Name of the Project
Kamoa-Kakula Copper Complex.

Location
The Kolwezi district of Lualaba province, in the Democratic Republic of Congo (DRC).

Project Owner/s
Kamoa Holding holds a direct 80% interest in the Kamoa-Kakula Copper Complex, with the DRC government holding the remaining 20%. Ivanhoe Mines and Zijin Mining each hold an indirect 39.6% interest in the project, while Crystal River Global holds an indirect 0.8% interest.

Project Description
The Kamoa-Kakula Copper Complex is a long-life, high-grade underground copper mining operation. An updated independent technical report announced on March 31, 2026, supports a revised mine plan for the complex that is expected to ramp up production to more than 500 000 t/y of copper from 2028 onwards.

The updated mine plan is based on Phase 1, Phase 2 and Phase 3 concentrator operations at a steady-state processing rate of 17-million tonnes a year for about 25 years. The 2025 indicated mineral resource estimate totals 1.272-billion tonnes grading 2.65% copper, containing 34-million tonnes of copper, while inferred resources total 336-million tonnes grading 1.8% copper, containing 6.1-million tonnes of copper. The updated mineral reserve is estimated at 466-million tonnes grading 2.82% copper, containing 13.1-million tonnes of copper.

The reserve estimate reflects changes to the mine design and extraction sequence, including more conservative geotechnical parameters, wider pillars, revised extraction assumptions and the conversion of resources to reserves at Kamoa 3, 4, 5 and 6. Over the next 18 to 24 months, development is expected to focus on long-term underground infrastructure and peripheral access development to support future high-productivity stoping. Stoping at Kamoa is expected to start in the second half of 2026, while stoping at Kakula is expected in the first half of 2027.

Ivanhoe Mines announced on March 31, 2026, that an updated independent technical report for Kamoa-Kakula had been completed, with an effective date of December 31, 2025. The report estimates indicated mineral resources of 1.272-billion tonnes at 2.65% copper, containing 34-million tonnes of copper, inferred resources of 336-million tonnes at 1.8% copper, containing 6.1-million tonnes of copper, and probable mineral reserves of 466-million tonnes at 2.82% copper, containing 13.1-million tonnes of copper.

The updated mine plan supports copper production of more than 500 000 t/y from 2028, based on Phase 1, 2 and 3 concentrator operations at a steady-state rate of 17-million tonnes a year. However, owing to a greater focus on development work over the next 18 to 24 months, lower near-term underground development rates and ongoing geotechnical and hydrological constraints, Ivanhoe revised 2026 production guidance to 290 000 t to 330 000 t of copper anode and 2027 guidance to 380 000 t to 420 000 t. Revised cash cost guidance is $2.60/lb. to $3.00/lb. for 2026 and $2.10/lb. to $2.50/lb. for 2027, with a target of less than $2.00/lb. from 2028.

Potential Job Creation
Kamoa-Kakula has generated more than 12 000 jobs through its operations and construction activities, with more than 95% of those positions filled by Congolese nationals.

Net Present Value/Internal Rate of Return
The Kakula DFS yields an after-tax net present value (NPV), at an 8% discount rate, of $5.5-billion and an internal rate of return (IRR) of 77% over a 21-year life-of-mine (LoM), with a payback of 2.3 years.

The Kakula-Kansoko 2020 PFS yields an after-tax NPV, at an 8% discount rate, of $6.6-billion and an IRR of 69% over a 37-year LoM, with a payback of 2.5 years.

The Kamoa-Kakula 2020 PEA yields a potential after-tax NPV, at an 8% discount rate, of $11.1-billion and an IRR of 56% over a mine life of more than 40 years, with a payback of 3.6 years.

The Kamoa-Kakula 2023 PFS case yields an after-tax NPV, at an 8% discount rate, of $19.1-billion at a long-term copper price of $3.70/lb.

The Kamoa-Kakula 2023 PEA case yields an after-tax NPV, at an 8% discount rate, of $20.2-billion.

Capital Expenditure
The Kakula DFS estimates peak funding at $775-million, remaining initial capital costs at $646-million and expansion capital costs at $594-million.

