According to Ivanhoe Mines, Robert Friedland, Executive Co-Chairman, Weibao Hao, Co-Chairman, and Marna Cloete, President and CEO, announced the company's Q1 2025 production results, as well as the significant increase in imported hydropower supply to Kamoa-Kakula in recent weeks, which has significantly boosted copper production and advanced the commissioning of the newly built copper smelter on-site. In mid-March, the imported hydropower capacity was increased by 20 MW to 70 MW. Over the past few weeks, the imported hydropower volume has doubled, and it is expected to further increase to 100 MW soon. Kamoa-Kakula achieved record copper production in the last two weeks of March, with annualized production exceeding the 2025 production guidance target. The mine's outstanding achievements are also attributed to the strong operational performance of the new Phase III beneficiation plant, which set new records in ore processing and copper production, surpassing the designed capacity. Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines, commented, "Despite recent global market volatility and panic sentiment leading to declines in stock markets worldwide, Ivanhoe Mines' financial position remains robust, generating strong cash flow. Meanwhile, Kamoa-Kakula is one of the lowest-cost copper mines in the industry, giving us a competitive edge. The modernized one-step copper smelter is expected to further reduce operating costs once it reaches full production this year. The project produces 99.7% copper anode, reducing transportation costs per unit of copper by more than half, significantly lowering C1 cash costs, and generating revenue from the sale of by-product sulphuric acid. Currently, there is a huge demand for sulphuric acid in the DRC." "Fortunately, the power supply difficulties caused by capacity expansion at Kamoa-Kakula are now behind us. We have successfully increased imported hydropower capacity and will soon import a second batch of hydropower from the Southern African Power Pool. We have implemented a long-term energy management plan to ensure our energy mix meets future needs as we move towards becoming one of the world's top large-scale copper producers." "We are fully prepared to officially launch the Kamoa-Kakula smelter, which will be one of the largest and most technologically advanced smelters in the world. Once operational, in addition to exporting copper concentrates, we will also export the most environmentally friendly copper anode required for the global energy transition. Facing the intergenerational issue of copper supply shortages, we will responsibly mine and supply this critical metal to the global market using our own assets, talent, and infrastructure." Kamoa-Kakula Quarterly Production Summary: Kamoa-Kakula produced 133,000 mt of copper in Q1 2025, nearing historical production records, especially in the last two weeks of March, when annualized capacity exceeded 630,000 mt of copper. In Q1 2025, the Phase I, II, and III beneficiation plants processed a record 3.72 million mt of ore, setting a new daily record of 52,000 mt of ore processed at the end of March. The strong performance in Q1 was mainly due to initiatives implemented early in the quarter to continuously supply higher-grade ore to the Phase III plant. The Phase III plant processed a record 1.51 million mt of ore in the quarter, equivalent to an annualized copper processing capacity of 6.1 million mt, more than 20% above the Phase III plant's designed capacity of 5 million mt/year. Despite multiple maintenance shutdowns in the first half of March, the Phase I and II plants maintained excellent performance throughout the quarter. The Phase I, II, and III plants at Kamoa-Kakula averaged daily copper production of 1,509 mt in March, equivalent to an annualized capacity of 550,000 mt of copper. After completing maintenance on the Phase I and II plants, the average daily copper production in the last 14 days of March increased to 1,732 mt, equivalent to an annualized capacity of over 630,000 mt of copper, significantly above the 2025 production guidance range. On March 28, 2025, a record daily copper production of 1,919 mt was achieved. Kamoa-Kakula's annual production guidance target (520,000 - 580,000 mt of copper) remains unchanged. In mid-March, imported power capacity was increased to 70 MW; it is expected to further expand to 100 MW soon. In March, the Phase I, II, and III plants required an average of 130-140 MW of power for combined operations. At the beginning of the month, Kamoa-Kakula added 50 MW of hydropower supply from within the DRC, while importing 50 MW from abroad, with the remaining power supplemented by on-site backup diesel generators, which have a total installed capacity of up to 160 MW. The company signed an agreement in March to import power from Mozambique via the Southern African Power Pool, increasing the total power imported from Zambia by 40% to 70 MW. Kamoa-Kakula's operations team expects to introduce a second batch of imported power in the coming days, further expanding imported power to 100 MW. The increased hydropower capacity has strengthened the confidence of Kamoa-Kakula's management team to complete commissioning and officially start the smelter. The smelter is expected to require 45 MW of power initially, gradually increasing to the designed capacity of 70 MW once operational. Wet commissioning of the Inga II hydropower station's Unit 5 (178 MW) is expected to begin in Q3 2025, with Kamoa-Kakula receiving 50 MW of hydropower from Inga II via the DRC's national grid, gradually increasing to 178 MW after grid upgrades are completed in 2026. The smelter is undergoing commissioning and is expected to start firing the furnace in May, with the first batch of copper anode produced in July. Kamoa-Kakula's 500,000 mt/year one-step copper smelter has begun commissioning and is expected to start operations next month. The initial furnace firing process will take about six weeks, after which the first batch of copper concentrate will be fed, with copper anode production expected to begin in July. By the end of 2025, the smelter is expected to reach about 80% of its designed capacity. As previously announced, it is expected that 20,000 - 30,000 mt of copper concentrate will be stored in the smelter's raw material warehouse before the smelter becomes operational. As of the end of the quarter, Kamoa-Kakula had approximately 48,000 mt of copper inventory pending sale, an increase from the 30,000 mt of copper inventory at the end of 2024. Over the past three months, about 20,000 mt of copper inventory has been added pending sale, as a new batch of concentrate is being stored before the smelter starts operations. The remaining copper concentrate is being processed at the Lualaba Copper Smelter for sale. Once the Kamoa-Kakula Copper Smelter reaches full production, it is expected to maintain 17,000 mt of copper in the smelting process. Most of the