Mr. Robert Friedland reports

IVANHOE MINES REPORTS MINERAL RESOURCES FOR MAKOKO AND KIALA DISCOVERIES IN THE WESTERN FORELAND

Ivanhoe Mines Ltd. executive co-chair Robert Friedland and president Marna Cloete have released the independently verified, maiden mineral resource estimates for the high-grade Makoko and Kiala deposits within Ivanhoe's Western Foreland exploration project.

Makoko and Kiala are two distinct discoveries adjacent to the Kamoa-Kakula copper complex and continue Ivanhoe's distinguished record of making greenfield discoveries in this uniquely endowed geological terrain. The two deposits occur within the 2,407-square-kilometre Western Foreland exploration project, which lies adjacent to the 400-square-kilometre Kamoa-Kakula copper complex in the Democratic Republic of the Congo (DRC). The Western Foreland licences are 80 per cent to 100 per cent owned by Ivanhoe Mines.

Ivanhoe founder and executive co-chairman Mr. Friedland commented: "These outstanding results are the culmination of over 20 years of effort, starting with grassroots, frontier exploration to define a previously unknown mineral horizon with the potential to host huge copper deposits with spectacular grades.

"The theory was proven to be correct, as our team of visionary geoscientists discovered Kamoa in 2008, followed by the monumental Kakula discovery in 2016. In little over five years, Kakula went from drill core samples to one of the five largest copper mines in the world, with by far the highest grade, thanks to the hard work of our outstanding project and operations teams.

"Ivanhoe Mines' geologists are rarely quiet for long, and these mineral resource estimates for Makoko and Kiala are just the beginning of demonstrating the immense copper mineral potential of the entire Western Foreland basin. Remarkably, this team is now responsible for the largest copper discovery of the last 10 years, the ultrahigh-grade giant Kakula discovery as well as the giant Kamoa discovery, and now the fourth-largest discovery in Makoko.

"We will be looking into whether Makoko's near-surface mineralized zone is amenable to heap leaching, which, if possible, would be both a very low-capital-intensive, as well as a very low-carbon-intensive way of producing copper cathode.

"There is much more to come as this story unfolds ... we continue to perfect our knowledge of the geological controls of this globally significant copper district ... and we are adding to our carefully chosen land position in the region."

Ivanhoe president Ms. Cloete added: "Makoko and Kiala will benefit from significant infrastructure advantages compared to when we developed Kakula, which was built in record time. We are working tirelessly to improve hydropower generation capacity in DRC through the refurbishment of Turbine No. 5 at the Inga II facility, which is expected to be supplying green hydroelectric power to the grid by the fourth quarter of 2024, as well as ongoing improvements to the grid transmission network.

"The redevelopment of the Lobito rail corridor, built with Chinese assistance and now supported by the United States, European Union and G7 nations, passes within a few kilometres of both the Makoko and Kiala deposits. The corridor will dramatically reduce turnaround times, both for inbound construction materials and equipment, as well as for outbound copper products, and will reduce development and operating costs, as well as carbon emissions.

"We look forward to advancing the development of Makoko and Kiala in partnership with our Congolese shareholders, and also to further exploration success from our major drill campaign this year across the Western Foreland land package."

Makoko emerges as the world's fourth-largest copper discovery over the past decade

Makoko, first discovered in 2018, is situated approximately 20 kilometres west of the Kakula deposit, along strike of the regional structure controlling high-grade copper mineralization at Kakula. Drilling at Makoko has defined a flat-lying, stratiform copper deposit that is geologically similar to the Kamoa and Kakula deposits. The primary mineralized zone at Makoko relates to an east-southeast-trending growth fault structure that maintains the sulphur-rich host unit in close proximity to the underlying aquifer. These two key factors for mineralization are combined at Makoko over a width of 700 metres and strike extent of 3,800 metres. A second subparallel zone of shallower mineralization occurs up dip across a strike extent of approximately 11 kilometres, where a stratigraphically higher, sulphur-rich host is in contact with the underlying aquifer. Both zones of mineralization remain open along strike.

