Updated independently verified Indicated Mineral Resource again increases the Kamoa Copper Discovery to 256 million tonnes grading 4.15% copper, at a 3% cut-off Combined Kamoa-Kakula Project Indicated Mineral Resource now stands at 423 million tonnes grading 4.68% copper, at a

February 5, 2020

Updated independently verified Indicated Mineral Resource again increases the Kamoa Copper Discovery to 256 million tonnes grading 4.15% copper, at a 3% cut-off Combined Kamoa-Kakula Project Indicated Mineral Resource now stands at 423 million tonnes grading 4.68% copper, at a 3% cut-off Combined Kamoa-Kakula Project Indicated Mineral Resource now stands at 1.4 billion tonnes grading 2.7% copper, at a 1% cut-off Initial Indicated Mineral Resource estimate for the Kamoa North Bonanza Zone includes 1.5 million tonnes grading 10.7% copper, at a 5% cut-off Drilling continues to target additional resources in the vicinity of the ultra-high-grade Bonanza Zone and the Far North Zone

KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Robert Friedland and Yufeng “Miles” Sun, Co-Chairs of Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF), announced today the completion of an independently-verified, updated Mineral Resource estimate for the Kamoa-Kakula Copper Project in the Democratic Republic of Congo (DRC).

The Kamoa Deposit ─ originally discovered by Ivanhoe Mines’ geologists in 2008 ─ is one of two very large, near-surface, flat-lying, stratiform copper deposits discovered to date on the 400-square-kilometre Kamoa-Kakula mining licence. The other major deposit ─ Kakula ─ is being fast-tracked to commercial production, with the initial 3.8 million-tonne-per-annum mining operation scheduled to produce first concentrate in Q3 2021.

As shown in Figure 1 below, the Kamoa Deposit includes the recently- discovered, ultra-high-grade Kamoa North Bonanza Zone and the Far North Zone.

The new Mineral Resource estimate is the culmination of an infill drilling program designed to better define higher-grade copper zones within the existing Kamoa Deposit.

At a 1% cut-off, Kamoa’s Indicated Mineral Resources now total 760 million tonnes grading 2.73% copper, containing 45.8 billion pounds of copper. At the same 1% cut-off, Kamoa’s Inferred Mineral Resources now total 235 million tonnes grading 1.70% copper, containing 8.8 billion pounds of copper.

At a 3% cut-off, the new Mineral Resource estimate boosts the Kamoa Deposit’s Indicated Mineral Resource tonnages by 15% and contained copper by 15.5%, to a total of 256.8 million tonnes at a grade of 4.15% copper. At the same 3% cut-off, Kamoa’s Inferred Mineral Resources now total 13 million tonnes at a grade of 3.51% copper.

“The delineation of Indicated Mineral Resources at the North Bonanza Zone and the Far North Zone continues the long history of exploration success at Kamoa-Kakula,” said George Gilchrist, Ivanhoe Mines’ Vice President, Resources. “We see excellent opportunity to add further shallow, higher-grade copper resources in the northern portion of the mining licence in the general vicinity of the Bonanza Zone and the Far North Zone, as well as on our adjoining wholly-owned Western Foreland exploration licences, which should allow us to further unlock the exciting potential of this resource area.” Majority of Kamoa’s additional copper resources hosted in the ultra-high-grade Bonanza Zone and the Far North Zone The entire Kamoa Deposit was updated in the new Mineral Resource estimate. The majority of recent drilling, however, targeted the ultra-high-grade Bonanza Zone at Kamoa North, and an approximated north-south corridor of elevated copper grades in the far north of the mining licence area (the Far North Zone). The new Kamoa Mineral Resource estimate covers approximately 600 metres of strike length in the deeper western portions of the Bonanza Zone (west of the West Scarp Fault), and 1,500 metres of strike length in the shallower eastern portions of the Bonanza Zone, defined by drill sections spaced 50 metres apart on strike in the central section, and 100 metres apart on strike elsewhere.

