Mr. Robert Friedland reports

IVANHOE MINES COMMENCES GIANT COPPER EXPLORATION PROGRAM IN ZAMBIA

Ivanhoe Mines Ltd. has been granted by the government of Zambia a vast, 7,757-square-kilometre package of new exploration licences in the highly prospective North-Western Province of Zambia. Ivanhoe's thesis behind the strategically selected licence package is to explore for an extension of the Central African copper belt.

As announced on Sept. 10, 2024, a memorandum of understanding (MOU) was signed between Ivanhoe Mines and Zambia's Ministry of Mines and Minerals Development. Since then, the Ministry of Mines has assisted Ivanhoe's geological team in identifying the prospective licence package and provided access to existing geological data. The shared geological data also include results from the country-wide airborne geophysical survey currently under way.

The new licence package is strategically located between Ivanhoe's Western Forelands exploration project (230 km to the northeast) and the company's Angolan exploration licence package (130 km southwest). The Zambia licences cover an area over three times larger than the Western Forelands exploration project.

Ivanhoe's geological team will commence exploration activities for new copper mineralization associated with: basement domes; Katangan-age, sediment-hosted copper systems; and iron-oxide-copper-gold (IOCG) systems. The western edge of the Central African copper belt in the Democratic Republic of the Congo (DRC) hosts the Western Forelands shelf, where the Kamoa-Kakula copper complex and the mineral resources of Makoko and Kiala in the Western Forelands are located. Ivanhoe's geological team believes that the Western Forelands shelf facies of the Nguba group sediments continue to arc southwest into Zambia and Angola. Based on this concept, Ivanhoe Mines also holds over 22,000 square kilometres of exploration licences in Angola, as announced on Nov. 27, 2023.

Concurrently, Ivanhoe continues to advance its massive exploration program in the Western Forelands. The 2025 exploration program will be Ivanhoe's largest ever, with $50-million dedicated to exploration activities -- consisting of 102,000 metres of diamond drilling and 18,000 metres of reverse circulation (RC) drilling. Ivanhoe is targeting an updated mineral resource estimate for the Makoko area, including a maiden resource estimate for Kitoko and Makoko West, next month.

Hakainde Hichilema, the President of Zambia, commented: "Today, we welcome Ivanhoe Mines' new chapter into Zambia's mining industry -- one that promises jobs, growth and prosperity for our people. This new investment in copper exploration is not only about achieving our government's vision of over three million tonnes of copper production by 2031, it's also about unlocking opportunities, empowering communities and ensuring that our resources benefit every Zambian. Together, we will build an economy that works for all, with transparency, fairness and a shared vision for the future."

Ivanhoe founder and executive co-chairman Robert Friedland commented: "Our entrance into Zambia marks an exciting new chapter in Ivanhoe Mines' commitment to expanding our exploration footprint and testing the extent of the Central African copper belt ... which is already the world's largest and highest-grade sedimentary copper belt. Our new licences in both Zambia and Angola have notable geological similarities to our world-leading discoveries in the Democratic Republic of the Congo. We will leverage our deep geological expertise and proven track record in the Western Forelands, where Ivanhoe's geologists have discovered, including Kamoa-Kakula, over 50 million tonnes of high-grade contained copper to date. Our seasoned team of geologists is excited to begin work on these highly prospective licences ... we believe there are plenty of new Tier 1 copper discoveries yet to be found under shallow Kalahari sands.

"We are particularly encouraged by the pro-active support and collaborative approach demonstrated by the Zambian government, underscoring the country's commitment to fostering a stable and investor-friendly mining environment. This includes a key role of partnership that Zambia is playing in terms of improving the regional hydroelectric power supply and distribution -- where the Kamoa-Kakula copper complex is already a major importer of power via the Zambia interconnector.

"As global demand for copper continues to grow, Ivanhoe Mines looks forward to contributing to Zambia's economic development, supporting local communities, and furthering our goal of finding the world's next major copper deposits."

Ivanhoe identifies underexplored area within the Zambian copper belt with compelling geology and strong discovery potential

Much like the Kamoa-Kakula copper complex and the Western Forelands exploration project in the DRC, the Zambian licences represent an underexplored potential extension of the Central African copper belt. Working closely with the Ministry of Mines and leveraging its in-depth knowledge of the Central African copper belt, Ivanhoe's geologists selected the Zambian licences based on a detailed review of available exploration data.

BHP Billiton flew airborne geophysics over sections of Ivanhoe's licence package in the late 2000s, as part of a larger exploration program across western and central Zambia targeting IOCG-style mineralization. BHP exited its African operations in 2015. No work has been carried out on the licences since 2015.

In August, 2024, Zambia's Ministry of Mines commenced a country-wide airborne geophysical survey that started in the west of the country, including over Ivanhoe's new licence package. The geophysical survey consists of a high-resolution airborne magnetics survey at 300-metre line spacings. The shared results will expedite Ivanhoe's exploration efforts, saving at least six months in acquisition time and costs.

Remarkably, like Kamoa-Kakula and the Western Forelands, the Zambian and Angolan licences have had very little prior exploration activity, as they are covered by Kalahari sand cover, hiding any buried mineralization.

The central portion of the newly approved Zambian licence package is highly prospective for copper mineralization hosted in Paleo-Proterozoic basement inliers buried below a blanket of Kalahari sands, containing sheared amphibolite-facies schists, granitic gneiss and migmatite similar to Barrick's Lumwana mine to the northeast, on the Mwombezhi dome.

Ivanhoe engages technical contractors ahead of 2025 field program, exploration activities expected to commence in the second quarter of 2025

Ivanhoe will appoint environmental consultants in the second quarter of 2025 to complete key environmental baseline studies and produce an environmental management plan (EMP) for approval by the Zambia Environmental Management Agency (ZEMA). Initial engagements with local communities will also be undertaken prior to the mobilization of field teams for ground surveys and drilling in the second half of the year. A detailed review of historical and newly acquired airborne geophysical data will be carried out concurrently with the completion of the EMP.

Ivanhoe will conduct an extensive program of air core and auger drilling to collect soil geochemical data and additional airborne and ground-based geophysical surveys. This work will enable Ivanhoe's geological team to map the giant licence area in detail to better understand the extent of the basement domes, Katangan sediments and felsic magmatic intrusives that underlie the licence area. Once this work has been completed, target generation for future diamond drilling will commence.

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 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 is also exploring across 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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