EarningsQ2 2026 Earnings Report
MX:IVNN Q2 2026 EPS Results
Actual EPS$0.55
Consensus EPS$0.91
Beat/MissMissed by -$0.36
One Year Ago EPS$0.55
MX:IVNN Q2 2026 Revenue Results
Actual Revenue$2.69B
Expected Revenue$3.67B
Beat/MissMissed by -$983.02M
YoY Revenue Growth+57.68%
Earnings Announcement Details
QuarterQ2 2026
Date07/29/2026
TimeAfter Close
Conference CallWednesday, July 29, 2026
MX:IVNN Upcoming Earnings
Ivanhoe Mines's next earnings date is estimated for November 16, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:IVNN Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed solid operational performance and meaningful downside mitigation actions: strong Q2 production and EBITDA, record performance at Kipushi, a large sulfuric‑acid price tailwind and commissioning of a 60 MW solar plant that will materially reduce diesel consumption. These positives offset near‑term headwinds including a tragic safety incident, diesel inflation, dewatering/development constraints delaying access to higher‑grade ore, logistics/trucking disruptions and a recent S&P downgrade. Management outlined clear mitigations (solar, increased byproduct credits, project execution and drilling/upgraded models) and reiterated guidance with tightened ranges, supporting a constructive near‑to‑medium‑term outlook.Company Guidance
Strong Q2 copper production and sales
Kamoa-Kakula produced in excess of 64,000 tonnes of copper in Q2 and sold just over 61,000 tonnes of payable copper; copper inventory remained ~40,000 tonnes with an expected destock of ~10,000 tonnes in H2 2026 (targeting ~25–30k tonnes year‑end inventory).
Robust EBITDA and cash generation
Ivanhoe Mines reported adjusted EBITDA of $179 million for the quarter; Kamoa‑Kakula generated Q2 EBITDA of $385 million (only 3% lower than Q1) and Kipushi reported revenue of $148 million and EBITDA of $51 million (35% margin). Kipushi generated $94 million cash from operations in H1 2026.
C1 cash cost remains at lower end of guidance
Year‑to‑date C1 cash cost was $2.70 per pound (at the lower end of guidance); Q2 C1 cash cost was $2.84/lb. Realized copper price in Q2 was $5.99/lb. Smelter and logistics benefits contributed roughly ~$0.50/lb of savings when including reduced road/export taxes.
Large sulfuric acid price uplift and byproduct credit
Kamoa‑Kakula sold ~120,000 tonnes of sulfuric acid at an average $465/tonne in H1; July contracts concluded near $840/tonne (approx. +80% vs H1), and at current prices the sulfuric acid byproduct credit is expected to be close to $0.60/lb in Q3 vs $0.38/lb in Q2 (an increase of roughly 57–60%).
Solar power delivered to reduce fuel costs and emissions
Phase‑1 60 MW solar facility (with battery storage) delivered and ramp‑up underway; once fully operational later in the quarter, diesel consumption is expected to fall by ~25–30%, reducing direct diesel-driven cash‑cost pressure.
Kipushi operational outperformance
Kipushi produced another record quarter (in excess of 70,000 tonnes zinc), with concentrate recoveries near 92%, a realized zinc price of $1.58/lb, and cash cost of $0.90/lb (YTD $0.88/lb), remaining below the midpoint of 2026 guidance.
Project execution and financing progress
Phase‑1/2 concentrator and Project‑95 commissioned (Phase II milling >25% above design at ~6.3 Mtpa equivalent); 500k tpa smelter stable at ~60% capacity producing 64k tonnes of anodes/blister in Q2; Platreef Phase‑2 financing progressed (Japanese consortium contributed $65M and $87M drawn in July) with plant construction on track for late next year.
Exploration upside with Western Forelands and global programs
Makoko discovery continues to grow; an updated mineral resource for Western Forelands is expected in September with anticipated >30% resource growth and improved grades. Large drill programs are underway across Angola, Zambia and Kazakhstan to further expand resource base.
MX:IVNN 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