Ivanhoe Mines (TSE:IVN)
TSX:IVN
Earnings Data
Report Date
May 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.09Last Year’s EPS
0.14Same Quarter Last Year
Moderate Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple major operational and strategic milestones—commissioning and early ramp-up of the Kamoa-Kakula smelter, record Kamoa-Kakula revenue and strong EBITDA generation, Kipushi’s rapid ramp and improved zinc economics, Platreef inauguration and advancing Phase 2, an accelerated and well-funded exploration program, and a solid liquidity position. These positives are balanced against notable short-term operational challenges: a tragic fatality, flooding/dewatering and reserve impacts at Kakula that depress near-term grades and push up short-term unit costs, some one-off G&A and logistics pressures in Q4, and timing-driven inventory/sales variability. On balance, the achievements, growth projects and financial/strategic momentum materially outweigh the operational setbacks and one-off cost pressures reported on the call.Company Guidance
Kamoa-Kakula Strong Financial Performance
Kamoa-Kakula achieved its highest calendar-year revenue of $3.3 billion in 2025 at a realized copper price of $4.40/lb, produced ~389,000 tonnes of copper for the year, and recorded annual EBITDA of $1.4 billion (44% margin). Q4 EBITDA was $331 million, up 69% quarter-on-quarter, and Q4 sales included ~79,000 tonnes of payable copper with Q4 revenue of $866 million at a realized price of $4.98/lb.
Smelter Commissioning and Early Ramp-up
The new direct-to-blister smelter (largest in Africa) was commissioned; ramp-up is ahead of schedule at over 60% of steady-state feed capacity. First shipment dispatched via the Lobito Corridor to Germany. Smelter capital cost reported at ~$1.1 billion and is already producing ~1,200 tpd of sulfuric acid.
Smelter and Acid Economics
Smelter integration is expected to materially reduce logistics and TC/RCs (~30% improvement projected) and improve per-pound costs for mining, processing and G&A (~20% improvement projected). Strong domestic demand for sulfuric acid realized prices north of $450/ton (management noted spikes up to ~$700/ton in the region), creating valuable by-product credits.
Kipushi Operational Ramp and Outlook
Kipushi recorded a record quarter in Q4, selling almost 48,000 tonnes of payable zinc for a record quarterly revenue of $138 million. Kipushi 2025 EBITDA was $91 million (Q4 contribution $44 million). Cash costs declined to $0.86/lb of payable zinc in Q4 (full year $0.92/lb). Management issued 2026 guidance of 240,000–290,000 tonnes of zinc in concentrate.
Platreef Commissioning and Phase 2 Momentum
Platreef was formally inaugurated and Phase 1 was completed on time/under budget. Phase 2 expansion will scale annualized production to ~450,000 ounces (PGMs) by end-2027. Management reported a ~74% increase in the Platreef PGM basket price versus feasibility study inputs, improving project economics; $600 million of remaining Phase 2 capital is expected to be funded via a project finance facility.
Group Financial Position and Liquidity
Ivanhoe reported group adjusted EBITDA of $578 million for 2025 and net profit of $228 million (up $35 million vs. 2024). The company held $885 million of cash and short-term deposits (Ivanhoe) and Kamoa-Kakula had $311 million cash on hand. Consolidated pro rata net debt/EBITDA was ~2.1x, supported by a QIA private placement and new senior notes.
Exploration Acceleration and Western Forelands Growth
Exploration budget increased to $90 million for 2026 (up ~88% year-over-year), with $50 million allocated to the Western Forelands. In 2025 the team completed 53,000 m of diamond drilling; a previously declared mineral resource in the strike area contains ~9 million tonnes of copper at ~2% Cu across ~18 km. Management targets an updated resource estimate by mid-year and expanded drilling (targeting ~140 km in total).
Power and Renewables Progress
Inga power work returned initial capacity and upgrades are expected to boost delivered power to Kamoa to 125 MW (70% of 178 MW). Two contracted on-site IPP solar + battery projects will provide 60 MW of reliable renewable power by July 2026, with a further 60 MW planned by mid-2027 (total planned on-site renewables 120 MW).
Safety Performance Benchmarks
Overall total-recordable injury frequency rate (TRIFR) remains in the bottom quartile versus industry peers despite rapid workforce growth (>150% increase to >31,000 employees and contractors over five years), indicating relatively strong safety systems and training coverage across expanding operations.
TSE:IVN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
TSE:IVN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | C$16.20 | C$15.60 | -3.70% |
Oct 29, 2025 | C$14.58 | C$14.41 | -1.17% |
Jul 30, 2025 | C$11.02 | C$10.81 | -1.91% |
Apr 30, 2025 | C$12.24 | C$13.45 | +9.89% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Ivanhoe Mines (TSE:IVN) report earnings?
Ivanhoe Mines (TSE:IVN) is schdueled to report earning on May 06, 2026, Before Open (Confirmed).
What is Ivanhoe Mines (TSE:IVN) earnings time?
Ivanhoe Mines (TSE:IVN) earnings time is at May 06, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What is TSE:IVN EPS forecast?
TSE:IVN EPS forecast for the fiscal quarter 2026 (Q1) is 0.09.