Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES FIRST ANODE PRODUCTION FROM KAMOA-KAKULA COPPER SMELTER

The first copper anodes were produced by Ivanhoe Mines Ltd.'s Kamoa-Kakula's on-site, state-of-the-art, 500,000-tonne-per-annum direct-to-blister copper smelter on Dec. 29, 2025, approximately five weeks after the commencement of the smelter's heat-up and one week after the first feed of concentrate.

Ivanhoe Mines' founder and executive co-chairman, Robert Friedland, commented: "The first production of copper anodes from our world-class smelter is a defining moment for Kamoa-Kakula. This achievement is the culmination of a $1.1-billion investment, 18 million man-hours of disciplined execution, and an outstanding health and safety record that reflects the professionalism and commitment of everyone involved.

"This facility will proudly deliver the highest-quality Congolese copper anodes to the international markets, setting a new global benchmark for scale, efficiency and sustainability. I want to extend my sincere thanks to the extraordinary Kamoa Copper team as well as our contractors and partners from across the world, whose expertise, innovation and teamwork made the design and delivery of this state-of-the-art facility possible. Together, we have built something exceptional that will serve global consumers for generations to come."

Smelter ramp-up under way to achieve a steady-state annualized rate of 500,000 tonnes of 99.7-per-cent-pure copper anode, making it the largest copper smelter in Africa

The ramp-up of the Kamoa-Kakula copper smelter will continue throughout 2026, with completion expected toward year-end. As announced on Dec. 3, 2025, Kamoa-Kakula's copper production is estimated at between 380,000 and 420,000 tonnes of copper in 2026, with the midpoint of 400,000 tonnes of copper representing approximately 80 per cent of the smelter's total capacity.

Kamoa-Kakula's management team will prioritize the processing of concentrates produced by the phase 1, phase 2 and phase 3 concentrators through the on-site smelter, with any excess concentrate toll treated at the Lualaba copper smelter (LCS), near Kolwezi, in the Democratic Republic of the Congo (DRC).

Heat-up and completion of hot commissioning of the smelter furnace as well as boiler, steam systems, acid circuit and the concentrate dryer were completed in line with expectations. The furnace successfully reached its operating temperature of 1,250 C (2,282 F) for five days prior to the first feed of concentrate.

Prior to the first feed of concentrate into the smelter, Kamoa-Kakula's on-site concentrate inventory contained approximately 37,000 tonnes of copper. Total unsold copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is expected to be reduced to approximately 17,000 tonnes during 2026 as the smelter ramps up. Therefore, 2026 copper sales are expected to be approximately 20,000 tonnes higher than copper production as the on-site inventory of unsold copper concentrate is destocked, predominantly during the first half of 2026. As destocking occurs, Kamoa-Kakula's management aims to capitalize on near-record-high copper prices.

The installation of the uninterruptible power supply (UPS) facility was completed prior to the first feed of concentrate into the smelter, which took place on Dec. 21, 2025. The 60-megawatt UPS is designed to provide up to two hours of instantaneous backup power to the smelter, protecting the operation from voltage fluctuations in the domestic DRC grid. In addition, construction of Kamoa-Kakula's 60-megawatt on-site solar (photovoltaic) facilities continues to progress well. The solar site, with battery storage, is expected to be the largest of its kind in sub-Saharan Africa. The solar facilities are expected to be operational from Q2 2026, providing 24 hours a day of uninterruptible power, in addition to the approximately 180 megawatts of on-site, diesel-powered, backup generator capacity already in place.

Kamoa-Kakula's operating margins are set to expand due to reduced logistics costs from the smelter as well as sales of byproduct sulphuric acid

Kamoa-Kakula's margins are expected to expand as the smelter ramps up, as concentrates produced by phase 1, phase 2 and phase 3 concentrators are smelted on site, rather than being exported unbeneficiated. Kamoa-Kakula's logistics costs are expected to approximately halve as the copper content per truckload exported more than doubles, from approximately 45 per cent contained copper in concentrate to 99.7-per-cent-pure copper anodes. Further savings are expected to be also achieved through the significant revenues generated from sulphuric acid sales.

In addition to the first production of copper anodes, the Kamoa-Kakula smelter also produced its first batch of byproduct sulphuric acid. The smelter is expected to produce up to 700,000 tonnes per annum of high-strength sulphuric acid at steady-state operations, which will be sold locally.

Sulphuric acid is in high demand by other mining operations across the Central African Copperbelt, especially following the export ban of acid by Zambia in September, 2025. Spot acid prices have reached as high as $700 per tonne in Kolwezi in recent months. The first sale of acid by Kamoa-Kakula has already taken place, with the first delivery expected in the coming weeks.

Construction of copper smelter delivered with industry-leading health and safety record

Kamoa-Kakula's projects team extended its industry-leading health and safety record during the construction of the smelter. During the 18 million hours worked, only one lost-time injury (LTI) was recorded, an exceptionally rare industry achievement. Therefore, the lost-time injury frequency rate (LTIFR) for the delivery of the smelter was approximately 0.054 per million hours worked.

The last project delivered by Kamoa-Kakula's project team was the phase 3 concentrator, which was completed in mid-2024 without a single LTI recorded.

Stage 2 dewatering of Kakula Mine complete; selective mining on the eastern side commenced ahead of schedule in late December

Stage 2 dewatering activities are complete, with the first pair of high-capacity submersible dewatering pumps (pumps 3 and 4) running dry. As announced on Dec. 3, 2025, following an underground survey, pumps 3 and 4 were repositioned lower in late November to enable an additional Stage 2 dewatering. Since then, the water level has declined by a further 19 metres. The second pair of Stage 2 pumps (pumps 1 and 2), which are approximately 20 metres lower in elevation compared with pumps 3 and 4, are expected to run dry in January, 2026.

Stage 3 dewatering activities will take over from Stage 2 dewatering and consist of recommissioning the existing, water-damaged underground horizontal pump stations, which are used for steady-state operations. The rehabilitation work consists of fitting new pump motors, substations and electrical cabling. All required equipment is on site, and installation will begin once access to the horizontal pump stations becomes available.

There is currently 5,600 litres per second of installed pumping capacity at the Kakula mine, excluding the Stage 2 pumping infrastructure. Stage 3 dewatering activities are expected to continue into Q2 2026 and will not be on the critical path for Kakula's mining operations.

In addition, the western side of the Kakula mine has been dewatered, enabling the mining of higher-grade areas. Head grades from mining areas on the western side of Kakula are expected to increase from 3.5 per cent copper in January to approximately 4.0 per cent copper by the end of Q1 2026. In addition, selective mining on the eastern side of the Kakula mine began ahead of schedule at the end of December.

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 National Instrument 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 an 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 report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on 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 DRC; 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.

We seek Safe Harbor.