ore processed by the Phase III plant comes from underground mines. Kamoa and Kansoko continue to strengthen underground development, opening up enough ore reserves for 18 months of main stope operations. This will provide flexibility for underground mining teams. A similar strategy is being employed at the Kakula underground mine. The Kamoa and Kakula ore bodies have gentle dips, allowing for in-vein development even in lower-grade sections. The underground development at the Kamoa mine is expected to be completed in Q4 2025, at which point the head grade of ore processed by the Phase III plant will increase to over 3%. The "Project 95" initiative aims to increase the overall copper recovery rate of Kamoa-Kakula's Phase I and II plants from the designed 87% to 95%, with a capital expenditure of approximately $180 million, adding an additional 30,000 mt of copper production annually, with an expected capital intensity of about $6,000/mt of copper. Kamoa-Kakula's "Project 95" is progressing well, currently 25% complete, and is scheduled to be completed in Q1 2026. A power purchase agreement has been signed to build a 30 MW PV plant with battery storage at the Kamoa-Kakula mine. Kamoa Copper has signed a power purchase agreement with Cross Boundary Energy ("CBE") in Nairobi, Kenya, to build a 220 MW PV plant and a 123 MVA/526 MWh battery energy storage system (BESS), providing an additional 3,030 MW of environmentally friendly power for Kamoa-Kakula's operations. The PV plant will be funded, owned, and operated by CBE, with the power exclusively purchased by Kamoa Copper. Compared to the on-site backup diesel generators, the PV plant and BESS will reduce carbon emissions by up to 79,000 mt of CO2 equivalent annually. The initial 30 MW PV plant is expected to begin construction in Q3 2025, taking 12 months. Kamoa-Kakula plans to further expand the on-site PV plant to 120 MW, gradually replacing the on-site backup diesel generators. Kipushi achieved a record zinc production of 43,000 mt in Q1 2025, with production ramp-up continuing in Q2. In Q1 2025, the Kipushi beneficiation plant processed a record 151,000 mt of ore, with an average head grade of 32.5%, and produced a record 43,000 mt of zinc concentrate, with a zinc concentrate grade of over 53%. The quarter saw multiple production records, including producing 3,827 mt of zinc in one week and 743 mt of zinc in 24 hours, equivalent to annualized capacities of 200,000 mt and 270,000 mt of zinc, respectively. Kipushi Quarterly Production Summary: With annualized production approaching the 2025 guidance range of 180,000 - 240,000 mt of zinc, the Kipushi beneficiation plant will continue to ramp up production in Q2. Since the beginning of 2025, the plant's average recovery rate has been about 88%, with a zinc concentrate grade of about 53%. The plant achieved ramp-up to full production at the end of February, reaching the designed capacity of 2,000 mt of ore processed per day. Production and plant recovery rates are expected to further improve in the coming months. Kipushi's annual production guidance target (180,000 - 240,000 mt of copper) remains unchanged. Kipushi is on track to complete its expansion plan by the end of Q3 2025, aiming to achieve a zinc production capacity of 250,000 mt/year. The US government reaffirmed its commitment to funding the Lobito Atlantic Railway Company. The US Embassy in Angola issued a statement on March 28, 2025, reaffirming its commitment to funding the Lobito Atlantic Railway Company, which Ivanhoe Mines welcomed. US Ambassador James Story made the statement during his visit to Angola. Ambassador Story and his delegation visited key projects, including the Lobito Port mineral terminal. Ambassador Story stated that the Lobito Corridor is "open for business," and this critical strategic transportation and trade route investment by the US is essential to fully unlock the potential of Angola, Zambia, and the DRC. The U.S. International Development Finance Corporation will invest $553 million in the Lobito Atlantic Railway Company to improve, operate, and maintain Angola's Lobito Railway and mineral port, "to strengthen US strategic interests by securing critical transportation networks and preventing strategic competitors from monopolizing the market." Embassy press release details: https://ao.usembassy.gov/ambassador-james-story-to-visit-the-lobito-corridor-promoting-mutual-prosperity-through-infrastructure-development-and-commercial-activity/ The Lobito Atlantic Railway Company plans to increase its annualized transport capacity from 160,000 mt/year in 2025 to 2 million mt/year by 2030.During the trial operation period from 2025 to date, the average travel time from Kolwezi to Lobito has been 6 to 8 days, while truck transportation by land to Durban, South Africa, or Dar es Salaam, Tanzania, takes from 20 to 25 days. With the gradual increase in carrying capacity, the travel cycle is expected to be further shortened, and the railway company aims to reduce the westward journey to 3.5 to 4 days. From the end of 2023 to date, a total of 28,000 mt of copper concentrates have been transported from Kamoa-Kakula via the Lobito Corridor. In 2025, the export of copper products from Kamoa-Kakula via the Lobito Corridor may increase to 60,000 mt, which is more cost-effective compared to the current land transportation by trucks. Ivanhoe Mines will release its Q1 2025 financial report after the market closes on April 30, 2025, and will hold an investor conference call on May 1. Ivanhoe Mines will announce its Q1 2025 financial results and detailed project progress after the market closes on Wednesday, April 30, 2025. The company will hold an investor conference call on Thursday, May 1, 2025, to discuss the Q1 financial results, with details to be announced later. A webcast recording of the conference call and related presentation materials will be available on the Ivanhoe Mines website: www.ivanhoemines.com. After the release of the Q1 financial report, the financial statements and management's discussion and analysis will be available on www.ivanhoemines.com and www.sedarplus.ca. About Ivanhoe Mines: Ivanhoe Mines is a Canadian mining company advancing its three flagship projects in Southern Africa: the Kamoa-Kakula copper mine in the Democratic Republic of Congo, the Kipushi high-grade zinc-copper-germanium-silver polymetallic mine also in the Democratic Republic of Congo, and the Platreef palladium-nickel-platinum-rhodium-copper-gold mine project in South Africa. Meanwhile, Ivanhoe Mines is exploring for new copper resources within the promising Western Foreland exploration licenses, which Ivanhoe holds 60-100% interests in and covers an area five times that of the adjacent Kamoa-Kakula copper mine. Ivanhoe is searching for new sedimentary copper resources and plans to expand and delineate the high-grade copper resources of its next major development projects, Makoko, Kiala, and Kitoko.

