Ivanhoe Mines to issue Kamoa-Kakula 2026 and 2027 production guidance once Stage Two dewatering is further advanced

September 18, 2025

Ivanhoe Mines to issue Kamoa-Kakula 2026 and 2027

production guidance once Stage Two dewatering is further

advanced

■

Stage Two dewatering commenced on schedule; Kakula

underground water levels declining, providing access to

mine workings for inspection and rehabilitation

■

Medium-term production target of over 550,000 tonnes of

copper based on latest mine planning estimates

KOLWEZI, DEMOCRATIC REPUBLIC OF THE CONGO – Ivanhoe Mines’ (TSX:

IVN; OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and

Chief Executive Officer Marna Cloete announce today that following the last

update made on August 25, 2025, the Stage Two dewatering of the Kakula Mine

has commenced on schedule, and that Kamoa-Kakula’s 2026 and 2027 copper

production guidance will now be issued once Stage Two dewatering activities

are more advanced.

Three out of the four Stage Two high-capacity, submersible pumps were

recently installed and commissioned on schedule. Kamoa-Kakula’s

engineering team expect to have all four Stage Two pumps operating within

the coming days, operating at a combined pumping rate of approximately

2,600 litres per second. Since the commissioning of the three Stage Two

pumps, the underground water level in the Kakula Mine has dropped vertically

by 10 metres, out of a total of approximately 80 metres.

Once all four Stage Two high-capacity, submersible pumps are operational,

the existing Stage One temporary, underground pumping infrastructure will be

repositioned further down the mine, following the water level as it declines.

The total pumping rate out of the Kakula Mine is expected to increase up to a

target of approximately 6,400 litres per second, or 550 megalitres per day,

reducing the vertical underground water level by approximately one metre per

day. The majority of the Stage Two dewatering of the Kakula Mine is expected

to be complete by the end of November 2025, which is when the underground

water level is expected to reach near the bottom of the Stage Two dewatering

shafts, shown in yellow in Figure 1.

As the underground water level falls, the underground mining team have

already started systematically rehabilitating the newly dewatered areas of the

Kakula Mine. The team is initially focused on rehabilitating the areas required

for repositioning the Stage One underground pumping infrastructure.

Mine planning and scheduling is well advanced to support the ramp-up of

underground mining activities from both Kakula and Kamoa mines, with a

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medium-term target of returning the copper production rate to over 550,000

tonnes per annum. In the meantime, copper production guidance for 2026 and

2027 will be deferred until sufficient physical inspection of the newly

dewatered areas of the Kakula Mine has been completed.

Figure 1 . A schematic of the projected decrease in underground water

levels at the Kakula underground mine from early September (light blue)

to late November 2025 (dark blue). All mining areas above the water level

are now fully accessible.

The completed assembly of the first two, 4.2-megawatt, 650-litre-per-

second, submersible pumps (Pumps 1 & 2) that were commissioned in

late August. The two submersible pumps are positioned at the bottom of

the approximately 400-metre deep shaft (left of the picture).

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Water pumped out from the Kakula Mine is fed into nearby settling ponds

for treatment. With the underground vertical water level expected to

decline by approximately one metre per day, the majority of the Stage Two

dewatering of the Kakula Mine is expected to be complete by the end of

November 2025.

At an adjacent ventilation shaft, the installation of the remaining two

submersible pumps (Pumps 3 & 4) is complete, with commissioning of

Pump 4 underway. Kamoa-Kakula’s engineering team expect to have all

four Stage Two pumps operating within the coming days.

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Disclosure of technical information

Disclosures of a scientific or technical nature in this news release have been

reviewed and approved by Steve Amos, who is considered, by virtue of his

education, experience, and professional association, a Qualified Person under

the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-

101 as he is Ivanhoe Mines’ Executive Vice President, Projects. Mr. Amos has

verified the technical data disclosed in this news release.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three

principal projects in Southern Africa: the Kamoa-Kakula Copper Complex in

the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine,

also in the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-

gold-copper Mine in South Africa, which is set to start production in Q4 2025.

