Core Insights - Ivanhoe Mines reported a Q2 2025 profit of $35 million and adjusted EBITDA of $123 million, with Kamoa-Kakula contributing $128 million to EBITDA [1][9] - Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, operating at 85% design capacity for Phases 1 and 2, and 30% above design capacity for Phase 3 [1][37] - The company is advancing its dewatering efforts at Kakula Mine, with Stage One completed and Stage Two set to commence imminently [1][49] - The startup of Africa's largest and greenest copper smelter is on schedule for September 2025 [1][68] - Recent increases in platinum and palladium prices have improved the net present value of the Platreef project by over 20% to approximately $3.8 billion [1][9] Financial Performance - Q2 2025 adjusted EBITDA was $123 million, down from $226 million in Q1 2025; profit after tax was $35 million compared to $67 million in Q2 2024 [9][1] - Kamoa-Kakula sold 101,714 tonnes of copper at an average realized price of $4.34/lb, with revenue of $875 million for the quarter [9][1] - The cost of sales per pound of payable copper sold increased to $2.85/lb in Q2 2025 from $1.87/lb in Q1 2025 [11][9] - Kamoa-Kakula's cash cost (C1) per pound of payable copper produced averaged $1.89/lb, up from $1.69/lb in Q1 2025 [11][9] Operational Highlights - Kamoa-Kakula's concentrators milled 3.62 million tonnes of ore in Q2 2025, producing 112,009 tonnes of copper, an 11% increase compared to Q2 2024 [37][9] - The Phase 3 concentrator achieved a record production of 40,608 tonnes of copper, operating at an annualized rate of 6.5 million tonnes, 30% above design capacity [46][12] - Kipushi operations sold 43,348 tonnes of zinc, up nearly 45% from Q1 2025, with a revenue of $97 million [11][9] - Platreef's Phase 1 project is nearing completion, with first ore feed expected in Q4 2025 [12][8] Project Development - The Kamoa-Kakula copper smelter is expected to start operations in September 2025, processing concentrates from all phases of the mine [68][1] - The company is targeting to provide an update on Kamoa-Kakula's recovery plan and ramp-up to steady-state operations by September 2025 [12][1] - The Platreef project is projected to be the lowest-cost primary platinum-group-metals producer globally, with a Phase 2 expansion expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold annually [12][8] Exploration Activities - Ivanhoe Mines is expanding the Makoko District copper discovery and exploring for new sedimentary-hosted copper discoveries across its extensive license areas in DRC, Angola, Zambia, and Kazakhstan [3][2] - The company has completed 86,000 meters of diamond drilling in the Makoko District, doubling the total copper contained in the area [16][3] - Drilling activities in Kazakhstan commenced in July 2025, with two rigs deployed for a 17,500-meter maiden diamond drilling program [16][3]