According to a report by Mining.com, Ivanhoe Mines announced that its Kakula West copper mine in the Democratic Republic of Congo (DRC) has resumed production after a temporary suspension lasting one month. This underground mine is part of the company's Kamoa-Kakula copper joint venture. On May 18, the mine was forced to suspend production due to severe water inflow caused by seismic activity in the region. The Kamoa-Kakula joint venture is Africa's largest copper mine, with Ivanhoe holding a 39.6% stake. Analysts believe that once the necessary pumping and repair work is completed, the mine should be able to resume production. Mining activities in the eastern section are also expected to commence immediately, with a focus on advancing from existing stopes to new areas. In a statement, Robert Friedland, the company's Executive Chairman, said, "We are grateful and thankful to our team for their rapid response in stabilizing the water table at Kakula and resuming mining on the west side." "The team quickly secured the critical equipment needed to remove water from the entire mine, while also preparing to mine a high-grade area in the east." With the resumption of production at the Kakula copper mine, Ivanhoe has set new production targets for the Kamoa-Kakula joint venture in 2025: 370,000 to 420,000 mt of copper concentrates. Based on the midpoint, this projection represents a 28% decrease from the previous production target set in January (520,000 to 580,000 mt). Ivanhoe stated that the downward revision in production expectations takes into account the potential impact of recent seismic activity and related disruptions at the Kakula mine. Several risk factors, such as further seismic activity and infrastructure damage, were also highlighted as considerations. Additionally, the company's management has withdrawn the production target of approximately 600,000 mt for 2026, pending further evaluation. Friedland emphasized, "Although it is premature to establish production plans for 2026 and 2027, the future of the Kamoa-Kakula joint venture remains bright." As previously disclosed, the Phase 1 and Phase 2 beneficiation plants at Kakula are still operating at half of their capacity, processing surface ore inventory. The beneficiation plants are expected to restore their capacity for the remainder of the year as mining volumes increase in the western section of the mine, according to Ivanhoe. Meanwhile, the Kamoa underground mine, as well as the adjacent Phase 3 beneficiation plant, are operating well. With the necessary copper concentrate supply in place, the on-site smelter is expected to commence operations in September, with the first products to be produced in October 2025.

The Kamoa-Kakula Copper Mine kept its annual copper production guidance unchanged at 390,000-430,000 mt.

According to Ivanhoe Mines: Robert Friedland, Executive Co-Chairman of Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF), Weibao Hao, Co-Chairman, and Marna Cloete, President and Chief Executive Officer, announced today the latest operational updates for the Kamoa-Kakula copper mine project, as well as the preliminary findings of the geotechnical investigation following the seismic event at the Kakula mine announced on May 20, 2025. Mining operations in the western section of the Kakula mine were safely and prudently restarted on June 7, 2025, with equipment and mining crews returning underground to resume production. The short-term mining plan for the western section of the Kakula mine has been updated to incorporate the recommendations summarized in the preliminary investigation report. It is expected that mining operations in the far eastern section of the Kakula mine will also resume as soon as possible, with a focus on development work to open up access to new mining areas east of the existing mining zones. The development work in the new mining areas of the far eastern section of the Kakula mine will be carried out in a spatially isolated manner from the pumping work areas and is expected to be completed in the second quarter of 2026. On June 2, 2025, the company announced that additional pumping equipment had been installed at the Kakula mine to maintain stable water levels. Since the initial announcement on May 18, 2025, the frequency of seismic events has also decreased. Pumping operations are expected to commence in the eastern section of the Kakula mine in August 2025 and be completed in the fourth quarter. The recommendations made by world-class geotechnical experts based on the preliminary investigation findings have been incorporated into the short-term mining plan for the Kakula mine to ensure the safe restart of mining operations. Meanwhile, the management and technical advisors of Kamoa-Kakula are developing and reviewing the medium- and long-term mining plans for the mine. The Phase 1 and Phase 2 beneficiation plants continue to operate at approximately 50% of their combined capacity, processing ore from surface stockpiles. With the resumption of mining operations in the western section of the Kakula mine, ore supply to the beneficiation plants will increase, and the Phase 1 and Phase 2 beneficiation plants will gradually ramp up production over the remainder of 2025, with ore supply supplemented by ore mined from the western section of Kakula. Mining activities at the Kamoa underground mine and the adjacent Phase 3 beneficiation plant continue to operate normally without any disruptions. It is expected that the smelter located on the mine site will commence operations in September 2025 and produce its first copper anodes in October, once copper concentrate production and inventory levels meet the required conditions. Robert Friedland, Executive Co-Chairman of Ivanhoe Mines, commented, "We are grateful and deeply appreciate the swift response of the on-site team in stabilizing the groundwater levels at the Kakula mine and resuming mining operations in the western section. Critical dewatering equipment required to ensure the safety of the entire mine was rapidly deployed, while preparations were actively underway to advance as quickly as possible into the Kakula Far East zone to open up new high-grade mining areas." "Although it is still too early to outline detailed plans for 2026 and 2027, the prospects for the Kamoa-Kakula copper mine and the adjacent Western Foreland exploration project remain bright. Kamoa-Kakula is, and will continue to be, a world-class mine, maintaining its leading position among the world's copper producers for decades to come." President and CEO, Mark Cutifani, commented: "We are working tirelessly to safely