and review of exploration and development activities

Continued resource expansion and fast-tracking of mine
development at ultra-high-grade Kakula Copper Discovery
in D.R. Congo among highlights of Ivanhoe’s 2017 achievements

TORONTO, CANADA ? Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) today announced its financial results for the year ended December 31, 2017. All figures are in U.S. dollars unless otherwise stated. Ivanhoe Mines is a Canadian mining company focused on advancing its three mine-development projects in Southern Africa: The Platreef platinum-palladium-nickel-copper-gold discovery in South Africa; the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC); and the extensive upgrading of the historic Kipushi zinc-copper-lead-germanium mine, also in the DRC.

2017 HIGHLIGHTS
•On February 26, 2018, Ivanhoe announced results of an independently verified, updated Mineral Resource estimate showing that the ultra-high-grade Kakula Discovery alone now contains Indicated Mineral Resources of 174 million tonnes at 5.62% copper, at a 3% copper cut-off grade, and 585 million tonnes at 2.92% copper, at a 1% cut-off.
•The February 2018 Mineral Resource estimate boosts the combined Kamoa-Kakula Indicated Mineral Resources to 1.03 billion tonnes at 3.17% copper, containing approximately 72 billion pounds of copper, plus an additional 183 million tonnes of Inferred Mineral Resources at 2.31% copper, at a 1.5% cut-off. The new Mineral Resource estimate establishes the Kamoa-Kakula Project as the world’s fourth-largest copper discovery. Kamoa-Kakula’s copper grades are the highest, by a wide margin, of the world’s top 10 copper deposits.
•Kakula’s strike length now extends to more than 13 kilometres and remains open for significant expansion in multiple directions. A total of 13 rigs are continuing with resource expansion and delineation drilling at the Kakula Discovery. Geophysical surveys are underway at the Kamoa-Kakula Project to help identify new, high-priority targets in the untested parts of the 400-square-kilometre mining licence.
•Ivanhoe’s DRC exploration team is continuing with its regional drilling program targeting Kamoa-Kakula-style copper mineralization on its 100%-owned exploration licences in the Western Foreland region, just to the west of the Kamoa-Kakula mining-licence area. The company recently completed a regional, airborne gravity survey across the exploration licences to help identify additional high-priority drill targets.
•On November 28, 2017, Ivanhoe announced the findings of an independent, preliminary economic assessment (PEA) for the development of the Kakula and Kamoa deposits. The PEA analyzed options for an integrated, 12 million-tonne-per-annum (Mtpa), two-stage development, beginning with initial production from a six-Mtpa underground mine and surface processing facilities at Kakula, to be followed by a subsequent, separate, underground, six-Mtpa mining operation at the nearby Kansoko Mine, along with the construction of a smelter. The two-stage, modular, 12-Mtpa operation yields an after-tax NPV8% of $7.2 billion and an IRR of 33% over a 44-year mine life. Combined production of 12 Mtpa would rank Kamoa-Kakula among the world’s five largest copper mines, with projected annual production of more than 500,000 tonnes of copper.
•The planned initial, six-Mtpa mine at Kakula is estimated to cost $1.2 billion; subsequent expansions and a smelter can be funded from cash flows or project finance. With the new, expanded February 2018 Mineral Resource estimate, Ivanhoe and its joint-venture partner, Zijin Mining, are exploring options to accelerate building of the first two mines at Kamoa-Kakula, and the potential for expanding production to 18 Mtpa, and beyond.
•Underground mine development at the planned initial mine at Kakula is making good progress and is expected to reach the high-grade copper mineralization later this year. The service and conveyor declines each have been advanced more than 316 metres through underground development work.
•In January 2018, Ivanhoe announced that ongoing upgrading work at the Mwadingusha hydropower plant in the DRC – the first of three existing, state-owned hydroelectric plants that Ivanhoe and Zijin Mining plan to modernize to supply power to Kamoa-Kakula – has increased power output to 32 megawatts (MW). Upgrading of the other two hydroelectric plants – Koni and Nzilo 1 – is expected to begin once Mwadingusha has been fully restored to its installed capacity of 71 MW. Kamoa-Kakula has been conducting project development activities with clean, hydroelectric power drawn from the national grid since October 2016.
•On March 9, 2018, DRC President Joseph Kabila Kabange signed a new mining code into effect that revises and updates the country’s 2002 mining code. The international mining companies that have operations in the DRC, including Glencore, Randgold, China Molybdenum, MMG, Ivanhoe Mines and Zijin Mining, collectively are negotiating with the DRC’s national government to resolve corporate concerns about anticipated impacts on their DRC operations from changes in the new mining code.
•The detailed, DRC mining-code negotiations are scheduled to begin March 26, following an initial, high-level meeting in Kinshasa on March 7 during which President Kabila gave an assurance that the companies’ concerns would be resolved through transitional arrangements, mining regulations and respect for existing agreements and guarantees.
•The international companies have confirmed their willingness to negotiate royalties and changes to other taxes as part of this process. The companies expect that the negotiations will give priority to respecting the legislated guarantee of stability and protection of rights specified in Article 276 of the 2002 mining code, and other protections afforded under established mining conventions and bilateral agreements.
