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Ivanhoe Mines

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Ivanhoe Mines is a mining company focused on the exploration and development of mineral resources.

Investor website: https://www.ivanhoemines.com/

About

Ivanhoe Mines is a mining company focused on the exploration and development of mineral resources. The company has a strong commitment to ethical conduct and corporate governance, aiming to create value through sustainable practices and significant mineral discoveries. Ivanhoe Mines has successfully developed major projects, including the Kamoa-Kakula Copper Complex, and is dedicated to fostering local empowerment and education in the regions where it operates.

Verified company data

Shares outstanding
1.35B Class A Common shares (March 31, 2025)
Projects
["## Kamoa-Kakula Copper Complex\n\n**Ownership: Ivanhoe Mines 39.6%**\n\nZijin Mining 39.6% | Crystal River 0.8% | DRC Government 20%\n\nKamoa-Kakula is the highest-grade, lowest-carbon-emitting major copper mine. Located in the Central African Copperbelt, the project commenced commercial production in July 2021 and was significantly expanded with the successful commissioning of the Phase 3 concentrator in August 2024, positioning Kamoa-Kakula as a world-class, long-life copper producer.\n\n#### $3.28 Billion\n\nRecord annual revenue recognized in 2025\n\n#### $1.45 Billion\n\nKamoa-Kakula's EBITDA for 2025\n\n#### 388,838\n\nTonnes of copper produced in 2025\n\n#### 290kt to 310kt\n\nKamoa-Kakula's 2026 copper production guidance\n\n#### $2.16\n\nKamoa-Kakula 2025 cash cost per lb. of copper\n\n#### $2.60 - $3.00\n\nKamoa-Kakula's 2026 cash cost guidance per lb. of copper\n\nThe Kamoa-Kakula Copper Mine — a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%) — is a very large, near-surface, flat-lying, stratiform copper deposit with adjacent prospective exploration areas within the Central African Copperbelt, approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of the provincial capital of Lubumbashi.\n\nKamoa-Kakula began producing copper concentrates in May 2021 and began commercial production on July 1, 2021. On June 10, 2024 first concentrate production from the Phase 3 concentrator was achieved, months ahead of schedule and reached commercial production early in Q3, 2024.\n\nThe new on-site direct-to-blister copper smelter started operations in late 2025 and is the largest and greenest on the African continent. The smelter produces blister copper, an intermediate product used to make anodes, with a purity of 99.7%. It will offer transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably a significant reduction in logistics costs. All future smelter output is already covered under offtake agreements.\n\nKamoa-Kakula is powered by clean, renewable hydro-generated electricity. Independent consultants Skarn Associates of London, England, estimate that the Kamoa-Kakula Copper Complex has among the lowest greenhouse gas (GHG) emissions intensities per tonne of metal produced globally, and the lowest of any major copper mine.\n\n**Africa's largest smelter**\n\nThe start-up of Kamoa-Kakula’s on-site 500,000-tonne-per-annum direct-to-blister copper smelter commenced on November 21, 2025. The smelter achieved first anode production on December 29, 2025 - just five weeks after heat-up and one week after the first feed of concentrate - marking a major operational milestone and a rapid, well-executed commissioning phase.\n\n**2023 Pre Feasibility Study assess an increase in production capacity**\n\nKamoa-Kakula's 2023 PFS evaluates a staged increase in production capacity Kamoa-Kakula from the current nominal throughput rate of 7.6 Mtpa up to a total of 19.2 Mtpa by 2030.\n\n**Mine life extension to 42 years**\n\nThe Kamoa-Kakula 2023 preliminary economic assessment (PEA) projects a nine-year mine life extension of the Kamoa-Kakula Copper Complex, in addition to the Kamoa-Kakula 2023 pre-feasibility study of 33 years. This case includes the addition of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) to maintain the overall production rate of up to 19.2 Mtpa.