Kinshasa - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng 'Miles' Sun are pleased to announce that Ivanhoe Mines Energy DRC a sister company of Kamoa Copper SA tasked with delivering reliable, clean, renewable hydropower to the Kamoa-Kakula Copper Mine has extended its existing financing agreement under a public-private partnership with the Democratic Republic of Congo's state-owned power company, La Societe Nationale d' Electricite (SNEL), to upgrade turbine 5, a major turbine in the existing Inga II hydropower facility on the Congo River.

The extension of this financing agreement builds on the framework agreed in the memorandum of understanding signed with SNEL and announced in April 2021.

An estimated 162 megawatts (MW) of hydropower is expected to be generated by upgrading Inga II's turbine 5, which when combined with the 78 MW of hydropower from the Mwadingusha facility, will give Kamoa-Kakula priority access to a combined 240 MW of clean, renewable electricity.

The financing agreement was originally entered into in connection with the joint rehabilitation of the Mwadingusha hydropower plant under the first public-private partnership with SNEL, where five of six turbines now have been completed. Under this financial arrangement, rehabilitation and upgrade activities are financed by Kamoa Copper's holding company, Kamoa Holding, by way of a loan to SNEL, which will be repaid through a deduction to monthly power bills incurred over the life of the loan.

Kamoa Copper and SNEL, together with the expertise of Stucky SA of Lausanne, Switzerland, and Voith Hydro of Heidenheim, Germany, respectively the EPCM and the contractor, have commenced a technical assessment to define the scope of work and associated costs estimate. The work also will include upgrading of the terminal equipment on the Inga-Kolwezi transmission line to increase its transfer capacity by a minimum of 200 MW.

Mr. Friedland commented: 'The Kamoa Copper management team continues to execute on our strategic plan to systematically expand Kamoa-Kakula into one of the world's largest and greenest copper producers. The timely refurbishment of turbine 5 at the Inga II hydropower complex is instrumental in ensuring we meet the aggressive expansion goals we've set out to accomplish in the next few years.'

SNEL CEO, Jean-Bosco Kayombo Kayan, added: 'SNEL and Ivanhoe Mines Energy are confident that the Inga II project will enjoy the same success as our joint rehabilitation of the Mwadingusha hydroelectric power station. We all are keen on fast-tracking the return to service of unit 5 at Inga II to provide access to electricity to more people in the Democratic Republic of Congo, and to meet the power demands of the world-scale Kamoa-Kakula Copper Mine.'

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the DRC and at the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Kamoa-Kakula began producing copper in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula and Kipushi will be powered by clean, renewable hydro-generated electricity and will be among the world's lowest greenhouse gas emitters per unit of metal produced. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.

Contact:

Bill Trenaman

Tel: +1.604.331.9834

Forward-looking statements

Certain statements in this release constitute 'forward-looking statements' or 'forward-looking information' within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as 'may', 'would', 'could', 'will', 'intend', 'expect', 'believe', 'plan', 'anticipate', 'estimate', 'scheduled', 'forecast', 'predict' and other similar terminology, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.

Such statements include without limitation, the timing and results of: (i) statements regarding an estimated 162 megawatts (MW) of hydropower is expected to be generated by upgrading Inga II's turbine 5, which when combined with the 78 MW of hydropower from the Mwadingusha facility, will give Kamoa-Kakula priority access to a combined 240 MW of clean, renewable electricity and (ii) statements regarding Kamoa-Kakula and Kipushi will be powered by clean, renewable hydro-generated electricity and will be among the world's lowest greenhouse gas emitters per unit of metal produced.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under 'Risk Factors', and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.

Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.

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