Ivanhoe Mines Ltd.

Good morning, ladies and gentlemen, and welcome to the Ivanhoe Mines 2025 fourth quarter and year-end conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, February 19, 2026. And I would now like to turn the conference over to Tommy Horton, Vice President of Investor Relations, please go ahead.

Thank you very much, operator, and hello, everyone. I'd like to first and foremost thank you for joining our call today, and happy Chinese New Year. It's my pleasure to welcome you to Ivanhoe Mines' fourth quarter and full year 2025 financial results conference call. As the operator mentioned, my name is Tommy Horton, and I'm the Vice President of Investor Relations. On the call today from Ivanhoe Mines, we have founder and executive co-chairman, Robert Friedland, president and chief executive officer, Marna Kletter, chief financial officer, David Van Heerden, chief operating officer, Tom Vandenberg, executive vice president, corporate development, Mr. Alex Pickard, and executive vice president for projects, Mr. Steve Amos. We'll finish today's event with a question and answer session. So you can submit your questions via the Q&A box on the webcast, as well as through the conference operator via your phone line. Please also contact the investor relations team directly for follow-up questions that are not answered during the call today. Before we begin, I'd like to remind everyone that today's event will contain forward-looking statements that involves risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Details of the forward-looking statements are contained in our February 18th news release, as well as on CDAR Plus and on our website, www.ivanhomeminds.com. It is now my pleasure to introduce Ivanhoe Mines' founder and executive co-chair, Robert Friedland, for some opening remarks. Robert, over to you.

Thank you, ladies and gentlemen, and everybody listening in. I happen to be in the Middle East at this time. It's the month of Ramadan. The fast has just broken. It's also Chinese New Year. I've been living on an airplane in at least a dozen countries the last three weeks, and we are on our way to the BMO conference, which is the largest of the mining conferences at this time of year. As we look at that opening photograph of our opening remarks, I'm struck that on the 19th of February 2026, we can announce that we've jointly announced Trafigura and Arubus in Germany. The last is shipping down the Lobito Corridor to the Atlantic Ocean. That's a downhill rail run for about 3,200 feet elevation down to sea level. So the train is actually going downhill from the mine to the sea. This is the largest smelter on the African continent. It's a direct-to-blister furnace, the largest ever built in the world. With Atacuba's engineering and nearing from China, we can say it's the most modern and greenest of copper smelters going down the railroad. And I look back to the years when the idea of copper coming out of the central Congo was just a dream. But today it's reality and it will last for generations. The Western Forelands is transversed by that new railroad. We have incredible exploration potential there. We continue to run about $100 million a year budget and exploration. copper, and we find more copper per dollar or per penny than anyone in the industry. Our finding cost of fine copper is under a penny a pound at a 1% cutoff grade, and very few districts even have 1% copper. So that's remarkable that it's just today that we jointly announced with Trafigura and Arubus that this 99.7% copper is going its way to the ocean. In addition, the Zambian government to our south who have a couple of smaller copper smelters, have announced that they will not export their sulfuric acid any longer to the DRC because they want to keep it for their own zombie and copper mining industry. And that means that the sulfuric acid price has really risen very dramatically in the Congo where it's used. to leach oxide copper mines. And we've seen prices up to $700 a metric ton for sulfuric acid. So our smelter is producing an extremely valuable byproduct. We also have our zinc mine operating shipping concentrate to the United States, concentrate for zinc that also contains gallium and germanium, extremely valuable critical metals. that will be recovered in future. And the Congo is one of the greatest places to find these fruits and metals. So this is a big day for the Democratic Republic of the Congo as our smelter starts. And lastly, before I turn this over to Marna, our president and CEO, is an image of Platte Reef, which after 34 years has initiated production. Within two years will be a giant mine. And a few years thereafter, we think it'll be the largest. and lowest cost producer in the world of a group of metals, platinum, palladium, gold, rhodium, which is on the critical materials list, and nickel and copper as well, which are on the critical materials list. So it's a tremendous turning point for our company. Things are really looking bright. The world needs these metals. And with that, I'm honored to turn this over to Marna. Thank you very much.