JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announce today that the company’s South African subsidiary, Ivanplats, has received the second and final prepayment of the $300 million Platreef streaming agreement. In addition, the company has signed updated engagement letters with its mandated lead arrangers, Société Générale and Nedbank, to increase the Platreef project senior debt facility from $120 million to $150 million. The expanded facility will provide further optionality in terms of project financing, and limit potential equity contributions for Platreef’s Phase 1 development. All figures are in U.S. dollars unless otherwise stated.

As announced on December 8, 2021, Ivanplats concluded $300 million in stream-financing agreements with Orion Mine Finance and Nomad Royalty Company (which was subsequently acquired by Sandstorm Gold Royalties) for its world-scale Platreef palladium-rhodium-nickel-platinum-copper-gold project in Limpopo Province, South Africa. This included a $200 million gold-streaming facility and a $100 million palladium and platinum streaming facility. The first prepayment of $75 million was received upon the closing of the transaction in December 2021.

The fully realized stream agreements allow Ivanplats to advance Platreef’s ongoing Phase 1 construction activities, with an initial capital cost of $488 million as set out in the Platreef feasibility study announced in February 2022. Discussions are underway to finalize a senior debt facility of up to $150 million with mandated lead arrangers Société Générale and Nedbank, which remains subject to due diligence.

The stream facilities are subordinated to any future senior secured financing. Ivanplats remains flexible to raise additional debt or equity, and has pre-agreed intercreditor arrangements with the stream purchasers for future senior debt. The stream facilities are guaranteed by Ivanplats and secured over its assets, as well as Ivanhoe and the Japanese consortium’s shares of Platreef.

Ivanhoe Mines’ Executive Co-Chairman, Robert Friedland commented:

“The enhanced senior debt facility speaks to the robust economics of the Platreef project, and will allow Ivanplats to fund the Phase 1 initial capital with limited further equity funding required from Ivanhoe’s own balance sheet. 2

“Platreef is the world's greatest precious metals deposit under development, with a peerless endowment of palladium, rhodium, platinum, and gold; as well as highly significant quantities of strategic 'electric' metals in nickel and copper. The Phase 1 mine marks the beginning of a multi-stage, multi-generational mining complex underpinned by vast, high-grade resources and immense, untapped exploration upside. Future expansions to 12 million tonnes of ore per annum and beyond, as demonstrated in previous studies, would position Platreef among the world’s largest and lowest-cost nickel and PGM mines: producing more than 24,000 tonnes of nickel and 1.1 million ounces of palladium, rhodium, platinum and gold per year.”

About Platreef

The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats' historically-disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation, and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.

The Platreef Project hosts an underground deposit of thick, platinum-group metals, nickel, copper and gold mineralization on the Northern Limb of the Bushveld Igneous Complex in Limpopo Province – approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane.

On the Northern Limb, platinum-group metals mineralization is primarily hosted within the Platreef, a mineralized sequence that is traced more than 30 kilometres along strike. Ivanhoe's Platreef Project, within the Platreef's southern sector, is comprised of two contiguous properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is contiguous with, and along strike from, Anglo Platinum's Mogalakwena group of mining operations and properties.

Since 2007, Ivanhoe has focused its exploration and development activities on defining and advancing the down-dip extension of its original discovery at Platreef, now known as the Flatreef Deposit, which is amenable to highly-mechanized, underground mining methods. The Flatreef area lies entirely on the Turfspruit and Macalacaskop properties that form part of the company's mining right.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the major new, mechanized, underground mines at the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo, the development of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.

Kamoa-Kakula Mining Complex is one of the highest-grade and fastest growing major copper mining operations in the world. Copper concentrates were first produced in May 2021 and, through on-going phased expansions, it is positioned to become one of the 3

world's largest copper producing operations. Kamoa-Kakula’s 2022 production guidance is between 310,000 to 340,000 tonnes of copper in concentrate

Ivanhoe Mines is also exploring for new copper discoveries across its circa 2,400km2 of wholly-owned exploration licences in the Western Foreland, which are located adjacent to the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo.

Information contact

Investors

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

Media

Vancouver: Tanya Todd +1.604.331.9834

Website www.ivanhoemines.com

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 involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements of the company, the Platreef Project, 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 by the use of 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.

The forward-looking statements and forward-looking information in this news release include without limitation, (i) statements regarding finalizing a senior debt facility of up to $150 million with mandated lead arrangers Societe Generale and Nedbank; (ii) statements regarding scheduling and advancement of Phase 1 construction activities; (iii) statements regarding Ivanplats raising additional debt or equity; (iv) statements regarding future expansions at Platreef to 12 million tonnes of ore per annum and beyond; (v) statements regarding expansions positioning Platreef among the world’s largest and lowest-cost nickel and PGM mines; (vi) statements regarding Platreef producing more than 24,000 tonnes of nickel and 1.1 million ounces of palladium, rhodium, platinum and gold per year; (vii) statements regarding Kamoa-Kakula, through on-going phased expansions, being positioned to become one of the world's largest copper producing operations.

