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Ivanhoe Mines annal a accumulation of $85.4 actor in Q3

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Kamoa-Kakula Chestnut Abundance accomplished Appearance 1 bartering accumulation on July 1, 2021

More than 77,500 tonnes of chestnut produced year-to-date; chestnut accumulation advice for 2021 aloft to 92,500 to 100,000 tonnes

Kamoa-Kakula awash 41,490 tonnes of payable chestnut and accustomed acquirement of $342.6 actor in Q3, with an countdown operating accumulation of $209.7 actor and EBITDA of $233.2 million

Kamoa-Kakula’s Appearance 2 amplification to activate operations in Q2 2022, dispatch the mine’s projected anniversary chestnut accumulation to about 400,000 tonnes

Excellent beforehand on all-weather alley and geophysical surveys on Ivanhoe’s Western Foreland assay project

Extensive conduct affairs on Western Foreland to abide in 2022

Development of the world-scale Platreef palladium, rhodium, platinum, nickel, chestnut and gold activity in South Africa authoritative accelerated progress; aboriginal accumulation accepted in 2024

Toronto, Ontario–(Newsfile Corp. – November 15, 2021) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) today appear its banking after-effects for the three and nine months assured September 30, 2021. This assay marks the aboriginal assay of bartering accumulation at the company’s Kamoa-Kakula Chestnut joint-venture in the Democratic Republic of Congo (DRC).

Ivanhoe Mines additionally is advancing development of the Platreef palladium-rhodium-platinum-nickel-copper-gold assay in South Africa, which is appointed to activate accumulation in 2024, and is beforehand the celebrated Kipushi zinc-copper-lead-germanium mine, additionally in the DRC, for a resumption of production. Ivanhoe additionally is exploring for new chestnut discoveries on its Western Foreland assay licences in the DRC, abreast the Kamoa-Kakula Project. All abstracts are in U.S. dollars unless contrarily stated.

Watch a new video highlighting Kamoa-Kakula’s Q3 operational and banking achievements: https://vimeo.com/645848726/9d4de9d7d6

HIGHLIGHTS

The Kamoa-Kakula Activity began bearing chestnut in May 2021 and accomplished bartering accumulation on July 1, 2021. Accumulation for the third assay was 41,545 tonnes of chestnut in concentrate, with year-to-date accumulation of added than 77,500 tonnes as of November 15, 2021.

The antecedent 2021 accumulation advice ambit for chestnut in administer of 80,000 to 95,000 tonnes was aloft to 92,500 to 100,000 tonnes, absorption the acknowledged accomplishment of ramp-up of the Kakula Appearance 1 concentrator.

During its aboriginal assay of bartering production, the Kamoa-Kakula collective adventure awash 41,490 tonnes of payable chestnut and accustomed acquirement of $342.6 million, with an operating accumulation of $209.7 actor and an EBITDA of $233.2 million.

Kamoa-Kakula’s accumulated of sales per batter (lb) of payable chestnut awash was $1.08/lb, while banknote costs (C1) per batter of payable chestnut totaled $1.37/lb. Costs for the assay reflect the abstinent ramp-up of accumulation at Kamoa-Kakula to steady-state, and are accepted to trend bottomward as the Appearance 2 concentrator bulb is commissioned and the mine’s anchored operating costs are beforehand over added chestnut production.

Kamoa-Kakula’s Appearance 2 architecture is avant-garde able-bodied adjoin a Q2 2022 start-up, which will see a dispatch of the mine’s nameplate milling throughput to 7.6 actor tonnes per annum (Mtpa). Phases 1 and 2 accumulated are anticipation to aftermath about 400,000 tonnes of chestnut per year.

Ivanhoe Mines recorded a accumulation of $85.4 actor for Q3 2021, compared to a accident of $5.3 actor for the aforementioned aeon in 2020. The company’s allotment of accumulation from the Kamoa-Kakula collective adventure and the accounts assets accordingly were the arch contributors to the accumulation recorded in the accepted quarter.

The aggregation has a able antithesis breadth with banknote and banknote equivalents of $579.7 actor on duke as at September 30, 2021, and expects that the majority of Kamoa-Kakula’s amplification basal expenditures on Appearance 2 and Appearance 3 will be adjourned from chestnut sales and accessories in abode at Kamoa. Based on accepted bazaar conditions, it is advancing that actor accommodation repayments from Kamoa-Kakula will arise in 2022.

During Q3, Ivanhoe connected its 2021 chestnut assay affairs on its Western Foreland licences that awning about 2,550 aboveboard kilometres in abutting adjacency to Kamoa-Kakula. Assignment in Q3 primarily was focused on commutual the project’s basement affairs (all-weather alley architecture and arch construction) bare to acquiesce Ivanhoe’s conduct crews to admission the highly-prospective assay licences amid to the south and west of the Kamoa and Kakula orebodies. Geophysical surveys (airborne, electromagnetic (EM), and gravity) were avant-garde during the assay and are either complete or are advancing completion. Conduct during the assay was focused on extending the chestnut discoveries at Makoko and Kiala.

Platreef’s adapted achievability abstraction for the phased development plan is avant-garde able-bodied adjoin accomplishment in aboriginal 2022. All architecture and engineering assignment has been completed with the accumulated estimates able-bodied advanced. The Shaft 1 about-face is avant-garde able-bodied in alertness for abiding bedrock hoisting in aboriginal 2022. Architecture activities on the Shaft 2 headframe additionally are advancing.

Financing arrange for Platreef’s aboriginal appearance of development are advancing completion, which board a $300-million gold, aegis and platinum alive facility, and a chief activity debt adeptness of up to $120 million.

The assay of Kipushi’s development and costs plan with joint-venture accomplice and state-owned mining company, Gécamines, is avant-garde able-bodied as Ivanhoe looks to resume development activities. Discussions with abeyant costs sources are in progress.

At the end of Q3 2021, Kamoa-Kakula had accomplished 3.00 actor assignment hours chargeless of a lost-time injury, Kipushi had accomplished 3.66 actor assignment hours chargeless of a lost-time injury, and Platreef had accomplished 310,000 assignment hours chargeless of a lost-time injury. In addition, the architecture aggregation at Kamoa-Kakula accomplished 4.00 actor hours formed afterwards a lost-time abrasion in October 2021, a anniversary that underscores the austere affirmation adeptness of the Kamoa Chestnut architecture team.

On November 12, 2021, Ivanhoe answer David van Heerden to the role of Chief Banking Officer. David has been with Ivanhoe aback 2011 in progressively chief accounts roles, best afresh Vice President, Finance, Treasury and Tax.

Robert Friedland, Ivanhoe Mines’ Founder and Executive Co-Chair, remarked: “Today, afterwards a added than 25-year-long odyssey… and accepting affected a countless of challenges aces of Homer… that the critics claimed were absurd to hurdle… we are absolute admiring to address our aboriginal abounding assay of bartering accumulation and our countdown operating profit. This accomplishment was bogus accessible through the active efforts of bags of bodies over added than two decades. These board our committed employees, our accommodating and loyal shareholders, our joint-venture partners, the Government of the Democratic Republic of Congo, and of course, the bodies who alive in the about of, and assignment at, this arresting chestnut complex.

Story continues

“We are badly appreciative to say that Kamoa-Kakula – absolute the aboriginal world-scale, greenfield chestnut discoveries in the Democratic Republic of Congo aback the country acquired adeptness in 1960… is able-bodied on its way to abutting the ranks of the world’s bigger and greenest chestnut producers, with the accomplished chestnut grades by a avant-garde margin.

“There is abstruse abeyant to ascertain added tier-one chestnut deposits in the Western Foreland basin, as our aggregation of accomplished geologists and geoscientists chase for the abutting high-grade discovery, armed with our proprietary assay adeptness acquired from 20 years of acquaintance in the Western Foreland chestnut basin.

“Turning an operating accumulation in aloof the aboriginal assay of bartering accumulation at Kamoa-Kakula highlights the adeptness of the abundance to bear as promised, and to self-fund its amplification to aftermath up to 800,000 tonnes of chestnut yearly, as accustomed in antecedent absolute studies. Kamoa-Kakula will rapidly accord its architecture costs and pay assets to its shareholders, including our best important partner, the Government of the Democratic Republic of Congo.

“However, the bigger allotment from Kamoa-Kakula that will account anybody on Planet Earth is airy to the naked eye… it is the all-around abating gas that will never accomplish it into the atmosphere as the chestnut mined at Kamoa-Kakula makes its way into tomorrow’s electric vehicles, activity accumulator systems and batteries, and renewable adeptness generation. That eyes of a greener and added acceptable apple is one we allotment with all our stakeholders.

“The ablaze lights of Kamoa-Kakula accept addled the beforehand apple to our Platreef Project, which is amid this planet’s bigger adored and electric metals deposits with astronomic quantities of palladium, rhodium, platinum, nickel and copper; and added ounces of gold than abounding arch gold mines. For a connected time, the development of Platreef has been a afterlife cat-and-mouse to be fulfilled. However, Platreef’s time to beam now is aloft us.

“The antecedent ambit of the phased development plan is to fast-track Platreef into accumulation in 2024, starting with an antecedent 700,000-tonne-per-annum underground mine. The plan is advised to authorize an operating belvedere to abutment abeyant approaching expansions up to 12 actor tonnes of ore per year. This would position Platreef amid the bigger nickel and platinum-group-metals bearing mines in the world, bearing in antithesis of 24,000 tonnes of nickel and 1.1 actor ounces of palladium, rhodium, platinum, and gold per year, and advice augment the appeal for these analytical minerals that the apple needs as it transitions to a low carbon economy.”

Principal projects and assay of activities

1. Kamoa-Kakula Project39.6%-owned by Ivanhoe MinesDemocratic Republic of Congo

The Kamoa-Kakula Project, a collective adventure amid Ivanhoe Mines and Zijin Mining, has been apart ranked as the world’s fourth-largest chestnut drop by all-embracing mining adviser Wood Mackenzie. The activity is about 25 kilometres west of the boondocks of Kolwezi and about 270 kilometres west of Lubumbashi. The Kamoa-Kakula Activity began bearing chestnut in May 2021 and accomplished bartering accumulation on July 1, 2021.

Ivanhoe awash a 49.5% allotment absorption in Kamoa Holding Bound (Kamoa Holding) to Zijin Mining and a 1% allotment absorption in Kamoa Holding to privately-owned Crystal River in December 2015. Kamoa Holding holds an 80% absorption in the project. Aback the cessation of the Zijin transaction, anniversary actor has been appropriate to armamentarium expenditures at the Kamoa-Kakula Activity in an accumulated agnate to its commensurable shareholding absorption in Kamoa Holding.

Ivanhoe and Zijin Mining anniversary authority an aberrant 39.6% absorption in the Kamoa-Kakula Project, Crystal River holds an aberrant 0.8% absorption and the DRC government holds a absolute 20% interest.

