Ivanhoe Mines (IVN) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly revenue and EBITDA, driven by strong copper production at Kamoa-Kakula, which is now among the top three global copper complexes, with April production annualizing over 600,000 tonnes.

• Net profit for Q1 2025 reached $122 million, mainly from Kamoa JV profit share and finance income, with adjusted EBITDA at $226 million.

• Kipushi mine began contributing positively to EBITDA, ramped up to record zinc output, and Platreef project advanced toward first production in Q4 2025.

• Smelter commissioning is nearly complete, with first anode copper production expected in July 2025, expected to transform financials and reduce logistics costs.

• Significant progress made on power stability, with increased imported hydropower and solar projects underway.

Financial highlights

• Q1 2025 revenue reached $973 million, up 15% quarter-on-quarter, at a realized copper price of $4.19/lb.

• Record EBITDA of $585 million at a 60% margin; adjusted EBITDA reached $226 million.

• Net profit increased nearly 40% sequentially to $122 million, driven by a 45% rise in share of Kamoa-Kakula profit.

• Kamoa-Kakula produced 133,120 tonnes of copper in Q1 2025; C1 cash cost was $1.69/lb, near the bottom of guidance.

• Kipushi sold 30,108 tonnes of payable zinc, generating $77 million in revenue and $10.5 million EBITDA; C1 cash cost was $0.93/lb.

Outlook and guidance

• Copper sales expected to align with or exceed production in coming quarters as smelter ramps up.

• Guidance maintained for 2025: Kamoa-Kakula copper production of 520,000–580,000 tonnes, targeting 600,000 tonnes from 2026 as power and recovery projects complete.

• Kipushi 2025 zinc production guidance is 180,000–240,000 tonnes; targeting 250,000 tonnes annually from 2026.

• Platreef Phase 1 production to start late 2025, with rapid ramp-up to Phase 2 and 3 expansions.

• Project 95 and Phase 3 optimization to further increase production and reduce costs in 2025–2026.