\n\n---\n\n## Kipushi Mine\n\n**Ownership: Ivanhoe Mines 62%**\n\nGécamines 38%\n\nThe Kipushi zinc-copper-germanium-silver-lead mine in the Democratic Republic of Congo is the world’s highest-grade zinc mine. The 800,000-tonne-per-annum concentrator was completed in May 2024, with first concentrate produced in June 2024. A de-bottlenecking program, completed in Q3 2025, has boosted concentrator throughput rate by 20% to 960,000 tonnes of ore per annum. The state-of-the-art plant incorporates dense media separation, milling, and flotation, targeting industry-leading recoveries of 96% and an average concentrate grade of 55% contained zinc.\nKipushi's 2026 production guidance is between 240,000 to 290,000 tonnes.\n\n#### 35.34% zinc\n\nAverage grade over the first five years of production\n\n#### 960kt\n\nCapacity per-annum of the zinc concentrator\n\n#### 203,168 tonnes\n\nKipushi's 2025 zinc production\n\n#### 11.8 Million\n\nMeasured and Indicated Mineral Zinc Resources\n\n#### 240kt to 290kt\n\nKipushi’s 2026 zinc production guidance\n\n#### $91 million\n\nKipushi's EBITDA for 2025\n\nIvanhoe acquired its 68% interest in the Kipushi Project in November 2011, through Kipushi Holding which is 100%-owned by Ivanhoe Mines. The balance of 32% in the Kipushi Project is held by the DRC state-owned mining company, Gécamines. As per the updated joint venture agreement signed in late 2023, Gécamines’ ownership increased to 38% in Q1 2025.\n\nThe Kipushi mine is adjacent to the town of Kipushi in the DRC approximately 30 kilometres southwest of the provincial capital of Lubumbashi. It is a high-grade, underground zinc-copper project in the Central African Copperbelt which mined approximately 60 million tonnes grading 11% zinc and 7% copper between 1924 and 1993. In addition to producing copper and zinc, the mine produced 12,673 tonnes of lead and approximately 278 tonnes of germanium between 1956 and 1978. The mine had been managed on a care and maintenance basis since 1993. In late 2022, Ivanhoe and its partner Gécamines finalized an agreement to return Kipushi to production.\n\nIn 2025, Kipushi significantly increased output, delivering 203,168 tonnes of zinc, with plans to further raise production toward 240,000 – 290,000 tonnes in 2026 following concentrator optimization that expanded throughput capacity by 20%.\n\nUnderground development is advancing steadily to access multiple production levels within the high-grade Big Zinc and Southern Zinc zones, supported by decline and lateral tunnelling to expand mining flexibility and resource access.\n\nOngoing exploration drilling continues to deliver exceptionally high-grade intersections, enhancing understanding of the deposit’s structural geology and identifying extension targets for zinc, copper, silver and germanium mineralization below and beyond historically mined zones. These results support long-term resource growth and operational resilience\n\nThe current plan leverages a measured and indicated mineral resource base of approximately 11.8 million tonnes of zinc-rich ore grading over 35% zinc, focusing first on the richest zones identified in the 2022 feasibility study.\n\nKipushi ranks among the world’s largest zinc mines and will be a core supplier in the global base-metals market. Kipushi is recognized as one of the lowest carbon-intensity zinc operations globally on a Scope 1 and 2 emissions basis, in part to its integration with renewable hydropower and optimized processing circuits. Independent assessments estimate a greenhouse gas footprint significantly below industry averages for zinc production.\n\n**Shaft 5**\n\nShaft 5 is planned to be the main production shaft once operations commence, with a maximum hoisting capacity of up to 1.8 Mtpa. The bottom of Shaft 5 provides primary access to the lower levels of the mine, including the Big Zinc orebody, along the 1,150-metre haulage level.\n\n**De-bottlenecking program**\n\nThe debottlenecking program has been successfully completed ahead of schedule and under budget. The program increased concentrator throughput capacity by 20%, from 800,000 to 960,000 tonnes of ore per annum, and has already delivered materially higher zinc production, with multiple new production records achieved following commissioning.\n\n**Lowest greenhouse gas emitter**\n\nKipushi will be the lowest greenhouse gas (GHG) emitter per tonne of zinc produced. On a Scope 1 and 2 basis (reported from ore to mine gate), Kipushi’s GHG emissions intensity for 2025 is expected to be 0.019 equivalent tonnes of carbon dioxide per tonne of contained zinc produced (t CO2-e / t Zn). This ranks Kipushi near the bottom of the Scope 1 and 2 GHG emissions curve."]
