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, ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the sulphur market and its implications for various metals, particularly copper, nickel, cobalt, and uranium, due to disruptions in the Middle East [1][3][14]. Core Insights and Arguments Sulphur Supply Risks - 50% of seaborne sulphur transits through the Strait of Hormuz, primarily from the Middle East's oil refineries and gas processing operations, leading to potential supply risks for sulphuric acid [1][3][12]. - Disruptions in shipping could exacerbate an already tight sulphuric acid market, impacting production across multiple sectors, including fertilizers and mining [3][15]. Copper Production - African SxEw (Solvent Extraction and Electrowinning) production, which accounts for 6% of global copper output, is particularly sensitive to disruptions in Middle Eastern sulphur flows [4][16]. - The leaching process for copper can take several months to two years, providing a buffer against immediate production impacts even if sulphur supplies are cut [4][21]. - The Democratic Republic of the Congo (DRC) relies heavily on imported sulphur, with 90% sourced from the Middle East, making it vulnerable to supply disruptions [17][18]. Nickel Production - Nickel production via the HPAL (High Pressure Acid Leaching) method in Indonesia is heavily reliant on sulphuric acid, with 75% of Indonesia's sulphur imports coming from the Middle East [5][28]. - Any prolonged disruption in sulphur shipments could lead to significant challenges in nickel supply, especially given existing environmental restrictions and mining quota cuts [5][36]. Cobalt Production - Cobalt production, primarily in the DRC, also relies on sulphuric acid for leaching, but current export restrictions may mitigate immediate impacts due to stockpiled inventories [37]. Uranium Production - Uranium mining is less exposed to Middle Eastern sulphur supply, with Kazakhstan and Canada being more self-sufficient [5][38][39]. - Kazakhstan's reliance on sulphuric acid is growing, but it mainly sources from Russia and Turkmenistan, reducing exposure to Middle Eastern disruptions [42]. Additional Important Insights - Smelter margins are expected to benefit from rising sulphuric acid prices, which accounted for over 64% of smelters' by-product revenue in 2025, up from a historical average of 27% [6][23]. - The DRC's reliance on sulphuric acid from Zambia has been complicated by a recent export ban, increasing sensitivity to Middle Eastern shipping disruptions [18][20]. - The Kamoa smelter in the DRC is expected to produce 700 ktpa of sulphuric acid, which may help alleviate some supply pressures, although it may not fully offset losses from Zambia [20]. Market Outlook - The overall market remains fluid, with potential for increased pricing due to supply disruptions, particularly for copper and nickel [7][22]. - While macroeconomic factors may influence demand, the slow nature of copper production methods provides some cushion against immediate supply shocks [22]. Conclusion - The sulphur market's dynamics, particularly in relation to Middle Eastern supply disruptions, pose significant risks and opportunities for the copper, nickel, cobalt, and uranium sectors. The interplay between supply constraints and production methods will be critical in shaping market outcomes in the near term.

Investment and Acquisitions - Samhi Hotels has approved an investment to acquire a 70% partnership interest in Rare India for ₹47.39 crore, which includes a primary capital contribution of ₹23.39 crore and acquisition of existing partnership interests worth ₹24 crore [1] - UltraTech Cement has entered into an agreement to acquire a 26.20% equity stake in Sunsure Solarpark Thirty Eight Pvt Ltd for an investment of up to ₹6.72 crore, aimed at meeting green energy needs and optimizing energy costs [6] Collaborations and Digital Transformation - Tata Power has announced a collaboration with Salesforce to digitally transform its rooftop solar, EV charging, and smart home solutions businesses, aligning with India's net-zero ambitions [2] Tax Disputes - Meesho Ltd has received a tax demand of ₹1,499.73 crore from the Income Tax Department for the assessment year 2023-24 [3] - Go Digit General Insurance Ltd has received a GST demand of ₹154.81 crore plus a penalty of ₹15.48 lakh for non-payment of GST on co-insurance premium and reinsurance commission [4] Order Wins and Contracts - Niraj Cement has secured three major EPC contracts totaling ₹179.65 crore from government infrastructure authorities for various construction projects [5] - RailTel Corporation has received a Letter of Acceptance worth ₹26.73 crore for an optical fiber cable infrastructure project [8] - RITES Ltd has been awarded a work order worth ₹45.19 crore for consultancy services as Project Management Consultant for a bridge project in West Bengal [9] - United Drilling Tools has received a domestic order worth ₹3.73 crore from ONGC for the supply of casing pipes [10] - 3C IT Solutions has received a purchase order of ₹3.21 crore for Lenovo laptops [11] Pharmaceutical Developments - Kabra Drugs Ltd has approved a joint venture agreement with an Indonesian firm specializing in strategic defense equipment [12] - Lupin has received a Form-483 from the USFDA following an inspection at its manufacturing facility, with two observations to address [13] - Cipla USA is recalling over 400 cartons of generic anti-cancer medication due to manufacturing issues [14] - Neogen Chemicals has approved the issuance of 10,00,000 equity shares at ₹1,610 each through preferential allotment [15] - IOL Chemicals has received a Certificate of Suitability for its API product "Metformin Hydrochloride Process-II" [16] Banking Sector Updates - AU Small Finance Bank has received a modification in its in-principle approval from the Reserve Bank of India regarding its transition to a universal bank [17] - Kotak Mahindra Bank has announced the appointment of Anup Kumar Saha as a Whole-time Director [18] - YES Bank has appointed Vinay Muralidhar Tonse as its managing director and CEO designate [19] Industrial Developments - Coromandel International has commenced trial production at its new phosphoric and sulfuric acid plants in Andhra Pradesh [20] - Maruti Interior Products has approved a rights issue aggregating up to ₹45.30 crore [21] - GAIL has received a Force Majeure Notice from its supplier affecting the supply of LNG due to ongoing geopolitical issues [22] - Flomic Global Logistics has executed the shipment of industrial machinery for a steel melting plant from India to Nigeria, showcasing its capabilities in handling specialized project cargo [23]

