TSX: IVN | OTCQX: IVPAF KAMOA-KAKULA 2026 MINERAL RESERVE & MINERAL RESOURCE UPDATE Presentation & Webinar March 31, 2026 DISCLAIMER AND FORWARD-LOOKING STATEMENTS Certain statements in this 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, ...

World-class Indicated Mineral Resource estimate of 1.3 billion tonnes at grade of 2.65% for 34 million tonnes of copper intact, underpinning significant long-term optionalityMineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million tonnes of copper, supports multi-decade mine lifeUpdated mine plan supports ramp up of production profile to >500,000 tonnes of copper from 2028 onwards2026 and 2027 Kakula mine plan refocused on developing long-term infrastructure to establish future high-product ...

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].