Leadership
Executive Team / Management: Marna Cloete President and Chief Executive Officer Marna Cloete was appointed Chief Executive Officer of Ivanhoe Mines on February 24, 2025 and has been the President of the company since April 2020, leveraging over 20 years of expertise in strategic finance, resource development, and organizational transformation. Since joining Ivanhoe Mines in 2006, she has played a vital role in the company’s evolution, notably serving as Chief Financial Officer from 2009 to 2020. During this time, Marna’s financial acumen and visionary leadership laid the groundwork for Ivanhoe Mines’ sustainable growth and global success. Marna has been instrumental in driving some of the mining industry’s most significant achievements. Under her leadership, Ivanhoe Mines successfully developed and launched production at the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC), one of the world’s largest and highest-grade copper projects. She also guided the reopening of the Kipushi mine, renowned for its ultra-high-grade zinc, copper, germanium, and silver deposits, and continues to oversee the development of the Platreef Project in South Africa, the world’s largest precious metals development, which includes palladium, platinum, nickel, copper, and gold. Her leadership extends beyond operations to strategic partnerships that have transformed Ivanhoe Mines’ footprint on the global stage. Marna played a pivotal role in forging joint ventures with Zijin Mining and partnerships with companies such as CITIC Metal and a Japanese consortium led by Itochu. Under her guidance, Ivanhoe raised critical funding, including a US$490 million equity offering in December 2023 and a US$750 million debt package to fuel expansion in January 2024. She also positioned Ivanhoe Mines as the first company to utilize the Lobito Atlantic Rail Corridor for mineral exports, unlocking cost efficiencies and international trade opportunities. A champion of education and local empowerment, Marna also spearheaded the establishment of the Kamoa Centre of Excellence in October 2023. This higher-education facility, launched in collaboration with the DRC government and President Félix Tshisekedi, is dedicated to nurturing the next generation of mining leaders in Africa. Before joining Ivanhoe Mines, Marna honed her expertise at PwC, specializing in the mining and metals sector, and held a senior reporting position at Group Five Construction Ltd., a publicly traded South African construction firm. She is a Chartered Accountant (SA) and holds a Master’s Degree in Taxation from the University of Pretoria. Globally recognized for her leadership, Marna serves on the Executive Committee of the International Copper Association. She has also contributed as an Independent Non-Executive Director and Chair of the Audit and Risk Committee for Centamin plc. Her exceptional contributions to the mining industry have cemented her reputation as one of the foremost leaders in the global resources sector. David van Heerden Chief Financial Officer David van Heerden brings more than 15 years of financial leadership to Ivanhoe Mines, where he currently serves as Chief Financial Officer. Since joining the company in 2011, David has played an instrumental role in shaping Ivanhoe’s financial strategy and supporting its global growth, first as Vice President of Finance, Treasury, and Tax, and now as CFO. David’s background spans financial management, treasury operations, and international tax, with a focus on the mining and resources sector. Before Ivanhoe, he honed his skills at Ernst & Young in Johannesburg, advising major mining and construction clients. A Chartered Accountant by training, David holds both Bachelor and Honours degrees in Chartered Accountancy. Tom van den Berg Chief Operating Officer Tom van den Berg became Chief Operating Officer on January 1, 2026, after serving as Senior Executive of Operations at Kamoa Copper. With nearly four decades of hands-on mining and mine development experience throughout Southern Africa, Tom has held key leadership roles at companies like Sibanye-Stillwater, Harmony Gold, and Anglo American Platinum (now Valterra Platinum). He has extensive underground and open-pit mining expertise and has experience developing strategic long-term operating partnerships and leading award-winning community and stakeholder engagement programs. Mr. van den Berg holds a Master’s degree in Business Leadership and a Bachelor’s degree in Mining Engineering. He is also a Fellow at the Southern African Institute of Mining and Metallurgy. Mark Sumner Executive Vice President, Corporate Finance Mark Sumner serves as Executive Vice President, Corporate Finance at Ivanhoe Mines, a role he assumed in early 2026 after joining the company as Vice President, Corporate Finance in 2020. Mark’s career began at Gold Fields in