Construction of new concentrator and underground development well ahead of schedule for first production in Q2 2024

Kipushi expected to produce more than 250,000 tonnes of zinc annually over first five years

New Kipushi commercial border crossing and bypass road to unlock value for Kipushi and Kamoa-Kakula

Kipushi, Democratic Republic of Congo--(Newsfile Corp. - January 16, 2024) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete, together with Chairman Guy-Robert Lukama Nkunzi and General Manager Placide Nkala Basadilua of Gécamines, the Democratic Republic of Congo's state-owned mining company, are pleased to announce today the signing of the new joint venture agreement to restart the ultra-high-grade Kipushi zinc-copper-germanium-silver mine.

In addition, Ivanhoe is pleased to provide an update on the restart of Kipushi, with both surface construction activities and underground development tracking ahead of schedule for first production, expected in the second quarter of 2024.

The signing of the new joint venture agreement heralds the beginning of a new era of production for the Kipushi Mine, which will resume operations one hundred years after first opening in 1924 as the world's richest copper mine.

Gécamines' Chairman, Guy-Robert Lukama Nkunzi, commented:

"The relaunch of the Kipushi mine is a source of pride for all of Gécamines' employees, the local communities of Kipushi town, the Haut-Katanga Province as well as our country as a whole. The restart of operations of a mine as emblematic as Kipushi, after 30 years of inactivity, is a strong signal of the desire and commitment of Gécamines, and its partner Ivanhoe Mines, to contribute to the DRC's economic development, in accordance with the vision outlined by His Excellency, the President of the Republic Félix-Antoine Tshisekedi Tshilombo.
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