News Release

Platreef, one of the world’s largest undeveloped precious metals projects, to be lowest cost platinum, palladium, rhodium, and gold producer; with significant nickel and copper

Phase 1 production commencing Q4 this year, with Phase 2 expansion accelerated to 2027

4.1 Mtpa Feasibility Study (Phase 1 & 2) yields after-tax NPV8% of $1.4 billion and IRR of 20%, producing over 450,000 ounces platinum, palladium, rhodium and gold per annum

10.7 Mtpa PEA (Phase 1, 2 & 3) yields an after-tax NPV8% of $3.2 billion and 25% IRR, scaling up annualized production to over 1.0 million ounces of platinum, palladium, rhodium, and gold, plus approx. 25,000 tonnes of nickel and 15,000 tonnes of copper

Platreef’s vast, open-ended deposit contains 42 million ounces of precious metals in Indicated Resources and 53 million ounces in Inferred Mineral Resources at 2 g/t cut-off

Johannesburg, South Africa–(Newsfile Corp. – March 31, 2025) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announced today that, following the announcement made on February 18, 2025, the company has filed the National Instrument 43-101 (NI 43-101) technical report covering the Platreef Integrated Development Plan 2025.

The Platreef Integrated Development Plan 2025 includes two independent technical studies covering the three-phase expansion of the tier-one Platreef platinum, palladium, rhodium, nickel, gold, and copper mine in South Africa.

The two completed independent studies consist of an updated Feasibility Study on the Phase 2 expansion to 4.1 Mtpa of processing capacity (4.1 Mtpa FS), and a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7 Mtpa of processing capacity (10.7 Mtpa PEA).

The Platreef 2025 IDP technical report was prepared by OreWin Pty Ltd of Adelaide, Australia; The MSA Group (Pty) Ltd of Johannesburg, South Africa; SRK Consulting (South Africa) (Pty) Ltd of Cape Town, South Africa; DRA Projects (Pty) Ltd of Johannesburg, South Africa; and, WSP Global Inc. of Montreal, Canada.

The independent Qualified Persons responsible for preparing the 4.1 Mtpa FS and 10.7 Mtpa PEA, on which the Platreef 2025 IDP technical report was based are; Bernard Peters (OreWin Pty Ltd), Jeremy Witley (The MSA Group (Pty) Ltd), William Joughin (SRK Consulting (South Africa) (Pty) Ltd), Curtis Smith (OreWin Pty Ltd), Riaan Thysse (WSP Global Inc.), and Ryan Males and Louise Lintvelt (DRA Projects (Pty) Ltd).

Ivanhoe Mines holds a 64% interest in the Platreef mine through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of a broad-based, black economic empowerment structure have a combined 26% stake, with the remaining 10% owned by a consortium of Japanese shareholders including ITOCHU Corporation; Japan Organization for Metals and Energy Security; and JGC Holdings Corporation.

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 palladium-nickel-platinum-rhodium-copper-gold project in South Africa.

Ivanhoe Mines also is exploring its highly prospective, 60-100% owned exploration licences in the Western Forelands, covering an area over 5 times larger than the adjacent Kamoa-Kakula Copper Complex. Ivanhoe is exploring for new sedimentary copper discoveries, as well as expanding and further defining its high-grade Makoko, Kiala, and Kitoko copper discoveries as the company’s next major development projects.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246701