Kamoa-Kakula Q3 2021 arbitrary of operating and banking data

Ore tonnes formed (000’s tonnes)

861

Copper ore brand candy (%)

5.89%

Copper accretion (%)

83.40%

Copper in administer produced (tonnes) in Q3 2021

41,545

Payable Chestnut awash (tonnes)

41,490

Sales acquirement ($’000)

342,584

Cost of sales per batter ($ per lb)

1.08

Cash accumulated (C1) ($ per lb)

1.37

EBITDA ($’000)

233,212

9,858 tonnes of chestnut in administer were produced in Q2 2021, bringing the year-to-date absolute tonnes produced as of September 30, 2021 to 51,403.

C1 banknote costs are able on a abject constant with the industry accepted definitions by Wood Mackenzie accumulated guidelines, but are not measures accustomed beneath IFRS. In artful the C1 banknote cost, the costs are abstinent on the aforementioned abject as the company’s allotment of accumulation from the Kamoa Holding collective adventure that is absolute in the banking statements. C1 banknote costs are acclimated by administration to appraise operating achievement and board all absolute mining, processing, and accepted and authoritative costs. Smelter accuse and bales deductions on sales to final anchorage of destination, which are accustomed as a basal of sales revenues, are added to C1 banknote accumulated to admission at an almost accumulated of delivered accomplished metal. C1 banknote costs exclude royalties and accumulation taxes and non-routine accuse as they are not absolute accumulation costs.

C1 banknote accumulated per batter of payable chestnut produced can be added burst bottomward as follows:

Mining

($ per lb)

0.36

Processing

($ per lb)

0.16

Logistics accuse (delivered to China)

($ per lb)

0.35

Treatment, adorning and smelter charges

($ per lb)

0.21

General and authoritative expenditure

($ per lb)

0.29

C1 banknote accumulated per batter of payable chestnut produced

($ per lb)

1.37

All abstracts in the aloft tables are on a 100%-project basis. Metal appear in administer is above-mentioned to adorning losses or deductions associated with smelter terms. This account absolution includes antithesis afore interest, tax, abrasion and acquittal (EBITDA), and “Cash costs (C1) per pound” which are non-GAAP banking achievement measures. For a abounding description of anniversary of the non-GAAP banking achievement measures acclimated in this account release, and a abounding adaptation to the best anon commensurable admeasurement beneath IFRS, amuse accredit to the Non-GAAP Banking Achievement Measures breadth of this account release.

Kamoa-Kakula’s Appearance 1 (left) and Appearance 2 concentrator plants. The Appearance 1 bulb began operations in May 2021 and the Appearance 2 bulb is on clue to activate operations in Q2 2022.

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Nathalie Mulel, Kamoa Copper’s Chief Officer, Customs, with Kamoa Chestnut abscess chestnut ingots, absolute about 99% copper, produced at the Lualaba Chestnut Smelter abreast Kolwezi, DRC.

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Health and affirmation at Kamoa-Kakula

At the end of September 2021, the Kamoa-Kakula Activity accomplished 3,002,776 assignment hours chargeless of a lost-time injury. Three lost-time injuries occurred aboriginal in Q3 2021. The activity continues to strive adjoin its abode cold of aught abuse to all advisers and contractors.

Kamoa-Kakula has auspiciously focused on prevention, preparation, and acknowledgment in managing the risks associated with COVID-19. Large-scale testing, accumulated with focused bactericide measures, ensured that absolute cases were bound identified, isolated, and treated, with cantankerous contagion kept to a minimum. Maintaining this aerial accepted of accident administration charcoal a circadian focus, to anticipate approaching cases. During the aboriginal nine months of 2021, the Kamoa-Kakula Activity conducted 6,083 COVID-19 tests, with 477 patients testing absolute for COVID-19.

With the abutment of the Democratic Republic of Congo government, UNICEF and added stakeholders, Kamoa Chestnut SA completed its aboriginal annular of COVID-19 vaccinations in June 2021. In affiliation with the DRC government’s connected affairs of vaccinations, the added annular of COVID-19 vaccinations at Kamoa-Kakula commenced in mid-August.

The Kamoa COVID-19 hospital continues to amusement patients aback required, as architecture progresses able-bodied for the amplification and advancement of the primary healthcare wing. Kamoa-Kakula’s awful accomplished doctors and nurses administer the latest medical treatments, authentic by a world-leading emergency acknowledgment and paramedic team.

As the communicable evolves, the medical aggregation at the Kamoa hospital continues to assay and amend risk-mitigation protocols, while ensuring that new medical advances are advised and activated to assure the bloom and affirmation of advisers and affiliation members.

Copper administer accumulation from the antecedent 3.8-Mtpa Kakula concentrator bulb commenced in May 2021; bartering accumulation accomplished on July 1, 2021

First ore was alien into the brawl mills on May 20, 2021, and the aboriginal bartering administer was filtered on May 25, 2021, appearance the alpha of administer accumulation of the project’s aboriginal phase, 3.8-Mtpa concentrator bulb and associated facilities.

The Kamoa-Kakula Activity was accounted to accept accomplished bartering accumulation on July 1, 2021, afterwards accomplishing a milling bulk beyond 80% of architecture accommodation and recoveries abutting to 70% for a continuous, seven-day period. Acquirement recognition, as able-bodied as abrasion of Kamoa-Kakula’s aboriginal phase, 3.8-Mtpa concentrator bulb and milling operation, commenced on this date.

Copper recoveries progressively added from an boilerplate of about 81% in July 2021 to about 85% in September 2021. The Appearance 1, steady-state-design chestnut accretion is about 86%, depending on ore augment grade.

41,545 tonnes of chestnut in administer were produced in Q3 2021 for a absolute of 51,403 tonnes year-to-date as of September 30, 2021, for charge to either the Lualaba Chestnut Smelter abreast Kolwezi, or to all-embracing markets. This is an added 4,653 tonnes to the 46,750 tonnes appear for the year-to-date to September 20, 2021, in Ivanhoe’s September 30, 2021 account release.

Loading high-grade chestnut administer at the Kamoa-Kakula administer accumulator barn for carriage to the abutting Lualaba Chestnut Smelter for processing into abscess chestnut ingots, absolute about 99% copper.

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Producing Kamoa Chestnut abscess chestnut ingots at the Lualaba Chestnut Smelter abreast Kolwezi, DRC.

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Copper accumulation advice for 2021

Overall architecture of the Kamoa-Kakula Project’s aboriginal phase, 3.8-Mtpa concentrator bulb and associated accessories is complete. Aboriginal ore was alien into the brawl mills on May 20, 2021, and aboriginal bartering administer was filtered on May 25, 2021, appearance the alpha of administer production.

As at November 15, 2021, absolute chestnut in administer produced by the Kamoa-Kakula Activity amounted to added than 77,500 tonnes. Ivanhoe’s accumulation advice for absolute chestnut in administer at Kamoa-Kakula in 2021 has been aloft to 92,500 to 100,000 tonnes. The abstracts are on a 100%-project abject and metal appear in administer is above-mentioned to adorning losses or deductions associated with smelter terms.

Cost of sales per batter of payable chestnut awash and C1 banknote costs per batter of payable chestnut produced for Q4 2021 are not accepted to be materially altered to absolute bulk for Q3 2021.

Copper production, accumulated of sales and banknote accumulated advice for 2022, including the alpha of Appearance 2 operations, will be provided in January 2022.

Commissioning of the antecedent 3.8-Mtpa Kakula concentrator bulb and C5 achievement tests complete

Commissioning of the aboriginal phase, 3.8-Mtpa concentrator now has been completed, with the final allotment achievement tests which consisted of a 72- hour connected run auspiciously agitated out in aboriginal September. The bulb now has been handed over to operations. During commissioning, the administer clarify was articular as a abeyant bottleneck, and a added clarify afresh has been installed and commissioned. The added clarify will acquiesce Kamoa-Kakula to booty advantage of ultra-high-grade chestnut ore and milling throughputs in antithesis of design. A third clarify will be installed as allotment of the Appearance 2 expansion.

Hot allotment of the backfill bulb is advancing accomplishment with one underground stope already abounding with adhesive backfill. All areas of the backfill bulb now are C4 (hot commissioning) complete with aloof the C5 (performance tests) outstanding.

The backfill bulb is actuality acclimated to mix tailings from the processing bulb with adhesive to aftermath adhesive backfill. The backfill is actuality pumped aback into the abundance and acclimated to advice abutment mined-out areas. About one-half of the mine’s tailings will be beatific aback underground as adhesive backfill, decidedly abbreviation the apparent tailings storage.

Construction of Kamoa-Kakula’s Appearance 2 amplification now added than 60% complete; Appearance 3 studies are progressing

Construction of the added 3.8-Mtpa concentrator bulb is avant-garde able-bodied adjoin a Q2 2022 start-up with the accepted focus on the adjustment and accession of structural steel, platework and piping. A cardinal of items of automated accessories are actuality installed including the crusher, brawl mills, abutment beef and the tailings thickener.

Engineering and accretion activities about are complete, with artifact and charge to armpit able-bodied avant-garde and added than 92% complete. The alone outstanding items actuality bogus are electrical equipment. Artifact of all structural steel, platework and brim from China has been completed, with the accumulated of the absolute delivered to site. The accumulated of the automated accessories additionally has been delivered to site.

Newly-installed Appearance 2 abutment cells, with the Appearance 1 abutment beef in the background.

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Boilermaker Zetty Musangu Sampind accumulating racks to authority electrical cables in the Appearance 2 concentrator plant.

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Construction is advancing accomplishment on the Appearance 2 aerial burden cutting rolls (HPGR) belfry and the augment and artefact conveyors (on the left), abutting to the Appearance 1 HPGR belfry and conveyors.

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Construction of the Appearance 2 administer accumulator architecture is advancing rapidly.

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Ivanhoe and its accomplice Zijin are exploring the dispatch of the Kamoa-Kakula Appearance 3 concentrator expansion, with antecedent activity scoping advancing accomplishment and abstraction assignment advancing.

The ambit of Kamoa-Kakula’s Appearance 3 amplification includes a third concentrator bulb to be amid abutting to the Kansoko Abundance (at the Kansoko Sud orebody), about 10 kilometres arctic of the Kakula Mine. The Appearance 3 concentrator is actuality advised to accept a beyond nameplate milling accommodation than the 3.8-Mtpa nameplate milling accommodation of the Appearance 1 and 2 concentrators.

The planned Appearance 3 concentrator is accepted to be fed from a accumulated of the accustomed abundance at Kansoko Sud, calm with the aperture of the Kansoko Central orebody and the aboriginal of the Kamoa Arctic mining areas.

In addition, the studies will booty into application the affairs to advancement agent 5 at the Inga II hydropower circuitous to board 162 megawatts of renewable hydropower, as able-bodied as the architecture of a direct-to-blister smelter.

Study assignment on all aspects of the Appearance 3 amplification is underway, with accepted accomplishment during 2022, afterwards which Kamoa Chestnut will beforehand into a added abounding appearance of architecture and engineering work. In parallel, a breadth for a new box cut, which will board admission to the Kansoko Central orebody and the aboriginal of the Kamoa Arctic mining areas, has been articular and geotechnical conduct is underway to affirm the capability of the location. Kamoa Chestnut is accepted to breach arena on the box cut aboriginal in 2022.

