Updated Greenhouse Gas Assessment Confirming Kamoa-Kakula Copper Complex As Lowest Carbon-emitting Major Copper Mine

DEMOCRATIC REPUBLIC OF CONGO - Ivanhoe Mines reported on current and future greenhouse gas (GHG) emissions assessment of the Kamoa-Kakula Copper Complex. The assessment confirms that Kamoa-Kakula is the market-leading major copper producer in terms of GHG emissions. In addition, the assessment highlights the significant reduction in combined Scope 1, 2 and 3 GHG emissions intensity following the completion of the direct-to-blister copper smelter expected in Q4 2024.

The company is also pleased to report that the refurbishment of Turbine #5 at the Inga II hydroelectric facility is approximately 50% complete and is advancing on budget and on schedule. Turbine #5 will generate 178 MW of clean, hydroelectric power into the DRC grid following completion in Q4 2024.

Kamoa-Kakula's ongoing Phase 3 expansion, which is on schedule to be completed in Q4 2024, consists of a new 5-Mtpa underground mine and concentrator at Kamoa, an on-site direct-to-blister flash copper smelter, as well as the refurbishment of Turbine #5 at the Inga II hydroelectric power station.

Turbine #5 will supply an additional 178 megawatts of clean hydroelectric power to the national grid, which is sufficient to meet the power requirements of the Phase 3 concentrator, the smelter, as well as provide spare capacity for the DRC grid and future expansions.

The new direct-to-blister flash copper smelter is projected to be one of the largest, single-line copper flash smelters in the world, and the largest in Africa. The smelter will have a nameplate production capacity is 500,000 tonnes per annum of 99+%-pure blister copper anodes.

The 100-hectare smelter complex is under construction adjacent to the operating Phase 1 and Phase 2 concentrator plants. The smelter has been designed to incorporate leading-edge direct-to-blister technology supplied by Metso Outotec of Espoo, Finland, and will meet the International Finance Corporation's (IFC) emissions standards.

The smelter will have a processing capacity of approximately 1.2 Mtpa of dry concentrate feed and is designed to run on a blend of concentrate produced from the adjacent Phase 1 and 2 concentrators at Kakula and the Phase 3 (and future Phase 4) concentrators at Kamoa, located approximately 10 kilometers away.