Ivanhoe Mines (IVN) Investor Presentation summary

Corporate overview and financials

• Listed on TSX and OTCQX with a market cap of $17.5 billion and share price of C$18.75 as of June 2024.

• Cash position of $411 million and debt outstanding of $716 million as of March 31, 2024, with a reduction to ~$150 million expected after note redemption.

• Major shareholders include CITIC Metal (24.8%), Zijin Mining (13.0%), and Robert Friedland (12.8%).

• Strong balance sheet supports execution of five major projects, with significant funding capacity and net cash position post-note redemption.

• Over $3.5 billion in loans receivable by Ivanhoe from project joint ventures.

Key assets and operations

• Operates three world-class mines: Kamoa-Kakula (copper), Kipushi (zinc), and Platreef (PGMs, nickel, copper).

• Kamoa-Kakula is the world's fastest-growing, highest-grade, lowest-carbon major copper mine, with annual production over 600,000 tonnes.

• Kipushi is the world's highest-grade, lowest-carbon major zinc mine, with life-of-mine average annual zinc production of 240,000 tonnes at $0.65/lb cash cost.

• Platreef is the world's largest undeveloped precious metals project, targeting over 590,000 ounces of 3PE+Au and significant nickel and copper output.

• Western Forelands is a major copper exploration project with 2,650 km² of ground and multiple high-grade discoveries.

Kamoa-Kakula copper complex

• Produced 86,203 tonnes of copper in Q1 2024; 2024 guidance maintained at 440,000–490,000 tonnes.

• Q1 2024 EBITDA of $365 million with a 59% margin; C1 cash costs at $1.46/lb, trending toward lower end of guidance.

• $3.6 billion EBITDA generated in 2.5 years, exceeding combined capex of $3.5 billion for Phases 1–3.

• 30-year production profile with NPV8% of $23.9 billion at $4.00/lb copper; 600,000 tpa copper production.

• Among the world's top copper mines by grade and production, with lowest carbon emissions per unit of copper.