Ivanhoe Mines : Kamoa Copper’s Phase 2 concentrator plant approaching 93% completion; hot commissioning of the Phase 2 concentrator plant to begin in April 2022

January 24, 2022

Kamoa Copper's Phase 2 concentrator plant approaching 93% completion; hot commissioning of the Phase 2 concentrator plant to begin in April 2022

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Dedicated engineering team appointed with goal of boosting

combined Phase 1 and Phase 2 copper production up to

450,000 tonnes per annum

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Mark Farren, Chief Executive Officer of Kamoa Copper, to retire

following the commissioning of Phase 2

KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO - Ivanhoe Mines (TSX: IVN;

OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun announced that Kamoa-Kakula's Phase 2, 3.8-million-tonne-per-annum (Mtpa) concentrator plant is expected to be 93% complete by January 31, 2022, with hot commissioning of the concentrator on track to begin in April 2022, at the front end of the Q2 2022 previous guidance and several months ahead of the original schedule.

Hot commissioning involves introducing first ore into the plant at a reduced feed rate to set equipment parameters and test performance. Feed rate is then steadily increased.

Kamoa Copper continues to make significant construction progress on the Phase 2 concentrator plant, and the plant is expected to be approximately 93% complete by the end of January. Hot commissioning now is expected to commence in April, and the first copper concentrate produced from the Phase 2 plant is expected approximately one week after ore is fed into the ball mills.

The Phase 2 plant is identical to the Phase 1 3.8-Mtpa concentrator plant and a faster ramp-up profile is expected, with the added benefit of operational knowledge gained during the commissioning of Phase 1.

For comparison, the Phase 1 concentrator reached monthly design throughput during September 2021, which was the fourth full month of operation. First ore was introduced into Kamoa Copper's Phase 1 concentrator plant on May 20, 2021, and first concentrate was produced from the Phase 1 plant on May 25, 2021. The Phase 1 concentrator currently is running at a throughput that is in excess of its

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design capacity of 3.8-Mtpa by more than 15%, with 117% of design throughput achieved in December. Copper recoveries also are being achieved that are in excess of design recovery of 86%, depending on feed grade, with December's recoveries approximately 2% higher.

A dedicated project team has been appointed to de-bottleneck both the Phase 1 and Phase 2 concentrators (after commissioning), with targeted improvements aimed at increasing plant throughput from the design of 7.6 million tonnes per annum to 9.0 million tonnes per annum and producing up to 450,000 tonnes per annum of copper in concentrate from the first two plants once steady-state is achieved.

As announced earlier this month, the 2022 production guidance for the Kamoa- Kakula Copper Complex is between 290,000 to 340,000 tonnes of copper in concentrate. The figures are on a 100%-project basis and copper reported in concentrate is prior to refining losses or deductions associated with smelter terms.

"While most of the mining industry struggles to meet construction timelines and budgets, Kamoa Copper continues to exceed expectations in delivering on the project's first two development phases," said Mr. Friedland. "Kamoa-Kakula represents only the beginning of our undertaking to unlock the potential of this remarkable new copper province, which has the unique combination of outstanding scale, grade, mine life, and environmental, social, and governance credentials."

The Phase 3 expansion, which is expected to be commissioned in Q4 2024, also is advancing, with work ongoing on a new box cut to access the Kamoa Mine. An updated pre-feasibility study, including the Phase 3 expansion, is expected in Q3 2022.

Mark Farren to retire as Kamoa Copper's CEO following commissioning of Phase 2 expansion; successor search underway

Mr. Friedland and Mr. Sun also announced that Mark Farren, Kamoa Copper's Chief Executive Officer, will retire from his position at Kamoa Copper following the commissioning of the Phase 2 expansion project. Kamoa Copper has initiated a search for Mr. Farren's replacement, and Mr. Farren will help support a smooth and seamless transition.

Mr. Farren first joined Ivanhoe Mines in June 2014 as Executive Vice President, Operations, before his appointment as Chief Executive Officer of Kamoa Copper in October 2019. During his time as Kamoa Copper's CEO, Mr. Farren oversaw the construction, commissioning and operation of the Phase 1 mine and concentrator at Kamoa-Kakula, as well as the project's Phase 2 and 3 expansions.

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"Mark has accomplished a great deal during his time with Ivanhoe Mines and Kamoa Copper, including delivering the Phase 1 project on budget and ahead of schedule in an unprecedented macroeconomic environment. Under his watch, the Phase 1 ramp-up was exceptionally smooth, and the Phase 2 expansion project is running ahead of schedule. Before he leaves, he will have successfully overseen the development of the Kamoa-Kakula complex into one of the ten largest copper producers on the planet," said Mr. Friedland.

"From all of us at Ivanhoe Mines, together with our partner Zijin Mining, we owe Mark a debt of gratitude for his efforts. We wish him all the best in his well- deserved retirement, in which he plans to spend more time fishing.

"It is a well-known adage that time spent fishing is not deducted from one's lifespan; as such, when Mark gets bored catching fish, we will gladly welcome him back in a senior role with any of the Ivanhoe group of companies."

Yufeng "Miles" Sun added: "Kamoa-Kakula has become an industry benchmark under Mark's leadership, especially given the challenges posed by the COVID-19 pandemic. I salute Mark's significant contributions and wish him continuous success."

Jinghe Chen, Chairman of Zijin Mining, said: "Zijin Mining sincerely appreciates Mark's diligent work and his magnificent achievements in transforming Kamoa- Kakula into one of the world's top copper producers. I wish Mark and his family all the best in his retirement."

Ben Munanga, Chairman of the Board of Directors of Kamoa Copper, also commented: "Kamoa Copper's outstanding success to date is a product of the culture and values promoted throughout the organization under Mark's guidance. Mark has been instrumental in developing strong managerial talent at Kamoa Copper, and we are confident that his legacy will continue for many years to come."

Mr. Farren commented: "I have had a long-term goal to retire while I am healthy and able to pursue my hobbies and new adventures. Working with the Ivanhoe Mines and Kamoa Copper teams over the last decade exceeded my expectations and I could not have asked for better co-workers or a more supportive ownership and Board of Directors.

"I am incredibly proud of playing a part in Kamoa-Kakula's success, and I'm convinced that the best is still to come. I will continue to work with my successor and the rest of the team to ensure the smooth commissioning of the Phase 2 expansion."

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Kamoa-Kakula's Phase 1 (left) and Phase 2 concentrator plants.

Electrician Tresor Nawej Tshimwish installing an electrical cable at the Phase 2 high-pressure-grinding-rolls (HPGR) substation. More than 83% of the Phase 2 electrical cable has been installed.

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Mardoche Muswamba (left) and Kakeya Tshidjamba installing electrical wiring to the pneumatic control valves on the Phase 2 primary mill cyclones. More than 75% of the Phase 2 instruments have been installed.

Ilunga Geplige strapping cables at the Phase 2 secondary crusher. Approximately 170,000 metres of copper electrical cable will be used to wire Kamoa-Kakula's Phase 2 plant.