Mr. Robert Friedland reports

IVANHOE MINES REPORTS STRONG COPPER AND ZINC PRODUCTION IN THE FIRST TWO MONTHS OF 2025

Ivanhoe Mines Ltd. has provided an update on year-to-date production at the Kamoa-Kakula copper complex in the Democratic Republic of the Congo (DRC) and the ultrahigh-grade Kipushi zinc mine, also in the DRC.

Kamoa-Kakula delivered near-record copper production in January of 45,477 tonnes and 40,849 tonnes during the shorter month of February. Daily copper production averaged over each month totalled 1,467 tonnes per day in January and 1,459 tonnes per day in February. These achievements are just short of the record 1,518 tonnes per day of copper production achieved in December, 2024.

In addition, copper production during the last week of February was 11,122 tonnes of copper. This is equivalent to an annualized production rate of over 578,000 tonnes of copper, which is at the top end of 2025 annual guidance. As announced on Jan. 8, 2025, Kamoa-Kakula's 2025 copper production guidance is 520,000 to 580,000 tonnes of copper.

Kamoa-Kakula's power availability improving as the southern Africa wet season gathers pace

Since the start of the year, Kamoa-Kakula's phase 1, phase 2 and phase 3 operations have been powered by approximately 100 megawatts of domestically generated and imported hydroelectric power. This is equivalent to approximately two-thirds of the operation's total requirement, with the remaining sourced from installed on-site, diesel-generated backup power. Discussions are well advanced to increase imported hydroelectric power by a further 20 megawatts by month-end.

Water levels have recently improved at the Cahora Bassa hydroelectric dam in Mozambique, where the majority of Kamoa-Kakula's imported power is sourced, as well as the Kariba hydroelectric dam in Zambia.

As reported on the Club of Mozambique website on March 4, 2025: "Current water levels in the Cahora Bassa reservoir guarantee the production of electricity until the last quarter of this year. This is the result of the water reserves accumulated during this rainy season, after levels fell to 19.18 per cent in January, the lowest level in recent times." The chairman of the Cahora Bassa hydroelectric plant, Tomas Matola, recently stated publicly, "With the rainfall that fell in February, we were able to recover and our hydrometeorological forecasts show that more rain is coming and storage will naturally increase."

Repairs to damaged on-site backup generators progressing well

Kamoa-Kakula has over 190 megawatts of on-site, diesel-generated backup power installed. Currently, the on-site diesel generators are used to supply up to 50 megawatts, or approximately one-third, of Kamoa-Kakula's operational requirements.

Of the total 190 megawatts installed, 36 megawatts of generator capacity was damaged and are undergoing repair, as reported on Jan. 8, 2025.

Total power required to operate the phase 1, phase 2 and phase 3 operations as well as the smelter at full capacity is approximately 240 megawatts. Discussions to secure additional grid-supplied power dedicated for the heat-up of Kamoa-Kakula's smelter are advancing. The operations team are expecting heat-up to commence in May or June, 2025, as previously announced.

Kamoa-Kakula's Project 95 is 20 per cent complete and advancing on schedule

The Project 95 initiative on Kamoa-Kakula's phase 1 and phase 2 concentrators is expected to increase concentrator recoveries to 95 per cent from approximately 87 per cent. The initiative, with a capital expenditure of approximately $180-million, is expected to increase annualized copper production by up to 30,000 tonnes at an industry-leading capital intensity of $6,000 per tonne of copper.

Kamoa-Kakula's Project 95 is advancing well at 20 per cent complete and is on schedule for completion in Q1 2026.

Kipushi produced a record 16,063 tonnes of zinc in January; nameplate milling rate recently achieved

The ramp-up of the Kipushi concentrator is continuing, with a record 16,063 tonnes of zinc produced in January and 11,903 tonnes of zinc produced during the shorter month of February. Kipushi's production rates, on an annualized basis, are approaching its 2025 guidance range of 180,000 to 240,000 tonnes of zinc in concentrate. In addition, since the start of 2025, concentrator recoveries have averaged approximately 88 per cent and the concentrate grade is approximately 53 per cent contained zinc. Ramp-up to the nameplate milling rate of 2,000 tonnes per day was achieved in late February. Further improvements in production rates and concentrator recoveries are expected over the coming months.

Kipushi is targeting a production rate of over 250,000 tonnes of zinc in concentrate for 2026, following the completion of the debottlenecking program that is on schedule for late Q3 2025.

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 ramp-up of the ultrahigh-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the Tier 1 Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa.

Ivanhoe Mines also is exploring its highly prospective, 60-per-cent-to-100-per-cent-owned exploration licences in the Western Forelands, covering an area over five times larger than the adjacent Kamoa-Kakula copper complex. Ivanhoe is exploring for new sedimentary copper discoveries as well as expanding and further defining its high-grade Makoko, Kiala and Kitoko copper discoveries as the company's next major development projects.

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