In addition, all of the results of the Platreef 2022 Feasibility Study constitute forward-looking statements and forward-looking information. The forward-looking statements include metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and the financial results of the Platreef 2022 Feasibility Study. Readers are cautioned that actual results may vary from those presented.

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 or not such results will be achieved. A number of factors could cause actual results to differ materially from the 4

results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under “Risk Factors”, and elsewhere in this 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; 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 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 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 release.

The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the “Risk Factors” section in the company’s 2022 Q2 MD&A and its current annual information form.

南非约翰内斯堡 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 执行联席董事长罗伯特·弗里兰德 (Robert Friedland) 和总裁玛娜·克洛特 (Marna Cloete) 今天宣布,公司的南非子公司Ivanplats已根据普拉特瑞夫的3亿美元金属流协议收到第2期,即剩余的预付款。此外,公司与受托牵头安排行法国兴业银行和莱利银行签订更新版的业务约定书,将普拉特瑞夫的1.2亿美元项目高级债务融资扩大至1.5亿美元。这将为项目资金提供进一步的可选性,并可减低普拉特瑞夫I 期开发所需的潜在资金。除非另有指明,所有货币数字均以美元为单位。

2021年12月8日,Ivanplats公布已就其位于南非林波波省的普拉特瑞夫世界级钯-铑-镍-铂-铜-金矿项目与猎户座矿业金融集团 (Orion Mine Finance) 及Nomad Royalty Company (其后被 Sandstorm Gold Royalties 收购) 签订3亿美元的金属流融资协议,其中包括2亿美元的黄金金属流及1亿美元的钯-铂金属流融资协议。第一期预付款7,500万美元已于2021年12月份交易达成时到账。

金属流协议现已全额到帐,将有助于Ivanplats继续推进普拉特瑞夫I期的建设活动。根据2022年2月公布的普拉特瑞夫可行性研究,项目的初期资本开支为4.88亿美元。目前正与受托牵头安排行法国兴业银行和莱利银行进行商讨,推进落实1.5亿美元的高级债务融资,但仍需完成尽职调查。

金属流融资将顺从于高级债务融资的安排。Ivanplats仍可在其后筹集额外的债务或股权融资,并就未来任何高级债务的债权人安排与金属流买方预先达成协议。金属流融资由Ivanplats以普拉特瑞夫的资产和艾芬豪与日本财团在普拉特瑞夫的股份担保。

艾芬豪矿业执行联席董事长罗伯特·弗里兰德评论说﹕“高级债务融资额度的扩大,足以证明普拉特瑞夫项目的稳健经济性,有助于支持 Ivanplats 为 I 期的初期资本支出,减少需要从艾芬豪注资的额度。”

“普拉特瑞夫是全球规模最大的在建贵金属矿床,蕴藏无与伦比的钯、铑、铂金和黄金,以及大量战略性电能源金属,如镍和铜。I期矿山标志着这个多阶段、跨世代采矿项目的起点。矿山蕴藏着大量的高品位矿产资源,且具有巨大的勘查前景。过往的研究显示,后续扩产可达到1,200万吨/年的处理规模,这将使普拉特瑞夫成为全球规模最大和成本最低的镍和铂族金属矿山之一,年产超过24,000吨镍和110万盎司的钯、铑、铂金和黄金。”

关于普拉特瑞夫项目

普拉特瑞夫项目由 Ivanplats (Pty) Ltd. (以下简称 "Ivanplats") 持有,艾芬豪矿业持有Ivanplats公司64%的股权。由《全面提高黑人经济实力法案》(B-BBEE) 的南非受益人持有项目26%的股权,这些受益人包括 20 个当地社区,约150,000 位居民、项目雇员和当地企业主。另外,伊藤忠商事株式会社、日本石油天然气和金属国家公司和日本天然气公司组成的日本财团通过 2 轮投资 (共 2.9 亿美元) 持有 Ivanplats 10% 的股权。

普拉特瑞夫是一个地下开采矿山,铂族金属、镍、铜和金矿体厚大,位于林波波省的布什维尔德岩浆杂岩带北部,距离约翰内斯堡东北约280公里,距离波特希特斯镇约8公里。

在北翼,铂族金属矿化主要赋存在普拉特瑞夫层位,走向延伸30多公里。艾芬豪的普拉特瑞夫项目位于普拉特瑞夫南部,由Turfspruit及Macalacaskop两个相连的矿权组成。最北部的 Turfspruit 矿权,邻近且位于英美铂金 (Anglo Platinum) Mogalakwena 矿山的走向延伸上。