Geotechnical conduct to affirm the capability of the planned breadth for a new box cut that will board antecedent admission to the Kansoko Central orebody and the aboriginal of the Kamoa Arctic mining areas.

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New ore booty trucks, anniversary with a 63-tonne payload, and scooptrams supplied by Sandvik of Stockholm, Sweden. The new agile of mining accessories will be acclimated to admission up mining operations in beforehand of the alpha of the Appearance 2 concentrator plant.

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One of the new Sandvik ore booty trucks branch bottomward the arctic abatement at the Kakula Mine.

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Kamoa smelter basal engineering to arise shortly

Kamoa Chestnut is planning to assemble a direct-to-blister beam smelter abutting to the Appearance 1 and Appearance 2 concentrator plants. The smelter is advised to use technology supplied by Outotec Oyj of Helsinki, Finland, and has been sized to action the accumulated of the chestnut administer anticipation to be produced by the Appearance 1, Appearance 2 and Appearance 3 concentrator plants, with a accumulation accommodation of 500,000 tonnes per annum of abscess copper.

A appeal for breakable for the smelter engineering, accretion and architecture administrator (EPCM) casework and basal engineering casework has been issued to the bazaar and bids from -to-be engineering companies accept been received. Kamoa Chestnut is in the final stages of acknowledgment and an accolade is accepted shortly.

The abutting stages in the activity development will be the accomplishment of basal engineering and the acclimation of the long-lead items of equipment.

Ore stockpiles now authority about 3.73 actor tonnes allocation 4.72% copper, absolute added than 175,000 tonnes of copper

Kamoa-Kakula’s absolute high- and medium-grade ore apparent stockpiles totalled about 3.66 actor tonnes at an estimated brand of 4.73% chestnut as of the end of September 2021.

395,000 tonnes of ore allocation 5.73% chestnut were mined in October 2021 and comprised 360,000 tonnes allocation 5.91% chestnut from the Kakula Mine, including 174,000 tonnes allocation 6.91% chestnut from the mine’s high-grade centre, and 35,000 tonnes allocation 3.84% chestnut from the Kansoko Mine. The project’s absolute high- and medium-grade ore apparent stockpiles now board about 3.73 actor tonnes at an estimated brand of 4.72% chestnut as of the end of October 2021.

During October, a north-south, water-bearing anatomy was intersected at the Kakula Mine’s arctic ambit drift. This new anatomy produced ample baptize arrival that acquired some localized calamity in the abutting surrounding apparatus in aboriginal October. Aback then, the baptize arrival has decreased by added than 50% and has been controlled by the mining team, with the abounding areas abundantly dewatered and no appulse on all-embracing accumulation from underground. Hydrological studies are advancing with industry experts, which will be acclimated for planning in beforehand of mining operations. Kakula has cogent antithesis installed pumping capacity, with added expansions planned in 2022.

Electrician Junior Mwepu entering the Kakula Arctic lamp allowance via a fingerprint scanner. As allotment of the mine’s advancing affirmation initiatives, new agenda readers and fingerprint scanners accept been installed at admission credibility to the mine.

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Huang Ya Wen (left) and Estime Kasongo installing rollers for the Appearance 2 high-pressure-grinding-rolls (HPGR) accumulate agent system.

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Kamoa-Kakula accustomed Appearance 1 abscess chestnut and chestnut administer beneath off-take agreements

Kamoa Copper’s off-take agreements are with CITIC Metal (HK) Bound (CITIC Metal) and Gold Mountains (H.K.) All-embracing Mining Aggregation Limited, a accessory of Zijin, for 50% anniversary of the chestnut articles from Kamoa-Kakula’s Appearance 1 production. The off-take agreements are beloved for the accumulation volumes from Appearance 1, including chestnut administer and abscess chestnut constant from processing of chestnut concentrates at the abutting Lualaba Chestnut Smelter.

CITIC Metal and Zijin are purchasing the chestnut administer at the Kakula Abundance and the abscess chestnut at the Lualaba Chestnut Smelter on a free-carrier basis, acceptation the buyers are acquiescent for alignment bales and accession to the final destination, initially via the anchorage of Durban, South Africa.

Kamoa Chestnut delivered its aboriginal accumulated chestnut concentrates to the Lualaba Chestnut Smelter on June 1, 2021. The smelter is accepted to amusement up to 150,000 wet metric tonnes of chestnut concentrates from Kamoa-Kakula annually. Kamoa-Kakula began exporting its chestnut administer internationally in July 2021. The aboriginal truckloads of chestnut administer destined for smelters alfresco of the DRC ancient from the abundance armpit on July 17, 2021.

Kamoa Copper’s administer busline acumen aggregation central the administer accumulator warehouse.

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Mwadingusha hydropower bulb absolutely operational and accouterment 78 megawatts of apple-pie electricity for Kamoa-Kakula’s phases 1 and 2; focus now confused to beforehand agent 5 at the Inga II hydropower bulb to board adeptness for Kamoa-Kakula expansions

All six new turbines at the Mwadingusha hydropower bulb were synchronized to the civic electrical filigree in August 2021, with anniversary breeding assemblage bearing about 13 megawatts (MW) of power, for a accumulated achievement of about 78 MW.

In August 2021, Kamoa-Kakula’s activity aggregation active an addendum of the absolute costs acceding with La Société Nationale d’Electricité (SNEL) to advancement agent 5 at the Inga II hydropower complex. Aback June 2021, rehabilitation scoping works and abstruse visits accept been conducted by Stucky Ltd. of Renens, Switzerland, and Voith Hydro of Heidenheim, Germany, a arch engineering group. Voith Hydro, the architect for the agent 5 upgrade, has auspiciously active two agent generators at the abutting Inga I hydropower plant, a activity that was financed by the Apple Bank.

Early works accompanying to the abatement of beach in the abstract tube of agent 5 is in progress. Accomplishment of this assignment will acquiesce the engineering teams from Voith Hydro, Stucky and SNEL to complete the scoping work.

Turbine 5 is accepted to aftermath 162 MW of renewable hydropower, accouterment the Kamoa-Kakula Chestnut Circuitous and the planned, associated smelter with abundant, acceptable electricity for approaching expansions.

The Inga II hydropower adeptness on the Congo River. The penstock for agent 5 is circled in red.

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Engineers from Kamoa Copper, SNEL, Stucky and Voith Hydro at agent 5.

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Kamoa-Kakula aiming to be aboriginal net-zero carbon emitter amid top-tier chestnut mines by absorbing mining agile with avant-garde accessories powered by electric batteries or hydrogen ammunition cells

On May 5, 2021, Ivanhoe Mines appear its acceding to accomplish net-zero operational greenhouse gas emissions (Scope 1 and 2) at the industry-leading Kamoa-Kakula Chestnut Mine.

In abutment of the Paris Acceding on altitude change, and in the spirit of the commitments at the April 2021 Leaders Summit on Altitude by the Chinese and American governments to acutely cut emissions, Ivanhoe Mines has committed to alive with its joint-venture ally and arch underground mining accessories manufacturers to ensure that Kamoa-Kakula becomes the aboriginal net-zero operational carbon emitter amid the world’s top-tier chestnut producers.

Since the Kamoa-Kakula mines and concentrator plants already are powered by clean, renewable hydro-generated electricity, the focus of the company’s net-zero charge will be on absorbing the project’s mining agile with new, avant-garde accessories powered by electric batteries or hydrogen ammunition cells.

Kamoa-Kakula is alive carefully with its mining accessories suppliers to abatement the use of drop fuels in its mining fleet, and appraise the viability, affirmation and achievement of new electric, hydrogen and amalgam technologies. The abundance affairs to acquaint them into its mining agile as anon as they become commercially available.

Enriching communities through acceptable development

Ivanhoe Mines founded the Acceptable Livelihoods Affairs in 2010 to strengthen aliment aegis and agriculture accommodation in the host communities abreast Kamoa-Kakula by establishing an agronomical training garden and abutment for farmers at the affiliation level. Today, about 900 affiliation farmers are benefiting from the Acceptable Livelihoods Program, bearing high-quality aliment for their families and affairs the surplus for added income. The Acceptable Livelihoods Program, which commenced with maize and vegetable production, now includes fruit, aquaculture, banty and honey.

The architecture of 100 new fishponds is complete, bringing the absolute cardinal of fishponds to 138. The activity will decidedly accord adjoin bounded entrepreneurship and added bounded aliment security. A accumulation of affiliation participants took allotment in, and accelerating as facilitators for, an developed articulacy training program.

Additional non-farming-related activities connected during Q3 2021 and board apprenticeship programs, action and supplier development programs, and the accumulation of beginning baptize to a cardinal of bounded communities application solar-powered boreholes. 27 of a planned 35 boreholes were accomplished so far in communities application bounded contractors, accouterment about ten thousand affiliation associates with accessible admission to apple-pie water. Construction, agriculture and accouterment of the Kaponda Primary School is avant-garde well. Bounded affiliation action programs connected including brick-making, sewing, agriculture and gardening.

Construction of resettlement houses for the alteration affairs is continuing as planned. To date, 129 homes accept been relocated, with bristles households remaining. The absolute families are appointed for alteration aloft accomplishment of the architecture of their new homes. Architecture of the affiliation abbey at Kaponda is 95% complete. The alimentation apology affairs focused on the administration of 758 chickens for all project-affected-people, with appropriate application for accessible households.

Jean Munika, a Acceptable Livelihoods worker, with a few of the 3,200 orange timberline seedlings for burying at homes in bounded communities and at a new, community-owned six-hectare orange orchard.

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Paul Kabengele, Superintendent Affiliation Projects (left), and Fabrice Mazeze, Acceptable Livelihoods Agronomist, analytical a new crop of oranges at Kamoa Copper’s affirmation garden.

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2. Platreef Project64%-owned by Ivanhoe MinesSouth Africa

The Platreef Activity is endemic by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% absorption is captivated by Ivanplats’ historically-disadvantaged, broad-based, atramentous bread-and-butter empowerment (B-BBEE) partners, which board 20 bounded host communities with about 150,000 people, activity advisers and bounded entrepreneurs. Ivanplats accomplished Akin 4 contributor cachet in its best contempo assay appraisal on the B-BBEE scorecard. A Japanese bunch of ITOCHU Corporation, Japan Oil, Gas and Metals Civic Corporation, and Japan Gas Corporation, owns a 10% absorption in Ivanplats, which it acquired in two tranches for a absolute beforehand of $290 million.

The Platreef Activity hosts an underground drop of thick, platinum-group metals, nickel, chestnut and gold mineralization on the Arctic Limb of the Bushveld Igneous Circuitous in Limpopo Province – about 280 kilometres northeast of Johannesburg and eight kilometres from the boondocks of Mokopane.

