Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES KAMOA-KAKULA ACHIEVED RECORD COPPER PRODUCTION OF 35,856 TONNES IN MAY

Ivanhoe Mines Ltd.'s Kamoa-Kakula copper complex in the Democratic Republic of the Congo achieved a monthly production record of 35,856 tonnes of copper in concentrate during May.

Copper production during April was 34,826 tonnes of copper in concentrate, bringing quarter-to-date production to 70,682 tonnes.

A new daily milling record of 29,366 tonnes of ore was also achieved by the phase 1 and 2 concentrators. This is equivalent to an annual milling rate of 9.8 million tonnes per annum (after accounting for availability). This record far exceeds the increased milling capacity of 9.2 million tonnes per annum following the debottlenecking program of the phase 1 and 2 concentrators, which was completed in February, 2023.

Average copper recoveries for the month were 87 per cent, above the phase 1 and 2 concentrator nameplate recovery rates.

Construction activities for the phase 3 expansion, including the largest copper smelter in Africa, with a capacity of 500,000 tonnes of 99-per-cent-plus pure copper anodes, are advancing on schedule for first production in the fourth quarter of 2024.

Watch a June, 2023, video of operations and construction activities at Kamoa-Kakula on-line.

About Ivanhoe Mines Ltd.

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the expansion of the Kamoa-Kakula copper complex in the DRC; the construction of the Tier 1 Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa; and the restart of the historic ultrahigh-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Ivanhoe Mines also is exploring for new copper discoveries across its approximately 2,400 square kilometres of 90-to-100-per-cent-owned exploration licences in the Western Foreland, which are located adjacent to, or in close proximity to, the Kamoa-Kakula copper complex in the DRC.

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