $2.78 billion for the Kamoa Holding joint venture, compared to 273,205 tonnes of payable copper sold for revenue of $2.42 billion for the same period in 2025. The increase in the average provisional copper sales price achieved during the nine months ended September 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 $2.78 billion of revenue recognized by Kamoa-Kakula during the nine months ended September 30, 2026, $209 million relates to the sale of 336,537 tonnes of sulphuric acid.

Revenue was boosted by higher copper prices in 2026, with the provisional price of $6.10/lb. and a realized price of $5.93/lb. for the nine months ended September 30, 2026, compared to a provisional price of $4.31/lb. and a realized price of $4.31/lb. for the same period in 2025.

Kamoa-Kakula’s cost of sales per pound of payable copper sold was $4.44/lb. for the nine months ended September 30, 2026, and was $2.54/lb. for the same period in 2025. Cash cost (C1) per pound of payable copper sold averaged $2.80/lb. for the nine months ended September 30, 2025, compared with $1.97/lb. in 2025, with the increase mainly attributable to increased mining and smelting costs which were partially offset by sulphuric acid credits.

The realized and provisional copper prices used for the remeasurement (mark-to-market) of contract receivables for the nine months ended September 30, 2026, and for the same period in 2025, can be summarized as follows:

⁽¹⁾ Calculated on a weighted average basis

The finance costs recognized in the Kamoa Holding joint venture was $223 million for the nine months ended September 30, 2025 and increased by $121 million to $344 million for the nine months ended September 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:

Financial position of Ivanhoe Mines as at September 30, 2026, vs. December 31, 2025

The company’s total assets increased by $445 million, from $7,626 million as at December 31, 2025, to $8,071 million as at September 30, 2026. The increase in total assets was mainly attributable to the increase in property, plant and equipment of $395 million as project development continued at the Platreef Mine, the increase in the company’s investment in the Kamoa Holding joint venture by $190 million and the increase in inventory by $47 million offset in part by the decrease in cash and cash equivalents and short term deposits by $242 million, as explained below.

Cash and cash equivalents and short-term deposits decreased by $242 million, from $885 million as at December 31, 2025, to $643 million as at September 30, 2026. The company spent $327 million on project development and acquiring other property, plant, and equipment and used $14 million in its operating activities. Of the total interest repaid during the nine months ended September 30, 2026, $59 million related to the semi-annual interest repayment on the Senior Notes, $8 million related to repayments of interest on the senior debt facility, $8 million related to repayments of interest on advance payment facilities, $4 million related to interest on overdraft facilities, $1 million related to fees on the unutilized revolving credit facility and $9 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 nine months ended September 30, 2026.

Inventory increased by $47 million, from $66 million as at December 31, 2025, to $113 million as at September 30, 2026. Included in inventory is $53 million of zinc concentrate finished goods, up from $28 million at the end of 2025. Finished goods as at September 30, 2026 contains 41,923 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. 32,680 tonnes of zinc in concentrate was en-route to the port at the end of Q3 2026 (December 31, 2025: 15,972 tonnes). The inventory balance as at September 30, 2026, also contains $26 million in ore stockpiles (December 31, 2025: $19 million). The ore stockpile contained approximately 257,629 tonnes of ore at an estimated average grade of 21.0% 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 $190 million from $3,571 million as at December 31, 2025, to $3,761 million as at September 30, 2026. The company’s investment in the Kamoa Holding joint venture can be broken down as follows:

The company’s share of the net assets in the Kamoa Holding joint venture can be broken down as follows:

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:

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 $355 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 8.76% per annum and can be summarized as follows:

The repayments of the term loan facilities of the Kamoa Holding joint venture can be summarized as follows:

The increase in Kamoa-Kakula’s right-of-use asset and corresponding lease liability in 2026, represent the IFRS 16 accounting for the on-site hybrid solar facility with battery energy storage system (BESS). The contract with CrossBoundary Energy, the owner and operator of the facility was assessed against the requirements of IFRS 16, and it was concluded that the contract contained a lease.