自2007 年以来,艾芬豪重点推进勘查和开发活动,以圈定和扩大普拉特瑞夫矿体的深部延伸,目前已命名为 Flatreef 矿床,适合高度机械化的地下开采。整个Flatreef 矿区位于 Turfspruit 和 Macalacaskop 采矿权范围内。

关于艾芬豪矿业

艾芬豪矿业是一家加拿大的矿业公司,正在推进旗下位于南部非洲的三大主要项目:位于刚果民主共和国的卡莫阿-卡库拉 (Kamoa-Kakula) 铜矿项目新扩建的机械化井下矿山开发工程、位于南非的普拉特瑞夫钯-铑-铂-镍-铜-金矿的开拓工程;以及同样位于刚果民主共和国、久负盛名的基普什 (Kipushi) 锌-铜-锗-银矿的重建工程。

卡莫阿-卡库拉是全球品位最高和增长最快的大型铜矿之一。卡莫阿-卡库拉于2021年5月实现铜精矿生产,未来将分阶段进行扩建,预计将会成为全球最大规模的铜生产商之一。卡莫阿-卡库拉铜矿2022年生产精矿含铜金属的指导目标为310,000吨至340,000吨。

同时,艾芬豪矿业正在刚果民主共和国境内、毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 探矿权内寻找新的铜矿资源。西部前沿探矿权占地2,400平方公里,由艾芬豪矿业全资拥有。

联系方式

投资者

温哥华﹕马修·基维尔 (Matthew Keevil),电话﹕+1.604.558.1034

伦敦﹕托米·霍顿 (Tommy Horton) ,电话﹕+44 7866 913 207

媒体

温哥华﹕坦尼娅·托德 (Tanya Todd) ,电话﹕+1.604.331.9834

网址﹕www.ivanhoemines.com

前瞻性陈述

本新闻稿载有的某些陈述可能构成适用证券法所订议的"前瞻性陈述"或"前瞻性信息"。这些陈述及信息涉及已知和未知的风险、不确定性和其他因素,可能导致本公司的实际业绩、表现或成就、普拉特瑞夫项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用"可能"、"将会"、"会"、"将要"、"打算"、"预期"、"相信"、"计划"、"预计"、"估计"、 "安排" 、"预测"、"预言"及其他类似用语,或者声明"可能"、"会"、"将会"、"可能会"或"将要"采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。

本新闻稿载有的前瞻性陈述或前瞻性信息包括但不限于﹕(i) 关于与受托牵头安排行法国兴业银行和莱利银行推进落实1.5亿美元高级债务融资的陈述;(ii) 关于I期建设活动的计划及进展的陈述;(iii) 关于Ivanplats筹集额外债务或股权融资的陈述;(iv) 关于后续扩产可达到1,200万吨/年处理规模的陈述;(v) 关于普拉特瑞夫将成为全球规模最大和成本最低的镍和铂族金属矿山之一的陈述;(vi) 关于普拉特瑞夫年产超过24,000吨镍和110万盎司的钯、铑、铂金和黄金的陈述;以及 (vii) 关于卡莫阿-卡库拉将分阶段进行扩建,预计将会成为全球最大规模的铜生产商之一的陈述。

另外,普拉特瑞夫2022 可行性研究的所有结果均构成前瞻性陈述及前瞻性信息。前瞻性陈述包括金属价格假设、现金流预测、资本和运营成本估算、金属回收率、矿山服务年限和开采率,以及普拉特瑞夫2022 可行性研究的财务业绩。读者请注意实际业绩与本新闻稿所述的可能会有所差异。

前瞻性陈述及信息涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异,包括但不限于“风险因素”以及本新闻稿其他部分所指的因素,以及有关部门实施的法律、法规或规章或其不可预见的变化;与公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘查计划或研究未能达到预期结果或未能产生足以证明和支持继续勘查、研究、开发或运营的结果。

虽然本新闻稿载有的前瞻性陈述是基于公司管理层认为合理的假设而作出,但公司不能向投资者保证实际业绩会与前瞻性陈述的预期一致。这些前瞻性陈述仅是截至本新闻稿发布当日作出,而且受本警示声明明确限制。根据相应的证券法,公司并无义务更新或修改任何前瞻性陈述以反映本新闻稿发布当日后所发生的事件或情况。

基于公司截至2022第二季度《管理层讨论与分析》和当前年度信息表中"风险因素"部分所列的因素,公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。

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