and methodically restore full operations at the Kakula mine, with safety as our top priority! We would like to express our sincere gratitude to the mining team, engineering team, and our many long-standing contractors for their outstanding contributions in restoring dewatering capacity and restarting mining operations, all without any lost-time incidents." "The resilience and operational strength demonstrated by our team underscore the extraordinary nature of this world-class copper district – and the bright future it will create for generations to come." Note: Existing underground development as of May 2025. The above figure, based on the 2023 Kamoa-Kakula Integrated Development Plan, shows the average grade estimates (calculated using a cut-off grade of total copper >3%) for vertical blocks in different zones, with a minimum thickness of 3 meters. The groundwater level at the Kakula mine has stabilized; underground mining operations have resumed in the western section of the Kakula mine. Following the seismic event, although the inflow of water into the Kakula mine's underground workings gradually increased, it has now stabilized at approximately 4,000 liters per second. Due to the impact of the seismic event on existing underground dewatering facilities, additional underground dewatering capacity totaling approximately 4,400 liters per second has been installed, helping to stabilize the groundwater level. The new pumping stations are connected to the existing central dewatering infrastructure and then discharge water to the surface through four locations near the bottom of the northern and southern twin declines, as shown in Figure 2. With the stabilization of the water level, mining operations have resumed on the western side of the Kakula mine. Mobile equipment and mining crews, which were evacuated from underground on May 18, 2025, have now returned to the underground workings and conducted their first blast on June 7, 2025. The short-term mining plan has been updated to incorporate recommendations from the preliminary geotechnical investigation report. Based on underground conditions, Kamoa-Kakula's mining crews plan to increase mining volumes on the western side of the Kakula mine to approximately 300,000 mt per month (or 3.6 million mt per year on an annualized basis) in H2 2025. In Q3, mining operations will ramp up the mining capacity in the Kakula West Zone to 3.6 million mt/year, with further adjustments to be made based on underground conditions. In H2 2025, the underground mining team will focus on implementing three major projects: ramping up the mining capacity in the Kakula West Zone, constructing a new mining area in the Far East Zone of the Kakula Mine, and ramping up the mining capacity in the Kamoa Mining Area. Additional operational personnel have been deployed to the Kamoa Mine, located approximately 10 kilometers north of the Kakula Mine, to assist the existing mining team in underground excavation works, as well as in the construction of newly designed box-cut and ramp development at the Kansoko Mine. The new ramp will help increase the mining capacity at Kansoko and further supplement the ore supply required by the Phase 1 and Phase 2 beneficiation plants. Construction of the new mining area in the Far East Zone of the Kakula Mine will be concentrated, with development works set to commence soon, spatially separated from the pumping work area. The Far East Zone of the Kakula Mine will adopt a new mining plan, focusing on development works further east of the existing mining area. The new mining area and the existing mining area will be separated by a safety pillar to prevent the rock mechanics instability in the existing mining area from propagating to the new mining area. The mining team is expected to soon commence construction of two new main access tunnels. The two main tunnels will be constructed simultaneously, advancing eastward from the existing underground infrastructure (see Figure 2). The construction of the new mining area will involve the extraction of ore and waste rock, and is expected to be completed by Q2 2026. The new access tunnels will be isolated from the mining faces currently being dewatered, and dewatering operations will also be conducted separately and independently. Upon completion of dewatering in the East Zone of the Kakula Mine, in-situ geotechnical observations will be conducted in the existing mining area, followed by a comprehensive evaluation by geotechnical experts. The evaluation results will determine the future scope of production resumptions in the existing mining area. Underground water inflow is mainly concentrated in the deepest part of the East Zone of the mine (see Figure 2). The Kamoa-Kakula engineering team has developed a phased plan for dewatering the Kakula Mine. Phase 1 : Install temporary pumping facilities underground to maintain the existing water level stable. Phase 1 was completed on June 2, 2025. Phase 2 : Install large-power pumps and a permanent pumping system that can be operated from the surface to conduct comprehensive dewatering operations throughout the Kakula Mine. Kamoa Copper has ordered five large-power pumping units, each with a dewatering capacity of 650 liters per second. The long-term plan also includes the procurement of additional pumping units, which will be deployed in pairs in the existing shafts to the bottom of the Kakula Mine (see Figure 2). Dewatering is expected to commence in August 2025. As water levels gradually decline, the engineering team will begin repairing the underground pumping, ventilation, and other systems, and complete the geotechnical engineering assessment. It is expected that the dewatering work in the eastern section of the Kakula Mine will be completed in Q4. Preliminary findings from the recent geotechnical investigation into the mine seismicity Following the first mine seismic event on May 18, 2025, the company promptly engaged two renowned and independent geotechnical consulting firms, Beck Engineering from Australia and Open House Management Solutions (hereinafter referred to as "Open House") from South Africa, to conduct an investigation at the Kamoa-Kakula Mine. With the support of Ivanhoe Mines, the two consulting firms worked closely with the Kamoa-Kakula engineering team. The preliminary investigation results indicate that the mine seismicity originated from areas in the eastern section of the Kakula Mine with high ore extraction rates. It is currently believed that the secondary stope, originally planned for Step-2 mining, experienced subsidence-induced yielding deformation, leading to stress