Ivanhoe Mines Ltd. announced that the company and its partners, Zijin Mining Group, Crystal River Global Limited and the Democratic Republic of Congo, welcome the extremely positive findings of an independent Integrated Development Plan (2023 IDP) for the Kamoa-Kakula Copper Complex. The 2023 IDP consists of a Pre- Feasibility Study (Kamoa-Kakula 2023 PFS) for the Phase 3 and Phase 4 expansions of the Kamoa-Kakula Copper Complex over a 33-year mine life, as well as an updated Preliminary Economic Assessment (Kamoa-Kakula 2023 PEA) that includes a life-of-mine extension case to 42 years overall. The Kamoa-Kakula 2023 PFS evaluates a staged increase in production capacity at Kamoa-Kakula from the current nominal throughput rate of 7.6 million tonnes per annum (Mtpa) up to a total of 19.2 Mtpa by 2030.

First, the throughput of the Phase 1 and 2 concentrators is increased to 9.2 Mtpa by the imminent completion of the debottlenecking program. Phase 3 includes the ongoing construction of a new 5.0 Mtpa concentrator, located at Kamoa, which is targeted to be completed in Fourth Quarter 2024. As part of the Phase 3 expansion, a direct-to-blister (DBF) flash smelter is under construction to produce approximately 500,000 tonnes of 99+% pure copper metal, and the replacement of Turbine #5 at the Inga II hydroelectric power station is well underway.

The turbine replacement will supply an additional 178 megawatts (MW) of clean hydroelectric power to the national grid and provide power for Phase 3. Phase 4, planned for later in the decade, includes the construction of an additional 5.0 Mtpa concentrator in parallel to Phase 3, which will be fed by mines in the Kamoa area, bringing overall production up to 19.2 Mtpa. The Kamoa-Kakula 2023 PEA evaluates a further 9-year extension to mine life, from four additional mines, maintaining production from the Phase 1 - 4 concentrators until beyond 2060. The Kamoa-Kakula 2023 PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources.

Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves - and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves. The world-class economic results confirm Kamoa-Kakula's position as one of the world's largest, ultra-green and lowest-cost producers, which will be a world leader in the empowerment of women and the development of Congolese youth for many decades to come.

Kamoa-Kakula 2023 PFS (Phase 3 and 4 expansion): a staged increase in nameplate production up to a total of 19.2 Mtpa, over a 33-year mine life. The first stage is the debottlenecking of the operational Phase 1 and Phase 2 concentrators from the current nameplate capacity of 7.6 Mtpa up to 9.2 Mtpa by Second Quarter 2023. The Phase 1 and 2 concentrators will process ore initially from the Kakula Mine, which is being expanded to meet this capacity, and then supported by the Kakula West Mine from 2029.

This will be followed by the construction of the 5.0 Mtpa Phase 3 concentrator, which is on target to be commissioned in Fourth Quarter 2024. This concentrator will be fed with ore from the existing Kansoko Sud Mine, as well as new mines under development known as Kamoa 1 and 2. Phase 3 is planned to coincide with the commissioning of a DBF flash copper smelter capable of producing 500,000 tonnes per annum of copper in the form of 99+% anode or blister. In addition, the smelter will produce 650,000 to 800,000 tonnes per annum of high-strength sulphuric acid for sale in the domestic DRC market.

The final stage is Phase 4, an additional 5.0 Mtpa concentrator which will take the total processing capacity up to 19.2 Mtpa fed by an expansion of the Kamoa mines. Kamoa and Kakula will supply a blend of copper concentrate for the smelter, as the ore reserve grade tapers over time. The Kamoa-Kakula 2023 PFS case yields an after-tax NPV8% of $19.1 billion at a long-term copper price of $3.70/lb.

Kamoa-Kakula 2023 PEA (Life-of-mine extension case): a nine-year mine life extension of the Kamoa-Kakula Copper Complex, in addition to the Kamoa- Kakula 2023 PFS. 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. The Kamoa-Kakula 2023 PEA case yields an after-tax NPV8% of $20.2 billion.