I MINING BUSINESS REVIEW I

JOHANNESBURG, SOUTH AFRICA

“The unparalleled exploration potential for new high-grade copper discoveries on our wholly-owned, Western Foreland exploration licences that total more than 2,500 square kilometres; the recent progress toward putting our tier-one Platreef palladium-platinum-nickel-copper-rhodium-gold project in South Africa into production; and the unrivalled zinc, copper and silver grades in our Kipushi Project in the DRC, are each generating significant attention.”

Robert Friedland
Executive Co-Chairman
Ivanhoe Mines Ltd

Ivanhoe Mines’ Co- Chairmen Robert Friedland and Yufeng “Miles” Sun confirmed today that the company has had, and is continuing to have, strategic discussions regarding its 100%-owned Western Forelands Project that adjoins its Kamoa-Kakula mining licence also in the Democratic Republic of Congo (DRC), as well as its Platreef palladium-platinum-nickel-copper-rhodium gold project on the Northern Limb of South Africa’s Bushveld Complex.

Executive Co-Chairman Robert Friedland said, “2020 has been an extraordinary year in many ways. In our industry, it has seen a remarkable rebound in metals prices. The weighted ‘basket’ of the prices for palladium, rhodium, gold and nickel, measured in South African Rand terms, is near all-time highs. Copper has hit two-year highs, silver is at seven-year highs, and gold has surpassed its 2011 peak to reach an all-time high above US$1,900 per ounce. Our tier-one projects in Africa will produce all of these metals.”

“The unparalleled exploration potential for new high-grade copper discoveries on our wholly owned, Western Foreland exploration licences that total more than 2,500 square kilometres;
the recent progress toward putting our tier-one Platreef palladium-platinum-nickel-Copper-rhodium-gold project in South Africa into production; and the unrivalled zinc, copper and silver grades in our Kipushi Project in the DRC, are each Generating significant attention.”

Mr. Friedland continued,

“Not surprisingly in this environment, we have been receiving daily
inquiries from companies across the industry and world, from the West as well as China, and
from streaming companies and various bank and non-bank lenders, inquiring about investing in these great projects. That level of interest requires that we critically examine these
opportunities, which we are now doing.”

A number of mining companies have expressed interest in advancing exploration activities at the wholly-owned Western Forelands Copper Project. In addition, the company is continuing to
have strategic discussions regarding its Kipushi zinc-copper-silver-lead-germanium mine in the DRC. Finally, several expressions of interest have also been received from streaming
companies interested in the Platreef palladium-platinum-nickel-copper-rhodium-gold project in South Africa. This is in addition to ongoing talks with a number of bank and non-bank commercial lenders.

Ivanhoe Mines indicated that it will provide further comment only if a specific transaction or process is concluded, or if further disclosure is required or deemed appropriate. To this, the it cited that there can be no assurance that the company will pursue any transaction or that a transaction, if pursued, will be completed.

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