South Africa, where he worked as a mining engineer before moving into finance. Over the past 25 years, he has built a reputation as a trusted advisor and leader in project and corporate finance, most notably as Managing Director and Co-Head of Mining and Metals, Corporate Finance at Standard Chartered Bank. Mark holds an Honours Bachelor of Science in Mining Engineering and a Graduate Diploma in Mineral Economics from the University of the Witwatersrand in Johannesburg. His expertise bridges technical mining knowledge with financial strategy, bringing unique perspective and depth to Ivanhoe’s executive team. Dr. Patricia Makhesha Executive Vice President, People Dr. Patricia Makhesha joined Ivanhoe’s 64%-owned South African subsidiary, Ivanplats (Pty) Ltd., in September 2014. As Managing Director of Ivanhoe’s Platreef Project, she oversees the development of relationships with diverse communities in the vicinity of the planned Flatreef Mine in South Africa, and manages project relations with a broad group of stakeholders. She has served on the boards of GlaxoSmithKline, Rand Water Board, Trans Caledon Tunnel Authority, Construction Industry Development Board, South African Broadcasting Corporation and Co-operative Bank Development Agency. She was the founder and Chief Executive Officer of MMMS Consulting. Other positions during her 25-year career have included Senior Executive, Transformation and Human Capital Management at South African Forestry Company; Group Corporate Manager with Global Forest Products; Manager of Marketing and Communication at South African banker ABSA Group; and news and current affairs journalist with the South African Broadcasting Corporation. Dr. Makhesha holds a Doctorate and a Master’s Degree in Business Administration from MU Business School and has completed executive development programs at the University of Cape Town, Harvard University and WITS business schools. Peter (Chao) Zhou Executive Vice President, China Peter Zhou is Executive Vice President, Chief Representative China of Ivanhoe Mines. Mr. Zhou joined Ivanhoe Mines after a career at BMO Capital Markets where he participated and executed more than 10 Chinese cross-border M&A and financing projects, with a total transaction size of ~30 billion US dollars. He has extensive experience in capital markets, insightful knowledge of regulatory procedures and a broad network of business relationships in China. Since joining Ivanhoe Mines, Mr. Zhou has established Ivanhoe’s China entity and been actively bridging Chinese elements in supporting the development of Ivanhoe’s mining projects in Africa. He played a key role in multiple strategic investments from Zijin Mining and CITIC Metal, generated a total proceeds of over 1.5 billion US dollars for Ivanhoe Mines since 2015. Mr. Zhou graduated from the University of British Columbia with a Bachelor degree in Finance and Mathematics. Steve Amos Executive Vice President, Projects Steve Amos has over 30 years of mining industry experience. He started his career working for the Anglo American group, where he spent 16 years working in the areas of precious metals processing in South Africa and copper processing in Zambia. He then spent 6 years at Engineering, Procurement and Construction Management (EPCM) specialist AMEC Minproc (now called Wood Group). Here he fulfilled the role of Technical Manager, responsible for process engineering and feasibility studies on various projects. Mr. Amos joined Ivanhoe Mines in 2011 in the position of Vice President, Metallurgy, where he was responsible for flowsheet development and process engineering for the Kamoa, Platreef and Kipushi projects, as well as various studies. He was later transferred to Kamoa Copper as, Executive, Projects, where he has spent the last 8 years responsible for the execution of the Kamoa phase 1 and phase 2 projects and currently the phase 3 expansion. At the beginning of 2023 Steve was promoted to Executive Vice President, Projects for Ivanhoe Mines responsible for execution of the Kamoa, Platreef and Kipushi projects. Mr. Amos holds a Bachelor of Science (Hons) in Applied Chemistry and a Master’s degree in Metallurgy from the University of the Witwatersrand in Johannesburg, South Africa. Olivier Binyingo Executive Vice President, DRC and Strategic Projects Olivier Binyingo joined Ivanhoe Mines in 2020 and is responsible for managing strategic partnerships with key stakeholders for Ivanhoe’s projects in the Democratic Republic of Congo. Prior to joining Ivanhoe Mines, Olivier held senior positions in a number of award-winning professional services firms, advising clients on their projects and operations in more than 40 countries on the African continent. Olivier has routinely gained recognition for his expertise, having been acknowledged by legal directory Chambers Global for his work across the continent. In