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Underground mining activities at Kakula Mine suspended; remediation work continues in western section of Kakula

Corporate Updates

May 26, 2025

Underground mining activities at Kakula Mine suspended;

remediation work continues in western section of Kakula

■

Phase 1 and 2 concentrators continue operating,

supplied by stockpiles

■

Operations at Kamoa Mine and Phase 3 concentrator continue

normal operations

■

Ivanhoe Mines and Zijin committed to restore Kakula Mine

back into production as soon as safely possible

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

OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President and Chief

Executive Officer Marna Cloete today provide an operational update on the

Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo,

following the temporary suspension of operations at the Kakula underground

mine, as first announced by the company on May 20, 2025.

Senior management and a world-class team of geotechnical experts continue to

conduct a thorough investigation of the mine to understand the cause and effect

of the seismic activity.

Seismic activity at the Kakula underground mine has continued to occur

intermittently over the past few days. Given the recent seismic activity,

underground activities were suspended again on Saturday, May 25, 2025, with

employees safely brought above ground and mobile equipment removed from the

mine workings. The safety of employees and contractors remains paramount, and

zero lost time injuries have been reported. Preliminary indications are that seismic

activity at the Kakula underground could potentially continue for weeks, which

would inhibit access to the mine and prolong the temporary suspension of

operations at Kakula.

As a result of the impact on underground pumping and electrical infrastructure, to

date, there has been an increase in water inflow levels into the Kakula

underground mine. Kamoa Copper, with support from Ivanhoe and Zijin Mining, is

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currently preparing detailed dewatering plans, including the acquisition of

additional pumping equipment to increase pumping capacity and allow for

dewatering from surface. Ivanhoe would like to thank its Chinese partners Zijin

and CITIC Metal for their assistance in procuring additional equipment for the

dewatering efforts.

Ivanhoe Mines’ President and Chief Executive Officer, Marna Cloete

commented:

“I would like to extend my profound thanks to our dedicated workforce, who have

shown exceptional resilience and commitment while working under challenging

conditions during the recent seismic activity. The safety of our employees is our

highest priority, and it is testament to the professionalism and focus of everyone

at Kamoa Copper that we have recorded no injuries in a dynamic environment.

“While underground mining operations are temporarily suspended at Kakula, we

are focusing our efforts on maintaining pumping and water management

infrastructure, including accelerating procurement for dewatering equipment from

surface. We are working around the clock with the world’s foremost geotechnical

experts to establish the cause of the issues we faced and how we will resolve

them.

“We maintain significant optionality to maintain Kakula’s concentrator operations

from surface stockpiles, or potentially temporarily re-deploy Kakula employees

and equipment to Kamoa Mine, which continues uninterrupted.”

Ivanhoe Mines’ Founder and Executive Co-Chairman, Robert Friedland

commented:

“We are going to gain wisdom and experience from the events that have unfolded

in the past week. Ivanhoe, together with our partner Zijin, is operating in complex,

high-grade sedimentary copper systems on a scale not seen before globally.

What has transpired will give us valuable insight into managing geotechnical

conditions and maintaining critical pumping infrastructure, which will allow us to

future-proof and safely restart mining operations at Kakula … and such learnings

will be applied in earnest to our activities at Kamoa and in the Western Forelands.

“I remind readers that SpaceX – today responsible for approximately 90% of total

payload launched into space by humanity – did not attain this status without

numerous setbacks. Each setback brought their team new knowledge, making the

mission stronger... and so we approach our operations at Kamoa-Kakula with the

same mindset. Together we plan to restore operations to be safer and stronger

than ever.”

As underground areas are deemed safe for crews to return, the initial focus will be

to inspect, repair, and restart pump stations and associated piping, as well as

electrical substations and associated cabling. Remediation work continues in the

shallower western sections of the Kakula Mine, where current dewatering rates are

approximately 1,000 litres per second (L/s). Kamoa Copper’s engineering team is

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focused on restoring underground pumping capacity to over 3,000 L/s, which is

deemed sufficient to stabilize water levels. In parallel, the management team

intends to install at all of our mines high-capacity pumping systems that can

operate from surface as permanent infrastructure.

Surface infrastructure at Kakula, including the Phase 1 and 2 concentrators and

direct-to-blister smelter, remains completely unaffected. The Phase 1 and 2

concentrators are currently processing ore from surface stockpiles.

Mining activities at the Kamoa underground mine and processing at the adjacent

Phase 3 concentrator continue to operate normally.

Kamoa-Kakula’s 2025 production and cost guidance, along with the ramp-up

schedule for the direct-to-blister smelter, have been withdrawn pending review.

Ivanhoe will provide further updates as more information is available.

Ivanhoe and Zijin continue to work collaboratively under a strong partnership at

the joint-venture level and are committed to returning Kakula back to production

as soon as safely possible.

About Ivanhoe Mines

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

principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper

Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-

germanium-silver mine, also in the DRC; and the phased development of the tier-

one Platreef platinum-palladium-nickel-rhodium-gold-copper Mine in South Africa.

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

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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 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 the Phase 1 and Phase 2

concentrators will continue to be supplied by stockpiles; (ii) statements that seismic activity at the

Kakula underground if it continues for weeks, would inhibit access to the mine and prolong the

temporary suspension of operations as Kakula; (iii) statements that once underground access is

deemed safe, crews will focus on inspecting, repairing, and restarting pump stations and

associated piping, as well as electrical substations and associated cabling; and, (iv) statements

that Kamoa-Kakula’s 2025 production and cost guidance, along with the ramp-up schedule for

the direct-to-blister smelter, have been withdrawn pending review. In addition, that Ivanhoe will

provide further updates as more information is available.

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

workings, (2) the ability, and speed of which, additional equipment can be secured, (3) the

continuation of seismic activity, (4) the state of underground infrastructure, (5) uncertainty around

when future underground access can be secured, (6) future mine stability cannot be guaranteed

(7) future mining methods, may differ the impact on Kakula operations. The factors discussed

above and under the “Risk Factors” section in the company’s MD&A for the three months ended

March 31, 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; the failure of parties to contracts with the company to perform as agreed; social or

labour unrest; unexpected geotechnical changes to mine operations, 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 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 months ended March 31, 2025, and its current annual information

form.