Ivanhoe Mines Ltd. Q3 2026 Earnings Recap

Investors likely focused on Kamoa-Kakula’s revised 2027 outlook and the risk that current-year production will land near the bottom of guidance; the stock fell 8.0% after earnings. The transcript provides limited detail on the revised plan, while management emphasizes that the turnaround is still being developed.

Key Takeaways

• Kamoa-Kakula produced more than 67,000 tonnes in the quarter. Ivanhoe maintained 2026 guidance but said it was tracking toward the bottom end.
• Management revised 2027 guidance and described an ongoing turnaround plan for Kamoa-Kakula, saying technical work is still supporting the strategy.
• Kipushi recorded feed grade above 41%, zinc recovery above 96%, and EBITDA above $108 million; Ivanhoe narrowed full-year zinc guidance to 270,000–290,000 tonnes, toward the upper end of its range.
• Kamoa-Kakula sold more than 109,000 tonnes of sulfuric acid at an average $915 per tonne; Q4 contracts were above $900 per tonne.
• Ivanhoe said the Western Forelands resource grew 30% to more than 12 million tonnes of contained copper, and its Kakula solar plant is planned to expand to 120 megawatts by late 2027.