Ivanhoe Mines increases the size of massive Western Forelands copper discovery by 30% ■ Western Forelands ranks as the world’s largest and highest- grade copper discovery of the past decade ■ Western Forelands Indicated Mineral Resources now 42
September 8, 2026
Ivanhoe Mines increases the size of massive Western
Forelands copper discovery by 30%
■
Western Forelands ranks as the world’s largest and highest-
grade copper discovery of the past decade
■
Western Forelands Indicated Mineral Resources now 42
million tonnes at 2.66% copper, plus Inferred Mineral
Resources of 612 million tonnes at 1.80% copper (100% basis)
■
2026 Western Forelands 94,500-metre exploration drill
program is largest-ever
■
Size of Makoko District expected to grow as ongoing drill
results after March 31 not included in 2026 Mineral Resource
■
Ongoing drill program to be upsized in Q4 2026 to infill
shallow mineralization with potential for open pit extraction
■
Route to first production at Makoko to benefit from prior rapid
development of adjacent Kamoa-Kakula Copper Complex
■
Makoko scoping study to commence in Q1 2027
■
Project development expected to include multiple shallow
open pits, driving lower capex and much faster development
■
Ivanhoe’s track record of discovering high-grade copper in
the Western Forelands is the best in the world at a cost of
<$0.01 per pound of copper
■
Ivanhoe Mines to host Investor Webinar at 10:30am ET today
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KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines (TSX: IVN;
OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief
Executive Officer Marna Cloete are excited to announce the updated Mineral
Resource estimate for the Makoko District, within Ivanhoe’s Western Forelands
Exploration Project in the Democratic Republic of the Congo (DRC).
The Western Forelands Exploration Project consists of a majority-owned licence
package covering 2,426 square kilometres, over six times larger than that of the
adjacent Kamoa-Kakula Copper Complex. Within the Western Forelands lies the
Makoko District, which is a series of genetically related world-class interconnected
copper discoveries.
The 2026 Mineral Resource for the Makoko District provides an update from the
last Mineral Resource, announced on May 14, 2025. Since then, approximately
64,000 metres of diamond drilling have increased the contained copper by 30% to
approximately 12 million tonnes. The 2026 Mineral Resource estimate uses
mineable shape optimization (MSO) to constrain the reported Mineral Resources,
unlike prior Makoko District estimates, which were reported directly from the block
model.
Watch a new video visualizing the Western Forelands’ 2026 Mineral
Resource update:
https://vimeo.com/1224774795/1777d26ac2
Ivanhoe Founder and Executive Co-Chairman Robert Friedland commented:
“The Western Forelands discoveries continue to grow explosively… confirming
the area as the most important sedimentary-hosted copper basin on our planet…
One might struggle to find a larger copper system that has been discovered in the
past 30 years. Ivanhoe’s world-leading geologists have so far found over 55
million tonnes of copper in the basin… and they are confident they will continue to
find additional world-class copper systems there for generations to come.
“Today’s interim update shows that the size of the Makoko District discovery
within the Western Forelands continues to grow, firmly ranking Makoko by far as
the world’s largest and the highest-grade new copper discovery of the past
decade… in an era when the desperate cries for new sources of copper are getting
louder and fewer copper discoveries are being made.
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“As the copper resource expands…so does our excitement and confidence. We
plan to intensify our efforts this year by, yet again, increasing the size of the in-fill
and step-out drilling program. Our subsequent Mineral Resource update will
include both additional metres and the projected 60,000 metres of drilling from this
year’s drill program that were not included in today’s update.
“Our track record of copper discovery in the Western Forelands is unrivaled… We
are discovering copper at an absurdly high discovery rate of 100 million pounds of
contained copper for every 1,000 metres drilled… and at an exceptionally low
discovery cost of a fraction of a penny per pound of high-grade copper
discovered. Our ability to find high-grade copper systems at such low cost is the
very definition of creating shareholder value.
“We plan for scoping study work to commence soon, which will include mining
some of the highest-grade, open pit copper mines in the world.”
Investor Webinar on Tuesday, September 8, 2026
Ivanhoe Mines will host an investor webinar today at 10:30 a.m. Eastern Time /
7:30 a.m. Pacific Time to discuss the updated Mineral Resource Estimate for the
Makoko District. The webinar will conclude with a question-and-answer (Q&A)
session.
To view the webinar, use the link:
https://meetings.lumiconnect.com/400-379-304-323
Participants Dial-in Numbers:
Local - Toronto: +1 (416) 855-9085
Toll Free - North America: +1 (800) 990-2777
Conference ID: 33298
An audio webcast recording of the webinar, together with supporting presentation
slides, will be available on Ivanhoe Mines’ website at www.ivanhoemines.com.
Following issuance, the updated Mineral Resource Estimate will be available at
www.ivanhoemines.com and at www.sedarplus.ca.
The Makoko District’s contained copper has grown significantly;
mineralization remains open in multiple directions for further resource
expansion.