The cash flows of the Kamoa Holding joint venture can be summarized as follows:

The Kamoa Holding joint venture’s net increase in property, plant and equipment from December 31, 2025, to September 30, 2026, amounted to $407 million and can be further broken down as follows:

The net increase in Ivanhoe’s property, plant, and equipment amounted to $395 million, with additions of $337 million to project development and other property, plant, and equipment. Of this total, $286 million pertained to development costs and other acquisitions of property, plant and equipment at the Platreef Mine, while $48 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 nine months ended September 30, 2026, and for the same period in 2025, are set out in the following tables:

The company’s total liabilities increased by $325 million to $2,226 million as at September 30, 2026, from $1,901 million as at December 31, 2025, with the increase mainly due to $207 million drawn down by Platreef under its senior debt facility, an increase in the deferred revenue associated with Platreef’s streaming facilities of $55 million, an increase in the derivative liability associated with zinc and copper hedges of $20 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 $643 million in cash and cash equivalents as at September 30, 2026. At this date, the company had a consolidated working capital surplus of approximately $547 million, compared to $626 million as at December 31, 2025.

The company’s capital expenditure guidance can be summarized as follows:

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.
⁽²⁾ Year-to-date capital expenditure excludes non-cash additions.

The capital expenditure guidance range for Kamoa-Kakula has been updated to reduce the upper end of the 2026 guidance by $200 million and to defer that and include it in the 2027 guidance range. The 2027 capital expenditure guidance excludes estimated capital expenditure for open pit mining at Kamoa estimated to be $100 million to $200 million.

The capital expenditure guidance range for Platreef has been updated to account for the weaker dollar, when compared to the South African Rand, as assumed in the Platreef Feasibility Study. The Feasibility Study assumed a USD:ZAR exchange rate of 18.00, with the guidance updated assuming an exchange rate of $16.50. This has a circa $75 million impact on 2026 and 2027, with the full impact added to the 2027 guidance. Additionally, the 2026 guidance has been increased by $65 million to account for additional costs capitalized due to the delay in reaching commercial production on the Phase 1 concentrator.

Ivanhoe’s exploration budget for 2026 was set to approximately $127 million, with $86 million earmarked for exploration activities focused on the Western Forelands Project. A total of $75 million has been spent on exploration in the nine months ended September 30, 2026.

The cash flows by segment for the three and nine months ended September 30, 2026, and for the same period in 2025 is as follows:

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.

⁽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:

The pro-rata cash and cash equivalents of the company are summarized as follows:

The pro-rata net debt of the company is summarized as follows:

The Adjusted EBITDA of the company for the twelve months ended September 30, 2026 is summarized as follows:

⁽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 September 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:

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:

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:

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:

Reconciliation of profit after tax to Ivanhoe’s EBITDA and adjusted EBITDA:

⁽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%).

Reconciliation of profit after tax to Ivanhoe’s EBITDA and adjusted EBITDA on a segmented basis:

DISCLOSURE OF SCIENTIFIC AND 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 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 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 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 release.

The scientific and technical information with respect to the Kamoa-Kakula Copper Complex, the Platreef Mine and the Kipushi Mine, contained in this release is derived from and based upon the following current NI 43-101-compliant technical reports, and is qualified by reference to such technical reports:

• Technical Report dated March 31, 2026, titled “Kamoa-Kakula Mineral Reserve and Mineral Resource Technical Report” prepared by AMC Mining Consultants South Africa (Pty) Ltd and The MSA Group (Pty) Ltd, covering the company’s Kamoa-Kakula Copper Complex (“Kamoa-Kakula MRE“);
• Technical Report dated February 15, 2025, titled “Platreef Integrated Development Plan 2025”, prepared by OreWin Pty Ltd, The MSA Group (Pty) Ltd, SRK Consulting (South Africa) (Pty) Ltd, DRA Projects (Pty) Ltd and WSP Global Inc. covering the company’s Platreef Mine (the “Platreef IDP 2025“); and
• Technical Report dated February 14, 2022, titled “Kipushi 2022 Feasibility Study” prepared by OreWin Pty Ltd, The MSA Group (Pty) Ltd, SRK Consulting (South Africa) (Pty) Ltd and METC Engineering covering the company’s Kipushi Mine (the “Kipushi 2022 FS“).
• The Kamoa-Kakula MRE, the Platreef IDP 2025 and Kipushi 2022 FS, are collectively referred to as the “Technical Reports”.