On the Arctic Limb, platinum-group metals mineralization is primarily hosted aural the Platreef, a mineralized arrangement that is traced added than 30 kilometres alternating strike. Ivanhoe’s Platreef Project, aural the Platreef’s southern sector, is comprised of two abutting properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is abutting with, and alternating bang from, Anglo Platinum’s Mogalakwena accumulation of mining operations and properties.

Since 2007, Ivanhoe has focused its assay and development activities on defining and advancing the down-dip addendum of its aboriginal assay at Platreef, now accepted as the Flatreef Deposit, which is acquiescent to highly-mechanized, underground mining methods. The Flatreef breadth lies absolutely on the Turfspruit and Macalacaskop backdrop that anatomy allotment of the company’s mining right.

Health and affirmation at Platreef

At the end of September 2021, the Platreef Activity accomplished a absolute of 310,440 lost-time, injury-free hours worked.

COVID-19 protocols are continuously advised and optimized; as a result, the aggregation implemented several measures to anticipate and abate the accretion of infections. Those measures included the accumulation testing of advisers and visitors, accouterment of carriage to advisers and a anesthetic rollout. By the end of September 2021, a absolute of 4,649 COVID-19 tests had been conducted. In abutment of the Civic Department of Health’s civic vaccine rollout strategy, Ivanplats launched an on-site COVID-19 anesthetic attack that has administered 396 vaccine doses to date. About 75% of the Platreef Project’s advisers and contractors alive on armpit accept at minimum accustomed their aboriginal dosage of the vaccine.

Phased development plan and achievability abstraction advancing completion

Platreef’s adapted achievability abstraction for the phased development plan is avant-garde able-bodied adjoin accomplishment in aboriginal 2022. All architecture and engineering assignment has been completed with accumulated estimates able-bodied advanced.

The antecedent ambit of the phased development plan is to fast-track Platreef into accumulation in 2024, starting with an antecedent 700,000-tonne-per-annum (700-ktpa) underground abundance application the absolute Shaft 1 and a new on-site concentrator with a accommodation of up to 770 ktpa. This phased development plan will be targeting high-grade mining areas abreast the shaft, acute decidedly lower antecedent basal costs.

While development and antecedent accumulation is accomplished application Shaft 1, the biconcave of Shaft 2 continues in parallel, and already the shaft is accessible the processing accommodation is accepted to be broadcast with the architecture of two added 2.2-Mtpa concentrator modules. At this point, absolute abundance accumulation would be added to the envisaged steady-state accumulation of 5.2 Mtpa.

Project-level costs arrange of up to $420 actor to beforehand Platreef’s development advancing completion

In February 2021, Ivanplats active a non-binding appellation breadth with Orion Abundance Finance, a arch all-embracing provider of production-linked beck costs to abject and adored metals mining companies, for a $300 actor gold, aegis and platinum alive facility. The beck costs is advancing accomplishment and charcoal accountable to beheading of absolute documentation. The alive adeptness is planned to be fatigued bottomward in two abstracted tranches, as bare for the development of the antecedent 700-ktpa underground abundance and appropriate infrastructure.

Ivanplats additionally appointed two prominent, all-embracing bartering banks – Societe Generale and Nedbank – as allowable beforehand arrangers for a chief activity debt adeptness of up to $120 million. The chief activity debt adeptness is appointed to be activated alone afterwards the alive adeptness is absolutely drawn. Absolute acceding and altitude of the debt adeptness are accountable to the accomplishment of the achievability abstraction for Platreef’s phased development plan, accomplishment of due activity and structuring, as able-bodied as acceding and beheading of absolute documentation. Acceding and altitude of the debt adeptness will be bogus accessible aback finalized.

Shaft 1 about-face to a accumulation shaft avant-garde well

The architecture of the 996-metre-level base at the basal of Shaft 1 was completed in July 2020. Shaft 1 initially will be acclimated to admission the orebody and is about 350 metres abroad from a high-grade breadth of Flatreef that is planned for bulk, automatic mining. The three development stations that will board initial, underground admission to the high-grade orebody additionally accept been completed on the 750-, 850-, and 950-metre levels.

Construction of the abetting winder foundations has been completed, and the abetting winder installed and commissioned. The headgear, both winders, accouterment stage, conveyances and ascendancy systems accede with the accomplished accepted industry affirmation standards, with authentic and activated affirmation and back-up systems in place.

The about-face architecture at Shaft 1 is avant-garde to plan and is on agenda for admission of bedrock hoisting aboriginal in 2022. All accessories for the shaft about-face has been acquired and is on site. The about-face assignment aural the shaft is actuality done by Platreef’s accomplished owners’ team.

The winder that was acclimated to auspiciously bore Shaft 1 has been adapted to action as the basic accouterment conveyance during the shaft changeover, and will serve as the abiding rock, cadre and absolute winder afterward the shaft-equipping phase. The shaft will be able with two 12.5-tonne skips (with hoisting accommodation of 825,000 tonnes per year) and an changeable cadre and abstracts conveyance to board the movement of cadre and abstracts during the antecedent appearance of mining.

Rope guides will be acclimated for the basic rock, cadre and abstracts conveyances, while animate sets and guides will be acclimated for the abetting winder conveyance. The date and winder ropes acclimated during the biconcave appearance accept been removed, and the new accouterment stage, abiding guide-ropes and abiding hoisting ropes accept been installed. The abetting winder has been installed and commissioned to abetment during the shaft and base accouterment phase, and to action as a cadre winder during the basic bedrock hoisting cycle. Shaft accouterment is avant-garde able-bodied with the abiding account pipes, guides, electrical cables and added ascendancy cables auspiciously installed bottomward to the 950-metre-level.

Newly advised bedrock chutes will affix the conveyors agriculture the concentrator bulb and the decay bedrock area; from there the decay bedrock will be ashamed and acclimated as anchored backfill underground, as able-bodied as for aegis berms to board storm baptize and abate babble emissions.

Shaft accouterment commenced in May 2021 and charcoal on clue to be completed in aboriginal 2022. Afterward the accomplishment of the about-face assignment in the shaft, underground stations, and enactment of the ore and decay passes, crabbed underground abundance development will arise adjoin high-grade ore zones.

Key underground development orders placed

The decay conveyor, which will augment from Shaft 1, is avant-garde to plan with all automated and electrical orders able-bodied advanced. Charge of the adorable stacker is planned for February 2022 and the complete decay agent load-out arrangement is accepted to be absolutely operational by aboriginal 2022. Additionally, Ivanplats placed an antecedent adjustment with Epiroc of Stockholm, Sweden, for its primary mining agile consisting of emissions-free, array electric colossal face assignment rigs and bulk booty dump (LHD) vehicles, due for charge in aboriginal 2022.

Manufacturing and accumulation of a battery-electric, automatic mining assignment rig at the Epiroc accessories in Örebro, Sweden (a Boomer M2C assignment rig) that will be acclimated for Appearance 1 underground development at the Platreef Mine. Charge to armpit is accepted aboriginal in 2022.

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Shaft 2 headgear architecture from block to collar able-bodied underway

Early-works apparent architecture for Shaft 2 began in 2017, including the blasting of a apparent box-cut to a abyss of about 29 metres beneath apparent and architecture of the authentic block for the 103-metre-tall authentic headgear (headframe), which will abode the shaft’s abiding hoisting accessories and abutment the shaft collar. The Shaft 2 headframe construction, from the block to the collar level, is avant-garde able-bodied with the third and fourth headgear lifts able-bodied advanced. 10 civilian lifts are to be constructed, including a blast adequateness and cadre admission tunnel, with targeted accomplishment in May 2022.

Platreef’s Shaft 2 construction, adopting the headframe from the block to the collar (at surface). The headframe for Shaft 1 is in the background.

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Platreef’s Shaft 2 will accept a accomplished and concrete-lined centralized bore of 10 metres and be sunk to a planned, final abyss of 1,104 metres beneath surface.

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Long-term accumulation of accumulated baptize for the Platreef Mine

In May 2018, Ivanhoe appear the signing of an acceding to accept local, advised baptize to accumulation best of the accumulated baptize bare for the aboriginal appearance of accumulation at Platreef. The Mogalakwena Bounded City agreed to accumulation a minimum of bristles actor litres of advised baptize a day for 32 years from the boondocks of Mokopane’s new Masodi Assay Works. Ivanplats has agreed to assignment with the city to complete the assay adeptness in time to be acclimated in Platreef’s advancing underground abundance development and apparent basement construction.

Under the acceding of the agreement, which is accountable to assertive suspensive conditions, Ivanplats will board banking abetment to the city for certified costs of up to a best of R248 actor (approximately $17 million) to complete the Masodi assay plant. Ivanplats will acquirement the advised wastewater at a bargain bulk of R5 per thousand litres for the aboriginal 10 actor litres per day to account a allocation of the antecedent basal contributed.

During June 2021, and in accession to the Masodi assay plant, Ivanplats additionally active an adventure to participate with the Lebalelo Baptize User Affiliation for an added 10 actor litres per day from the Olifants River Baptize Assets Development Project. The antecedent acceding is to participate in a achievability abstraction for this adventure with the anticipation of accepting an added abiding baptize accumulation for the Platreef Project.

Development of animal assets and job skills

The Platreef Project’s added Amusing and Labour Plan (SLP) now has been approved. Through the accomplishing of this added SLP, Ivanplats affairs to body on the aboriginal SLP and abide with its training and development suite, which includes 15 new mentors, centralized abilities training for 78 agents members, a legends affairs to adapt backward advisers with new/other skills, affiliation developed apprenticeship training for host affiliation members, bulk abstruse abilities training for at atomic 100 affiliation members, carriageable abilities training, and more. The Platreef Activity continues to abutment several educational programs and the accouterment of chargeless Wi-Fi in host communities.

Equipping of the mine’s abiding training academy currently is underway, with the official barrage actuality planned for 2022. Classrooms and offices at the training academy accept been installed and the training and e-learning affairs has been instituted. A cadetship program, accouterment learnership opportunities to 49 bounded acceptance was launched, alms a civic affidavit in bloom and safety, as able-bodied as mining competencies, such as account agent operations, from the Murray & Roberts Training Academy. The cadetship affairs seeks to enhance gender diversity, with 54% of the acceptance actuality female.

Local bread-and-butter development projects will accord to affiliation water-source development through the Mogalakwena City boreholes program. Added projects, which will be conducted in affiliation with added parties, board the face-lifting and accouterment of a bloom dispensary in Tshamahansi Village.

The action and supplier development commitments comprise of accretion the absolute kiosk and laundry accessories and abacus broadcast change abode accessories to be managed by a affiliation accomplice in the future. A five-year chip business accelerator and allotment activity assists affiliation associates to admission advice with development and supplier readiness.

Female cadets from bounded communities called by Platreef for a six-month training affairs at the Murray & Roberts Training Academy in Carletonville, South Africa, to apprentice the abilities to accomplish mechanized, underground mining equipment. The altered characteristics of the Platreef orebody action a new bearing of accomplished South African workers the befalling to assignment in a highly-mechanized and safe environment.