addition, he was ranked as one of the most influential lawyers in Francophone Africa in 2019 by Jeune Afrique. Olivier holds a Master of Laws from the Katholieke Universiteit Leuven (Belgium) and a Master in Security and Defence from the Université Grenoble Alpes (France). Alex Pickard Executive Vice President, Corporate Development and Investor Relations Alex Pickard is Executive Vice President, Corporate Development & Investor Relations for Ivanhoe Mines Ltd. He joined Ivanhoe in 2017 to focus on strategic initiatives and fundraising for the company, and has been actively involved in raising over US$2 billion in equity and debt financings from strategic and institutional investors during that time. He has more than 10 years of experience in corporate finance and capital markets, focusing on the mining and resources sectors. Prior to joining Ivanhoe Mines, he was Vice President, Investment Banking at Morgan Stanley after starting his career at BMO Capital Markets, advising metals and mining clients on mergers and acquisitions, equity and debt capital markets transactions. Mr. Pickard graduated from the London School of Economics with a BSc Economics degree. Simon Bottoms Executive Vice President, Technical Services Simon Bottoms was appointed as Executive Vice President, Technical Services in March 2026. Based in the Company’s London office, Mr. Bottoms is a seasoned senior mining executive, qualified person and technical leader with extensive global experience, including Africa and the Middle East. He has held direct accountability for Mineral Resources and reserves, mine planning, evaluations and technical studies from preliminary economic assessments through to detailed engineering and mine construction. Mr. Bottoms served on the executive committee of Barrick, where he led group-wide Mineral Resource and Reserve management, technical studies, NI 43-101 disclosures and due diligence reviews for major transactions and feasibility projects. He served as the corporate lead Qualified Person sign-off for Barrick’s Mineral Resources and Reserves in 2022-2025 and the Africa & Middle East Region from 2019– 2022, which included the DRC and Zambia. From April 2013 – December 2018, Mr. Bottoms held senior leadership roles at Randgold Resources Ltd., driving innovation in resource modelling, geo-metallurgical integration and operational optimisation across complex, multi-commodity operations, almost all of which were Africa-focused, including the DRC. Board of Directors: Robert Friedland Founder, Executive Co-Chairman and Non-Independent Director For more than 30 years, Mr. Friedland has been recognized by leaders of the international financial sector and mineral resource industries as an entrepreneurial explorer, technology innovator and company builder. He has successfully developed a portfolio of respected public and private companies whose initiatives have led to several of the world’s most significant mineral discoveries and mine developments, applications of disruptive technologies and contributions to significant economic growth in established and emerging markets in the Asia Pacific Region, Southern Africa and the Americas. Weibao Hao Non-Executive Co-Chairman, and Director Mr. Hao Weibao, aged 54, joined CITIC Limited (Stock Code: HK 267) (a company listed on the Main Board of Hong Kong Stock Exchange) and its subsidiaries (the “CITIC Group”) since April 2008. Since April 2023, he has been serving as the Vice Chairman and General Manager of CITIC Metal Group Co., Ltd. and the Chairman and President of Hong Kong Stock Exchange listed company CITIC Resources Holdings Limited (Stock Code: HK 1205). He served as the Assistant to the General Manager, subsequently as the Deputy General Manager and then as the General Manager of CITIC Investment Holdings Ltd. between 2008 and 2015, during which period Mr. Hao also served as the General Manager of CITIC Environment Protection (Investment) Co., Ltd.. He served as the Chairman and General Manager of CITIC Environment Investment Group Co., Ltd. from 2015 to 2023. Prior to joining the CITIC Group, Mr. Hao held several positions at Sinopec Engineering Incorporation from July 1992 to November 1997, and was mainly in charge of financial and project management. Mr. Hao worked at China International United Petroleum and Chemical Company Limited (“UNIPEC”) as a Director and the Chief Financial Officer of the United Kingdom branch (“UK Branch”) from December 1997 to April 2002, the Deputy General Manager of the UK Branch from April 2002 to June 2006, the Deputy Manager of the crude oil department of the head office from September 2005 to March 2007, the acting General Manager of the UK Branch from June 2006 to February 2007, and the Vice Chief Accountant of the head office from March 2007 to March 2008. During his employment at UNIPEC, he was mainly