Core Insights - Chemtrade Logistics Income Fund is facing margin pressure in its Sulphur and Water Chemicals (SWC) segment due to sharp raw material inflation, particularly in sulphur, and fixed annual pricing in municipal contracts [5][8] - The company plans to report its water chemicals business as a separate segment starting Q1 2026, although detailed financial metrics for this segment are not yet available [7][9] - Management anticipates a turnaround in North Vancouver in Q2 2026, which may negatively impact near-term results due to maintenance activities [6][10] Segment Performance - The Merchant Acid business is more responsive to sulphur-driven cost changes and can implement price increases more quickly compared to the water chemicals segment [1] - In the water chemicals business, Chemtrade may initially absorb rising raw material costs, but this can compress margin percentages even if EBITDA remains protected [2][3][8] - The company expects caustic soda pricing to recover in the second half of 2026 after a weak start to the year, driven by underlying demand factors [14] Operational Updates - Management indicated that 2026 will see heavier maintenance in the SWC segment, which is tied to customer turnaround schedules, and this is expected to be more significant than in the past two years [15] - The company is also upgrading its Tulsa facility in connection with its Cairo facility, which is expected to enhance product quality and meet customer demands [16] - The approval process for Cairo's output is progressing positively, with expectations for sales volume to ramp up in the second half of the year [16] Financial Outlook - Management expects corporate program costs in 2026 to be similar to those in 2025 after normalizing for incentive-related fluctuations [12] - The company has provided outage assumptions for modeling purposes, estimating costs in the range of CAD 22 million to CAD 28 million [13] - 2025 was noted as a record year for Chemtrade, reflecting strong operational performance [18]

COMPANY PRESENTATION February 2026 Safe Harbor Statement The material in this presentation contains certain statements that are neither reported financial results nor other historical information . These estimates are forward -looking statements within the meaning of the safe - harbor provisions of the securities laws . These forward -looking estimates are subject to risk and uncertainties that could cause actual results to differ materially from the expressed in the forward -looking statements . Many of th ...

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 Insights - The U.S. stock market experienced its largest single-day decline since April 10, attributed to escalating trade conflicts with China [1][9] U.S.-China Trade Conflicts - Recent trade tensions escalated with China's Ministry of Commerce requiring foreign companies to obtain licenses for exporting products containing over 0.1% rare earth minerals sourced or processed in China, effective December 1 [2][3] - China supplies approximately 70% of global rare earth minerals, essential for high-tech industries, with the U.S. being a major importer [3] U.S. Government Response - On October 10, the U.S. government announced a 100% tariff on additional Chinese exports, on top of the existing average 40% tariff, effective November 1 [4] Investment Recommendations - In light of market volatility, investment in low-beta stocks with high dividend yields is recommended. These stocks are expected to provide stability and potential upside if market conditions improve [5][9] - Five recommended stocks include: - AngloGold Ashanti plc (AU) with a beta of 0.53 and a dividend yield of 4.43% [11] - Dominion Energy Inc. (D) with a beta of 0.62 and a dividend yield of 4.43% [14] - PepsiCo Inc. (PEP) with a beta of 0.46 and a dividend yield of 3.93% [17] - Cincinnati Financial Corp. (CINF) with a beta of 0.72 and a dividend yield of 2.15% [21] - Genuine Parts Co. (GPC) with a beta of 0.77 and a dividend yield of 3.13% [23] Company-Specific Insights - **AngloGold Ashanti plc (AU)**: Expected revenue growth of 61% and earnings growth over 100% for the current year, with a recent earnings estimate improvement of 7.1% [11] - **Dominion Energy Inc. (D)**: Expected revenue growth of 5.4% and earnings growth of 22.4% for the current year, with stable earnings estimates [14] - **PepsiCo Inc. (PEP)**: Expected revenue growth of 1.6% and a slight decline in earnings of -1.4% for the current year, with a recent earnings estimate improvement [17] - **Cincinnati Financial Corp. (CINF)**: Expected revenue growth of 12.3% but a significant decline in earnings of -22.4% for the current year, with a slight improvement in earnings estimates [20] - **Genuine Parts Co. (GPC)**: Expected revenue growth of 2.5% and a decline in earnings of -6.3% for the current year, with stable earnings estimates [23]