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Kakula Copper Mine underground development continues significantly ahead of schedule; more than 17 kilometres now complete and 5.1 kilometres ahead of plan Monthly development in June well ahead of plan with 1,729 metres achieved

Mine Development & Operations

July 6, 2020

Kakula Copper Mine underground development continues

significantly ahead of schedule; more than 17 kilometres

now complete and 5.1 kilometres ahead of plan

Monthly development in June well ahead of plan

with 1,729 metres achieved

Kakula’s 2,000-tonne-per-hour ore conveyor system

begins operation

All major equipment and the majority of structural steel now on

site, or en route, for Kakula’s first phase 3.8-million-tonne-per-

annum processing plant scheduled to begin operations

in Q3 2021

Surface stockpiles now contain an estimated 68,000 tonnes of ore

grading 5.90% copper and 394,000 tonnes of medium-grade ore

grading 2.71% copper, including satellite stockpiles at Kakula

South and Kansoko

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 continues to exceed

expectations with more than 17 kilometres now complete, which is 5.1 kilometres ahead

of schedule. In June, the mining team achieved 1,729 metres of underground

development – 575 metres ahead of plan for the month.

Kakula’s 2,000-tonne-per-hour ore conveyor system began operations in June, which

will further increase the mine’s pace of underground development.

The majority of the development headings at the Kakula Mine currently are traversing

medium-grade sections of the orebody, with average grades ranging between 3% and

5% copper. Several development headings are continuing in high-grade zones grading

more than 8% copper, and this ore is being placed on a dedicated, high-grade surface

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stockpile at Kakula North that now totals approximately 68,000 tonnes grading an

estimated 5.90% copper. The medium-grade surface stockpiles at Kakula North, Kakula

South and Kansoko together contain an additional 394,000 tonnes grading an estimated

2.71% copper.

As Kakula’s underground development progresses over the next few months, the

majority of the headings are expected to transition into the high-grade ore zones.

More than 200 truck loads, consisting mainly of structural steel and equipment for

Kakula’s initial 3.8-million-tonne-per-annum processing plant, were received on site in

June and construction of the plant is progressing rapidly. Fabrication of the plant’s

largest components – two ball mills each measuring 9.75 metres (32 feet) long and 6.1

metres (20 feet) in diameter – has been completed at CITIC Heavy Industries’ factory in

Luoyang, China, and shipping of the components is underway.

The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%),

Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC

government (20%).

Aerial view of the Kakula Mine showing the tonnes and grade of the main pre-

production stockpiles. The northern declines and ore conveyor system are

circled in red and the processing plant is in the upper right corner.

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Kakula southern decline and ore stockpile containing approximately 38,000

tonnes of medium-grade ore.

Kansoko decline and ore stockpile containing approximately 35,000 tonnes of

medium-grade ore.

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Kakula’s high-capacity ore conveyor system begins operation

Kakula’s decline conveyor system that will transport ore from underground to surface now is

operational. Final commissioning of the full system (including the fire suppression system and

all safety components) is underway and is scheduled to be completed around mid-July. The

conveyor system has the capacity to transport 2,000 tonnes of ore per hour from underground

to surface.

The conveyor system substantially shortens the haulage distance for the mine’s truck fleet;

significantly increasing productivity, and lowering mining and maintenance costs.

Construction of the surface conveyor system has commenced and the first steel has been

delivered to site. The surface conveyor system will transport ore from the decline conveyor

system to the main processing plant stockpile. Forecast completion date is scheduled for Q1

2021.

Kakula’s first ore being transported to surface on the new conveyor system.

Click here to watch a short video of the first ore being delivered to surface via the

new rock-handling conveyor system: https://player.vimeo.com/video/431759826

Click here to watch a short video of the first ore being dumped into an

underground ore bin for conveyance to surface:

https://player.vimeo.com/video/433659430

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A 63-tonne Sandvik truck dumps the first load of ore into Kakula’s east tip bin,

for transportation to surface via the new conveyor system.

Mioi Kabinda (left) and Kifumbe Bijimba (right) with the newly-installed magnet

and rock breaker at the east ore tip bin, part of the underground ore handling

system at the Kakula Mine.

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Team members from DRC-based Kamoa Kakula Construction Company (KKCC),

mark the completion of erecting the high-capacity decline conveyor system that

now is transporting copper ore from Kakula’s underground workings to surface.

Development of the Kakula Mine, the first deposit to be placed into production on the 400-

square-kilometre Kamoa-Kakula mining licence, is well ahead of schedule. Mine access drives

1 and 2 (interconnected, parallel tunnels that will provide access to ore zones) continue to

progress well towards the southern portion of the orebody.

Development also is well advanced on the eastern perimeter drives and the room-and-pillar

mining area. Development from the southern portal has reached south access drives 1 and 2,

with mining crews working to establish the connection of these drives with mine access drives

1 and 2 from the north side of the orebody. The northern and southern access drives are

scheduled to be joined by the end of October 2020.

Underground mining also is occurring at the Kansoko Mine, located at the Kamoa deposit

approximately 10 kilometres north of the Kakula Mine. Kansoko is development ready and

currently is being used to train young Congolese mining crews.

The main surface exhaust ventilation fans (VS#2) are progressing well with fan fabrication on

schedule and the ventilation shaft raise boring complete. The NE#1 fan station pilot hole has

commenced with fabrication of the fans scheduled to start this month. The third underground

water pumping train at Kakula’s main decline pumping chamber has been commissioned,

increasing the mine’s pumping capacity to 600 litres per second.

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In parallel with the construction of Kamoa-Kakula’s phase 1 Kakula Mine, work is progressing

on the independent Kakula definitive feasibility study (DFS) and an updated Integrated

Development Plan for the entire Kamoa-Kakula mining complex, which is expected to be

finalized this month. The Integrated Development Plan will include details on the planned

expansion phases for the greater Kamoa-Kakula mining complex, incorporating updates for

mineral resources, production rates and economic analysis.

Figure 1: The 13.3-kilometre-long Kakula Deposit showing the first five years of

planned underground development and production (in the black box at the

eastern end of the deposit) focused on the pink area containing average copper

grades greater than 8% copper.

More detail of current underground development progress and planned

development over the next three and six months is shown in figures 2, 3 & 4.

Kakula North

Decline

Kakula South

Decline

Figure 2: Underground development completed to the end of June (in purple) and scheduled development

(green, brown, blue & black) over the next quarter. Shown are the 3%, 5% and 8% copper contours and the

location where the northern and southern access drives are scheduled to join by the end of October (red star).