responsible for financial management, futures market operation and internal risk control. Mr. Hao has over 30 years’ experience in overseas business management, financial management, investment and project management, international financing, and international trading. Mr. Hao holds a Bachelor degree of Economics from Jiangxi University of Finance and Economics, a Master’s degree in Business Administration from Chinese University of Hong Kong and a Doctor of Philosophy degree awarded by the University of Chinese Academy of Sciences. Tadeu Carneiro Lead Independent Director, Member of Technical Committee, Member of Compensation and Human Resources Committee and Member of Nominating and Corporate Governance Committee Tadeu Carneiro became a Director on the Ivanhoe Mines Board in September 2018. He was appointed Lead Independent Director in April 2019. He is Chief Executive Officer of Boston Electrometallurgical Corporation, and an invited lecturer in the Department of Materials Science and Engineering at the Massachusetts Institute of Technology. Before retiring as Chief Executive Officer of Companhia Brasileira de Metalurgia e Mineração (CBMM) in December 2016, Mr. Carneiro spent 30 years with the company in progressively senior leadership positions. He is a Fellow of the Institute of Materials, Minerals and Mining in the United Kingdom. Dr. Chun (James) Wang Non-Independent Director Dr. Wang earned his Ph.D. in Chemistry from the Chinese Academy of Sciences in Beijing, following a bachelor’s degree in Chemistry from Central South University. In his current role as Vice President of Zijin Mining, Dr. Wang leads the company’s international business initiatives and serves as a key member of the Project Committee at Kamoa Holding Limited. His exceptional operational track record includes serving as General Manager at GoldMountains HK International Mining Co Ltd., where he cross-managed overseas assetsand oversaw acquisitions, financial investments, and legal compliance activities for Zijin Mining Group’s Hong Kong-listed operations. Additionally, Dr. Wang demonstrated his leadership capabilities as Chief Executive Officer of Continental Gold Colombia Branch, Zijin Mining Group, from October 2019 to March 2022. Martie Janse van Rensburg Independent Director, Chair of Compensation and Human Resources Committee and Chair of Audit Committee Martie Janse van Rensburg joined the Ivanhoe Mines board of directors in August 2020. Ms. Janse van Rensburg is a Chartered Accountant based in Johannesburg South Africa. She has over 40 years of experience in finance and more than 25 years’ experience in senior-level executive positions and as a director with a number of leading South African companies, with a particular focus on capital markets, project finance and infrastructure development. Since 2008, Ms. Janse van Rensburg has worked as an independent consultant to government, banks, and companies with respect to governance, water, financial, funding and institutional arrangements and transformation. She last served as a consultant to ASISA (Association for Savings and Investment South Africa) to promote investment in water infrastructure from 2016 to 2019. Previous to this, Ms. Janse van Rensburg worked for Trans Caledon Tunnel Authority, a South African state-owned entity charged with financing and implementing mega bulk raw water infrastructure projects, from 1994 – 2008; initially as its Chief Financial Officer until1998 and then as its Chief Executive Officer from 1998 to 2008. Ms. Janse van Rensburg is a member of the Institute of Chartered Accountants (South Africa) and the Institute of Directors. She holds a Bachelor of Commerce degree and a Bachelor Honours of Commerce degree and a Certificate in the Theory of Accounting (CTA). She qualified as a Chartered Accountant in 1987. Most recently, in 2023, Ms. Janse van Rensburg completed her Global Competent Boards Designation and Certificate with a focus on ESG. Xianwen Wu Non-Independent Director Xianwen Wu has served on the Ivanhoe Mines board of directors since November 2025. He is the General Manager of CITIC Metal Group and Chairman of CITIC Metal Co., Limited. Mr. Wu began his career at CITIC Metal in 1994 and has held a series of leadership roles across the organization, including Vice General Manager in 2009 and General Manager in 2014. He was appointed CPC Party Secretary and Chairman of the Board in 2016, and became General Manager of CITIC Metal Group in 2024. Mr. Wu brings more than three decades of expertise in international commodity trading, mining investment, and enterprise management. He holds a Bachelor of Engineering in Industrial Electrical Automation from Xi’an University of Architecture and Technology. Peter Meredith Independent Director, Member of Audit Committee Peter Meredith has served as a Director of the current Ivanhoe Mines and