•The Ivanhoe-sponsored Fionet program to improve malaria diagnostics and treatment was expanded in 2017 to 300 Deki Readers installed in 252 medical-service providers in Haut-Katanga and Lualaba provinces in southern DRC, which host Ivanhoe’s Kipushi and Kamoa-Kakula projects. Deki devices provide automated readings of rapid diagnostic tests to remove the human-error factor and avoid prescription of unnecessary medication.
•On December 13, 2017, Ivanhoe announced the findings of an independent, pre-feasibility study (PFS) for the redevelopment of the Kipushi zinc-copper-germanium-lead-silver mine in the DRC. The PFS analyzed the plan to bring Kipushi’s Big Zinc Zone into production in less than two years, with a life-of-mine, average annual production rate of 225,000 tonnes of zinc and cash costs of $0.48 per pound of zinc.
•The Kipushi PFS study anticipates annual production of an average of 381,000 tonnes of zinc concentrate over an 11-year, initial mine life at a total cash cost of approximately $0.48 per pound of zinc. The PFS focuses on the initial mining of Kipushi’s Big Zinc orebody, which has an estimated 10.2 million tonnes of Measured and Indicated Mineral Resources grading 34.9% zinc. The planned return to production would establish Kipushi as the world’s highest-grade, major zinc mine.
•On October 30, 2017, Ivanhoe announced that the company had agreed to rebuild 34 kilometres of track to connect the Kipushi Mine with the DRC national railway at Munama, south of the mining capital of Lubumbashi. The Kipushi-Munama spur line, which has been inactive since 2011, will be rebuilt under terms of a memorandum of understanding (MOU) signed by Ivanhoe Mines and the DRC’s state-owned railway company, Société Nationale des Chemins de Fer du Congo (SNCC).The DRC national railway is a key part of the international rail corridor that links the DRC Copperbelt to major seaports at Durban and Richards Bay in South Africa, Dar es Salaam in Tanzania and Lobito in Angola.
•Discussions are continuing with potential strategic partners and lenders to support Ivanhoe’s continuing advance toward a new era of production at Kipushi. Ivanhoe has made significant progress in upgrading the mine’s underground infrastructure and the company now has a much clearer path to a resumption of production from the incredibly high-grade Big Zinc orebody.
•At the Platreef platinum-palladium-nickel-copper-gold discovery in South Africa, sinking of Shaft 1 now has reached a depth of more than 700 metres below surface. Development of the second of four planned shaft stations – the 750-metre-level substation – is expected to begin in late April. Shaft 1 is expected to reach the top of the Flatreef orebody, at a depth of approximately 780 metres, in the third quarter of this year. Sinking of the shaft will continue to a planned final depth of 980 metres.
•Early-works surface construction for Platreef’s Shaft 2 began last May, with initial curtain grouting around the box cut. Excavation of a surface box cut to a depth of approximately 29 metres is underway and the construction of the concrete hitch for the headframe is expected to be completed by the end of this year.
•Ivanhoe is focused on advancing the Platreef Project along its critical path. The continued development of shafts 1 and 2 will provide access to the Flatreef orebody and help to ensure that the project is able to meet the scheduled, first-phase start-up of the underground mine and concentrator by 2022.
•On July 31, 2017, Ivanhoe announced the positive results of an independent, definitive feasibility study for the planned first phase of the Platreef Mine. The study envisages an initial annual throughput rate of four million tonnes a year, producing 476,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus 33 million pounds of nickel and copper.
•The Platreef Mine is projected to be Africa’s lowest-cost producer of platinum-group metals, with a cash cost of $351 per ounce of 3PE+Au, net of by-products, including sustaining capital cost. There is good potential for relatively quick and capital-efficient expansion to six and eight million tonnes a year, and beyond, using start-up infrastructure.
•Ivanhoe has appointed five leading mine-financing institutions as Initial Mandated Lead Arrangers to arrange debt financing for the Platreef Mine’s development. They are: KfW IPEX-Bank, a German government-owned institution; Swedish Export Credit Corporation; Export Development Canada; Nedbank Limited (acting through its Corporate and Investment Banking division); and Societe Generale Corporate & Investment Banking. Expressions of interest have been received for approximately $900 million of the targeted $1 billion project financing.
•Continuing strategic discussions concerning Ivanhoe Mines and its projects are ongoing with several significant mining companies and investors across Asia, Europe, Africa and elsewhere. Several investors that have expressed interest have no material limit on the provision of capital.
•On March 12, 2018, Egizio Bianchini was appointed Ivanhoe Mines’ Executive Vice Chairman and a member of the Board of Directors. He joined Ivanhoe Mines after a 29-year career at BMO Capital Markets, a member of Canada-based BMO Financial Group, where he served as Co-Head of the Global Metals & Mining Group, and as Vice Chairman from April 2011 to March 2018. With more than 30 years’ experience in the metals and mining financial services sector, Mr. Bianchini has an extensive track record in advising a wide range of metals and mining companies around the world and in structuring and executing capital raisings.
•Ivanhoe Mines’ three projects achieved a combined 9.4 million work hours free of lost-time injuries (LTI) during 2017. Platreef recorded 215,000 LTI free hours for the year, Kipushi 458,000 hours and Kamoa-Kakula more than 8.7 million hours.

