Mr. Robert Friedland reports

IVANHOE MINES CLOSES C$575 MILLION PRIVATE PLACEMENT

Ivanhoe Mines Ltd. has closed its previously announced private placement offering of 47,917,050 Class A common shares at a price of $12 per common share for aggregate gross proceeds of approximately $575-million (approximately $430-million (U.S.)), including the full exercise of the 15-per-cent agent's option granted to BMO Capital Markets, as sole agent, in connection with the offering.

Robert Friedland, founder and executive co-chairman of Ivanhoe Mines, commented:

"We would like to extend our gratitude to the major institutional shareholders of Ivanhoe Mines for cornerstoning the offering. The financing reinforces our strong balance sheet taking our cash balance to over $600-million (U.S.). The funding enables us to quadruple our exploration budget into next year, following the recent and ongoing exploration successes at the district-scale Western Foreland exploration project in the Democratic Republic of Congo.

"We would also like to thank the many women and men of Ivanhoe Mines, whose tireless efforts made 2023 a pivotal year for the company. Two thousand twenty-four will be an important turning point in Ivanhoe's history, with Kamoa-Kakula's phase 3 expansion and smelter, as well as Platreef phase 1 and Kipushi, all on track for completion within the year."

Ivanhoe Mines intends to use the net proceeds of the offering to finance exploration, working capital and for general corporate purposes.

The common shares issued to Canadian purchasers under the offering are subject to a hold period expiring four months and one day from today's date.

A purchaser under the offering is considered a related party of the company under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions because of its ownership of more than 10 per cent of the issued and outstanding common shares. As a result, the issuance of common shares to such purchaser was a related party transaction. The company relied on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the subscription in the offering by such purchaser does not exceed 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction 21 days prior to the closing of the offering as the details of the participation of such purchaser had not been confirmed at that time. The company will file a material change report in due course.

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.

We seek Safe Harbor.