Ivanhoe Mines (IVN) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, with record copper and zinc production at Kamoa-Kakula and Kipushi, and significant progress at Platreef and Western Forelands.

• Kamoa-Kakula ramped up its smelter to 60% capacity, boosting margins through sulphuric acid by-product credits and lower logistics costs.

• Platreef completed Shaft #3, increasing hoisting capacity and advancing Phase 2 expansion.

• Kipushi achieved record zinc production and maintained industry-leading cost performance.

• Advanced renewable energy initiatives, including commissioning of major solar projects, reducing reliance on diesel and hydrocarbons.

Financial highlights

• Q1 2026 revenue reached $862 million, with a realized copper price of $5.79/lb and $50 million from sulfuric acid sales.

• Kamoa-Kakula Q1 EBITDA was $397 million at a 46% margin; Kipushi EBITDA was $58 million at a 36% margin.

• Adjusted EBITDA was $191 million, with $158 million attributable to Kamoa-Kakula.

• Net loss after taxes was $2 million, mainly due to a $183 million tax settlement at Kamoa-Kakula.

• Cash and equivalents stood at $754 million at quarter-end.

Outlook and guidance

• Kamoa-Kakula expected to produce over 500,000 metric tons of copper annually from 2028, with 2026 guidance at 290,000–330,000 tonnes and 2027 at 380,000–420,000 tonnes.

• Sulfuric acid production and sales forecast to increase, providing a hedge against rising diesel costs.

• Kamoa-Kakula cash cost (C1) guidance maintained at $2.60–$3.00/lb for 2026; Kipushi zinc cash cost guidance at $0.85–$0.95/lb.

• Platreef Phase II on track for Q4 2027 completion, targeting over 450,000 oz PGM production; Shaft #2 to be ready for hoisting by late 2028.

• Western Forelands updated resource expected by mid-2026, with exploration budget increased to $86 million.