The Makoko discovery, within the Western Forelands Exploration Project, was
made in 2018 when step-out drilling from Kakula intersected geologically identical
flat-lying, sedimentary-hosted copper mineralization west of the Kamoa-Kakula
joint venture. Subsequent drilling has discovered a continuously mineralized
region, now called the Makoko District, which encompasses the three discoveries
of Makoko, Makoko West, and Kitoko.
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The maiden Makoko Mineral Resource estimate was released on November 13,
2023, with a further Mineral Resource update, which included the adjacent Makoko
West and Kitoko discoveries, announced on May 14, 2025. Since the maiden
Mineral Resource of Makoko, the strike length of the Makoko District has
increased by over 400% to 16 kilometres and the total combined area has
increased by 300% to 61 square kilometres, as shown in Figure 1.
Mineralization of the Makoko District remains open to the northeast and downdip
of the current footprint, with potential for further resource expansion, as illustrated
in Figure 1.
Figure 1. The Makoko District’s 2026 Mineral Resource outline, overlaid with
copper grade.
Notes: Mineral Resource Data Source: The block model and resource outlines illustrated are based on the Mineral
Resource Estimate for the Makoko West and Kitoko, combined form the Makoko District.
Resources are reported separately in the text as Indicated and Inferred classifications and are visually distinguished on
the map by the 2026 Indicated (red outline) and 2026 Inferred (black outline) boundaries.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Inferred Mineral Resources have a lower level of geological confidence than Indicated Mineral Resources and may not
be converted to Mineral Reserves. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category.
Exploration Potential and "Open" Labels: The red arrows and annotations labelled "Open" indicate areas of prioritized
exploration potential outside the current defined 2026 Mineral Resource boundary. These areas are conceptual in
nature. There has been insufficient exploration drilling within these specific "Open" vectors to delineate them as
Mineral Resources, and it is uncertain whether further exploration drilling will result in these areas being converted to
Mineral Resources.
Drill holes highlighted on this map outside the Mineral Resource boundary include completed holes with final
laboratory assay results available as of March 31, 2026.
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Drilling is primarily vertical and broadly perpendicular to mineralization; therefore, true widths of copper mineralization
intersections are estimated to be 85% to 90% of the reported downhole drill lengths unless otherwise stated.
Analytical data has been verified using industry-standard QA/QC programs, including the insertion of certified
reference standards, blanks, and duplicates
The Western Forelands is by far the world’s largest copper discovery
of the past decade
In the 15 months between the 2025 Mineral Resource and the 2026 Mineral
Resource update, approximately 64,000 metres of drilling have been completed
across 106 holes. The drilling has added approximately 130,000 tonnes of
contained copper in the Indicated Mineral Resource category, an increase of 17%.
In addition, 2.63 million tonnes of contained copper have been added to the
Inferred category, an increase of 31%.
Makoko District’s Mineral Resources are now 34 million tonnes at 2.66% copper in
the Indicated category, plus 612 million tonnes at 1.80% copper in the Inferred
category. The Kiala deposit, which was discovered in 2020, remains unchanged at
8 million tonnes at 2.67% copper.
The Makoko District has higher-grade sub-zones that mirror the mineralization
style of the Kamoa orebody, which feeds the adjacent Kamoa-Kakula Copper
Complex’s Phase 3 concentrator and will feed the future Phase 4 concentrator.
The Western Foreland’s Makoko District and Kiala deposits, together rank as the
largest and highest-grade copper discovery of the past decade, as shown in
Figure 2.
Figure 2. The top 10 copper discoveries of the past decade, with the
Western Forelands ranking as the world’s largest and highest-grade.
Ivanhoe’s geologists have now discovered over 55 million tonnes (121
billion pounds) of contained copper in the Western Foreland shelf, including
Makoko District, Kiala, and Kamoa-Kakula Copper Complex.
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Source: Company filings, S&P Global Market Intelligence
Notes: Chart ranks new copper discoveries made since 2015 based on contained copper in resources, on a 100%
basis. Data source is S&P Global Market Intelligence article, dated August 27, 2026. Measured, Indicated and Inferred
Mineral Resources are separate categories and should not be added. Data source is the S&P Global Market
Intelligence article dated August 27, 2026. Mineral Resource estimates for the Western Forelands include the Makoko
District (Makoko, Makoko West and Kitoko) and Kiala at a 1.0% copper Western Forelands data has not been
reviewed by S&P Global. Discovery is defined by the date of the first drill hole in the past 10 years; resource figures
reflect the latest Mineral Resource estimate.
Ivanhoe’s geologists in the Western Forelands have achieved the
industry’s lowest cost of discovery and the greatest rate of delineating
contained high-grade copper
The total copper endowment discovered across the Western Forelands has been
at an industry-leading low cost of less than $10 per tonne of copper (<$0.005 per
pound of copper). London Metal Exchange (LME) copper prices have also
increased by 78% since the maiden Mineral Resource, from $8,167 per tonne on
November 13, 2023, to a high of $14,530 per tonne on September 7, 2026.
