Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES REDEMPTION OF $575 MILLION 2.50% CONVERTIBLE SENIOR NOTES DUE 2026

Ivanhoe Mines Ltd. will redeem all of its outstanding 2.50 per cent convertible senior notes due 2026 on July 11, 2024, at a price equal to 100 per cent of the principal amount of the notes redeemed plus accrued and unpaid interest on such notes to, but not including, the redemption date. As at April 29, 2024, there was $575-million (U.S.) aggregate principal amount of the notes outstanding. The company will settle any conversions solely in shares, except that any fractional shares that would otherwise be deliverable will be paid out in cash.

To receive payment of the redemption price, any certificated notes must be surrendered to Wilmington Savings Fund Society, FSB, as the paying agent and conversion agent, at 500 Delaware, Wilmington, Del., 19801, attention: administrator for Ivanhoe Mines, on or prior to the redemption date. Any notes in book-entry form must be surrendered through the facilities of the Depository Trust Company in the usual manner to be paid the redemption price.

In lieu of surrendering their notes for redemption, holders may elect to convert their notes at any time before the close of business on Wednesday, July 10, 2024 (or, if the company fails to pay the redemption price due on the redemption date in full, at any time until such time as the company pays such redemption price in full).

The conversion rate for all conversions of notes on or after today and before the redemption date is 138.7073 shares of Class A shares of the company per $1,000 (U.S.) principal amount of notes. This conversion rate includes an increase of 4.1391 additional shares per $1,000 (U.S.) principal amount of notes above the conversion rate as the notes are called for redemption (calculated based on a 10-day average closing share price of $19.2520, or $14.0363 (U.S.), at the prevailing exchange rate of $1.3717 to $1 (U.S.)). This conversion rate will remain subject to adjustment in accordance with the indenture governing the notes from time to time for certain events.

Holders of notes are encouraged to consult their applicable financial institution to obtain advice regarding the redemption or conversion process. This press release is for informational purposes only and does not constitute a notice of redemption of the notes or an offer to sell or a solicitation to buy the securities in any jurisdiction. No representation is made as to the correctness or accuracy of the Cusip numbers contained in this press release or printed on the notes.

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 across approximately 2,650 square kilometres of highly prospective, 60-per-cent-to-100-per-cent-owned exploration licences in the Western Forelands, located adjacent to the Kamoa-Kakula copper complex in the DRC. Ivanhoe is exploring for new sedimentary copper discoveries as well as expanding and further defining its high-grade Makoko, Kiala and Kitoko copper discoveries.

We seek Safe Harbor.