Ivanhoe Mines Announces MOU with Government of Zambia to Facilitate Exploration and Development Activities Page 1

Lusaka, Republic of Zambia–(Newsfile Corp. – September 10, 2024) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President Marna Cloete today announced that a Memorandum of Understanding (MOU) was signed on August 26, 2024 with the Ministry of Mines and Minerals Development (Ministry of Mines) of the Government of the Republic of Zambia to support Ivanhoe Mines in commencing exploration activities in the country. The signing ceremony was attended by the Minister of the Ministry of Mines and Minerals Development, Hon. Paul Kabuswe MP, and Permanent Secretary Dr. Hapenga Kabeta, as well as members of Ivanhoe Mines’ senior management team.

The MOU outlines how Ivanhoe Mines plans to work with the Ministry of Mines to develop future projects to ensure the long-term sustainable development of Zambia’s mineral resources, while making a lasting contribution to the Zambian economy and its communities. In parallel with the signing of the MOU, Ivanhoe Mines has applied for a significant package of exploration licenses in Zambia, with allocation and award scheduled for the end of this year.

The MOU includes commitments from the Ministry of Mines to share information, identify potential land packages and provide access to existing and new geological data collected by the Zambian Government (including the recently announced 750,000 km2² (national aerial geophysical survey), provide guidance and support in applying for new permits and ensure a stable and predictable fiscal and regulatory climate.

Following successful applications for exploration or mining licenses, Ivanhoe Mines intends to invest in exploration and project development activities following the same successful model that led to the discovery and development of the world-class Kamoa-Kakula Copper Complex in the Democratic Republic of Congo. Ivanhoe will comply with all applicable legislation and conduct exploration activities in collaboration with the Geological Survey of Zambia, with a view to jointly developing viable projects in a joint venture with the Government of Zambia.

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