At a 1% cut-off, the current, combined Indicated Mineral Resources for the Kamoa-Kakula Project now totals 1.387 billion tonnes grading 2.74% copper, containing 83.7 billion pounds of copper. At the same 1% cut-off, Kamoa- Kakula’s combined Inferred Mineral Resources now total 339 million tonnes grading 1.68% copper, containing 12.5 billion pounds of copper.

At a higher 3% cut-off, the current, combined Indicated Mineral Resources for the Kamoa-Kakula Project now totals 423 million tonnes grading 4.68% copper, containing 43.7 billion pounds of copper. At the same 3% cut-off, Kamoa- Kakula’s combined Inferred Mineral Resources now total 17 million tonnes grading 3.51% copper, containing 1.3 billion pounds of copper.

The new Kamoa Indicated and Inferred Mineral Resource estimate was prepared by George Gilchrist, Ivanhoe Mines’ Vice President, Resources, under the direction of Gordon Seibel, RM SME, of the Wood Group (formerly Amec Foster Wheeler E&C Services Inc.) of Reno, USA, and is reported in accordance with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mr. Seibel is the Qualified Person for the estimate. The effective date of the estimate is January 30, 2020, and the cut-off date for drill data is January 20, 2020. Details of the estimate are in tables 1 – 9.

There has been no change to the Mineral Reserve estimate at Kamoa-Kakula. Figure 1: Plan map of the Kamoa-Kakula mining licence (outlined in red), showing the Kakula Deposit, Kamoa North Bonanza Zone, Kamoa Far North Zone and the Kakula and Kakula West deposits. The project’s first mine at Kakula is scheduled to begin production in Q3 2021.

The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%).

Figure 2: Among the world’s largest copper deposits by contained copper, Kamoa-Kakula has the highest copper grades by a wide margin.

Source: Wood Mackenzie

*Note: Selected based on contained copper (Measured & Indicated Mineral Resources, inclusive of Mineral Reserves, and Inferred Mineral Resources), ranked on contained copper in Measured & Indicated Mineral Resources.

Exploration will focus on finding more zones of ultra-high copper mineralization to further boost Kamoa’s overall copper grades The Bonanza and Far North zones were discovered within previously-drilled areas following a review of the mineralization controls evident at the Kansoko, Kakula and Makoko discoveries. An intense focus on understanding these controls and how to recognize them from available data, provided the exploration team at Kamoa-Kakula with the ability to target high-grade zones, leading to infill drilling that included drill holes DD1450 and DD1571, the two highest-grade intersections ever drilled at the Kamoa-Kakula Project.

Two drill rigs currently are drilling in the Kamoa North area, testing the typical Kamoa-Kakula shallow mineralized horizon on previously-identified, high- grade copper trends.

The ultra-high copper grades intercepted to date in the Kamoa North Bonanza Zone are believed to be the result of an east-west growth fault focussing copper-rich fluids to interface with both the typical mineralized horizon at

Kamoa-Kakula and the overlying, highly-sulphidic and reduced Kamoa Pyritic Siltstone (KPS). This has resulted in a new, upper mineralized zone hosted in the KPS and characterized by the bonanza-grade copper found in the vicinity of hole DD1450. These two zones combined provide an Indicated Mineral Resource of 12 million tonnes at a copper grade of 4.65%, at a 3% cut-off (Table 7).

Drilling in the Far North Zone has defined 2,500 metres of high-grade copper along an approximately north-south trending fault where fluids have been focussed into a very condensed sequence of basal diamictite and overlying KPS. Drilling north of the Kamoa-Kakula mining licence, on Ivanhoe’s 100%- owned Western Foreland exploration licences, has confirmed the continuation of this corridor for at least one kilometre.