The highest-grade section of the Makoko deposit occurs between 300 and 600 metres in depth and coincides with the indicated resource area. Highlights of the maiden Makoko mineral resource estimate, prepared by Ivanhoe Mines under the direction of the MSA Group (MSA), of Johannesburg, South Africa, in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum definition standards for mineral resources and mineral reserves:

• Indicated resources total 16 million tonnes at a grade of 3.52 per cent copper, containing 1.3 billion pounds of copper at a 1 per cent copper cut-off. At a higher 1.5 per cent copper cut-off, indicated resources total 16 million tonnes at 3.55 per cent copper, containing 1.3 billion pounds of copper.
• Inferred resources total 243 million tonnes at a grade of 1.71 per cent copper, containing 9.2 billion pounds of copper at a 1 per cent copper cut-off. At a higher 1.5 per cent copper cut-off, inferred resources total 154 million tonnes at a 1.97 per cent copper grade, containing 6.7 billion pounds of copper.
• The average vertical thickness of the selective mineralized zone at a 1-per-cent cut-off is 5.2 metres in the indicated resource area and six metres in the inferred resource area. At a higher 1.5-per-cent cut-off, the average vertical thickness of the selective mineralized zone is 5.2 metres in the indicated resource area and 6.6 metres in the inferred resource area.

The Makoko mineral resource has been defined by drilling covering a total area of 15.9 square kilometres within the much larger Makoko exploration area. The total area extent of indicated resource is 1.1 square kilometres at a 1-per-cent cut-off and 14.8 square kilometres for the inferred resource at a 1-per-cent cut-off. The average dip of the mineralized zone in the mineral resource area is 14 degrees.

The mineral resource estimate is based on the results from approximately 50,000 metres of drilling in 148 holes. An additional 20 holes totalling more than 2,800 metres have been completed since the closure of the database for resource estimation purposes.

Following the closure of the database for resource estimation, further drilling was completed to test shallow mineralization and to join the two inferred zones. There is currently one active rig drilling the western extension of Makoko, while other exploration has shifted to test other targets in the broader Western Foreland exploration project during the remainder of the dry season, which typically ends in mid- to late November.

The Makoko mineral resource estimate was prepared by Ivanhoe Mines under the direction of Jeremy Witley of the MSA Group. Mr. Witley is the qualified person for the estimate and is considered independent of Ivanhoe for purpose of National Instrument 43-101. The Makoko mineral resource estimate has an effective date of Septe. 4, 2023.

Drilling continues to test northern extensions of the high-grade Kiala deposit and shallow targets peripheral to current mineral resource

Kiala, discovered in 2020, adjoins the northern boundary of the Kamoa-Kakula mining licence and is a northern extension of mineralization from this licence along a north-trending controlling growth structure, whereby a sulphur-rich siltstone layer is brought progressively closer to, and eventually overlain on, the aquifer. This onlapping relationship brings two key mineralizing controls in contact with one another, resulting in a zone of high-grade mineralization parallel to the growth fault.

Highlights of the maiden Kiala mineral resource estimate, prepared by Ivanhoe Mines under the direction of MSA, Johannesburg, South Africa, in accordance with the 2014 CIM definition standards for mineral resources and mineral reserves:

• Indicated resources total eight million tonnes at a grade of 2.67 per cent copper, containing 500 million pounds of copper at a 1-per-cent copper cut-off. At a higher 1.5 per cent copper cut-off, indicated resources total five million tonnes at a 3.56 per cent copper, containing 400 million pounds of copper.
• Given the strong geology controls and drill hole spacing, there is no inferred resource currently at Kiala.
• The average vertical thickness of the selective mineralized zone at a 1-per-cent cut-off is 3.5 metres in the indicated resource area. At a higher 1.5-per-cent cut-off, the average vertical thickness of the selective mineralized zone is 3.7 metres in the indicated resource area.