Ivanhoe Mines is exploring for copper in its highly prospective, 54-100%

owned exploration licences in the Western Forelands, covering an area over

six times larger than the adjacent Kamoa-Kakula Copper Complex, including

the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for

new sedimentary copper discoveries in new horizons, including Angola,

Kazakhstan, and Zambia.

Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines

(@IvanhoeMines_) on X.

Information contact

Investors

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

Media

Tanya Todd +1.604.331.9834

Forward-looking statements

Certain statements in this news release constitute “forward-looking statements” or

“forward-looking information” within the meaning of applicable securities laws. Such

statements and information involve known and unknown risks, uncertainties, and

other factors that may cause the actual results, performance, or achievements of the

company, its projects, or industry results to be materially different from any future

results, performance, or achievements expressed or implied by such forward-looking

statements or information. Such statements can be identified using words such as

“may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”,

“estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state

that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be

taken, occur or be achieved. These statements reflect the company’s current

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expectations regarding future events, performance, and results and speak only as of

the date of this news release.

Such statements include, without limitation: (i) statements that Kamoa-Kakula 2026

and 2027 production guidance will be issued once dewatering is further advanced;

(ii) statements that Kamoa-Kakula’s engineering team are expecting to have all four

high-capacity pumps operating within the coming days; (iii) statements that once the

new Stage Two high-capacity, submersible pumps are operational, the existing

Stage One temporary underground pumping infrastructure will be repositioned

further down the mine as the water level declines, increasing the total pump out rate

from the Kakula Mine up to a target of approximately 6,400 litres per second, or 550

megalitres per day; (iv) statements that the majority of the dewatering of the Kakula

Mine is expected to be complete by the end of November 2025, which is when the

underground water level is expected to reach near the bottom of the Stage Two

dewatering shafts; (v) statements that as the water level declines, Kakula’s

underground engineering team will systematically rehabilitate, where necessary, the

newly dewatered areas of the mine; (vi) statements that Kamoa-Kakula’s

engineering team have a medium-term target of restoring Kamoa-Kakula’s copper

production rate to 550,000 tonnes of copper per annum; and (vii) statements that

Kamoa-Kakula’s engineering team will delay issuing production guidance to allow

time to physically inspect the newly de-watered areas of Kakula.

Forward-looking statements and information involve significant risks and

uncertainties, should not be read as guarantees of future performance or results, and

will not necessarily be accurate indicators of whether such results will be achieved.

Many factors could cause actual results to differ materially from the results discussed

in the forward-looking statements or information, including, but not limited to: (i)

uncertainty around the rate of water ingress into underground workings; (ii) the

ability, and speed with which, additional equipment can be secured; (iii) the

continuation of seismic activity; (iv) the state of underground infrastructure; (v)

uncertainty around when future underground access can be secured; (vi) future mine

stability cannot be guaranteed; and (vii) future mining methods, may differ the impact

on Kakula operations. Additionally, the factors discussed above and under the “Risk

Factors” section in the company’s MD&A for the three and six months ended June

30, 2025, and its current annual information form, and elsewhere in this news

release, as well as unexpected changes in laws, rules or regulations, or their

enforcement by applicable authorities; changes in the rate of water ingress into

underground workings; the continuation of seismic activity; the state of underground

infrastructure; delays in securing underground access; changes to the mining

methods required in the future; the failure of parties to contracts with the company to

perform as agreed; social or labour unrest; changes in commodity prices; and the

failure of exploration programs or studies to deliver anticipated results or results that

would justify and support continued exploration, studies, development or operations.

Although the forward-looking statements contained in this news release are based

upon what management of the company believes are reasonable assumptions, the

company cannot assure investors that actual results will be consistent with these

forward-looking statements. These forward-looking statements are made as of the

date of this news release and are expressly qualified in their entirety by this

cautionary statement. Subject to applicable securities laws, the company does not

assume any obligation to update or revise the forward-looking statements contained

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herein to reflect events or circumstances occurring after the date of this news

release.

The company’s actual results could differ materially from those anticipated in these

forward-looking statements as a result of the factors outlined in the “Risk Factors”

section in the company’s MD&A for the three and six months ended June 30, 2025,

and its current annual information form.