• Copper production 2021 and guidance for 2022 to be published in January 2022
• Phase 2 remains on track for an early start in Q2 2022

Toronto, Ontario – (Newsfile Corp. – December 22, 2021) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun are pleased to announce that Phase 1 of the 3.8 Million Tons Per Year (Mtpa) Kamoa Mill -Kakula in the Democratic Republic of Congo (DRC) has exceeded the upper limit of annual copper production forecasts with more than 100,000 tonnes of copper in concentrate produced since the beginning of the year, as of December 22, 2021. Figures are on a 100% project basis and the metal reported in the concentrate is before refining losses or deductions associated with foundry conditions.

Ivanhoe’s production forecast for 2021 for the copper in the concentrate produced at Kamoa-Kakula was 92,500 to 100,000 tonnes, which was initially expected to be between 80,000 and 95,000 tonnes. The annual production forecast was also previously increased in November, reflecting the successful completion of the Kakula Phase 1 concentrator ramp-up.

Kamoa-Kakula copper production in 2021 through year end, as well as forecast for 2022 copper production, cost of sales and cash costs including start of phase 2 operations , will be provided in January 2022.

“Kamoa Copper’s performance marks an excellent end to what has truly been a banner year for Ivanhoe Mines,” commented Founder and Executive Co-Chairman Robert Friedland. “We would like to extend our sincere congratulations to the team at Kamoa-Kakula, who have consistently exceeded expectations in the construction and development of the world’s newest copper mine, and continued to outperform as a result. as we progress into ramp-up and into full production.

“The Phase 2 expansion remains well ahead of schedule, and we are on track to double annual copper production to around 400,000 tonnes from the start of the second quarter of 2022. So far in December, We saw feed grades above 6% copper and recoveries also exceeded our design recovery of 86%, which bodes well for our ability to efficiently accelerate future expansions at Kamoa-Kakula. Our management team now anticipates that the Phase 3 concentrator will enter production by the end of 2024.

“Finally, we wish to extend our warmest wishes for a peaceful holiday season and a happy and prosperous New Year to all of our employees, partners, stakeholders and shareholders. A major global miner and carbon neutral by doing things differently… our team is reinventing the responsible supply chain for the “electric metals” the world desperately needs for the energy transition. “

A side-by-side antenna of the phase 1 and 2 concentration plants (in the foreground). The Phase 2 plant is expected to double annual copper production to approximately 400,000 tonnes.

Qualified people

Disclosures of a scientific or technical nature regarding the development scenarios for the Kamoa-Kakula Project in this press release have been reviewed and approved by Steve Amos, who is considered, by reason 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 the Kamoa Copper Project Manager. Mr. Amos has verified the technical data disclosed in this press release.

Ivanhoe has prepared an independent, NI 43-101 compliant technical report for the Kamoa-Kakula Project, which is available on the Company’s website and under the Company’s SEDAR profile at www.sedar.com :

• Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Center Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc. and Wood plc.

The technical report includes relevant information regarding the assumptions, parameters and estimation methods of the Kamoa-Kakula Project mineral resources cited in this press release, as well as information regarding data verification, exploration procedures and other matters relevant to scientific and technical disclosure. contained in this press release.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three main projects in southern Africa: the development of new major mechanized underground mines at the Kamoa-Kakula copper joint venture in the Democratic Republic of the Congo and at Platreef palladium-rhodium -la discovery of platinum-nickel-copper-gold in South Africa; and the extensive redevelopment and modernization of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of the Congo.

Kamoa-Kakula started producing copper concentrates in May 2021 and, through gradual expansions, is able to become one of the largest copper producers in the world. Kamoa-Kakula is powered by clean, renewable hydrogenated electricity and is expected to be among the lowest emitters of greenhouse gases in the world per unit of metal produced. Ivanhoe Mines is committed to achieving zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula copper mine. Ivanhoe is also exploring new copper discoveries on its Western Foreland exploration permits in the Democratic Republic of the Congo, near the Kamoa-Kakula project.

Information contacts

Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034

Forward-looking statements

Certain statements contained in this press release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company, its plans or the results of the industry to be materially different from any future results, performances or achievements expressed or implied. by such forward-looking statements or information. Such statements can be identified by the use of words such as “could”, “would”, “could”, “will”, “intend”, “expect”, “believe”, ” plan “,” anticipate “,” estimate “,” planned “,” foresee “,” predict “and any other similar terminology, or indicate that certain actions, events or results” could “,” could “,” would be “,” could “or” be “to be taken, to occur or to be reached. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this press release.

These statements include, but are not limited to, the timing and results of: (i) statements regarding the expectation that the Phase 2 concentrator is expected to begin operations in the second quarter of 2022; (ii) reports for Kamoa-Kakula Phases 1 and 2 combined are expected to produce approximately 400,000 tonnes of copper per year; and (iii) statements regarding the planned start-up of the Phase 3 concentrator in the fourth quarter of 2024.

In addition, all results of the Kakula Definitive Feasibility Study, the Kakula-Kansoko Pre-Feasibility Study, and the Kamoa-Kakula Preliminary Economic Assessment constitute forward-looking statements or information and include future estimates of costs. internal rates of return, net present value, future production, cash cost estimates, proposed mining plans and methods, mine life estimates, cash flow forecasts, metals, capital and operating cost estimates and the size and timing of the progressive development of projects. In addition, with respect to this specific forward-looking information regarding the development of the Kamoa-Kakula project, the company has based its assumptions and analysis on certain factors which are inherently uncertain. The uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) the metallurgical characteristics of the mineralization; (iv) the capacity to develop an adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary for the completion of the development; (vii) the cost of consumables and extraction and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) regulatory changes; (xii) compliance by the joint venture partners with the terms of the agreements; (xiii) the availability and productivity of skilled labor; (xiv) regulation of the mining industry by various government agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in the scope or design of the project; (xvii) political factors; (xviii) delays or unforeseen stoppages in the shipping and transportation of goods and equipment; (xix) water supply to the mine and its potential effect on mining operations; and (xx) the regularity and availability of electrical energy.

Forward-looking statements and information involve significant risks and uncertainties, should not be interpreted as guarantees of future performance or results and will not necessarily be precise indicators of the achievement or otherwise of these results. A number of factors could cause actual results to differ materially from the results discussed in any forward-looking statements or information, including, but not limited to, the factors described below and under “Risk Factors”, and elsewhere in this press release, as well as unexpected changes in laws, rules or regulations, or their application by applicable authorities; failure of the parties to contracts with the company to be performed as agreed; social or work unrest; changes in the prices of raw materials; and the failure of exploration programs or studies to produce anticipated results or results which would justify and support further exploration, studies, development or operations.

Although the forward-looking statements contained in this press release are based on what the management of the company considers to be reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company assumes no obligation to update or revise any forward-looking statements contained in this document to reflect events or circumstances occurring after the date of this release.

The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to the factors set out below in the “Risk Factors” section of the Company’s third quarter 2021 MD&A and its current annual information form. .