The Kiala mineral resource has been defined by drilling covering an area of 0.9 square kilometre. The average dip of the mineralized zone within the indicated resource is nine degrees.

The mineral resource estimate is based on the results from approximately 13,000 metres of drilling in 35 holes. An additional four holes totalling more than 1,650 metres have been completed since the closure of the database for resource estimation purposes.

Although most drill rigs on the Western Foreland exploration project are targeting other promising exploration targets during the favourable dry season, one drill rig tested the northern extension to the mineralization at Kiala as well as testing shallow targets on the periphery of domes west of the current mineral resource area through the end of September. The rig is currently drilling in the Makoko area as the rainy season approaches.

The Kiala mineral resource estimate was prepared by Ivanhoe Mines under the direction of Mr. Witley of the MSA Group. Mr. Witley is the qualified person for the estimate and is considered independent of Ivanhoe for purpose of NI 43-101. The Kiala mineral resource estimate has an effective date of Sept. 4, 2023.

Kiala deposit is an extension of Kamoa Far North deposit, with consistent geological factors controlling mineralization

The Kiala deposit is an extension of Kamoa-Kakula's Kamoa Far North deposit and includes the same geological factors controlling mineralization. The Kamoa Far North mineral resource estimate (a subset of the larger Kamoa mineral resource estimate, as part of the Kamoa-Kakula copper complex) has been reported separately in the current Kamoa-Kakula technical report.

Mineral resource estimation

Both the Makoko and Kiala resource models were constructed using the same methodology. A grade shell at a 1-per-cent cut-off and a minimum drilled thickness of three metres were applied to each drill hole. A single composite across this interval was used to determine the average grade, true thickness, density and metal accumulation (true thickness by total copper grade) and accumulation by density for estimation in a two-dimensional model using inverse distance to the power of three, with total copper back-calculated postestimation. This model was then draped to the elevation of the mineralized zone. To report the tonnage and grade sensitivities, sequentially higher reporting cut-offs are applied to the block model that was constructed and estimated using a 1-per-cent copper cut-off.

Both of the Makoko and Kiala indicated mineral resource estimates are defined where the drill hole spacing approximates a 200-metre grid, whereas the inferred mineral resource estimates are defined where the drill hole spacing approximates a 400-to-600-metre grid.

The Makoko discovery remains open along an approximate east-west-trending strike and there is potential for further resource expansion within the Makoko exploration area. High-grade copper mineralization has been outlined along a corridor that is currently approximately 700 metres wide and at least four kilometres in length. The Kiala discovery remains open to the north, with potential for parallel mineralized zones to be defined east and west of the current mineral resource.

Additional drilling to expand and join the two separate areas of inferred resource at Makoko has been completed. Final assays are still pending for these drill holes; initial niton results indicate that grades are supportive of the estimated grades.

Given the geological similarities to deposits at Kamoa and Kakula, it is not anticipated that assumptions used to determine the cut-off grade for the Kamoa and Kakula deposits would vary significantly for either Makoko or Kiala and therefore the same parameters were used.

Mining rights awarded for 25 years covering Makoko and Kiala discoveries

The local holding company, Makoko SA, was recently awarded four 25-year mining licences (licence No. 704, 706, 708 and 714) on which most of the Makoko and Kiala deposits occur. All licences awarded are valid until April 16, 2048, and are owned 80 per cent by Ivanhoe Mines. In compliance with the DRC mining code, 10 per cent is now each held by the DRC government and a Congolese partner. Ownership of the surrounding exploration Lufupa licences, on which a small proportion of the mineral resource occurs, is currently 100 per cent. However, also in compliance with the DRC mining code, Ivanhoe Mines' ownership will also convert to 80 per cent upon receipt of mining right.