Principal projects and review of activities

1. Platreef Project
64%-owned by Ivanhoe Mines
South Africa

The Platreef Project is owned by Ivanplats (Pty) Ltd, which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats’ historically-disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with a total of approximately 150,000 people, project employees and local entrepreneurs.In January 2017,Ivanplats reconfirmed its Level 3 status in its third verification assessment on a B-BBEE scorecard. A Japanese consortium of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.

The Platreef Project hosts an underground deposit of thick, platinum-group metals, nickel, copper and gold mineralization in the Northern Limb of the Bushveld Igneous Complex in Limpopo Province, approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane.

On the Northern Limb, platinum-group metals mineralization is hosted primarily within the Platreef, a mineralized sequence that is traced more than 30 kilometres along strike. Ivanhoe’s Platreef Project, within the Platreef’s southern sector, is comprised of two contiguous properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is contiguous with, and along strike from, Anglo Platinum’s Mogalakwena group of mining operations and properties.

Since 2007, Ivanhoe has focused its exploration and development activities on defining and advancing the down-dip extension of its original discovery at Platreef, now known as the Flatreef Deposit, which is amenable to highly mechanized, underground mining methods. The Flatreef area lies entirely on the Turfspruit and Macalacaskop properties, which form part of the company’s mining right.

Health and safety at Platreef

At the end of 2017, the Platreef Project reached a total of 215,496 lost-time-injury (LTI) free hours worked in terms of South Africa’s Mines Health and Safety Act and Occupational Health and Safety Act. The Platreef Project continues to strive toward its workplace objective of an environment that causes zero harm to employees, contractors, sub-contractors and consultants.

Positive independent, definitive feasibility study for Platreef’s first-phase development; Platreef projected to be Africa’s lowest-cost producer of platinum-group metals

On July 31, 2017, Ivanhoe Mines announced the positive results of an independent, definitive feasibility study (DFS) for the planned first phase of the Platreef Project’s platinum-group metals, nickel, copper and gold mine in South Africa.

The Platreef DFS covers the first phase of development that would include construction of a state-of-the-art underground mine, concentrator and other associated infrastructure to support initial production of concentrate by 2022. As Phase 1 is being developed and commissioned, there would be opportunities to refine the timing and scope of subsequent phases of expanded production.