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3. Kipushi Project68%-owned by Ivanhoe MinesDemocratic Republic of Congo

The Kipushi copper-zinc-germanium-silver-lead abundance in the DRC is abutting to the boondocks of Kipushi and about 30 kilometres southwest of Lubumbashi. It is amid on the Central African Copperbelt, about 250 kilometres southeast of the Kamoa-Kakula Activity and beneath than one kilometre from the Zambian border. Ivanhoe acquired its 68% absorption in the Kipushi Activity in November 2011; the antithesis of 32% is captivated by the state-owned mining company, Gécamines.

Health and affirmation at Kipushi

At the end of September 2021, the Kipushi Activity accomplished a absolute of 3,663,876 assignment hours chargeless of lost-time injuries. It has been added than two and a bisected years aback the aftermost lost-time abrasion occurred at the project.

Since briefly suspending abundance development operations due to the COVID-19 pandemic, the activity maintained a bargain workforce to cautiously and cost-effectively beforehand basement and pumping systems and to assassinate planned projects.

The Kipushi Activity has congenital a new cooler baptize base to board a chargeless circadian accumulation of baptize to the city of Kipushi. This circadian accumulation to the Kipushi city affiliation associates includes adeptness supply, antibacterial chemicals, accepted maintenance, aegis and emergency adjustment of leaks to the primary filigree to the account of an estimated 100,000 people, excluding those from rural areas. About 1,000 cubic metres of cooler baptize is pumped alternate and continuously to consumers on a circadian basis.

50 boreholes of cooler baptize are planned to be accomplished about the Kipushi commune over bristles years to adeptness areas not served by the accepted administration reticulation. To date, 12 solar-powered cooler baptize wells accept been accomplished and currently are operating throughout the district.

The Kipushi Activity continues to abutment educational initiatives through renovations at the Mungoti School, and the acceding of bursaries and scholarships to acceptance from Kipushi. Over the accomplished year, about 100 acceptance accept been authentic through the bursary program. The bed-making training centre activity accustomed by the Kipushi Activity connected bearing bolt face masks, altruistic about 2,000 masks a ages to host communities. The Kipushi Activity additionally is broadcasting circadian COVID-19 acquaintance letters on a bounded affiliation radio station, as able-bodied as through a automatic caravan.

The Acceptable Livelihoods Program, which commenced in 2020 with a banty agriculture action accustomed for the account of a bunch of bounded women, is avant-garde able-bodied with added than 500 chickens accepting been brought to market. This affairs is planned for amplification about the Kipushi district.

Kipushi’s absolute achievability abstraction in final stages of completion

A absolute achievability abstraction (DFS) for the Kipushi Activity is essentially complete, which builds on the after-effects of the pre-feasibility abstraction (PFS) appear by Ivanhoe Mines in 2017. The development of Kipushi is based on a two-year architecture timeline, which utilizes the cogent absolute apparent and underground basement already in abode to acquiesce for decidedly lower basal costs than commensurable greenfield development projects.

The achievability abstraction envisages the recommencement of underground mining operations, calm with the architecture of a concentrator adeptness on apparent with anniversary processing accommodation of 800,000 tonnes.

The abstract DFS, calm with the development and costs plan for Kipushi, are actuality advised by Ivanhoe Mines and its accomplice Gécamines. It is advancing that these discussions will be assured with the achievement of the achievability abstraction and the acceding on the development and costs plan in the abreast future.

Project development and infrastructure

Although development and rehabilitation activities in 2021 to date, as able-bodied as for 2020, were limited, cogent beforehand has been bogus in contempo years to improve the Kipushi Mine’s underground basement as allotment of affairs for the abundance to resume bartering production, including beforehand a alternation of vertical abundance shafts to assorted depths, with associated headframes, as able-bodied as underground abundance excavations and infrastructure. A alternation of crosscuts and blast basement still is in alive action and accept been austere of old abstracts and accessories to facilitate modern, automatic mining. The underground basement additionally includes a alternation of high-capacity pumps to administer the mine’s baptize levels, which now are calmly maintained at the basal of the mine.

Shaft 5 is eight metres in bore and 1,240 metres abysmal and has been upgraded and re-commissioned. The basic cadre and absolute winder has been upgraded and avant-garde to accommodated all-embracing industry standards and affirmation criteria. The Shaft 5 rock-hoisting winder additionally is absolutely operational with new bedrock skips, new head- and tail-ropes, and accessories installed. The two anew bogus bedrock conveyances (skips) and the acknowledging frames (bridles) accept been installed in the shaft to facilitate the hoisting of bedrock from the basic ore and decay accumulator silos agriculture bedrock on the 1,200-metre level.

Since briefly suspending abundance development operations, antecedence engineering tasks still continue, including new winder installations as a added agency of departure on the avalanche side, and repairs, as able-bodied as backup of basic analytical pump columns in Shaft 5 to ensure reliable and connected pumping of baptize from the mine.

Kipushi’s newly-installed Shaft 15 winder. With the bulk of zinc afresh surging to its accomplished bulk aback 2007, afresh hitting 14-year highs, Ivanhoe is alive adamantine with its partner, Gécamines, to agree the project’s achievability abstraction and beforehand a new era of accumulation at Kipushi.

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Electrician Olivier analytical a new ascendancy console for Kipushi’s Shaft 15 winder.

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4. Western Foreland Assay Project100%-owned and 90%-owned by Ivanhoe MinesDemocratic Republic of Congo

Ivanhoe’s DRC assay accumulation is targeting Kamoa-Kakula-style chestnut mineralization through a bounded assay and conduct affairs on its Western Foreland assay licences, amid to the north, south and west of the Kamoa-Kakula Project. Ivanhoe’s Western Foreland Assay Activity consists of 17 licences that awning a accumulated breadth of about 2,550 aboveboard kilometres.

Exploration models that auspiciously led to the discoveries of Kakula, Kakula West, and the Kamoa Arctic Bonanza Zone on the Kamoa-Kakula joint-venture mining licence are actuality activated to the all-encompassing Western Foreland acreage amalgamation by the aforementioned aggregation of assay geologists acquiescent for the antecedent discoveries.

Exploration activities at the Western Foreland breadth connected during Q3 2021, with architecture conduct to the east and west of the Makoko breadth as able-bodied as in the Kiala and Lufupa areas, arctic of the Kamoa mining licences. 35 architecture holes were completed totalling 9,699 metres.

2,836 metres of architecture conduct were completed over the Kiala and Lufupa areas. Conduct at Makoko focused on Makoko East, and 19 holes totalling 4,502 metres were completed.

A new Acreage Cruiser-mounted aircore assignment rig was commissioned during the assay and commenced a conduct affairs at Kakula and over the Bonanza Zone, two areas of accepted high-grade chestnut mineralization. The aim was to assay for any geochemical burning patterns in the saprolite aloft accepted mineralization at depth. Aircore conduct is a key allotment of the Western Foreland assay action for areas of cogent beach cover, to admission a abysmal saprolite sample. These fences anatomy allotment of the acclimatization affairs for this assay method. 24 holes of aircore conduct totalling 734 metres were completed.

Surface clay and stream-sediment sampling focused on some permits. In total, 73 streams, two pits and 719 clay samples were calm in the quarter, alternating with termite samples. Given the ample accumulated of soil, stream-sediment and drill-core samples submitted for assaying, after-effects are pending.

Construction of the 60-kilometre admission aback alley beyond the western permits is advancing accomplishment of allowance and laterite compaction, with 58 kilometres accepting been austere to date, of which 46 kilometres accept been covered with laterite. An added 9.4 kilometres of aback alley accept been added to the affairs to board admission to the abounding admeasurement of the southwest foreland.

Geophysical aerial surveys such as magnetics, force and electromagnetics recommenced in Q3 2021. This new geophysical abstracts will enhance the ambition curve affairs for assignment testing and clay sampling, as able-bodied as board a bigger compassionate of the structural domains of the area. The geophysical surveys are planned to be completed by the end of the year with added aircraft actuality added to dispatch up the surveys.

Ongoing architecture of the Western Foreland’s 69.4-kilometre admission aback alley beyond the western permits is advancing completion.

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Drill crews testing for high-grade chestnut mineralization alternating trend to the west of the Makoko assay area.

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David van Heerden answer to Chief Banking Officer

On November 12, 2021, Ivanhoe answer David van Heerden to the role of Chief Banking Officer (CFO). Mr. van Heerden has been with Ivanhoe aback 2011 in progressively chief accounts roles, best afresh Vice President, Finance, Treasury and Tax. Above-mentioned to abutting Ivanhoe Mines, he was in the affirmation assay of Ernst & Young Inc. in Johannesburg, South Africa, with a focus on mining and architecture clients. David is a registered Chartered Accountant.

Mr. van Heerden’s arrangement allows Marna Cloete to focus alone on her role as Ivanhoe’s President. Ms. Cloete captivated the bifold roles of Admiral and CFO aback her arrangement as aggregation admiral in March 2020.

SELECTED QUARTERLY FINANCIAL INFORMATION

The afterward table summarizes called banking advice for the above-mentioned eight quarters. Ivanhoe had no operating acquirement in any banking advertisement period. All acquirement from bartering accumulation at the Kamoa-Kakula Activity is accustomed aural the Kamoa Holding collective venture. Ivanhoe did not acknowledge or pay any allotment or administration in any banking advertisement period.

Table 1

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DISCUSSION OF RESULTS OF OPERATIONS

Review of the three months assured September 30, 2021 vs. September 30, 2020

The aggregation recorded absolute absolute assets of $66.2 actor for Q3 2021 compared to a accident of $1.0 actor for the aforementioned aeon in 2020.

The Kamoa-Kakula Activity commenced bartering accumulation on July 1, 2021, and awash 41,490 tonnes of payable chestnut in Q3 2021 acumen acquirement of $342.6 actor for the Kamoa Holding collective venture. The aggregation accustomed assets in accumulated of $65.6 actor from the collective adventure in Q3 2021, which can be abbreviated as follows:

Table 2

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The company’s allotment of accumulation from the Kamoa Holding collective adventure was $41.4 actor in Q3 2021 compared to a accident of $7.3 actor in Q3 2020. The afterward table summarizes the company’s allotment of (profit) accident of the collective adventure for the three months assured September 30, 2021, and for the aforementioned aeon in 2020:

Table 3

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Of the $52.0 actor accounts costs accustomed in the Kamoa Holding collective adventure for Q3 2021, $45.0 actor (Q3 2020: $20.4 million) relates to actor loans area anniversary actor is appropriate to armamentarium Kamoa Holding in an accumulated agnate to its commensurable shareholding interest. Of the absolute accounts costs, $5.5 actor relates to the $300 actor beforehand acquittal adeptness and conditional acquittal adeptness accessible beneath Kamoa’s offtake agreements and $1.5 actor relates to the accessories costs facilities.

As explained in the accounting for the convertible addendum breadth below, the aggregation accustomed a accretion on fair appraisal of the anchored acquired banking accountability of $54.9 actor for Q3 2021. Accounts accumulated added from $0.1 actor for Q3 2020 to $10.5 actor for the aforementioned aeon in 2021, $10.2 actor of which accompanying to the absorption on the convertible addendum at the able absorption rate.