In the Kamoa North Bonanza Zone, the typical Kamoa-style mineralization, hosted within the basal diamictite, is flat-lying with shallow dips between 0° and 10°, whilst ultra-high copper grades hosted within the overlying KPS dip at steeper angles (40°). The eastern portion of the Bonanza Zone (east of the West Scarp Fault) and the Far North Zone occur in a shallow part of the deposit, with the vast majority of the Mineral Resource <250 metres below surface.

Lineaments in the aeromagnetic data, thought to be the controlling structures, can be traced along trend into Ivanhoe’s adjoining, 100%-owned Western Foreland exploration licences.

Kakula’s Mineral Resource also updated for the upcoming Feasibility Study The project geological team also updated the Mineral Resource estimate for the Kakula Deposit. This updated resource estimate, which has an effective date of November 10, 2018, will be incorporated into the Definitive Feasibility Study for the Kakula Deposit that is being prepared.

Kakula’s updated Indicated Mineral Resources total 627 million tonnes grading 2.74% copper, at a 1% cut-off grade, containing 37.9 million pounds of copper. At the same cut-off, Kakula has an additional Inferred Mineral Resource of 104 million tonnes grading 1.61% copper, containing 3.7 million pounds of copper.

A drill rig in action at the Kamoa North Bonanza Zone.

Chalocite-rich core sample from a drill hole in the Kamoa North Bonanza Zone. This sample graded 53% copper.

Figure 3: Plan map showing the copper grades in the Kamoa North Bonanza Zone and the Kamoa Far North Zone.

Figure 4: Plan map showing the Mineral Resource classification of the Kamoa North Bonanza Zone and the Kamoa Far North Zone.

Figure 5: Section showing the copper grades in the Kamoa North Bonanza Zone.

Kamoa-Kakula is training a new generation of young Congolese women and men to safely operate the new, modern, underground copper mine being built at Kakula.

Construction is nearing completion on the underground ore transfer station, which is part of the ore-handling infrastructure at the Kakula Mine.

Excellent progress is being made on the high-volume conveyor system that will transport broken ore from underground to the surface processing plant, which is scheduled to begin operation in April 2020.

Table 1: Kamoa Indicated and Inferred Mineral Resource (at 1% TCu Cut- off Grade), January 30^th, 2020

1. Ivanhoe’s Vice President, Resources, George Gilchrist, a Fellow of the Geology Society of South Africa and Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Gordon Seibel, a Registered Member (RM) of the Society for Mining, Metallurgy and Exploration (SME), an employee of Wood Group, who is the Qualified Person for the Mineral Resource estimate. The effective date of the estimate is January 30, 2020 and the cut-off date for drill data is January 20, 2020. Mineral Resources are estimated using the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported inclusive of Mineral Reserves on a 100% basis.

2. Mineral Resources are reported using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under assumptions of a copper price of US$3.00/lb, employment of underground mechanized room-and-pillar and drift-and-fill mining methods, and that copper concentrates will be produced and sold to a smelter. Mining costs are assumed to be US$27/t. Concentrator, tailings treatment, and general and administrative costs (G&A) are assumed to be US$17/t. Metallurgical recoveries are expected to average 84% (86% for hypogene and 81% for supergene). At a 1% TCu cut-off grade, assumed net smelter returns for 100% of Mineral Resource blocks will cover processing, tailings treatment and G&A costs.

3. Reported Mineral Resources contain no allowances for hanging wall or foot wall contact boundary loss and dilution. No mining recovery has been applied.

4. Depth of mineralization below the surface ranges from 10 m to 1,320 m for Indicated Mineral Resources and 20 m to 1,560 m for Inferred Mineral Resources.

5. Approximate drill-hole spacings are 800 m for Inferred Mineral Resources and 400 m for Indicated Mineral Resources.

6. The average dip of the deposit within the Indicated and Inferred Mineral Resource outlines is 12.7 degrees. Vertical thickness approximates true thickness at Kamoa.

7. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.