DFS highlights include:
•Indicated Mineral Resources containing an estimated 41.9 million ounces of platinum, palladium, rhodium and gold, with an additional 52.8 million ounces of platinum, palladium, rhodium and gold in Inferred Resources.
•Increased Mineral Reserves containing 17.6 million ounces of platinum, palladium, rhodium and gold – an increase of 13% – following stope optimization and mine sequencing work.
•Development of a large, safe, mechanized, underground mine, with an initial four-Mtpa concentrator and associated infrastructure.
•Planned initial average annual production rate of 476,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus 21 million pounds of nickel and 13 million pounds of copper.
•Estimated pre-production capital requirement of approximately $1.5 billion, at a ZAR:USD exchange rate of 13 to 1.
•Platreef would rank at the bottom of the cash-cost curve, at an estimated $351 per ounce of 3PE+Au produced, net of by-products and including sustaining capital costs, and $326 per ounce before sustaining capital costs.
•After-tax net present value (NPV) of $916 million, at an 8% discount rate.
•After-tax internal rate of return (IRR) of 14.2%.

The DFS was prepared for Ivanhoe Mines by principal consultant DRA Global, with economic analysis led by OreWin, and specialized sub-consultants including Amec Foster Wheeler E&C Services (Amec Foster Wheeler), Stantec Consulting, Murray & Roberts Cementation, SRK Consulting, Golder Associates and Digby Wells Environmental.

Benjamin Sekano (centre), Platreef’s Mine Manager, reviews shaft sinking plans with geotechnical engineers at the 450-metre-level substation in Shaft 1.

Preliminary expressions of interest received for approximately $900 million
of the targeted $1 billion Platreef project financing

On July 19, 2017, Ivanhoe Mines announced the appointment of another two leading mine-financing institutions – KfW IPEX-Bank, a German government-owned institution, and the Swedish Export Credit Corporation (SEK) – as Initial Mandated Lead Arrangers (IMLAs) to arrange debt financing for the ongoing development of the Platreef Mine.

KfW IPEX-Bank and SEK joined the three initial IMLAs – Export Development Canada, Nedbank Limited (acting through its Corporate and Investment Banking division) and Societe Generale Corporate & Investment Banking – that were appointed last year.

The five IMLAs will make best efforts to arrange a total debt financing of up to $1 billion for the development of Platreef’s first-phase, four-Mtpa mine. Preliminary expressions of interest now have been received for approximately $900 million of the targeted $1 billion project financing. Negotiation of a term sheet is ongoing. In addition, preliminary discussions have begun with leading financial institutions around the financing of the contribution by the black economic empowerment partners to the development capital.

Shaft 1 has reached a depth of more than 700 metres below surface;
now within 72 metres of the top of the Flatreef orebody

Sinking of Platreef’s Shaft 1 had reached a depth of 584 metres at the end of December 2017 and further advanced to 711 metres on March 19, 2018. The shaft is expected to intersect the upper contact of the Flatreef Deposit (T1 mineralized zone), at an approximate shaft depth of 783 metres, during the third quarter of this year. The grade for the T1 mineralized zone at this location is 4.83 grams per tonne of 3PE (platinum, palladium and rhodium) plus gold, 0.33% nickel and 0.15% copper over a vertical thickness of 12 metres.

Shaft 1, with an internal diameter of 7.25 metres, will provide access to the Flatreef Deposit and enable the initial underground development to take place during the development of Shaft 2. Ultimately, Shaft 1 will become the primary ventilation intake shaft during the project’s four-million-tonne-per-annum production case.

The average sinking rate has ranged between 40 to 50 metres a month. The shaft includes a 300-millimetre-thick, concrete-lined shaft wall. The main sinking phase is expected to reach its projected, final depth of 980 metres below surface in 2019.

Shaft stations to provide access to horizontal mine workings for personnel, materials, pump stations and services will be developed at depths of 450 metres, 750 metres, 850 metres and 950 metres.

The first off-shaft lateral development on the 450-metre level, which will serve as an intermediate water-pumping and shaft cable-termination station, was successfully completed in September 2017. The next off-shaft lateral development will be at the 750-metre level and will serve as the first mine-working level. The 750-metre-level station development is expected to be completed by September 2018.

