Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES COMPLETION OF HYDROPOWER RAMP-UP OF 178-MEGAWATT TURBINE No. 5 AT INGA II

The first 50 megawatts (MW) of clean, hydroelectric power from Ivanhoe Mines Ltd.'s newly refurbished 178-megawatt Turbine No. 5 at the Inga II dam is now being received at the Kamoa-Kakula copper complex. The feed of hydroelectric power, from Inga II to Kamoa Kakula, is expected to increase to 100 megawatts in Q1 2026 and then increase to 150 megawatts as grid improvements are completed.

Initial 50 megawatts of clean, hydropower delivered to Kamoa-Kakula from newly refurbished 178-megawatt Turbine No. 5 at Inga II

Installation of replacement mechanical and electrical equipment at Turbine No. 5 at the Inga II hydroelectric facility was completed in Q3 2025, followed by synchronization and energization of Turbine No. 5 in early Q4 2025. The newly refurbished Turbine No. 5 has since ramped up to full capacity, delivering approximately 180 MW of clean, hydroelectric power into the DRC grid. Of the 180 MW being delivered into the grid, Kamoa-Kakula is currently receiving an initial 50 MW, bringing its total domestically sourced power to approximately 110 MW, as shown in Table 1. Hydroelectric power delivery to Kamoa-Kakula, from Turbine No. 5, is expected to increase to 100 MW in Q1 2026 and to 150 MW thereafter as grid upgrades are completed.

The grid improvement initiatives primarily focus on upgrades to substations at Inga (SCI) and Kolwezi (SCK). The first upgrade, consisting of resistor banks at the Inga substation, was completed in May, 2025. Corresponding resistor upgrades at the Kolwezi substation are expected to be completed imminently, improving voltage stability to Kamoa-Kakula. In addition, the static compensator at the Kolwezi substation is scheduled to be completed in early Q1 2026, increasing the power delivery from Inga II to the Kamoa-Kakula up to 100 MW. The remaining workstreams to upgrade the filter banks at SCI and SCK will occur in phases over the next 18 months, ultimately increasing the total power received from Turbine No. 5 to 150 MW during H1 2027. By the end of 2027, total domestically sourced, renewable grid-supplied power is expected to be approximately 210 MW.

The Inga II hydroelectric facility consists of eight turbines, with the potential to generate up to 1.4 gigawatts of clean, hydroelectric power. Inga II is located on the Congo River, the second-largest river in the world by discharge. The refurbishment of Turbine No. 5 commenced in 2022.

Qualified persons

Disclosures of a scientific or technical nature at the Kamoa-Kakula copper complex in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a qualified person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' executive vice-president, projects. Mr. Amos has verified the technical data disclosed in this news release.

Ivanhoe has prepared independent, NI 43-101-compliant technical report for the Kamoa-Kakula copper complex, which is available on the company's website and under the company's SEDAR+ profile:

• Kamoa-Kakula Integrated Development Plan 2023 technical report dated March 6, 2023, prepared by OreWin Pty. Ltd.; China Nerin Engineering Co. Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and The MSA Group.

The technical reports includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the power demand balance at the Kamoa-Kakula copper complex cited in this news release, as well as information regarding data verification, exploration procedures, and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Mines Ltd.

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal operations in Southern Africa; the Kamoa-Kakula copper complex in the Democratic Republic of the Congo, the ultrahigh-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the Tier 1 Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa.

Ivanhoe Mines is exploring for copper in its highly prospective, 54-to-100-per-cent-owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula copper complex, including the high-grade discoveries in the Makoko district. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons, including Angola, Kazakhstan and Zambia.

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