Ivanhoe Mines Q4 Earnings Call Highlights

Ivanhoe Mines (TSE:IVN) executives utilized the company’s fourth-quarter and full-year 2025 net telephone to item advancement astatine its Kamoa-Kakula copper analyzable successful the Democratic Republic of the Congo (DRC), a beardown ramp-up astatine the Kipushi zinc operation, and the commencement of accumulation astatine the Platreef platinum-group metals (PGM) excavation successful South Africa.

Founder and Executive Co-Chair Robert Friedland said the company, unneurotic with Trafigura and Germany’s Aurubis, announced the archetypal shipment of 99.7% copper moving via the Lobito Corridor to the Atlantic Ocean. Friedland described Kamoa-Kakula’s installation arsenic “the largest smelter connected the African continent” and a “direct-to-blister furnace,” calling it the astir modern and “greenest” copper smelter to beryllium connected to the caller obstruction route.

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President and CEO Marna Cloete said Kamoa-Kakula produced adjacent to 400,000 tonnes of copper successful 2025 contempt “lower accumulation and income since May,” generating $4.2 cardinal successful gross astatine a 40% borderline and EBITDA of astir $1.5 billion. She added that the smelter ramp-up was up of docket and operating astatine “over 60% capacity.”

Chief Financial Officer David van Heerden reported Kamoa-Kakula’s 2025 gross of $3.3 cardinal (at a realized copper terms of $4.40 per pound), up from $3.1 cardinal successful 2024. Annual EBITDA was $1.4 cardinal with a 44% margin. Fourth-quarter EBITDA was $331 million, up 69% from Q3, though van Heerden said results were inactive affected by little grades and ore processing.

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In Q4, Kamoa-Kakula sold astir 79,000 tonnes of payable copper for $866 cardinal successful gross astatine a realized terms of $4.98 per pound. Van Heerden noted that tonnes sold exceeded tonnes produced, reducing contained copper inventory connected manus to 50,000 tonnes astatine year-end. He said astir inventory was acceptable to beryllium processed by the Kamoa-Kakula smelter and expected copper held successful stockpiles and the smelting circuit to autumn to astir 17,000 tonnes during 2026 arsenic ramp-up continues. As a result, absorption expects 2026 copper income to beryllium astatine slightest 30,000 tonnes higher than 2026 production, with astir of the drawdown occurring successful the archetypal half.

Van Heerden said fourth-quarter currency costs were $2.99 per lb of payable copper, reflecting higher logistics charges and G&A arsenic much tonnes were transported to determination the aforesaid magnitude of contained copper, on with definite one-off G&A items. Full-year currency costs were $2.16 per pound, wrong the company’s revised guidance range. For 2026, helium guided to $2.20 to $2.50 per pound, and said costs are expected to amended successful 2027. He besides said the institution expects logistics and attraction and refining charges to amended by astir 30% owed to the smelter and expects mining, processing, and G&A to amended by astir 20% per lb arsenic grades rise.