Kipushi Mine

Ultra-high-grade underground zinc-copper-germanium-silver-lead mine in the town of Kipushi, 30 km southwest of Lubumbashi. Hosted in carbonate-hosted massive sulphide pipe-like bodies on the northern limb of the Kipushi Anticline within Nguba Group rocks; targets Big Zinc and Southern Zinc zones with the world's highest-grade major zinc deposit (35.3% Zn M&I per 2022 FS). Originally operated by Union Minière 1924-1993 (produced ~60 Mt @ 11% Zn + 7% Cu) before being placed on care & maintenance. Ivanhoe acquired 68% in 2011; transferred 6% to Gécamines March 2025 reducing Ivanhoe holding to 62% (Gécamines 38%); further 5% transfer to Gécamines from January 25, 2027 and 37% upon mining minimum reserves under 2023 JV agreement. Restart of mining June 2024 via P5 Shaft (8 m diameter, 1,240 m deep, 1.8 Mtpa hoist). Mining via longitudinal sub-level long-hole open stoping with cemented aggregate fill backfill. New surface concentrator using DMS + flotation; debottlenecked from 800 ktpa to 960 ktpa Q3 2025. 2025 milled 667,747 t @ 35% Zn producing 203,168 t zinc-in-concentrate at 53% concentrate grade. December 2025 record monthly 22,629 t Zn at 93.4% recovery (equivalent to >270 ktpa annualized).