Makoko and Kiala continue district-scale exploration success in the Western Foreland, following the Kamoa and Kakula discoveries

Ivanhoe has delineated a total of approximately 38.7 million contained tonnes of copper in measured and indicated resource, and 9.4 million contained tonnes of copper in inferred resource across the Kamoa district, at a 1-per-cent copper cut-off. This incorporates the estimated mineral resource at Kamoa-Kakula with the Makoko mineral resource and Kiala mineral resource declared in this release.

Update on Ivanhoe's regional exploration activities across Western Foreland expected before year-end

Ivanhoe's DRC exploration group is targeting Kamoa-Kakula-style copper mineralization on its Western Foreland exploration licences. The exploration group is using models that successfully led to the discoveries of Kakula, Kakula West and the Kamoa North Bonanza zone on the Kamoa Copper SA mining licence. The group is composed of a mixture of the same exploration geologists responsible for the previous discoveries and others with experience in the greater Copperbelt.

Ivanhoe announced at the end of the third quarter that it will expand its copper exploration program on Western Foreland. Significant drilling has taken place year to date, with over 37,500 metres completed, including several new targets identified. An additional $2-million has been added to the remaining budget for 2023 to further advance these targets. During the quarter, the number of contractor diamond drill rigs increased to seven, in addition to the Ivanhoe Landcruiser diamond drill rig.

An update on Ivanhoe's regional exploration activities across Western Foreland is expected before year-end.

Qualified persons

The independent qualified person (QP) for the Makoko and Kiala mineral resource estimates is Mr. Witley, of the MSA Group.

Other disclosures of a scientific or technical nature at the Western Foreland exploration project in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a qualified person under the terms of National Instrument 43-101. Mr. Gilchrist is not considered independent under NI 43-101 as he is Ivanhoe Mines' vice-president, resources. Mr. Gilchrist has verified the technical data disclosed in this news release not related to the current mineral resource estimate disclosed herein.

Ivanhoe Mines maintains a comprehensive chain of custody and quality assurance/quality control program on assays from its Western Foreland exploration project. Half-sawn core is processed at the on-site preparation laboratory and prepared samples then are shipped by secure courier to Bureau Veritas Minerals (BVM) laboratories in Australia, an ISO17025 accredited facility. Copper assays are determined at BVM by mixed-acid digestion with inductively coupled plasma finish. Industry-standard certified reference materials and blanks are inserted into the sample stream prior to dispatch to BVM.

Disclosures of a scientific or technical nature in this news release regarding the Kamoa-Kakula copper complex have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a qualified person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the executive vice-president, projects, at Ivanhoe Mines. Mr. Amos has verified the technical data related to the foregoing disclosed in this news release.

Ivanhoe has prepared an independent, NI 43-101 compliant technical report for the Kamoa-Kakula copper complex, which is available on the company's website and under the company's SEDAR+ profile.

This technical report includes relevant information regarding the effective date and the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula copper complex cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release in respect of the Kamoa-Kakula copper complex. The technical report does not contain information regarding the mineral resources disclosed in this news release regarding the Western Foreland exploration project.

Data verification

Mr. Witley has reviewed the sample chain of custody, quality assurance and quality control (QA/QC) procedures, and the accreditations of analytical laboratories used by Ivanhoe. The QP is of the opinion that the procedures and QA/QC are acceptable to support mineral resource estimation. Mr. Witley also audited the assay database, core logging and geological interpretations and found no material issues with the data as a result of these audits.

In the opinion of the QP, the data verification programs undertaken on the geological and assay data collected from the Makoko and Kiala discoveries support the geological interpretations and the analytical and database quality, and the data collected can support mineral resource estimation.

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-nickel-platinum-rhodium-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 km of 80-to-100-per-cent-owned exploration licences in the Western Foreland, located adjacent to, or in close proximity to, the Kamoa-Kakula copper complex in the DRC.

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