Ivanhoe Mines (IVN) Q2 2025 earnings summary

Executive summary

• Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025, up 11% year-over-year, with all three concentrators operating and recovery plans underway after seismic activity in May; full dewatering targeted by December 2025.

• Despite operational challenges, the company generated positive net cash flow of $169 million in Q2, maintained strong safety performance with no lost-time injuries, and achieved a TRIFR of 1.06.

• Major milestones include the near-completion of the Kamoa-Kakula smelter, continued ramp-up at Kipushi, and progress at Platreef, with phase one commissioning expected in Q4 2025.

• Kipushi concentrator achieved a record 153,342 tonnes milled and near-record 41,788 tonnes of zinc; debottlenecking program is advancing to boost throughput by 20%.

• Platreef project remains on track for first production in Q4 2025, with underground development and shaft equipping progressing as scheduled.

Financial highlights

• Kamoa-Kakula Q2 2025 revenue was $875 million, with EBITDA of $325 million and an EBITDA margin of 37%.

• Net profit for Q2 2025 was $35 million, with $158 million for the first half of 2025.

• Cash and cash equivalents at end of June totaled $672 million, with consolidated pro rata cash at $774 million.

• Kamoa-Kakula recorded a $59 million impairment related to assets affected by the seismic event.

• $750 million 7.875% senior unsecured notes due 2030 were issued in January 2025.

Outlook and guidance

• 2025 copper production guidance for Kamoa-Kakula remains at 370,000–420,000 tonnes.

• Revised 2025 cash cost (C1) guidance is $1.90–$2.20/lb, up from $1.65–$1.85/lb, due to lower expected ore grades and operational impacts.

• Full dewatering and mine recovery at Kakula expected by December 2025, with a comprehensive life-of-mine plan to be published in Q1 2026.

• Platreef Phase 1 commissioning set for Q4 2025, with Phase 2 development and financing progressing.

• Kipushi 2025 zinc production guidance maintained at 180,000–240,000 tonnes.