its corporate predecessors, including Ivanplats, since May 1998. He also was involved in overseeing business development and corporate relations for the original Ivanhoe Mines in his dual roles as Deputy Chairman of the Board of Directors and Chief Financial Officer (CFO). He was a Director and CFO from May 2004 to May 2006, and from June 1999 to November 2001. He was Deputy Chairman from May 2006 until April 2012, when Rio Tinto acquired control of the original Ivanhoe Mines and renamed it Turquoise Hill Resources later that year. Mr. Meredith also was Chairman of Asia-focused SouthGobi Resources, a former subsidiary of the original Ivanhoe Mines, until September 2012, and Chief Executive Officer from June 2007 to October 2009. Before joining Ivanhoe Mines, Mr. Meredith spent 31 years with Deloitte LLP, chartered accountants, and retired as a partner in 1996. Mr. Meredith was certified as a Chartered Accountant by the Canadian Institute of Chartered Accountants in 1968. Peter Meredith Independent Director, Member of Audit Committee About Peter Meredith has served as a Director of the current Ivanhoe Mines and its corporate predecessors, including Ivanplats, since May 1998. He also was involved in overseeing business development and corporate relations for the original Ivanhoe Mines in his dual roles as Deputy Chairman of the Board of Directors and Chief Financial Officer (CFO). He was a Director and CFO from May 2004 to May 2006, and from June 1999 to November 2001. He was Deputy Chairman from May 2006 until April 2012, when Rio Tinto acquired control of the original Ivanhoe Mines and renamed it Turquoise Hill Resources later that year. Mr. Meredith also was Chairman of Asia-focused SouthGobi Resources, a former subsidiary of the original Ivanhoe Mines, until September 2012, and Chief Executive Officer from June 2007 to October 2009. Before joining Ivanhoe Mines, Mr. Meredith spent 31 years with Deloitte LLP, chartered accountants, and retired as a partner in 1996. Mr. Meredith was certified as a Chartered Accountant by the Canadian Institute of Chartered Accountants in 1968.Peter Meredith Independent Director, Member of Audit Committee Peter Meredith has served as a Director of the current Ivanhoe Mines and its corporate predecessors, including Ivanplats, since May 1998. He also was involved in overseeing business development and corporate relations for the original Ivanhoe Mines in his dual roles as Deputy Chairman of the Board of Directors and Chief Financial Officer (CFO). He was a Director and CFO from May 2004 to May 2006, and from June 1999 to November 2001. He was Deputy Chairman from May 2006 until April 2012, when Rio Tinto acquired control of the original Ivanhoe Mines and renamed it Turquoise Hill Resources later that year. Mr. Meredith also was Chairman of Asia-focused SouthGobi Resources, a former subsidiary of the original Ivanhoe Mines, until September 2012, and Chief Executive Officer from June 2007 to October 2009. Before joining Ivanhoe Mines, Mr. Meredith spent 31 years with Deloitte LLP, chartered accountants, and retired as a partner in 1996. Mr. Meredith was certified as a Chartered Accountant by the Canadian Institute of Chartered Accountants in 1968. Kgalema Motlanthe Independent Director, Member of Sustainability Committee and Member of the Nominating and Corporate Governance Committee Kgalema Motlanthe became an Ivanhoe Mines Director in April 2018. Mr. Motlanthe was President of South Africa for a period between 2008 and 2009, and subsequently served as the nation’s Deputy President from 2009 to 2014. He heads the Motlanthe Foundation that is dedicated to a range of public-benefit activities, including conflict resolution, promotion of human rights and democracy and the provision of care for pre-school-age children, along with buildings, equipment and educational support for public primary schools. Mr. Motlanthe also is a trustee of Liliesleaf Trust and the Brazzaville Foundation. Mr. Motlanthe led the African Union’s Election Observer Mission to Sierra Leone to help ensure that the 2018 Presidential run-off election complied with international standards. He was Deputy President of South Africa’s ruling African National Congress (ANC) from 2007 until 2012, and Secretary-General of the ANC from 1997 to 2007. His role in the international movement against South Africa’s apartheid system led to a 10-year incarceration on Robben Island, where Nelson Mandela also was held. Following his release in 1987, Mr. Motlanthe worked for the National Union of Mineworkers (NUM). He succeeded Cyril Ramaphosa as the union’s General Secretary in 1992. (Mr. Ramaphosa was elected President of South Africa in February 2018.) During his 10 years with the NUM, Mr. Motlanthe was credited with helping to establish the Mineworkers Investment Company, which was wholly-owned by the NUM and