News Release

Toronto, Ontario–(Newsfile Corp. – May 27, 2024) – CITIC Metal Co., Ltd. announces that on May 26, 2024 it announced by way of regulatory announcement on the Shanghai Stock Exchange (the "Announcement”) that it obtained approval from its board of directors on May 24, 2024 for its subsidiary CITIC Metal Africa Investments Limited ("CITIC”) to sell a small portion of its holdings of common shares of Ivanhoe Mines Ltd. (the "Corporation”) through public trades, privately through block trades or the combination of both (the "Transaction”).

Further approval from the shareholders of CITIC Metal Co., Ltd. will be sought for the Transaction at a general meeting scheduled on June 11, 2024. If approved, CITIC would be able to sell not more than 25,390,428 shares (representing approximately 2.0% of the currently outstanding common shares of the Corporation on a non-diluted basis as of the date of the Corporation’s last quarterly report dated April 26, 2024, 1,269,698,059 Class A shares were issued and outstanding) within 12 months from the date of approval of its proposal by the shareholders.

This press release is being issued pursuant to Canadian early warning requirements because the Transaction would change information previously disclosed by CITIC in earlier Canadian early warning filings and the Transaction has been announced elsewhere.

CITIC now beneficially owns an aggregate of 314,671,533 common shares of the Corporation, representing approximately 24.78% of the currently outstanding common shares (as of the date of the Corporation’s last quarterly report dated April 26, 2024, 1,269,698,059 Class A shares were issued and outstanding).

Approval of the board of directors and the shareholders of CITIC Metal Co., Ltd. does not obligate CITIC to complete the Transaction and any actual sale will be completed in accordance with applicable Canadian securities laws.

Assuming that CITIC completes the Transaction and sells the entire 25,390,428 common shares, it will then beneficially own 289,281,105 common shares of the Corporation representing approximately 22.78% of the currently outstanding common shares (as of the date of the Corporation’s last quarterly report dated April 26, 2024, 1,269,698,059 Class A shares were issued and outstanding).

The Transaction is an economic decision after comprehensive consideration, which does not hinder CITIC’s long-term strategic investment in the Corporation.

Ivanhoe Mines Ltd. is located at 606 – 999 Canada Place, Vancouver, British Columbia, V6C 3E1. A copy of CITIC’s early warning report will appear on Ivanhoe Mines’ profile on SEDAR+ at www.sedar.com and may be obtained by calling Mr. LEI Jie at + 86 10 59661977.