Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES RETIREMENT OF NON-EXECUTIVE CO-CHAIRMAN AND DIRECTOR YUFENG "MILES" SUN

Ivanhoe Mines Ltd. non-executive co-chairman and director Yufeng (Miles) Sun has retired. In addition, the company has appointed Weibao (Webber) Hao as Ivanhoe Mines' non-executive co-chairman and director, effective today.

Mr. Sun was appointed to the Ivanhoe Mines board of directors in September, 2018, following the first of two strategic investments made by Citic Metal into Ivanhoe Mines totalling $1.3-billion. Citic Metal's investment was transformational for Ivanhoe Mines, providing the necessary financing required to commence the construction of Kamoa-Kakula. Today, Citic Metal continues to be Ivanhoe Mines' largest shareholder at approximately 26 per cent.

Mr. Sun joined Citic Group Corp. in 1987 and his esteemed career spanned multiple senior management roles. Mr. Sun joined Citic Metal, the group's trading subsidiary, in April, 1999, and was its general manager until his recent retirement. Under his leadership, Citic Metal was transformed into a leading Chinese commodities trading house in iron and steel, niobium, copper, and aluminum. Mr. Sun also led many successful investments, most notably in Companhia Brasileira de Metalurgia e Mineracao (CBMM of Brazil; the largest producer of niobium in the world), in the Las Bambas copper project in Peru and in Ivanhoe Mines. Citic Metal completed an initial public offering on the Shanghai Stock Exchange in April, 2023, and currently has a market capitalization of approximately $6.1-billion.

Ivanhoe would like to thank Mr. Sun for his tremendous contributions during his tenure on the board and wishes him all the best in his retirement.

Ivanhoe Mines' executive co-chairman, Robert Friedland, commented:

"Miles has been an exceptional co-chairman and invaluable leader during a dynamic period of growth and success for Ivanhoe Mines. Citic's visionary investment of over $1-billion (U.S.) laid the foundations for the development journey of the Kamoa-Kakula copper complex, and set us on the path to build the world's next great diversified mining company. We would like to thank Miles for his wisdom, partnership and tremendous support and wish him a very happy, fulfilling and well-earned retirement.

"We would also like to warmly welcome Mr. Hao to our esteemed board and are confident that his expertise and experience will be a great complement to our group of diverse and talented directors. His decades of experience in the natural resources industry, especially in developing international businesses in emerging markets, will be extremely valuable assets as we complete the phase 3 expansion at Kamoa-Kakula and bring our Platreef and Kipushi mines into production next year. Citic remains a critical shareholder in Ivanhoe Mines, and we look forward to continuing this industry-leading international partnership."

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 Democratic Republic of the Congo (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.