redistribution and transmission to the pillars in the area. This, in turn, caused the pillars to yield and deform due to excessive bearing stress. Although backfilling of the mined-out areas could not prevent stress redistribution to the regional pillars, it may have mitigated the effects in some cases. Meanwhile, it cannot be ruled out that adverse geological factors within the area exacerbated the yielding deformation of the pillars. Pillars are unmined ore or rock left in place to support the roof of underground voids; mined-out areas refer to spaces underground where mining has been completed. Backfilling is the operation of filling mined-out areas with a mixture of tailings and cement, which, after consolidation, can achieve the target strength. The geotechnical evaluation has not yet been completed and will be further detailed in the eastern section of the Kakula Mine after the dewatering operations are finished. The preliminary investigation results recommend changes to the short-term mining plan to increase the width of the pillars, thereby providing stronger structural support. The results also suggest adjusting the mining sequence to improve stress distribution and overall stability. Additionally, an enhanced rock mechanics monitoring system will be installed throughout the mine. The management of Kamoa-Kakula, along with Beck Engineering, Open House, and other technical consultants, are making revisions to the short-term, medium-term, and long-term mining plans based on the geotechnical investigation findings. Prior to the mine seismicity, the company was in the process of updating the comprehensive mine life-of-mine development plan, which has now been suspended until Ivanhoe Mines' engineering team and its panel of technical experts complete their review and agree to the relevant changes. After the update work resumes, Ivanhoe Mines will provide updates on the progress of the revised comprehensive development plan. The Phase I and II beneficiation plants are operating at reduced capacities, and production ramp-up will be advanced following the resumption of mining operations in the western section of the Kakula Mine; the Phase III beneficiation plant continues to perform exceptionally well. On June 7, 2025, mining operations in the western section of Kakula were safely and prudently resumed. It is planned to increase the underground mining capacity to 3.6 million mt per year in Q3. Combined with ore from surface stockpiles and supplementary ore from the northern Kamoa Mine, this will be sufficient to support over 80% of the combined designed capacity (9.2 million mt per year) of the Phase I and II beneficiation plants. It is expected that in the second half of the year (H2), the copper grade of raw ore in the Kakula West section will range between 3.0% and 4.0%. Since the suspension of underground operations on May 18, 2025, the Phase I and Phase II beneficiation plants have been operating at approximately 50% of their combined capacity, processing ore from surface stockpiles. The Phase III beneficiation plant adjacent to the Kamoa mine (see Figure 3) has maintained excellent operational performance since the beginning of this year. The plant's current average ore processing capacity is equivalent to an annualized capacity of 6 million mt, which is 30% higher than the designed capacity of 5 million mt per year. As of 2025, the average copper grade of ore processed by the Phase III beneficiation plant has been 2.84%. The mining output from the Kamoa and Kansoko mines has increased over the past two months, exceeding an annualized production of 6.8 million mt. The short-term mining plans for the Kamoa and Kansoko mines have been updated to incorporate recommendations from preliminary geotechnical investigations. The long-term mining plans will be reviewed in conjunction with the overall review of the Kakula mine. 2025 Production Guidance Revision The updated 2025 production guidance for Kamoa-Kakula is based on assumptions and estimates as of June 10, 2025, and involves estimates of known and unknown risks, uncertainties, and other factors that may differ significantly from actual results. The revision of the 2025 production guidance has taken into account the potential impacts of recent seismic events and the resulting disruptions to mining operations at the Kakula mine. Although mining operations have resumed in the Kakula West section, it is currently impossible to accurately predict potential further seismic events, the resulting disruptions, the integrity of underground infrastructure, the ability to ramp up production in underground operations, the ability to complete dewatering work, and the timing of the commissioning of new mining areas in the Far East section. The updated 2025 production guidance is based on the aforementioned factors, and the company's management believes these considerations and assumptions are reasonable given all currently available information. Figure 4 provides detailed information on the revision of the production guidance. All figures are stated on a 100% project equity basis. The reported metal content in concentrate does not account for losses or deductions under smelting agreements. Upon further review, the 2026 copper production target of approximately 600,000 mt has been withdrawn. Ivanhoe Mines will provide further updates on the 2026 production target as more information becomes available. Ivanhoe Mines will provide an update on the 2025 C1 cash cost guidance in its Q2 2025 financial report. The one-step copper smelter at the mine site will commence operations in Q3 Senior management at Kamoa-Kakula has confirmed that the one-step copper smelter at the mine site will begin operations in early September 2025, with the first copper anodes expected to be produced in October. Smelters can operate at a minimum of 50% capacity, which is equivalent to an annualized copper production of approximately 250,000 mt. As of May 31, 2025, there were 33,000 mt of copper in copper concentrates onsite at the mine that had not been sold. It is expected that the first batch of concentrates will be fed into the process approximately four to six weeks after production starts, and it is estimated that there will be a total of approximately 35,000 mt of copper in concentrates in inventory pending sale at that time. In addition, the senior management of Kamoa-Kakula expects that the Inga II hydropower station's Unit 5 turbine (with a designed power of 178 MW) will be commissioned in October 2025, further increasing the hydropower capacity available to the Kamoa-Kakula copper mine through the domestic power grid.