The technical information in this release has been updated with current information where applicable. Copies of the Technical Reports have been filed with Canadian securities regulatory authorities pursuant to NI 43-101 and are available for review under the company’s SEDAR+ profile at www.sedarplus.ca.

These technical reports include relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource estimates on the Platreef Mine, the Kipushi Mine and the Kamoa-Kakula Copper Complex cited in this release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this release in respect of the Platreef Mine, Kipushi Mine and Kamoa-Kakula Copper Complex.

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 cash costs are expected to trend lower than $2.50 per pound prior to the Phase 4 expansion, (ii) statements that sulphuric acid prices are expected to remain elevated for the foreseeable future, (iii) statements that Kamoa-Kakula full-year production expected to be approximately 290,000 tonnes of copper in saleable products; (iv) statements regarding Kamoa-Kakula’s 2027 production guidance of 300,000 – 350,000 tonnes of copper and steady-state capacity, using the existing Phase 1, 2 & 3 concentrators, reducing to 400,000 – 450,000 tonnes of copper; (v) statements that pre-stripping of first starter pits to start in Q1 2027, with first ore expected in Q3 2027; (vi) statements that Phase 4 expansion to upgrade production capacity of Kamoa-Kakula to approximately 500,000 tonnes per annum, that the timeline to deliver Phase 4 expansion from approval is 18-24-month and that detailed engineering design for the Phase 4 expansion is expected to commence in Q1 2027; (vii) statements that the Kamoa-Kakula’s on-site hybrid solar photovoltaic facility with battery energy storage system is expected to significantly reduce the diesel used by on-site backup generators; (viii) statements with respect to the company’s 2026 production guidance for the Kipushi Mine being 270,000 to 290,000 (previously 240,000 to 290,000) tonnes of zinc in concentrate, which is expected to make Kipushi one of the top three zinc mines in the world; (ix) statements that the Kipushi hybrid solar PV facility is expected to be operational by mid 2028; (x) statements that Phase 2 operations at Platreef are 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; (xi) 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; (xii) statements that year-end copper inventories at Kamoa-Kakula are expected to be between 35,000 and 40,000 tonnes; (xiii) statements with respect to C1 cash cost guidance for Kamoa-Kakula of $2.50 to $3.00 per payable pound; (xiv) statements that the Kamoa-Kakula Copper Complex is expected to include mining from open pits to support underground operations, that pre-stripping of Kamoa open pits is expected to commence in Q1 2027, that by the end of 2028, approximately 3.5 million tonnes of ore at an average grade of 2.5% is expected to have been mined from the open pits and that pre-stripping of two additional starter pits at Kamoa will start by the end of 2028; (xv) statements that the Phase 4 expansion is expected to have a capital intensity of approximately $9,000-$12,000 per tonne of annualized copper production, including development of the supporting open pit operations, and is expected to sustain Kamoa-Kakula’s copper production at approximately 500,000 tonnes per annum; (xvi) statements with respect to the company’s capital expenditures guidance for 2026 and 2027; (xvii) statements that the Solar PV facility at Kamoa-Kakula will be designed to provide 10 MW of continuous baseload power, providing approximately 50% of the Kipushi Mines’ energy requirements and that the facility is expected to be commissioned and operational in Q2 2028; (xviii) statements that in the fourth quarter, Kipushi Corporation is expected to upstream excess cash from the DRC subsidiary to Ivanhoe Mines; (xix) statements with respect to Kipushi’s 2026 guidance of 270,000 to 290,000 tonnes of zinc; (xx) statements that the Phase 2 expansion at Platreef is expected to complete in Q4 2027 and fully ramp up in Q4 2028; (xxi) statements that the stoping of higher-grade stopes is also expected to ramp up in Q4 2026 at Platreef; and (xxii) statements that shaft equipping is expected to commence in Q1 2028, 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.

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 nine-months ended September 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 nine-months ended September 30, 2026, in the company’s current annual information and elsewhere in this release.

ADDITIONAL INFORMATION

Additional information regarding the company, including the company’s Annual Information Form, is available on SEDAR+ at www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/322386

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