Ivanhoe Mines reports underground development 6.0 kilometres ahead of schedule at Kamoa-Kakula Copper Project

Kakula Copper Mine underground development exceeds 1,840 metres in August; more than 20.6 kilometres now complete

Installation of ball mills and other major equipment for Kakula’s first 3.8-million-tonne-per-annum processing plant well underway

Second mining crew added at the Kansoko Mine, increasing the pace of underground development at Kamoa-Kakula’s second mine

Pre-production surface stockpiles at Kakula North, Kakula South and Kansoko now contain an estimated 671,000 tonnes of ore

Ivanhoe Mines to issue independent definitive feasibility study and expansion studies for the entire Kamoa-Kakula Copper Project on September 8, 2020; host Investor Day on September 10, 2020

KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that underground development at the Kakula Copper Mine totalled 1,842 metres in August, bringing the cumulative total underground development completed to date to more than 20.6 kilometres – approximately 6.0 kilometres ahead of schedule.

Ivanhoe plans to issue the independent definitive feasibility study for the development of the 6 Mtpa Kakula Mine on September 8, 2020. The company also will issue a pre-feasibility study, including mining 1.6 Mtpa from the Kansoko Mine, to take full advantage of an expanded plant capacity of 7.6 Mtpa at Kakula. In addition, the company will issue an updated, expanded preliminary economic assessment for the overall development plan of up to 19 Mtpa for all of the copper discoveries made to date at the Kamoa-Kakula Project.

“Together with our joint-venture partners, we look forward to sharing the independently verified engineering and economic studies on September 8th that will showcase why Kamoa-Kakula is, without question, the world’s best new copper project,” said Mr. Friedland. “Kamoa-Kakula is unique as it combines ultra-high-copper grades with thick, shallow, flat-lying ore zones, providing the economies of scale and low mining costs of large, open-pit mining operations, but without the visual environmental impact associated with open-pit mining.”

“We also plan to soon announce the appointment of a leading environmental consulting firm to audit Kamoa-Kakula’s greenhouse gas intensity metrics, providing Environmental, Social and Governance investors with independent and transparent verification of the project’s achievements towards our goal of producing the world’s greenest copper,” Mr. Friedland added.

A load of copper ore being transported up the Kakula South decline. One of the two southern access drives has entered the +5%-copper mining zone, while the other will enter it shortly. The southern access drives are expected to join the northern access drives in November.

Webcast and dial-in information for the Investor Day on September 10, as well as a detailed agenda, will be provided at a later date.

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