Core Viewpoint - The Kamoa-Kakula copper smelter, the largest in Africa, has commenced production of copper anodes, marking a significant milestone for Ivanhoe Mines and the region's copper industry [1][4][14]. Production and Capacity - The Kamoa-Kakula smelter has a capacity of 500,000 tonnes of 99.7%-pure copper anodes per annum [1][14]. - The smelter's ramp-up is expected to continue throughout 2026, with completion anticipated by year-end [6][33]. - Copper production for 2026 is estimated to be between 380,000 and 420,000 tonnes, with a midpoint of 400,000 tonnes representing approximately 80% of the smelter's total capacity [6][33]. Sales and Inventory - In 2026, copper sales are projected to exceed production by approximately 20,000 tonnes due to the destocking of on-site inventory of unsold copper concentrate [9][33]. - The total unsold copper in concentrate is expected to decrease from approximately 37,000 tonnes to about 17,000 tonnes during 2026 as the smelter ramps up [9][33]. By-Products and Revenue - The smelter has also produced its first batch of by-product sulphuric acid, with an expected annual production of up to 700,000 tonnes [17][18]. - Sulphuric acid is in high demand, especially following Zambia's export ban, with spot prices reaching as high as $700 per tonne [18]. Operational Efficiency - The smelter's logistics costs are expected to halve as the copper content per truck-load exported increases from approximately 45% in concentrate to 99.7% in anodes [16][33]. - The overall copper recovery rate is projected to be 98.5% once fully ramped up [16][33]. Health and Safety - The construction of the smelter was completed with an industry-leading health and safety record, achieving only one lost time injury during 18 million man-hours worked [19][33]. Mining Operations - Stage Two dewatering of the Kakula Mine is complete, allowing for selective mining to commence ahead of schedule [21][25]. - Head grades from mining areas on the western side of Kakula are expected to increase from 3.5% copper in January to approximately 4.0% by the end of Q1 2026 [25][33].

Core Viewpoint - Ivanhoe Mines has successfully commenced the heat-up of Africa's largest and greenest copper smelter at Kamoa-Kakula, marking a significant milestone for the company and the Congolese mining industry [1][19]. Group 1: Smelter Operations - The Kamoa-Kakula smelter, with a capacity of 500,000 tonnes per annum, began its heat-up on November 21, 2025, and is expected to process its first feed of concentrate by the end of the year [1][12]. - The smelter aims to produce 99.7% copper anodes, with the management prioritizing the processing of concentrates from the Phase 1, 2, and 3 concentrators [12][26]. - Prior to the start-up, Kamoa-Kakula held approximately 37,000 tonnes of copper in concentrate, which is expected to reduce to around 17,000 tonnes during 2026 as the smelter ramps up operations [13][26]. Group 2: Community and Cultural Significance - The opening ceremony included a traditional blessing by local community leaders, symbolizing the transformative change at Kamoa-Kakula and the integration of local culture into the project [2][4]. - The ceremonial flame used to ignite the smelter was carried from a traditional site, emphasizing the connection between the project and the local community [5][10]. Group 3: Technical and Infrastructure Details - The smelter is equipped with a 60-megawatt uninterruptible power supply (UPS) to provide backup power, along with approximately 180 MW of on-site diesel-powered generator capacity [14]. - The heat-up process is progressing well, with the furnace temperature reaching 800 degrees Celsius, and will be maintained at this level for nine days to complete the commissioning of various systems [15].