According to Ivanhoe Mines: Kolwezi, Democratic Republic of the Congo — Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) announced that mining operations at the Kakula underground mine, part of the Kamoa-Kakula copper mine project in the Democratic Republic of the Congo (hereinafter referred to as "DRC"), have been suspended. Due to multiple seismic events occurring in the eastern section of the Kakula mine last week, the senior management of Kamoa Copper decided to suspend underground operations on Sunday, May 18, 2025. In accordance with safety protocols, all personnel have been safely returned to the surface, and mobile equipment has been evacuated from the underground workings, with no casualties reported. The company's executives and geotechnical experts have rushed to the site to conduct a comprehensive investigation of the Kakula underground mine, starting today. It has been observed that seismic activity has significantly decreased in the past 24 hours; it is safe to resume mining operations immediately in the western section of the Kakula mine. The investigation into the eastern section of the Kakula mine will continue, including potential impacts on underground infrastructure such as the pump station. The Phase I and Phase II beneficiation plants at Kakula are temporarily operating at reduced capacity, processing ore from surface stockpiles. Once underground operations resume, ore from the western section of the Kakula mine will be processed immediately. As of April 30, 2025, approximately 3.8 million mt of high-grade and medium-grade ore, with an average copper grade of approximately 3.2%, were stockpiled on the surface at Kamoa-Kakula. Mining activities at the Kamoa underground mine and ore processing at the adjacent Phase III beneficiation plant have not been affected. Ivanhoe Mines will provide timely updates as information becomes available.

According to Ivanhoe Mines: Kolwezi, Democratic Republic of the Congo — Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) announced that it has suspended mining operations at the Kakula underground mine within the Kamoa-Kakula copper mine in the Democratic Republic of the Congo (hereinafter referred to as "DRC"). Due to multiple mine tremors occurring in the eastern section of the Kakula mine last week, the senior management of Kamoa Copper decided to suspend underground operations on Sunday, May 18, 2025.

According to Ivanhoe Mines: Kolwezi, Democratic Republic of the Congo – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) announced on June 3 that, following the suspension of underground mining operations at the Kakula Mine on May 20, 2025, senior management continues to work closely with a team of world-class geotechnical experts to safely and prudently resume mining operations. (Image courtesy of Ivanhoe Mines) The engineering team at Kamoa Copper is updating the short-, medium-, and long-term plans for resuming operations in the eastern and western sections of the Kakula Mine. It is expected that underground mining operations in the western section of the Kakula Mine will resume in late June, subject to the progress of dewatering efforts. The western section of the Kakula Mine has not been flooded and has a dewatering capacity of 1,000 litres per second. It is anticipated that operations in the eastern section of the Kakula Mine will resume after the completion of dewatering efforts. Kamoa Copper has implemented a phased approach to conduct dewatering operations throughout the Kakula Mine: Phase 1: Install temporary dewatering equipment underground to maintain the current water level. Phase 1 was completed today, with the total dewatering capacity increased to approximately 4,400 litres per second, which is sufficient to manage the inflow of groundwater. Phase 2: Install large-power pumps and a permanent dewatering system that can be operated from the surface to conduct comprehensive dewatering operations throughout the Kakula Mine. Phase 2 has already commenced. Kamoa Copper has ordered four large-power dewatering units, each with a dewatering flow rate of 650 litres per second. Additional dewatering units will also be ordered under the long-term infrastructure plan, which will be deployed in pairs and installed in existing ventilation shafts that extend deep into the catchment area of the Kakula Mine. It is expected that the surface dewatering system will be delivered and installed within 90 days. Meanwhile, the Phase 1 and Phase 2 beneficiation plants continue to operate at approximately 50% of their combined capacity, processing ore from surface stockpiles. Once underground operations resume, ore from the western section of the Kakula Mine will be processed immediately. Since mining commenced at the Kakula Mine in 2021, the mining team has completed more than 18 months of development ahead of the mining schedule. The excess development work has provided significant flexibility for the underground mining team to re-enter multiple mining areas when environmental safety is confirmed. Mining activities at the Kamoa underground mine and the adjacent Phase 3 beneficiation plant continue to operate normally and have not been affected. Ivanhoe Mines will announce the production resumption plan for the western section of the Kakula Mine and the restart plan for the eastern section next week. Senior management of the Ivanhoe Mines and Kamoa Copper joint venture is working closely with a team of world-class geotechnical experts to conduct a comprehensive and prudent geotechnical evaluation of the Kakula Mine. It is expected to announce the evaluation results and the restart plan for the western and eastern zones of the Kakula mine next week.

According to Ivanhoe Mines: On June 3, Ivanhoe Mines announced that following the suspension of underground mining operations at the Kakula mine on May 20, 2025, senior management continues to work closely with a team of world-class geotechnical experts to safely and prudently resume mining operations. The engineering team at Kamoa Copper is updating the short-term, medium-term, and long-term plans for resuming operations in the eastern and western zones of the Kakula mine. It is expected that underground mining operations in the western zone of the Kakula mine will resume in late June, subject to the progress of dewatering efforts. The western zone of the Kakula mine has not been flooded and has a dewatering capacity of 1,000 liters per second.

