Mr. Robert Friedland reports

IVANHOE MINES ANNOUNCES US$500 MILLION STRATEGIC PRIVATE PLACEMENT WITH QATAR INVESTMENT AUTHORITY (QIA)

Ivanhoe Mines Ltd. has arranged a $500-million (U.S.) investment from Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.

In accordance with the investment, Ivanhoe Mines will issue 57,516,666 common shares to QIA by way of a private placement at a price of $12 (Canadian) per share, yielding gross proceeds to Ivanhoe of approximately $500-million (U.S.).

Upon completion of the investment, QIA will own approximately 4 per cent of Ivanhoe Mines' issued and outstanding common shares.

Ivanhoe Mines intends to use the proceeds from the investment to advance growth opportunities related to the exploration, development and mining of critical minerals as well as for general corporate purposes.

Ivanhoe Mines executive co-chair Robert Friedland commented, "This landmark investment by the Qatar Investment Authority is a powerful endorsement of Ivanhoe Mines' vision to be a leading supplier of critical metals that will drive the electrification of the global economy, development of new energy infrastructure and growth of advanced technologies like large-scale data centres and AI [artificial intelligence].

"QIA's forward-looking vision is fully aligned with our own as well as that of our other long-term strategic investors. We look forward to building this partnership together for years to come.

"Ivanhoe's journey is only just beginning as we search the globe for our next discoveries and opportunities to develop new Tier 1 mines. QIA's investment will be instrumental in opening up new horizons. Together, we are building an extraordinary partnership of global scale -- one that combines world-class resources and shared commitment to sustainable prosperity."

QIA chief executive officer Mohammed Saif Al-Sowaidi commented: "This strategic investment reflects QIA's conviction not only in Ivanhoe Mines' world-class portfolio of Tier 1 assets, but, more importantly, in supporting its team in finding, developing and sustainably supplying the critical minerals essential to the global energy transition and advanced technology applications."

Closing of the investment is subject to the satisfaction of customary conditions for a transaction of this nature, including approval of the Toronto Stock Exchange.

At the closing of the investment, QIA and Ivanhoe Mines will enter into an investor rights agreement, which entitles QIA to certain rights customary for a transaction of this nature, including to board representation and information rights (should its ownership rise above 10 per cent) and anti-dilution rights. The investor rights agreement also imposes certain customary transfer restrictions on QIA.

Pursuant to the investor rights agreements between the company and CITIC Metal Africa Investments Ltd. and Zijin Mining Group Co. Ltd., respectively, each of CITIC and Zijin will have the right to acquire common shares of Ivanhoe Mines at the same issue price as QIA to maintain their pro rata equity interest in Ivanhoe Mines.

In connection with the investment, Ivanhoe Mines and QIA are intending to collaborate on further strategic partnerships.

About Ivanhoe Mines Ltd.

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in southern Africa: the Kamoa-Kakula copper complex in the Democratic Republic of the Congo, the ultrahigh-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC, and the Tier 1 Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa, which is set to start production in Q4 2025.

Ivanhoe Mines is exploring for copper in its highly prospective, 54-per-cent-to-100-per-cent-owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula copper complex, including the high-grade discoveries in the Makoko district. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons, including Angola, Kazakhstan and Zambia.

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