Mr. Robert Friedland, a shareholder, reports

ROBERT FRIEDLAND PROVIDES UPDATE ON PREVIOUSLY DISCLOSED IVANHOE MINES' SHAREHOLDINGS

This news release has been issued by Robert M. Friedland to provide an update regarding his holdings of Class A common shares in Ivanhoe Mines Ltd. following transactions that were previously disclosed on Dec. 31, 2024.

In connection with personal financing transactions entered into by Mr. Friedland with a third party U.S. commercial bank and previously disclosed, the financial institution has made funds available to Mr. Friedland. In support of the transactions, a wholly owned subsidiary of Mr. Friedland has pledged as security an aggregate of 94.1 million common shares in favour of the financial institution, which constitute 6.61 per cent of the currently outstanding Ivanhoe Mines' common shares. This increase constitutes a 1.97-per-cent increase in the number of pledged common shares since Mr. Friedland's last disclosure on Dec. 31, 2024.

The transactions have been completed in multiple tranches. At maturity, Mr. Friedland may, but is not required to, deliver common shares to the financial institution to settle the transactions. Mr. Friedland also has the right to elect to settle the transaction in cash, and expects and intends to do so in all circumstances. Except for these circumstances, the commercial bank has obtained no rights to dispose of, sell, transfer or vote any of the pledged common shares or other shares of Ivanhoe Mines. Mr. Friedland or a wholly owned subsidiary continues to retain all rights of ownership over the pledged common shares.

Mr. Friedland may, at any time, increase or decrease the number of pledged common shares as part of the transactions with the financial institution. As previously disclosed, as part of estate planning over the next three years, Mr. Friedland also intends to transfer common shares to one or more charitable trusts established or to be established. The common shares that may be subject to further pledging as a part of the transaction and/or common shares that may be transferred as part of estate planning purposes shall not exceed 8.8 per cent of the issuer's outstanding common shares at any time. Mr. Friedland will provide the additional disclosures required for these future transactions at the time required by applicable law.

A wholly owned subsidiary of Mr. Friedland continues to be the registered owner of an aggregate of 163,391,850 common shares (which include the pledged shares), representing approximately 11.48 per cent of the common shares issued and outstanding on Dec. 26, 2025.

Mr. Friedland also may be deemed to own 4,509,651 common shares issuable on exercise of previously granted options, 182,962 common shares issuable upon the vesting of restricted share units and 324,916 common shares issuable upon the vesting of performance share units, and, as a result, may be deemed to own, in aggregate, 168,409,379 common shares, representing approximately 11.79 per cent of the common shares issued and outstanding on a partially diluted basis.

For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Ivanhoe Mines' profile on the SEDAR+ website or contact Sam Kenny at 604-377-8078.