According to a May 26 announcement from Ivanhoe Mines: Kolwezi, Democratic Republic of the Congo (DRC) – Following the initial announcement on May 20, 2025, regarding the suspension of underground mining operations at the Kakula Mine in the Democratic Republic of the Congo, Robert Friedland, Executive Co-Chairman of Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF), Weibao Hao, Co-Chairman, and Marna Cloete, President and Chief Executive Officer, issued a statement on May 26 regarding the latest operational updates at the Kamoa-Kakula Mine. Senior management of Ivanhoe Mines, along with a team of world-class geotechnical experts, continues to conduct a comprehensive mine investigation to understand the causes and impacts of the seismic activity. In the past few days, intermittent seismic activity has persisted in the Kakula underground mine. In light of the recent seismic events, underground operations were suspended again on Saturday, May 25, 2025. All employees have been safely evacuated to the surface, and mobile equipment has been removed from underground work areas. The company has always prioritized the safety of its employees and contractors, and to date, there have been no lost-time injuries. Preliminary indications suggest that seismic activity at Kakula may continue for several weeks, which will affect underground access operations and extend the suspension of underground mining at Kakula. Due to the impact on underground pumping and power infrastructure, there has been a significant increase in water inflow at the Kakula underground mine. With the support of Ivanhoe Mines and Zijin Mining, Kamoa Copper is developing a detailed dewatering plan, including the procurement of new pumping equipment to enhance pumping capacity from the surface. Ivanhoe thanks its Chinese partners, Zijin Mining and CITIC Metal, for their significant assistance in procuring pumping equipment. Marna Cloete, President and Chief Executive Officer of Ivanhoe Mines, commented, "I would like to express my deep gratitude to our dedicated employees who have continued to work under challenging conditions during the recent seismic events, demonstrating remarkable resilience and dedication. The safety of our employees is our top priority, and achieving zero injuries in such a severe environment is a testament to the professionalism and focus of every employee at Kamoa Copper." "During the suspension of underground mining operations at the Kakula Mine, we are focusing our efforts on maintaining pumping and water management facilities, including expediting the procurement of relevant equipment for surface dewatering. We are working around the clock with world-leading geotechnical experts to investigate the causes of the issues we are facing and develop solutions." "We are making every effort to retain significant flexibility to sustain operations at the Kakula beneficiation plant through surface ore stockpiling or to redeploy Kakula employees and equipment to the unaffected and ongoing operations at the Kamoa Mine." Robert Friedland, founder and Co-Executive Chairman of Ivanhoe Mines, added, "We will draw wisdom and experience from the events of the past week. Ivanhoe Mines and our partner, Zijin Mining, are jointly operating this complex, high-grade, and previously unheard-of sediment-hosted copper deposit. This incident will provide us with valuable insights into geotechnical engineering and the maintenance of critical pumping facilities, enabling us to avoid similar impacts in the future and safely resume mining operations at Kakula... These lessons will comprehensively guide our work at Kamoa and Western Foreland." "I remind readers that SpaceX, which currently undertakes approximately 90% of humanity's space launch missions, did not achieve its current success overnight. Every setback has brought new knowledge to their team, leading to greater achievements. Therefore, we are approaching the operation of Kamoa-Kakula with the same mindset. Together, we plan to resume operations and production, making them safer and more robust than ever before." As some underground areas have been confirmed safe, personnel can return to work. The primary tasks are to inspect, repair, and restart the pump stations and associated pipelines, as well as the substation and related cables. Repair work continues in the shallow western section of the Kakula mine, where the drainage flow rate is 1,000 liters per second. The engineering team at Kamoa Copper is focusing on restoring the drainage capacity, aiming to exceed 3,000 liters per second, which will be sufficient to maintain stable groundwater levels in the area. Meanwhile, the management team is planning to install permanent, large-power pumping systems that can be operated from the surface in all mining areas. The surface infrastructure at Kakula, including the Phase 1 and Phase 2 beneficiation plants and the one-step copper smelter, remains completely unaffected. The Phase 1 and Phase 2 beneficiation plants are currently processing ore from surface stockpiles. Mining activities at the Kamoa underground mine and the adjacent Phase 3 beneficiation plant continue to operate normally and remain unaffected. The 2025 production and cost guidance for Kamoa-Kakula, as well as the capacity ramp-up plan for the one-step copper smelter, have been temporarily withdrawn pending re-evaluation. Ivanhoe Mines will provide further updates as more information becomes available. Ivanhoe Mines and Zijin Mining continue to maintain a strong and resilient partnership at the joint venture level, jointly committed to restoring safe production at Kakula as soon as possible.

