Ms. Marna Cloete reports

IVANHOE MINES CONFIRMS KAMOA-KAKULA ACHIEVED A RECORD 50,176 TONNES OF COPPER PRODUCTION IN APRIL

The phase 1, 2 and 3 concentrators at Ivanhoe Mines Ltd.'s Kamoa-Kakula copper complex in the Democratic Republic of the Congo achieved a monthly combined production record of 50,176 tonnes of copper in concentrate during the 30 days of April. The concentrators milled 1.35 million tonnes of ore at an average feed grade of 4.19 per cent copper during the month.

The recently ramped-up phase 3 concentrator achieved an average recovery rate of 87.4 per cent during April, exceeding its design rate of 86 per cent. Since mid-March, total copper production has notably risen to an average of approximately 12,000 tonnes per week. The outperformance is equivalent to an annualized production rate of approximately 625,000 tonnes per annum, approximately 12 per cent higher than the midpoint of 2025 guidance.

The outperformance was underpinned by initiatives implemented earlier in the first quarter that enabled the phase 3 concentrator to be consistently fed at higher rates than originally designed. Phase 3 milled a record 1.51 million tonnes of ore during the first quarter. The record is equivalent to an annualized milling rate of 6.1 million tonnes per annum, which is more than 20 per cent higher than the phase 3 concentrator's design capacity of 5.0 million tonnes per annum.

Kamoa-Kakula reached a major turning point during the quarter, following a significant increase in imported hydroelectric power that provided Kamoa-Kakula's management team with the confidence to finalize commissioning and commence the start-up of the smelter. The start-up of the new on-site copper smelter is expected in the coming weeks.

During the first quarter, the total average power required for the phase 1, 2 and 3 operations was between 130 megawatts and 140 megawatts. At the beginning of March, Kamoa-Kakula was drawing 50 MW of domestically generated hydroelectric power, with 50 MW of hydroelectric power drawn from imported sources. The balance of required power was provided by on-site, diesel-generated backup power, of which there is an installed capacity of approximately 160 MW. Power drawn by the smelter is expected to gradually increase from 45 MW, following first feed of concentrate, up to 70 MW once at full capacity.

During the first quarter, an agreement was signed to increase the total imported hydroelectric power through the Zambia-DRC interconnector. From mid-March, imported hydroelectric power increased by 20 MW to 70 MW and increased further to 100 MW in April. When combined with approximately 50 MW of domestic hydro power, this gives Kamoa-Kakula approximately 150 MW of stable hydro power, which provides enough electricity to power the phase 1, 2 and 3 operations. Further increases in grid power are expected throughout 2025 as the on-site smelter ramps up. The additional power is largely sourced from Mozambique through a wheeling agreement through the Southern Africa power pool network.

As previously disclosed, wet commissioning of turbine No. 5 at Inga II, with a hydroelectric generation capacity of 178 MW, is expected to commence in the second half of 2025. Kamoa-Kakula is expected to be allocated an initial additional 71 MW of hydroelectric power once commissioning is complete, increasing up to 178 MW as the continuing grid improvement initiatives are completed in 2026.

Phase 3 concentrator feed grades are set to improve in second half 2025 as development at Kamoa 1 and 2 underground mines is completed.

The majority of the ore processed by the phase 3 concentrator continues to be sourced from underground development. The crews at the Kamoa and Kansoko underground mines are focused on underground development, opening up approximately 18 months of ore reserves before the commencement of primary mining. Opening up a large accessible underground reserve base provides operational flexibility for the underground mining crews, similar to that which has already been achieved at the Kakula mine.

The flat-lying nature of the Kamoa and Kakula orebodies means that underground development can be carried out in ore, albeit at lower grades. Underground development of the Kamoa mines is expected to continue until fourth quarter 2025, after which phase 3 concentrator feed grades are expected to increase to approximately 3 per cent copper.

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 platinum-palladium-nickel-rhodium-gold-copper project in South Africa.

Ivanhoe Mines is also exploring across its highly prospective, 60- 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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