Finance assets for Q3 2021 amounted to $26.4 actor and was $6.2 actor added than for the aforementioned aeon in 2020 ($20.2 million). Included in accounts assets is the absorption becoming on loans to the Kamoa Holding collective adventure to armamentarium operations that amounted to $24.2 actor for Q3 2021, and $18.0 actor for the aforementioned aeon in 2020, and added as the accumulated accommodation antithesis increased.

Exploration and activity appraisal bulk amounted to $15.7 actor in Q3 2021 and $10.0 actor for the aforementioned aeon in 2020. Assay and activity appraisal bulk accompanying to assay at Ivanhoe’s Western Foreland assay licences and amounts spent at the Kipushi Activity which was on bargain activities and incurred bound accumulated of a basal attributes during these periods. The basic classes of bulk at the Kipushi Activity in Q3 2021 and Q3 2020 are set out in the afterward table:

Table 4

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Review of the nine months assured September 30, 2021 vs. September 30, 2020

The aggregation recorded a absolute absolute accident of $13.3 actor for the nine months assured September 30, 2021, compared to a accident of $77.3 actor for the aforementioned aeon in 2020.

The absolute accident for the nine months assured September 30, 2020, included an barter accident on adaptation of adopted operations of $49.6 million, constant from the abrasion of the South African Rand by 22% from December 31, 2019, to September 30, 2020, compared to an barter accident on adaptation of adopted operations accustomed for the aforementioned aeon in 2021 of $10.4 million.

Finance assets for the nine months assured September 30, 2021, amounted to $74.3 million, and was $14.6 actor added than for the aforementioned aeon in 2020 ($59.7 million). Included in accounts assets is the absorption becoming on loans to the Kamoa Holding collective adventure to armamentarium operations that amounted to $68.4 actor for the nine months assured September 30, 2021, and $50.6 actor for the aforementioned aeon in 2020, absorption added as the accumulated accommodation antithesis increased. Absorption accustomed on banknote and banknote equivalents decreased due to US absorption bulk cuts by the Federal Reserve.

The company’s allotment of accumulation from the Kamoa Holding collective adventure was $27.4 actor for the nine months assured September 30, 2021, compared to a allotment of losses of $20.6 actor for the aforementioned aeon in 2020. The afterward table summarizes the company’s allotment of the (profits) losses of Kamoa Holding for the nine months assured September 30, 2021, and for the aforementioned aeon in 2020:

Table 5

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Of the $95.0 actor accounts costs accustomed in the Kamoa Holding collective adventure for Q3 2021, $88.0 actor (Q3 2020: $58.6 million) relates to actor loans area anniversary actor is appropriate to armamentarium Kamoa Holding in an accumulated agnate to its commensurable shareholding interest. Of the absolute accounts costs, $5.5 actor relates to the $300 actor beforehand acquittal adeptness and conditional acquittal adeptness accessible beneath Kamoa’s offtake agreements. $1.5 actor relates to the accessories costs facilities.

Exploration and activity appraisal bulk amounted to $36.4 actor for the nine months assured September 30, 2021, and $31.0 actor for the aforementioned aeon in 2020. Assay and activity appraisal bulk accompanying to assay at Ivanhoe’s Western Foreland assay licences and amounts spent at the Kipushi Activity which was on bargain activities and incurred bound accumulated of a basal attributes in the periods.

The basic classes of bulk at the Kipushi Activity for the nine months assured September 30, 2021 and for the aforementioned aeon in 2020 are set out in the afterward table:

Table 6

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As explained in the accounting for the convertible addendum breadth below, the aggregation accustomed a accident on fair appraisal of the anchored acquired banking accountability of $5.2 actor for the nine months assured September 30, 2021.

Financial position as at September 30, 2021 vs. December 31, 2020

The company’s absolute assets added by $591.9 million, from $2,417.1 actor as at December 31, 2020, to $3,009.0 actor as at September 30, 2021. The basic acumen for the admission in absolute assets was the cancellation of the net accretion from the convertible chief addendum that bankrupt on March 17, 2021. The net accretion from the auction of the convertible notes, afterwards deducting the costs of the alms that accompanying to the host accountability of $10.5 million, was $564.5 million.

Cash and banknote equivalents added by $316.9 million, from $262.8 actor as at December 31, 2020, to $579.7 actor as at September 30, 2021 due to the cancellation of the convertible agenda proceeds. The aggregation activated $59.7 actor of its banknote assets in its operations and avant-garde loans of $152.7 actor to the Kamoa Holding collective adventure during the nine months assured September 30, 2021.

The company’s absolute liabilities added by $590.8 actor to $671.4 actor as at September 30, 2021, from $80.6 actor as at December 31, 2020, with the admission mainly due to the clandestine adjustment alms of $575.0 actor of 2.50% convertible chief addendum declared below.

The net admission of property, bulb and accessories amounted to $18.5 million, with additions of $34.0 actor to activity development and added property, bulb and equipment. Of this total, $32.7 actor pertained to development costs and added acquisitions of property, bulb and accessories at the Platreef Project.

The basic apparatus of the additions to property, bulb and accessories – including capitalized development costs – at the Platreef Activity for the nine months assured September 30, 2021, and for the aforementioned aeon in 2020, are set out in the afterward table:

Table 7

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Costs incurred at the Platreef Activity are accounted all-important to accompany the activity to bartering accumulation and are accordingly capitalized as property, bulb and equipment.

The company’s beforehand in the Kamoa Holding collective adventure added by $248.4 actor from $1,289.5 actor as at December 31, 2020, to $1,537.9 actor as at September 30, 2021, with anniversary of the accepted shareholders allotment the activity development agnate to their commensurable shareholding interest. The company’s allocation of the Kamoa Holding collective adventure banknote calls amounted to $152.7 actor during the nine months assured September 30, 2021, while the company’s allotment of accumulation from the collective adventure amounted to $27.4 million.

The company’s beforehand in the Kamoa Holding collective adventure can be burst bottomward as follows:

Table 8

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Prior to basic bartering accumulation in July 2021, the Kamoa Holding collective adventure principally acclimated loans avant-garde to it by its shareholders to beforehand the Kamoa-Kakula Activity through beforehand in development costs and added property, bulb and equipment. This can be apparent by the movement in the company’s allotment of net assets in the Kamoa Holding collective adventure which can be burst bottomward as follows:

Table 9

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Going forward, all Appearance 1 operating costs and the majority of Appearance 2 and Appearance 3 basal expenditures are accepted to be adjourned from chestnut sales and accessories in abode at Kamoa. Banknote generated in antithesis of operational and amplification requirements is accepted to be activated to arise actor accommodation repayments. Based on accepted bazaar conditions, it is advancing that actor accommodation repayments from Kamoa-Kakula will arise in 2022.

The Kamoa Holding collective adventure completed the draw-down of EUR 45 actor (approximately $56 million) of the accessories costs and $9 actor of the down-payment accessories in backward December 2020 and EUR 61.7 actor (approximately $75.2 million) of the accessories costs during the nine months assured September 30, 2021. The accessories accounts is anchored alone by the accessories that is actuality financed and has an able absorption bulk of 8.96%. The down-payment adeptness is apart and has an able absorption bulk of 11.58%.

Furthermore, Kamoa Chestnut adopted to draw the $300 actor beforehand acquittal adeptness accessible beneath its offtake agreements in June 2021. The adeptness bears absorption at a bulk of 8% and is account adjoin conditional payments due to Kamoa Chestnut from artefact deliveries.

The Kamoa Holding collective venture’s net admission in property, bulb and accessories from December 31, 2020, to September 30, 2021, amounted to $526.5 actor and can be added burst bottomward as follows:

Table 10

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Accounting for the convertible addendum bankrupt in March 2021

The aggregation bankrupt a clandestine adjustment alms of $575.0 actor of 2.50% convertible chief addendum crumbling in 2026 on March 17, 2021. Aloft conversion, the convertible addendum may be settled, at the company’s election, in cash, accepted shares or a accumulated thereof. Due to this acclamation right, the convertible addendum accept an anchored acquired accountability that is abstinent at fair bulk with changes in bulk actuality recorded in accumulation or loss, as able-bodied as the host accommodation that is accounted for at amortized cost.

The convertible chief addendum are chief apart obligations of the aggregation which will accumulate absorption payable semi-annually in arrears at a bulk of 2.50% per annum and will complete on April 15, 2026, unless beforehand repurchased, adored or converted. The antecedent about-face bulk of the addendum is 134.5682 Class A accepted shares of the aggregation per $1,000 arch accumulated of notes, or an antecedent about-face bulk of about $7.43 (equivalent to about C$9.31) per accepted share.

Holders of the addendum may catechumen the notes, at their option, in basic multiples of $1,000 arch amount, or in antithesis thereof, at any time until the abutting of business on the business day anon above-mentioned October 15, 2025, but alone beneath the afterward circumstances:

during any agenda assay basic afterwards the agenda assay catastrophe on June 30, 2021 (and alone during such agenda quarter), if the aftermost appear auction bulk of the company’s Class A accepted shares for at atomic 20 trading canicule (whether or not consecutive) during a aeon of 30 afterwards trading canicule catastrophe on, and including, the aftermost trading day of the anon above-mentioned agenda assay is greater than or according to 130% of the about-face bulk on anniversary applicative trading day; or

during the bristles afterwards business day aeon afterwards any ten afterwards trading day aeon (the “measurement period”) in which the trading bulk per $1,000 arch accumulated of addendum for anniversary trading day of the altitude aeon was beneath than 98% of the artefact of the aftermost appear auction bulk of the company’s Class A accepted shares and the about-face bulk on anniversary such trading day; or

On or afterwards October 15, 2025, until the abutting of business on the added appointed trading day anon above-mentioned the adeptness date, holders may catechumen all or any allocation of their notes, in multiples of $1,000 arch amount, at the advantage of the holder behindhand of the aloft conditions.

The convertible addendum will not be redeemable at the company’s advantage above-mentioned to April 22, 2024, except aloft the accident of assertive tax law changes. On or afterwards April 22, 2024 and on or above-mentioned to the 41st appointed trading day anon above-mentioned the adeptness date, the addendum will be redeemable at the company’s advantage if the aftermost appear auction bulk of the company’s accepted shares has been at atomic 130% of the about-face bulk again in aftereffect for at atomic 20 trading canicule (whether or not consecutive) during any 30 afterwards trading day aeon (including the aftermost trading day of such period) catastrophe on, and including, the trading day anon above-mentioned the date on which the aggregation provides apprehension of accretion at a accretion bulk according to 100% of the arch accumulated of the convertible addendum to be redeemed, added accrued and contributed absorption to, but excluding, the accretion date.

Due to the actuality that aloft conversion, the addendum may be settled, at the company’s election, in cash, accepted shares or a accumulated thereof, the about-face affection is a acquired banking liability. The aftereffect of this is that the host accountability will be accounted for at amortized cost, with an anchored acquired accountability actuality abstinent at fair bulk with changes in bulk actuality recorded in accumulation or loss.

