• Kamoa-Kakula produced 388,838 tonnes of copper in concentrate in 2025, achieving guidance
• Ivanhoe confirms previously set 2026 Kamoa-Kakula production guidance of 380,000 to 420,000 tonnes of copper
• 99.7%-pure copper anode production from Kamoa-Kakula smelter already averaging 500 tonnes per day; first exports expected imminently
• Production of 98%-pure high-strength sulphuric acid from smelter averaging 1,200 tonnes per day; first sales complete
• Kipushi produced record 203,168 tonnes of zinc in concentrate in 2025, achieving guidance, including a monthly record 22,629 tonnes in December
• Ivanhoe sets 2026 Kipushi Mine production guidance of 240,000 to 290,000 tonnes of zinc
• Ivanhoe Mines to issue 2025 financial results after market close on February 18; host conference call for investors on February 19

Johannesburg, South Africa–(Newsfile Corp. – January 15, 2026) – Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announced today the company’s 2025 fourth quarter and full-year production results for the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) and the ultra-high-grade Kipushi zinc mine, also in the DRC. Following the release of Kamoa-Kakula’s 2026 and 2027 production guidance on December 3, 2025, the company also announced today 2026 production guidance for the Kipushi Mine.

Kamoa-Kakula produced 388,838 tonnes of copper in 2025, achieving guidance, including record production and throughput achieved by the Phase 3 concentrator.

Kamoa-Kakula produced a total of 388,838 tonnes of copper in concentrate in 2025, within the revised guidance range of 380,000 tonnes to 420,000 tonnes. Total copper production consisted of 385,808 tonnes of copper in concentrate produced by the Phase 1, 2 and 3 concentrators, as well as 3,030 tonnes of copper in concentrate produced by the slag concentrator located at the on-site smelter.

Kamoa-Kakula summary of quarterly and annual production data

Data in bold denotes a quarterly / annual record
*Slag concentrator was temporarily used to assist with copper production prior to the start-up of the smelter in late Q4 2025

Prior to the first feed of concentrate into the smelter furnace, as announced on December 1, 2025, the smelter’s slag concentrator was used to reprocess fines and spillage from the Phase 1, 2 and 3 concentrators during Q3 and Q4 2025. The smelter site at Kamoa-Kakula includes a 600,000-tonne-per-annum conventional concentrator plant, which under normal operating conditions is used to regrind and refloat slag produced by the smelter. Slag produced by the smelter contains approximately 4% copper, which, once reprocessed, enables the smelter to achieve a recovery rate of 98.5%. Concentrate produced by the concentrator was stored on site and will be fed into the Kamoa-Kakula smelter. With the smelter now operational, the slag concentrator will no longer produce additional copper in concentrate.

Kamoa-Kakula’s copper production was supported by a record 144,493 tonnes of copper produced by the Phase 3 concentrator during 2025. The Phase 3 concentrator milled 6.4 million tonnes of ore during 2025, approximately 30% above the design capacity of 5.0 million tonnes per annum. The Phase 3 concentrator also achieved a record throughput of 1.66 million tonnes and averaged a record recovery rate of 88.2% in the fourth quarter.