Ivanhoe Mines (IVN) Investor Presentation summary

Corporate overview and financials

• Listed on TSX and OTCQX with a market cap of $18.98 billion and a share price of C$19.28 as of October 2024.

• Cash position stands at $246 million, with $161 million in debt outstanding as of July 2024.

• Major shareholders include CITIC Metal (22.4%), Fidelity (13.6%), Zijin Mining (12.2%), and Robert Friedland (12.1%).

• Strong balance sheet supports growth, with significant capex allocated to Kamoa-Kakula, Platreef, and Kipushi projects.

Asset portfolio 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, and lowest-carbon major copper mine, with a 600,000 tpa capacity.

• Kipushi is the highest-grade zinc mine globally, with an average annual zinc production of 278,000 tonnes over the first five years.

• Platreef is the largest undeveloped precious metals project, targeting industry-leading margins and low cash costs.

Production, financial performance, and expansion

• Kamoa-Kakula produced 116,313 tonnes of copper in Q3 2024; 2024 guidance revised to 425,000–450,000 tonnes.

• Record Q2 2024 EBITDA of $547 million and C1 cash cost of $1.54/lb, with margins set to improve further.

• $4.6 billion EBITDA generated since first production, exceeding combined Phase 1–3 capex of $4.0 billion.

• Phase 3 expansion completed ahead of schedule; commercial production declared August 2024.

• Project 95 aims to boost recoveries to ~95% and add up to 30 ktpa copper at low capital intensity.