Shaft 2 early-works construction progressing

Shaft 2, to be located approximately 100 metres northeast of Shaft 1, will have an internal diameter of 10 metres, will be lined with concrete and sunk to a planned, final depth of more than 1,104 metres below surface. It will be equipped with two, 40-tonne, rock-hoisting skips capable of hoisting a total of six million tonnes of ore a year – the single largest hoisting capacity at any mine in Africa.

The headgear for the permanent hoisting facility was designed by South Africa-based Murray & Roberts Cementation. The early-works for Shaft 2 include the excavation of a surface box cut to a depth of approximately 29 metres below surface and the construction of the concrete hitch (foundation) for the 103-metre-tall concrete headgear (headframe) that will house the shaft’s permanent hoisting facilities and support the shaft collar. Excavation of the box cut commenced in January 2018 and is expected to be completed by the end of 2018.

Excavation of a surface box cut now underway as part of early-works
construction for Shaft 2 at the Platreef Mine in South Africa.

Shaft 2 engineered to allow for future expansion options

Shaft 2 has been engineered with a crushing and hoisting capacity of six Mtpa. This will allow a relatively quick and capital-efficient first expansion of the Platreef Project to six Mtpa by increasing underground development and commissioning a third, two-Mtpa processing module and associated surface infrastructure as required.

A further expansion to more than eight Mtpa would entail converting Shaft 1 from a ventilation shaft into a hoisting shaft. This would require additional ventilation exhaust raises, as well as a further increase of underground development, commissioning of a fourth, two-Mtpa processing module and associated surface infrastructure, as described in the Platreef preliminary economic assessment as Phase 2 of the project.

Underground mining to incorporate highly productive, mechanized methods

Ivanhoe plans to develop the Platreef Mine in phases. The initial annual production rate of four million tonnes per annum (Mtpa) is designed to establish an operating platform to support future expansions. This is expected to be followed by a potential doubling of production to eight Mtpa, and then a third expansion phase to a steady-state 12 Mtpa, which would establish Platreef among the largest platinum-group-metals mines in the world.

The mining zones in the current Platreef mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface. Primary access to the mining zones will be by way of Shaft 2; secondary access will be via Shaft 1. During mine production, both shafts also will serve as ventilation intakes. Three additional ventilation exhaust raises are planned to achieve steady-state production.

Planned mining methods will use highly productive, mechanized methods, including long-hole stoping and drift-and-fill. Each method will utilize cemented backfill for maximum ore extraction. The ore will be hauled from the stopes to a series of internal ore passes and fed to the bottom of Shaft 2, where it will be crushed and hoisted to surface.

The current mine plan has been improved beyond the earlier projections in the 2015 PFS mine plan by optimizing stope design, employing a declining Net Smelter Return (NSR) strategy and targeting higher-grade zones early in the mine’s life. This strategy has increased the grade profile by 23% on a 3PE+Au basis in the first 10 years of operation and by 10% during the life of the mine.

Bulk water and electricity supply

The Olifants River Water Resource Development Project (ORWRDP) is designed to deliver water to the Eastern and Northern limbs of South Africa’s Bushveld Complex. The project consists of the new De Hoop Dam, the raised wall of the Flag Boshielo Dam and related pipeline infrastructure that ultimately is expected to deliver water to Pruissen, southeast of the Northern Limb. The Pruissen Pipeline Project is expected to be developed to deliver water onward from Pruissen to the municipalities, communities and mining projects on the Northern Limb. Ivanhoe Mines is a member of the ORWRDP’s Joint Water Forum.

The Platreef Project’s water requirement for the first phase of development is projected to peak at approximately 7.5 million litres per day, which is expected to be supplied by the water network. Ivanhoe also is investigating various alternative sources of bulk water, including an allocation of bulk grey-water from a local source.

The Platreef Project’s electrical power requirement for the phase one, four-Mtpa, underground mine, concentrator and associated infrastructure has been estimated at approximately 100 million volt-amperes (MVA). An agreement has been reached with Eskom, South Africa’s public electricity utility, for the supply of phase-one power. Ivanhoe chose a self-build option for permanent power that will enable the company to manage the construction of the distribution lines from Eskom’s Burutho sub-station to the Platreef Mine. The self-build and electricity-supply agreements are being formulated.