The Kakula-Kansoko 2020 PFS estimates peak funding at $848-million, remaining initial capital costs at $695-million and expansion capital costs at $750-million.

The Kamoa-Kakula 2020 PEA estimates peak funding at $784-million, remaining initial capital costs at $715-million and expansion capital costs at $4.46-billion.

The Kamoa-Kakula 2023 PFS estimates the remaining capital cost for the total Phase 3 expansion at $3-billion, including the mine, concentrator, smelter, infrastructure and investment in off-site hydropower infrastructure.

Kamoa-Kakula's revised 2026 and 2027 production guidance leaves capital expenditure guidance unchanged at $1.1-billion to $1.4-billion for 2026 and $750-million to $950-million for 2027, on a 100% project basis.

Planned Start/End Date
Initial production of copper concentrate at the Kakula mine processing plant started on May 25, 2021, with commercial production achieved on July 1, 2021.

The Phase 2 concentrator started commercial production in April 2022, four months ahead of schedule.

The Phase 3 concentrator expansion was completed in May 2024.

The updated mine plan supports copper production of more than 500 000 t/y from 2028 onwards, based on Phase 1, 2 and 3 concentrator operations at a steady-state processing rate of 17-million tonnes a year over about 25 years.

Latest Developments
Ivanhoe Mines reported on April 13, 2026, that Kamoa-Kakula had produced 71 417 t of copper in blister and anode during the first quarter of 2026. This comprised 63 671 t of copper in anode from the on-site direct-to-blister smelter and 7 746 t of copper in blister from the Lualaba copper smelter in Kolwezi. The on-site smelter also produced 117 871 t of high-strength sulphuric acid during the quarter.

Ivanhoe said the on-site copper smelter ramped up to about 60% of design capacity during the quarter. The first batch of 99.7%-pure copper anodes was transported using the Lobito Railway Corridor to the Port of Lobito for shipment to a refinery in Europe.

Recovery efforts are advancing following the updated March 31, 2026, technical report. The revised mine plan continues to support the ramp-up of Phase 1, 2 and 3 concentrators to a combined steady-state processing rate of 17-million tonnes a year over about 25 years, with copper production targeted at more than 500 000 t/y from 2028 onwards.

Key Contracts, Suppliers and Consultants
Kamoa-Kakula 2025 Mineral Reserve and Mineral Resource Technical Report: AMC Mining Consultants South Africa and MSA Group.

Kakula DFS/Kakula-Kansoko PFS/Kamoa-Kakula PEA: OreWin (overall report preparation, mining, logistics, power and economic analysis); China Nerin Engineering (smelter design and basic engineering contract for the smelter); DRA Global (mine surface infrastructure and metallurgical processing); Epoch Resources (tailings storage facility design); Golder Associates (hydrology models and recommendations); KGHM Cuprum R&D Centre (technical adviser on certain mining methods and geotechnical); Outotec Oyj (smelter technology); Paterson and Cooke (paste backfill plant design and surface/underground paste distribution system); SRK Consulting (mine geotechnical recommendations); Stantec Consulting International (mining and mineral reserves); Wood (mineral resources estimation); Kamoa Copper and SNEL, together with Stucky SA (engineering, procurement and construction management - Turbine 5); Voith Hydro (contractor Turbine 5); and Metso Outotec (direct blister furnace and fine grinding mills).

Kamoa-Kakula 2023 PFS/Kamoa-Kakula 2023 PEA: OreWin; China Nerin Engineering; DRA Global; Epoch Resources; Golder Associates Africa; Metso-Outotec Oyj; Paterson and Cooke; SRK Consulting; and MSA Group.

Epiroc (Minetruck MT65 S haulers, Scooptram ST18 S loaders, Boomer 282 face drilling 
rigs and Simba E70 S production drilling rigs).

Contact Details for Project Information
Ivanhoe Mines, tel +1 604 657 9010 (North America), tel +27 11 088 4300 (South Africa) or email info@ivanhoemines.com.