Core Viewpoint - Ivanhoe Mines has reported strong production results for 2025 from its Kamoa-Kakula Copper Complex and Kipushi zinc mine, achieving or exceeding production guidance for both copper and zinc, with significant operational advancements expected in 2026. Group 1: Kamoa-Kakula Copper Production - Kamoa-Kakula produced 388,838 tonnes of copper in concentrate in 2025, achieving guidance, with production supported by record output from the Phase 3 concentrator [1][2] - The Phase 3 concentrator milled 6.4 million tonnes of ore in 2025, approximately 30% above its design capacity, achieving a record throughput and recovery rate [6] - The smelter has begun producing 99.7%-pure copper anodes, averaging 500 tonnes per day, with first exports expected imminently [8][9] Group 2: Kipushi Zinc Production - Kipushi produced a record 203,168 tonnes of zinc in concentrate in 2025, achieving guidance, including a quarterly record of 61,444 tonnes in Q4 2025 [25][29] - The improvement in zinc production was attributed to the completion of a debottlenecking program and enhanced power availability [25][28] - The 2026 production guidance for Kipushi is set at 240,000 to 290,000 tonnes of zinc [34] Group 3: Financial and Operational Outlook - Ivanhoe Mines will release its 2025 financial results on February 18, 2026, and host a conference call for investors on February 19 [40][41] - The company expects 2026 copper sales to be approximately 20,000 tonnes higher than production due to destocking of on-site inventory [10][11] - Kamoa-Kakula's margins are anticipated to expand as logistics costs decrease and revenues from high-strength sulphuric acid sales contribute positively [15][17]