Mr. Matthew Keevil reports

IVANHOE MINES ANNOUNCES C$500 MILLION PRIVATE PLACEMENT

Ivanhoe Mines Ltd. has engaged BMO Capital Markets as sole agent in connection with a proposed offering of 41,667,000 Class A common shares, on a private placement basis, at a price of $12 per common share for aggregate gross proceeds of $500-million (approximately $370-million (U.S.)). The company expects to grant BMO Capital Markets an option, exercisable at the offering price up until 48 hours prior to the closing of the offering, to place up to an additional 15 per cent of the number of common shares purchased pursuant to the offering. The offering is expected to close on or about Dec. 18, 2023, and is subject to Ivanhoe Mines receiving all necessary regulatory approvals, including approval of the Toronto Stock Exchange.

The net proceeds of the offering will be used to finance exploration, working capital and general corporate purposes.

The offering will be conducted in reliance upon certain prospectus and private placement exemptions. The securities issuable to Canadian purchasers under the private placement will be subject to a hold period expiring four months and one day after the closing date.

Pursuant to the investor rights agreements between the company and CITIC Metal Africa Investments Ltd. and Zijin Mining Group Co. Ltd., respectively, each of CITIC and Zijin will have the right to acquire common shares at the offering price to maintain their pro rata equity interest in the company. Any common shares issued to CITIC or Zijin on exercise of their respective anti-dilution rights under their investor rights agreements will be in addition to those issued as part of the offering.

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, 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 circa 2,400 square kilometres of 80- to 100-per-cent-owned exploration licences, as well as on the 247 square kilometres of newly acquired joint venture licences in the Western Foreland located adjacent to the Kamoa-Kakula copper complex in the DRC.

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