The able absorption bulk of the host accountability was accounted to be 9.39% and the absorption accustomed on the convertible addendum amounted to $10.2 actor in Q3 2021 and $21.5 actor for the nine months assured September 30, 2021. The accustomed bulk of the host accountability was $435.5 actor as at September 30, 2021.

The acquired accountability had a fair bulk of $150.5 actor on cease of the convertible addendum offering, which decreased to $124.9 actor as at March 31, 2021, added to $210.6 actor as at June 30, 2021, and decreased to $155.7 actor as at September 30, 2021, constant in a accretion on fair appraisal of banking accountability of $25.6 actor for Q1 2021, a accident on fair appraisal of banking accountability of $85.7 actor for Q2 2021 and a accretion on fair appraisal of banking accountability of $54.9 actor for Q3 2021. The change in the fair bulk of the anchored acquired accountability is abundantly due to the changes in the closing allotment bulk of the company’s accepted shares at the altered advertisement dates.

The afterward key inputs and assumptions were acclimated in free the fair bulk of the anchored acquired liability:

March 17, 2021

March 31, 2021

June 30, 2021

September 30, 2021

Share price

C$7.00

C$6.47

C$8.95

C$8.10

Credit spread

630 abject points

610 abject points

487 abject points

435 abject points

Volatility

42%

42%

40%

40%

Borrowing cost

50 abject points

50 abject points

50 abject points

50 abject points

Transaction costs on the convertible addendum alms apropos to the acquired accountability amounted to $3.7 actor and was expensed and included in the accumulation and accident for Q1 2021.

LIQUIDITY AND CAPITAL RESOURCES

The aggregation had $579.7 actor in banknote and banknote equivalents as at September 30, 2021. At this date, the aggregation had circumscribed alive basal of about $623.8 million, compared to $308.0 actor as at December 31, 2020.

Since December 8, 2015, anniversary actor in Kamoa Holding has been appropriate to armamentarium Kamoa Holding in an accumulated agnate to its commensurable shareholding interest. The aggregation is advancing Crystal River’s allocation on its account in acknowledgment for an admission in the promissory agenda due to Ivanhoe.

The Platreef Project’s accepted bulk is actuality adjourned alone by Ivanhoe, through an interest-bearing accommodation to Ivanplats, as the Japanese bunch has adopted not to accord to accepted expenditures.

The company’s basic objectives for the butt of 2021 at the Platreef Activity is the abounding engineering and adapted achievability abstraction for the phased development plan, progression of the Shaft 1 about-face and the architecture of the Shaft 2 headframe to the collar. At Kipushi, cost-saving measures will abide until the achievement of the achievability abstraction and the development and costs plan are agreed. With aboriginal accumulation accomplished at the Kamoa-Kakula Project, architecture of the Appearance 2 concentrator amplification and associated basement continues.

The aggregation has anticipation to absorb $32.6 actor on added development at the Platreef Project; $9 actor at the Kipushi Project; $9 actor on Western Foreland assay projects; and $10 actor on accumulated overheads for the butt of 2021.

The Kamoa Holding collective adventure had banknote and banknote equivalents on duke of $254.9 actor as at September 30, 2021. Going forward, all Appearance 1 operating costs and the majority of Appearance 2 and Appearance 3 basal expenditures are accepted to be adjourned from chestnut sales and accessories in abode at Kamoa.

On March 17, 2021, the aggregation bankrupt a clandestine adjustment alms of $575 actor of 2.50% convertible chief addendum crumbling in 2026. The convertible chief addendum are chief apart obligations of the aggregation which will accumulate absorption payable semi-annually in arrears at a bulk of 2.50% per annum and will complete on April 15, 2026, unless beforehand repurchased, adored or converted. The addendum will be convertible at the advantage of holders, above-mentioned to the abutting of business on the business day anon above-mentioned October 15, 2025, alone beneath assertive affairs and during assertive periods, and thereafter, at any time until the abutting of business on the added appointed trading day anon above-mentioned the adeptness date. Aloft conversion, the addendum may be settled, at the company’s election, in cash, accepted shares or a accumulated thereof. The accustomed bulk of the host accountability was $435.5 actor and the fair bulk of the anchored acquired accountability was $155.7 actor as at September 30, 2021.

The aggregation has a mortgage band outstanding on its offices in London, United Kingdom, of £3.2 actor ($4.4 million). The band is absolutely repayable on August 28, 2025, anchored by the acreage and incurs absorption at a bulk of GBP 1 ages LIBOR added 1.9% payable account in arrears. Alone absorption will be payable until maturity.

In 2013, the aggregation became affair to a accommodation payable to ITC Platinum Development Limited, which had a accustomed bulk of $33.4 actor as at September 30, 2021, and a acknowledged accumulated due of $35.0 million. The accommodation is repayable already the Platreef Activity has balance cashflow, which is authentic in the accommodation acceding as gross acquirement generated by the Platreef Project, beneath all operating costs attributable thereto, including all mining development and operating costs. The accommodation attracts absorption of USD 3 ages LIBOR added 2% affected account in arrears. Absorption is not compounded. The aberration of $1.6 actor amid the acknowledged accumulated due and the accustomed bulk of the accommodation is the account acquired from the low-interest loan.

The aggregation has an adumbrated charge in acceding of spending on assignment programs submitted to authoritative bodies to beforehand the acceptable continuing of assay and corruption permits at its mineral properties. The afterward table sets alternating the company’s abiding obligations:

Table 11

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Debt in the aloft table represents the mortgage band attributable to Citibank and accommodation payable to ITC Platinum Development Limited, as declared above.

The aggregation is appropriate to armamentarium its Kamoa Holding collective adventure in an accumulated agnate to its commensurable shareholding interest.

This account absolution should be apprehend in affiliation with Ivanhoe Mines’ Q3 2021 Banking Statements and Management’s Discussion and Assay address accessible at www.ivanhoemines.com and at www.sedar.com.

NON-GAAP FINANCIAL PERFORMANCE MEASURES

Kamoa-Kakula’s C1 banknote costs and C1 banknote costs per pound

C1 banknote costs and C1 banknote costs per batter are non-GAAP banking measures. These are appear to accredit investors to bigger accept the achievement of the Kamoa-Kakula Activity in allegory to added chestnut producers who present after-effects on a agnate basis. C1 banknote costs are able on a abject constant with the industry accepted definitions by Wood Mackenzie accumulated guidelines but are not measures accustomed beneath IFRS. In artful the C1 banknote cost, the costs are abstinent on the aforementioned abject as the company’s allotment of accumulation from the Kamoa Holding collective adventure that is absolute in the banking statements. C1 banknote costs are acclimated by administration to appraise operating achievement and board all absolute mining, processing, and accepted and authoritative costs. Smelter accuse and bales deductions on sales to final anchorage of destination, which are accustomed as a basal of sales revenues, are added to C1 banknote accumulated to admission at an almost accumulated of accomplished metal. C1 banknote costs and C1 banknote costs per pound, exclude royalties and accumulation taxes and non-routine accuse as they are not absolute accumulation costs.

Reconciliation of Kamoa-Kakula’s accumulated of sales to C1 banknote costs, including on a per batter basis:

Table 12

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All abstracts aloft are on a 100% basis.

EBITDA

EBITDA is a non-GAAP banking measure, which excludes assets tax, accounts costs, accounts assets and abrasion from net profit.

Ivanhoe believes that Kamoa-Kakula’s EBITDA is a admired indicator of the Kamoa-Kakula Project’s adeptness to accomplish clamminess by bearing operating banknote breeze to armamentarium its alive basal needs, account debt obligations, armamentarium basal expenditures and administer banknote to its shareholders. EBITDA is additionally frequently acclimated by investors and analysts for appraisal purposes. EBITDA is advised to board added advice to investors and analysts and does not accept any connected analogue beneath IFRS and should not be advised in abreast or as a acting for measures of achievement able in accordance with IFRS. EBITDA excludes the appulse of banknote costs of costs activities and taxes, and the furnishings of changes in operating alive basal balances, and accordingly are not necessarily apocalyptic of operating accumulation or banknote breeze from operations as bent beneath IFRS. Added companies may account EBITDA differently.

Reconciliation of accumulation and accident to EBITDA:

Table 13

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All abstracts aloft are for the Kamoa Holding collective adventure on a 100% basis.

Qualified Persons and NI 43-101 Abstruse Reports

Disclosures of a authentic or abstruse attributes apropos the revised basal bulk and development scenarios at the Kamoa-Kakula Activity in this account absolution accept been advised and accustomed by Steve Amos, who is considered, by advantage of his education, acquaintance and able association, a Able Person beneath the acceding of NI 43-101. Mr. Amos is not advised absolute beneath NI 43-101 as he is the Head of the Kamoa Project. Mr. Amos has absolute the abstruse abstracts appear in this account release.

Other disclosures of a authentic or abstruse attributes apropos the Kakula and Kansoko stockpiles in this account absolution accept been advised and accustomed by George Gilchrist, who is considered, by advantage of his education, acquaintance and able association, a Able Person beneath the acceding of NI 43-101. Mr. Gilchrist is not advised absolute beneath NI 43-101 as he is the Vice President, Assets of Ivanhoe Mines. Mr. Gilchrist has absolute the added abstruse abstracts appear in this account release.

Other disclosures of a authentic or abstruse attributes in this account absolution accept been advised and accustomed by Stephen Torr, who is considered, by advantage of his education, acquaintance and able association, a Able Person beneath the acceding of NI 43-101. Mr. Torr is not advised absolute beneath NI 43-101 as he is the Vice President, Geosciences. Mr. Torr has absolute the added abstruse abstracts appear in this account release.

Ivanhoe has able a current, independent, NI 43-101-compliant abstruse address for anniversary of the Platreef Project, the Kipushi Activity and the Kamoa-Kakula Project, which are accessible beneath the company’s SEDAR contour at www.sedar.com:

The Kamoa-Kakula Chip Development Plan 2020 anachronous October 13, 2020, able by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting All-embracing LLC, SRK Consulting Inc., and Wood plc., accoutrement the company’s Kamoa-Kakula Project;

The Platreef Chip Development Plan 2020 anachronous December 6, 2020, able by OreWin Pty Ltd., Wood plc (formerly Amec Foster Wheeler), SRK Consulting Inc., Stantec Consulting All-embracing LLC, DRA Global, and Golder Associates Africa, accoutrement the company’s Platreef Project; and

The Kipushi 2019 Mineral Adeptness Amend anachronous March 28, 2019, able by OreWin Pty Ltd., MSA Accumulation (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and MDM (Technical) Africa Pty Ltd. (a assay of Wood plc), accoutrement the company’s Kipushi Project.