Figure 3. See below the world-leading growth of contained copper (million
tonnes) in the Western Forelands since the maiden Mineral Resource
estimate in 2023, against total drilling completed in the Western Forelands
since 2017 (kilometres). In just 2.5 years since the maiden Mineral Resource,
Ivanhoe’s geologists have significantly increased the contained copper in
Mineral Resources, while the copper price has also risen by 78%.
Notes: Resource updates are plotted on the cut-off date for drill & assay data.
(1) 2023 maiden Mineral Resource, September 3, 2023: Indicated Resources total 24 million tonnes at a grade of
3.29% copper, containing 0.8 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 243 million
tonnes at a grade of 1.7% copper, containing 4.17 million tonnes of copper at a 1% copper cut-off.
(2) 2025 Mineral Resource, December 31, 2026: Indicated Resources total 36 million tonnes at a grade of 2.76%
copper, containing 1.0 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 494 million tonnes
at a grade of 1.7% copper, containing 8.39 million tonnes of copper, at a 1% copper cut-off.
(3) 2026 Mineral Resource, March 31, 2026: Indicated Resources total 42 million tonnes at a grade of 2.66% copper,
containing 1.1 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 612 million tonnes at a
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grade of 1.8% copper, containing 11.02 million tonnes of copper, within mineable shapes, optimized at a 1% copper
cut-off.
Figure 4. Analysis of major copper discoveries made over the past 30 years.
The rate of copper discoveries made has been declining from approximately
10 per year between 20 and 30 years ago, to approximately one a year for
the past 10 years. Ivanhoe Mines has consistently been the world leader in
major copper discoveries.
Source: S&P Market Intelligence
(1) Oyu Tolgoi was not part of today’s version of Ivanhoe Mines Ltd. (IVN:TSX). On August 2, 2012, the old version of
Ivanhoe Mines was renamed to Turquoise Hill Resources, which was subsequently fully acquired by Rio Tinto on
December 16, 2022
Approximately 70% of the 2026 Makoko District diamond drilling
program is complete
The 2026 Western Forelands drilling program is Ivanhoe Mines’ largest to-date,
with more than 80,000 metres of diamond core drilling and 14,500 metres of
reserve circulation drilling planned.
The diamond drilling program is focused on three principal areas of the Makoko
District: step-out to the east and to the southwest, as well as infill drilling between
Makoko and Makoko West. Up to nine diamond drill rigs have been operating since
the start of the year. Approximately 70% of the 2026 diamond drilling program was
completed by August, with 55,700 meters drilled.
Approximately 20,000 metres of diamond drilling were completed in the first
quarter, the assays of which are included in the 2026 Mineral Resource update.
Results from the remaining 60,000 metres of 2026 diamond drilling program will be
included in a further Mineral Resource update in 2027.
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Highlights of the Makoko District 2026 Mineral Resource estimate
The updated 2026 Mineral Resource estimate for the Makoko District was prepared
by Ivanhoe Mines in accordance with the CIM 2014 Definition Standards for
Mineral Resources and Mineral Reserves.
■ Indicated Resources total 34 million tonnes at a grade of 2.66% copper,
containing 0.90 million tonnes (2.0 billion pounds) of copper at a 1% copper
cut-off. At a higher 1.5% copper cut-off, Indicated Resources contain a total
31.5 million tonnes at a grade of 2.77% copper, containing 0.87 million
tonnes (1.9 billion pounds) of copper.
■ Inferred Resources total 612 million tonnes at a grade of 1.8% copper,
containing 11.0 million tonnes (24.3 billion pounds) of copper, within
mineable shapes, optimized at a 1% copper cut-off.
The 2026 Western Forelands’ Mineral Resource estimate was prepared by Ivanhoe
Mines under the direction of Simon Bottoms, Executive Vice President of
Technical Services. Mr. Bottoms is the Qualified Person for the estimate and is not
considered independent of Ivanhoe for the purpose of NI 43-101. The 2026 Western
Forelands Mineral Resource estimate uses a data cut-off of March 31, 2026;
therefore drill results past this date have not been included.
2026 Mineral Resource estimate utilizes the mineable shape
optimization method for calculating contained copper
Prior Western Forelands Mineral Resource estimates were reported directly from
the block model after applying geological boundaries, grade estimates and cut-off
grades at the block level.
The 2026 Mineral Resource estimate applies, for the first time, the MSO method,
which applies practical underground mining geometries and constraints to the
underlying block model. MSO identifies coherent, potentially mineable shapes
based on parameters such as minimum mining width, stope dimensions and
orientation, mineralization continuity, and anticipated dilution. This approach
provides a more constrained representation of the tonnes and grades potentially
available for extraction by the assumed mining method, rather than assuming that
individual mineralized blocks above the cut-off grade can be selectively mined.
Ivanhoe Mines has discovered a total of approximately 34.8 million contained
tonnes (76.8 billion lbs.) of copper in Measured and Indicated Resources, and 17.1
million contained tonnes (37.8 billion lbs.) of copper in Inferred Resources across
the Western Forelands, at a 1.0% copper cut-off (on 100% project basis). This
incorporates the Mineral Resources of Kamoa-Kakula together with Makoko,
Makoko West, Kitoko (combined, called the Makoko District) and Kiala.