Development of human resources and job skills

Work progressed well on the implementation of Ivanhoe’s Social and Labour Plan (SLP) during 2017, to which the company has pledged a total of R160 million ($13 million) during the first five years, culminating in November 2019. The approved plan includes R67 million ($6 million) for the development of job skills among local residents and R88 million ($7 million) for local economic development projects. Additional internal training is ongoing to upskill the current work force.

2. Kipushi Project
68%-owned by Ivanhoe Mines
Democratic Republic of Congo

The Kipushi copper-zinc-germanium-lead mine, in the Democratic Republic of Congo, is adjacent to the town of Kipushi and approximately 30 kilometres southwest of Lubumbashi. It is located on the Central African Copperbelt, approximately 250 kilometres southeast of the Kamoa-Kakula Project and less than one kilometre from the Zambian border. Ivanhoe acquired its 68% interest in the Kipushi Project in November 2011; the balance of 32% is held by the state-owned mining company, La Générale des Carrières et des Mines (Gécamines).

Health, safety and community development

The Kipushi Project achieved a total of 458,884 work hours free of lost-time injuries by December 31, 2017. One lost-time injury occurred in September 2017.

In an effort to reduce the incidence of malaria in the Kipushi community, a Water Sanitation and Health (WASH) program has been initiated in cooperation with the Territorial Administrator and the local community. The main emphasis of the program’s first phase is cleaning storm drains in the municipality to prevent accumulations of ponded water, where malarial mosquitos breed.

The Ivanhoe-sponsored Fionet program to improve malaria diagnostics and treatment was expanded in 2017 to 300 Deki Readers installed in 252 medical-service providers in Haut-Katanga and Lualaba provinces in southern DRC, which host Ivanhoe’s Kipushi and Kamoa-Kakula projects. Deki devices provide automated readings of rapid diagnostic tests to remove the human-error factor and avoid prescription of unnecessary medication. The data are uploaded to a cloud server for analysis by the Ministry of Health in planning malaria-control measures. Deki Readers provided diagnostic testing in more than 30,000 patient encounters during the past year, with approximately 63% of patients testing negative for malaria.

Underground drilling program completed in November 2017;
updated Mineral Resource estimate expected in Q2 2018

Ivanhoe initiated a second phase of underground drilling at Kipushi in April 2017 with the goal of upgrading Inferred Mineral Resources on the Southern Zinc and Fault Zone to Indicated, expanding Mineral Resources in the Série Recurrent Zone and collecting additional sample material for metallurgical flotation testing.

A total of 9,706 metres were drilled in 58 holes. Eight holes were drilled for metallurgy, 31 holes in the Southern Zinc and Big Zinc, five holes in the Nord Riche and 14 holes in the Série Récurrente.

Logging and sampling of the holes was completed at the end of 2017 and the final assays are expected soon. Geology interpretation of the results is ongoing and a new resource update is planned for release in Q2 2018. The updated Mineral Resource will be used in the preparation of the Kipushi Feasibility Study.

The current Mineral Resource estimate for Kipushi was prepared by MSA Group on January 27, 2016. Zinc-rich Measured and Indicated Mineral Resources totalled 10.18 million tonnes at 34.89% zinc, 0.65% copper, 0.96% lead, 19 grams per tonne (g/t) silver, 15 parts per million (ppm) cobalt and 51 g/t germanium at a 7% zinc cut-off, containing 7,833 million pounds of zinc. Zinc-rich Inferred Mineral Resources totalled 1.87 million tonnes at 28.24% zinc, 1.18% copper, 0.88% lead, 10 g/t silver, 15 ppm cobalt and 53 g/t germanium at a 7% zinc cut-off, containing 1,169 million pounds of zinc.

Copper-rich Measured and Indicated Mineral Resources totalled an additional 1.63 million tonnes at grades of 4.01% copper, 2.87% zinc and 22 g/t silver, at a 1.5% copper cut-off, containing 144 million pounds of copper. Copper-rich Inferred Mineral Resources totalled an additional 1.64 million tonnes at grades of 3.30% copper, 6.97% zinc and 19 g/t silver at a 1.5% copper cut-off, containing 119 million pounds of copper.

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