Zijin Mining announced in the evening of May 23 that multiple mine tremors had occurred in succession at the Kakula ore block of the Kamoa-Kakula copper mine operated by the company in recent days, with multiple roof falls and rib spalling incidents reported in the eastern section of the mine. The cause of the tremors remains unknown. Following a decision by the management of Kamoa Copper, underground operations in the affected area have been suspended, and relevant personnel and some equipment have been evacuated from the underground working face. As of now, no casualties have been reported. The company attaches great importance to this mine tremor incident and has organized an internal expert team to rush to the site. Together with the management and technical team of Kamoa Copper, and with the assistance of external third-party expert teams if necessary, the focus will be on re-evaluating and reassessing the early-stage mining methods, backfilling plans, hydrological control measures, and full life cycle production schedules. A comprehensive and systematic investigation into the causes of the mine tremors will be conducted, and a management and technical improvement plan will be developed and implemented. According to Zijin Mining's announcement, due to the impact of the mine tremors, the Phase I and Phase II beneficiation plants of the Kamoa-Kakula copper mine will temporarily operate at a reduced capacity, processing ore from surface ore stockpiles. As of April 30, 2025, approximately 3.8 million mt of ore had been stockpiled on the surface, with an average copper grade of approximately 3.2%. The Phase III beneficiation plant of the Kamoa-Kakula copper mine and the underground mining activities within the Kamoa ore block have not been affected. The Kamoa-Kakula copper mine achieved a copper production of 437,000 mt in 2024, with a planned copper production of 520,000 mt to 580,000 mt for 2025. The company holds a 44.45% equity interest in the project (including the equity interest corresponding to the company's stake in Ivanhoe Mines). It is expected that the recent mine tremors will adversely affect the realization of the Kamoa-Kakula copper mine's annual planned production. The specific extent of the impact will be further evaluated based on the investigation results, and the company will provide timely updates in its periodic reports or interim announcements. Kamoa Copper is a joint venture of the company. In 2024, the Kamoa-Kakula copper mine contributed 1.72 billion yuan to the company's net profit attributable to shareholders, accounting for approximately 5.37% of the company's net profit attributable to shareholders for the year. Zijin Mining previously disclosed its Q1 2025 report, showing that the company achieved a total operating revenue of 78.928 billion yuan, up 5.55% YoY, and a net profit attributable to shareholders of 10.167 billion yuan, up 62.39% YoY. Regarding the reasons for the increase in net profit, Zijin Mining stated that, compared with the same period last year, the company's major accounting data and financial indicators all increased by more than 50%, primarily due to the steady improvement in the company's production and operation management capabilities, which led to an increase in the production of major mineral products. Meanwhile, the company further enhanced its ability to assess the metal market, fully benefiting from the gains brought about by rising metal prices. According to Zijin Mining's Q1 report on key production and operation data: From January to March 2025, the company's gold production from mines increased by 13% YoY, copper production from mines increased by 9% YoY, and zinc production from mines decreased by 10% YoY. It achieved operating revenue of 78.928 billion yuan, up 6% YoY, and net profit attributable to shareholders of 10.167 billion yuan, up 62% YoY. The gross profit margin of mining enterprises was 59.94%, representing a year-on-year increase of 5.44 percentage points. Compared with Q4 2024 on a QoQ basis, in Q1 2025, gold production from mines increased by 2% QoQ, copper production from mines increased by 3% QoQ, and zinc production from mines decreased by 9% QoQ. It achieved operating revenue of 78.928 billion yuan, up 8% QoQ, and net profit attributable to shareholders of 10.167 billion yuan, up 32% QoQ. The gross profit margin of mining enterprises in Q1 2025 was 59.94%, representing a quarter-on-quarter increase of 1.23 percentage points. During the reporting period, the company's unit sales cost of mineral products increased, which was attributed to a decline in grade, an increase in transportation distance, and a rise in the stripping ratio of some open-pit mines. The following table presents the key production and financial indicators by product for the period from January to March 2025, the same period last year, and Q4 2024. Zijin Mining's 2024 annual report shows that in 2024, the company's revenue was 303.640 billion yuan, up 3% YoY, and net profit attributable to shareholders of publicly listed firms was 32.051 billion yuan, up 51.76% YoY. Zijin Mining's 2024 annual report indicates that in 2024, the company's resource volume and production of its main mineral products increased year after year, with both volume and price rising. Copper production from mines exceeded the 1 million mt milestone and continued to grow, while gold production from mines increased rapidly. The company achieved annual production of 1.07 million mt of copper, 73 mt of gold, 450,000 mt of zinc (lead), and 436 mt of silver from mines. Among these, the YoY growth rates of copper and gold production from mines were 6% and 8%, respectively. Despite the general cost pressure in the global mining industry, Zijin Mining reshaped its comparative advantage of low cost and high efficiency, effectively curbing the upward trend in costs. The sales costs of copper concentrates and gold concentrates decreased by 4.3% and 0.43% QoQ, respectively, remaining at a low level in the global mining industry. Key economic indicators reached new highs, demonstrating strong profitability. During the reporting period, the company achieved earnings before interest, taxes, depreciation, and amortization (EBITDA) of 63.2 billion yuan, total profit of 48.1 billion yuan, and net profit attributable to shareholders of 32.1 billion yuan, representing significant YoY increases of 36%, 54%, and 52%, respectively. The net cash flow generated from operating activities was 48.9 billion yuan, up 33% YoY, indicating robust and ample cash flow. At the end of the period, total assets were 396.6 billion yuan, including 139.8 billion yuan of net assets attributable to shareholders, representing increases of 16% and 30%, respectively, compared to the beginning of the period. The asset-liability ratio decreased to 55%, indicating a more optimized asset structure. In its 2024 annual report, Zijin Mining outlined its production plans for key mineral products in 2025: 1.15 million mt of copper, 85 mt of gold, 440,000 mt of zinc (lead), 40,000 mt of lithium carbonate equivalent, 450 mt of silver, and 10,000 mt of molybdenum from mines. Given the complex and ever-changing market environment, this plan serves as a guiding indicator and is subject to uncertainties. It does not constitute a commitment to achieving the production targets. The company reserves the right to make corresponding adjustments to this plan based on changing circumstances. Investors are advised to pay attention to the risks. Pacific Securities released a research report on April 17, recommending a "Buy" rating for Zijin Mining. The main reasons for the rating include: 1) The Akyem gold mine is one of the largest gold mines in Ghana and is currently operating stably; 2) With the continuous rise in gold prices, the project's resource and reserve potential for further exploration is promising; 3) The continuous increase in resources and reserves lays a solid foundation for long-term development. Risk warnings: Demand falls short of expectations; Supply exceeds expectations; The US Fed's tightening measures exceed expectations. Kaiyuan Securities released a research report on April 15, recommending a "Buy" rating for Zijin Mining. The main reasons for the rating include: 1) Stable performance of the mineral products business, with an upward trend in the price center of copper and gold; 2) Implementation of a share repurchase plan to improve long-term incentive mechanisms. Risk warnings: Risk of fluctuations in raw material prices; Risk of policy changes; Risk of project progress falling short of expectations.