Monthly copper production equivalent to annual production of approximately 430,000 tonnes

New daily ore milling record achieved at Kamoa-Kakula, equivalent to an annual rate of approximately 9.8 million tonnes

Phase 1 and 2 concentrators continue to operate at above-design copper recoveries

Phase 3 expansion and smelter advancing on schedule for first production in Q4 2024

Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced that the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo achieved a monthly production record of 35,856 tonnes of copper in concentrate during May.

Copper production during April was 34,826 tonnes of copper in concentrate, bringing quarter-to-date production to 70,682 tonnes.

A new daily milling record of 29,366 tonnes of ore was also achieved by the Phase 1 and 2 concentrators. This is equivalent to an annual milling rate of 9.8 million tonnes per annum (after accounting for availability). This record far exceeds the increased milling capacity of 9.2 million tonnes per annum following the debottlenecking program of the Phase 1 and 2 concentrators, which was completed in February 2023.

Average copper recoveries for the month were 87%, above the Phase 1 and 2 concentrator nameplate recovery rates.

Construction activities for the Phase 3 expansion, including the largest copper smelter in Africa, with a capacity of 500,000 tonnes of 99+%-pure copper anodes, are advancing on schedule for first production in the fourth quarter of 2024.

Watch a June 2023 video of operations and construction activities at Kamoa-Kakula: https://vimeo.com/833031454/fb6ea4e192

Concrete foundations for the two ball mills of the Phase 3 concentrator on the left, with foundations for the flotation cells on the right. The first batch of ball mill foundation steel is expected at site later this month. The first ball mill, supplied by CITIC Heavy Industries of Luoyang, China, also is expected to be delivered later this month.

Concrete foundations for the Phase 3 concentrator tailings thickener. Over 60% of concrete has been poured to date and approximately 6,000 tonnes of the required 7,100 tonnes of structural steel have been fabricated, 50% of which has been shipped to site.

Steel erection of Kamoa-Kakula’s direct-to-blister flash furnace and the electric slag cleaning furnace. Overall smelter construction is now approximately 50% complete. Fabrication of the anode furnaces, ball mill and SAG mill, also manufactured by CITIC Heavy Industries, is complete with shipping expected imminently.

Construction of new on-site accommodation. There are approximately 14,000 employees and contractors at site; approximately 97% of Kamoa’s employees are Congolese.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the construction of the tier-one Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa; and the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Ivanhoe Mines also is exploring for new copper discoveries across its circa 2,400km² of 90-100% owned exploration licences in the Western Foreland, located adjacent to, or in close proximity to, the Kamoa-Kakula Copper Complex in the DRC.