Ivanhoe Mines (IVN) Q3 2025 earnings summary

Executive summary

• First ore was fed to the Platreef Phase 1 concentrator, marking a major milestone, with ramp-up to first concentrate expected in Q4 2025.

• Qatar Investment Authority completed a $500 million equity investment, strengthening the balance sheet and becoming a significant long-term shareholder.

• Kamoa-Kakula's recovery program after seismic and flooding events is progressing, with dewatering and rehabilitation on track and head grades expected to improve.

• Kipushi achieved record zinc production and completed debottlenecking ahead of schedule, positioning it among the world’s top three zinc mines.

• Major project milestones were achieved across all assets, with operational turnaround efforts on track.

Financial highlights

• Kamoa-Kakula Q3 2025 revenue was $566 million, with EBITDA of $196 million (35% margin) and copper production of 71,266 tonnes.

• Kipushi delivered record Q3 revenue of $129 million, EBITDA of $27 million (21% margin), and sold 49,744 tonnes of zinc.

• Consolidated adjusted EBITDA for Q3 2025 was $87 million; net profit was $31 million, down from $35 million in Q2.

• Cash and cash equivalents at quarter-end totaled $1,056 million.

• Group liquidity was supported by a $570 million private placement and $500 million term facility.

Outlook and guidance

• Kamoa-Kakula maintains 2025 copper production guidance of 370,000–420,000 tonnes and C1 cash cost guidance of $1.90–$2.20/lb.

• Updated life-of-mine plan for Kamoa-Kakula targeting over 550,000 tonnes annualized copper production by Q1 2026.

• Kipushi 2025 zinc production guidance is 180,000–240,000 tonnes, with potential to exceed 250,000 tonnes per annum from 2026.

• Platreef Phase 1 concentrate production expected in Q4 2025; Phase 2 expansion targeted for Q4 2027.

• Kamoa-Kakula smelter start-up scheduled for Q4 2025, with ramp-up benefits expected in 2026.