Record Production at Kipushi

Research evidence excerpt

Record Production at Kipushi

June 4, 2026 | 11:47 ET~

Ivanhoe Mines Metals & Mining - International

Andrew Mikitchook, P.Eng., CFA Analyst

andrew.mikitchook@bmo.com (416) 359-5782

IVN-TSX Rating Price: Jun-3 Target Total Rtn

Outperform $12.35 $16.00 30% Chris Ziger Associate

chris.ziger@bmo.com (416) 276-3715

Legal Entity: BMO Nesbitt Burns Inc.

Bottom Line:

Kipushi continues to break production records and add value to the Ivanhoe

portfolio. Debottlenecking efforts at the mill have shown measurable improvement 22 2YR Price Volume Chart

while the mine has demonstrated the ability to perform and increase stockpiles. With 20

rising zinc prices and increasing throughput while maintaining high grades and high 18

recoveries, we anticipate a strong performance from Kipushi in 2026. 16 20

12 10

Key Points 10 5

To date, the Kipushi mine has produced 110,000 tonnes of zinc, and is on track 8 Dec Jun Dec Jun0

to produce ~265,000 tonnes, placing production at the midpoint of guidance of LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

240,000 to 290,000 tonnes for 2026. The mine/mill is operating well with continuing

performance increases since the restart of operations in June 2024 with a new record

of 25,677 tonnes produced in May, beating the previous record in January 2026 by 12%

with 22,968 tonnes produced.

In May, high-grade stockpiles averaging ~37% zinc, and low-grade stockpiles

averaging ~22% grew to 12,000 tonnes and 254,000 tonnes, respectively. The

growing high-grade stockpile shows room for further debottlenecking of the processing

plant to meet the current 960,000tpa capacity, which could see production of over

300,000 tonnes of zinc.

Construction on the second tailing storage facility is over 90% complete, with first

depositing expected in October 2026.