Ivanhoe Mines (IVN) Q4 2025 earnings summary

Executive summary

• Achieved $578M adjusted EBITDA and $228M net profit in 2025, with Kamoa-Kakula generating $3.28B revenue and $1.45B EBITDA at a 44% margin, and Kipushi producing 203,168 tonnes of zinc and $91M EBITDA.

• Platreef Phase 1 began production in November 2025; Phase 2 expansion underway, targeting Q4 2027 completion and quadrupling annualized precious metals output.

• Africa's largest and greenest copper smelter commissioned, ramping up ahead of schedule and shipping 99.7% copper via the Lobito Corridor.

• Safety remains a priority, though a fatal incident occurred at Kamoa-Kakula; full investigation and corrective actions underway.

• Major project milestones achieved despite operational disruptions and lower production at Kamoa-Kakula post-May.

Financial highlights

• Kamoa-Kakula achieved record annual revenue of $3.3B in 2025, up from $3.1B in 2024, with EBITDA of $1.4B at a 44% margin.

• Kipushi generated $441M revenue and $91M EBITDA at a 21% margin, with a cash cost (C1) of $0.92/lb.

• Group-level adjusted EBITDA was $578M, net profit $228M, and basic EPS $0.19 in 2025.

• Cash and equivalents at year-end: $1.19B, including $885M (Ivanhoe) and $311M (Kamoa-Kakula), bolstered by a $570M private placement.

• Kamoa-Kakula sold 351,674 tonnes of copper at $4.40/lb; Kipushi sold 171,275 tonnes of zinc at $1.31/lb.

Outlook and guidance

• Kamoa-Kakula 2026 copper production guidance: 380,000–420,000 tonnes; 2027: 500,000–540,000 tonnes.

• Kamoa-Kakula 2026 cash cost guidance: $2.20–$2.50/lb, improving to $1.90–$2.30/lb in 2027.

• Kipushi 2026 zinc production guidance: 240,000–290,000 tonnes; cash cost guidance: $0.85–$0.95/lb.

• Platreef Phase II to reach over four times Phase 1 output by end-2027.

• $90M exploration budget for 2026, up 88% from 2025, focused on Western Forelands and new projects.