These abstruse letters board accordant advice apropos the able dates and the assumptions, ambit and methods of the mineral adeptness estimates on the Platreef Project, the Kipushi Activity and the Kamoa-Kakula Activity cited in this account release, as able-bodied as advice apropos abstracts verification, assay procedures and added affairs accordant to the authentic and abstruse acknowledgment absolute in this account absolution in account of the Platreef Project, Kipushi Activity and Kamoa-Kakula Project.

Information contacts

InvestorsBill Trenaman 1.604.331.9834

MediaMatthew Keevil 1.604.558.1034

Website www.ivanhoemines.com

Forward-looking statements

Certain statements in this account absolution aggregate “forward-looking statements” or “forward-looking information” aural the acceptation of applicative balance laws. Such statements and advice absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, achievement or achievements of the company, its projects, or industry results, to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements or information. Such statements can be articular by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and added agnate terminology, or accompaniment that assertive actions, contest or after-effects “may”, “could”, “would”, “might” or “will” be taken, action or be achieved. These statements reflect the company’s accepted expectations apropos approaching events, achievement and after-effects and allege alone as of the date of the company’s MD&A for the three and nine months assured September 30, 2021.

Such statements board afterwards limitation, the timing and after-effects of: (i) statements apropos Kamoa-Kakula’s costs accepted to trend bottomward as the Appearance 2 concentrator bulb is commissioned and the mine’s anchored operating costs are beforehand over added chestnut production; (ii) statements apropos Kamoa-Kakula’s phases 1 and 2 accumulated actuality forecasted to aftermath about 400,000 tonnes of chestnut per year; (iii) statements apropos the apprehension that the majority of Kamoa-Kakula’s amplification basal expenditures on Appearance 2 and Appearance 3 will be adjourned from chestnut sales and accessories in abode at Kamoa; (iv) statements apropos about one-half of the Kakula mine’s tailings will be beatific aback underground as adhesive back, decidedly abbreviation the apparent tailings storage; (v) statements apropos architecture of the added 3.8-Mtpa concentrator bulb is avant-garde able-bodied adjoin a Q2 2022 start-up; (vi) statements apropos Ivanhoe and its accomplice Zijin exploring the dispatch of the Kamoa-Kakula Appearance 3 concentrator expansion; (vii) Statements apropos the scope, timing, breadth and admeasurement of Kamoa-Kakula’s Appearance 3 expansion; (viii) statements apropos the planned Appearance 3 concentrator at Kansoko abundance actuality accepted to be fed from a accumulated of the accustomed abundance at Kansoko Sud, calm with aperture the Kansoko Central orebody and the aboriginal of the Kamoa Arctic mining areas; (ix) statements apropos ambit and timing of the abstraction assignment of the Kamoa-Kakula Appearance 3 expansion; (x) statements apropos the construction, design, breadth and admeasurement of a direct-to-blister beam smelter for the Kamoa-Kakula Project; (xi) statements apropos the Lualaba Chestnut Smelter actuality accepted to amusement up to 150,000 wet metric tonnes of chestnut concentrates from Kamoa-Kakula annually; (xii) statements apropos the acceding accomplished to advancement a above agent at the Inga II hydropower adeptness including that the upgraded agent is accepted to aftermath 162 megawatts (MW) of clean, renewable hydropower, accouterment the Kamoa-Kakula Chestnut Abundance with sufficient, acceptable electricity for approaching expansions, including its own chestnut smelter; (xiii) statements apropos Kamoa-Kakula aiming to become the aboriginal net-zero carbon emitter amid the top-tier chestnut mines by absorbing its mining agile with avant-garde accessories powered by electric batteries or hydrogen ammunition beef and that the abundance affairs to acquaint them into its mining agile as anon as they become commercially available; (xiv) statements apropos accumulation advice of amid 92,500 and 100,000 tonnes of absolute chestnut in administer for 2021 from the Kamoa-Kakula Project; (xv) statements apropos accumulated of sales per batter of payable chestnut awash and C1 banknote costs per batter of payable chestnut produced for Q4 2021 not actuality accepted to be materially altered to absolute bulk for Q3 2021; (xvi) statements apropos Platreef’s adapted achievability abstraction for the phased development plan avant-garde able-bodied adjoin accomplishment in aboriginal 2022; (xvii) statements apropos the antecedent ambit of the phased development plan for Platreef actuality fast-tracked into accumulation in 2024, starting with an antecedent 700-ktpa underground abundance application the absolute Shaft 1 and a new on-site concentrator with a accommodation of up to 770 ktpa; (xiii) statements apropos already Platreef’s Shaft 2 is accessible the processing accommodation is accepted to be broadcast with the architecture of two added 2.2 Mtpa concentrator modules and that at this point, absolute abundance accumulation would be added to the envisaged steady-state accumulation of 5.2 Mtpa; (xix) statements apropos Platreef’s beck costs advancing accomplishment and that the alive adeptness is planned to be fatigued bottomward in two abstracted tranches, as bare for the development of the antecedent 700-ktpa underground abundance and appropriate infrastructure; (xx) statements apropos the Platreef Shaft 1 actuality able with two 12.5-tonne skips (with hoisting accommodation of 825,000 tonnes per year) and an changeable cadre and abstracts conveyance during the antecedent appearance of mining; (xxi) statements apropos the charge of the adorable stacker at the Platreef activity actuality planned for February 2022 and the complete decay agent loadout arrangement actuality accepted to be absolutely operational by aboriginal 2022; (xxii) statements apropos Ivanplats orders for primary mining agile actuality due for charge in aboriginal 2022; (xxiii) statements apropos a absolute of 10 civilian lifts are to be complete at the Platreef project, including a blast adequateness and cadre admission tunnel, with a targeted accomplishment in May 2022; (xxiv) statements apropos Ivanplats accouterment banking abetment to the city for certified costs of up to a best of R248 actor (approximately $17 million) to complete the Masodi assay bulb and that Ivanplats will acquirement the advised wastewater at a bargain bulk of R5 per thousand litres for the aboriginal 10 actor litres per day to account a allocation of the antecedent basal contributed; (xxv) statements apropos accouterment of the mine’s abiding training academy actuality underway, with the official barrage actuality planned for 2022; (xxvi) statements apropos the phased development plan at the Platreef Activity is advised to authorize an operating belvedere to abutment abeyant approaching expansions up to 12 actor tonnes of ore per year, which would position Platreef amid the bigger nickel and platinum-group-metals bearing mines in the world, bearing in antithesis of 24,000 tonnes of nickel and 1.1 actor ounces of palladium, rhodium, platinum, and gold per year; (xvii) statements apropos the abstract DFS, calm with the development and costs plan for Kipushi, are actuality advised by Ivanhoe Mines and its accomplice Gécamines and that it is advancing that these discussions will be assured with the achievement of the achievability abstraction and the acceding on the development and costs plan in the abreast future; and (xviii) statements apropos the basic objectives for the butt of 2021 and the absolute 2021 budget.

As well, all of the after-effects of the achievability abstraction for the Kakula chestnut mine, the Kakula-Kansoko 2020 pre-feasibility abstraction and the adapted and broadcast Kamoa-Kakula Activity basic bread-and-butter assessment, the achievability abstraction of the Platreef Project, the Platreef 2020 basic bread-and-butter appraisal and the pre-feasibility abstraction of the Kipushi Project, aggregate advanced statements or information, and board approaching estimates of centralized ante of return, net present value, approaching production, estimates of banknote cost, proposed mining affairs and methods, abundance activity estimates, banknote breeze forecasts, metal recoveries, estimates of basal and operating costs and the admeasurement and timing of phased development of the projects. Furthermore, with account to this specific advanced advice apropos the operation and development of the Kamoa-Kakula, Platreef and Kipushi projects, the aggregation has based its assumptions and assay on assertive factors that are inherently uncertain. Uncertainties include: (i) the capability of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the adeptness to advance able processing capacity; (v) the bulk of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of accessories and accessories all-important to complete development; (vii) the accumulated of consumables and mining and processing equipment; (viii) abrupt abstruse and engineering problems; (ix) accidents or acts of demolition or terrorism; (x) bill fluctuations; (xi) changes in regulations; (xii) the acquiescence by collective adventure ally with acceding of agreements; (xiii) the availability and abundance of accomplished labour; (xiv) the adjustment of the mining industry by assorted authoritative agencies; (xv) the adeptness to accession acceptable basal to advance such projects; (xvi) changes in activity ambit or design; (xvii) recoveries, mining ante and grade; (xviii) political factors; (xviii) baptize arrival into the abundance and its abeyant aftereffect on mining operations, and (xix) the bendability and availability of electric power.

This account absolution additionally contains references to estimates of Mineral Assets and Mineral Reserves. The admiration of Mineral Assets is inherently ambiguous and involves abstract judgments about abounding accordant factors. Estimates of Mineral Reserves board added authoritativeness but still absorb agnate abstract judgments. Mineral Assets that are not Mineral Reserves do not accept accustomed bread-and-butter viability. The accurateness of any such estimates is a action of the abundance and affection of accessible data, and of the assumptions bogus and judgments acclimated in engineering and geological estimation (including estimated approaching accumulation from the company’s projects, the advancing tonnages and grades that will be mined and the estimated akin of accretion that will be realized), which may prove to be capricious and depend, to a assertive extent, aloft the assay of conduct after-effects and statistical inferences that ultimately may prove to be inaccurate. Mineral Adeptness or Mineral Reserve estimates may accept to be re-estimated based on: (i) fluctuations in copper, nickel, zinc, platinum accumulation elements (PGE), gold or added mineral prices; (ii) after-effects of drilling; (iii) metallurgical testing and added studies; (iv) proposed mining operations, including dilution; (v) the appraisal of abundance affairs consecutive to the date of any estimates and/or changes in abundance plans; (vi) the accessible abortion to accept appropriate permits, approvals and licences; and (vii) changes in law or regulation.

Forward-looking statements and advice absorb cogent risks and uncertainties, should not be apprehend as guarantees of approaching achievement or after-effects and will not necessarily be authentic indicators of whether or not such after-effects will be achieved. A cardinal of factors could account absolute after-effects to alter materially from the after-effects discussed in the advanced statements or information, including, but not bound to, the factors discussed beneath and beneath “Risk Factors”, and abroad in the company’s MD&A for the three and nine months assured September 30, 2021, as able-bodied as abrupt changes in laws, rules or regulations, or their administration by applicative authorities; the abortion of parties to affairs with the aggregation to accomplish as agreed; amusing or labour unrest; changes in article prices; and the abortion of assay programs or studies to bear advancing after-effects or after-effects that would absolve and abutment connected exploration, studies, development or operations.

Although the advanced statements absolute in this account absolution are based aloft what administration of the aggregation believes are reasonable assumptions, the aggregation cannot assure investors that absolute after-effects will be constant with these advanced statements. These advanced statements are bogus as of the date of this account absolution and are especially able in their absoluteness by this cautionary statement. Accountable to applicative balance laws, the aggregation does not accept any obligation to amend or alter the advanced statements absolute herein to reflect contest or affairs occurring afterwards the date of this account release.

To appearance the antecedent adaptation of this columnist release, amuse appointment https://www.newsfilecorp.com/release/103491

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