made investments in companies that did not pose a conflict of interest for the union. Mr. Motlanthe played a crucial role in forming the Mineworkers Development Agency, which dealt with the developmental and social needs of retrenched miners and their families. He also helped to form initiatives to provide bursaries to miners and their dependents, as well as education and skills training. In January 2021, Mr. Motlanthe was appointed as Head of the Nelson Mandela Foundation, a non-profit organization founded by Nelson Mandela in 1999 to promote Mandela’s vision of freedom and equality for all. Delphine Traoré Independent Director, Chair of Nominating and Corporate Governance Committee, Member of Compensation and Human Resources Committee Delphine Traoré is the Regional Chief Executive Officer of Allianz Africa since November 2021, overseeing development across the continent. She joined the Board of Management of Allianz Africa as Regional Chief Operations Officer in February 2017 and served as CEO of Allianz Global Corporate & Specialty (AGCS) Africa from September 2012 to February 2017. Ms. Traoré is currently a non-executive member of the Board of Management of AGCS Africa. She has been serving as a board member for Allianz for a Green Revolution in Africa since February 2022, African Reinsurance Corporation since November 2021, and African Risk Capacity since June 2018. Ms. Traoré served as Vice-President of the African Insurance Organization from May 2018 to June 2019, before becoming its President from June 2019 to September 2021. She has been recognized as one of the top women economic leaders in Africa, having been featured in Forbes Africa magazine’s portraits of women economic leaders in 2019 and included in the Jeune Afrique magazine’s list of the 50 most influential women in Africa in 2018. Ms. Traoré was also President of the Insurance Institute of South Africa from 2015 to 2017. She was awarded the Woman Leadership Award from the Africa Leadership Awards in 2015 and was named in the Choiseul 100 Africa annual independent study of top economic leaders of tomorrow by the Institut Choiseul in both 2014 and 2015. Ms. Traoré began her career as a Senior Commercial Multi-Lines Insurance Underwriter and Marketing Representative and later as Regional Underwriting Manager with Ohio Casualty Group of Insurance from June 1996 to June 2003 after which she service as Commercial Umbrella/Excess Regional Underwriting Manager with Ohio until May 2005. She joined Allianz Group in Group in August 2005, specifically with AGCS Canada. She held positions of Liability Underwriter and Head of Market Management where she was responsible for identifying potential markets to support business development across Canada. Ms. Traoré is a Chartered Property and Casualty Underwriter from the American Institute for Chartered Property Casualty Underwriters. She also holds a Master of Science in Insurance Management from Boston University and a Bachelor of Science in Business and Accounting from the University of Pittsburgh. Iman Naguib Independent Director, Member of Audit Committee Iman Naguib is an accomplished finance executive with over 20 years of experience in corporate finance, M&A, restructuring, and asset management, spanning telecommunications, natural resources, and financial services across global markets. She has a strong reputation for evaluating strategic opportunities, advancing business development, and managing complex treasury functions. Ms. Naguib is Co-founder and Partner at Karnak Capital, where she is involved in various investment strategies across different sectors. From September 2012 to January 2015, she was Group Chief Financial Officer and Executive Director at La Mancha Resources, a gold mining company with operating mines, and exploration and development projects across Africa, Australia and Argentina. Throughout her career, Ms. Naguib has been recognized for her leadership and impact, including being named in the Choiseul 200 Africa list of top African economic leaders under 40 in 2015. Ms. Naguib co-founded Accelero Capital in 2011, where she led key transactions including Egypt’s largest M&A deal at the time—the €3.2 billion sale of Mobinil Telecom. She also served as Corporate Finance Director at Orascom Telecom and Weather Investments, overseeing complex financing and restructuring initiatives, including working on the $6.6 billion merger of Orascom with VimpelCom Ltd. Her early career includes roles at Commercial International Investment Company and Montpellier Asset Management. Most recently, Ms. Naguib was an independent non-executive director at Centamin PLC until its acquisition by AngloGold Ashanti PLC in 2024. Ms. Naguib holds an MBA from Cass Business School, London, UK, and a BSc from City University, Cairo, Egypt.

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