Stage Two dewatering advancing on schedule; approximately 20% complete

Start-up of Africa’s largest copper smelter to commence in early November

Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, a quarterly increase of 37%

First platinum-palladium-nickel-gold-rhodium-copper production from Platreef Phase 1 expected in Q4 2025; Phase 2 development underway

Ivanhoe Mines to issue Q2 2025 financial results after market close on October 29; host conference call for investors on October 30

Johannesburg, South Africa–(Newsfile Corp. – October 7, 2025) – Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announced today the company’s third-quarter production results and an update on operational and project activities.

During the third quarter, Kamoa-Kakula’s Phase 1, 2, and 3 concentrators milled a total 3.46 million tonnes of ore, producing 71,226 tonnes of copper. Copper production year to date totaled 316,393 tonnes. Production guidance of 370,000 tonnes to 420,000 tonnes of copper in concentrate is maintained, with mining of higher-grade areas on the western side of the Kakula Mine expected from mid-November.

Stage Two dewatering activities are over 20% complete, with underground water levels on the eastern side of the Kakula Mine having declined by over 20 metres since the beginning of September. Stage Two dewatering is expected to be completed by the end of November.

Smelter start-up is scheduled to commence in early November, as the installation of a 60 MW uninterruptible power supply (UPS) unit nears completion. The UPS will safeguard the smelter complex from potential power interruptions during the ramp-up period.

Production rates from Kipushi notably improved during the quarter following the completion of the debottlenecking program in August. In the third quarter, the Kipushi concentrator milled a record 168,862 tonnes of ore at an average milled grade of 37.8%, producing a record 57,200 tonnes of zinc in concentrate. The record quarterly production represented a 37% increase compared to Q2 2025.

Phase 1 operations at the Platreef Mine are expected to commence shortly, with the first feed of ore into the concentrator expected in the coming weeks. Project development work on the Phase 2 expansion is already underway, with the appointment of the engineering, procurement and construction management (EPCM) contractor in the fourth quarter. First production from the Phase 2 concentrator is targeted for Q4 2027.

Founder and Co-Chairman Robert Friedland commented:

“Our recovery efforts at the Kakula Mine are advancing well due to exceptional execution from our operating teams under a decisive plan of action put in place by our management team and joint-venture employees. We are on track to restore Kamoa-Kakula towards its previous copper production levels as we rehabilitate the existing workings and develop new high-grade areas across this Tier-One ore body. Insights gathered during the dewatering efforts will be combined with input from our world-class team of independent experts to design an updated mine plan that will chart Kamoa-Kakula’s bright future as a leading producer in the copper industry.

“This quarter should mark a turning point in operations, as we anticipate higher grades from Kakula’s western side from next month, with selective mining of the existing workings on the eastern side of Kakula planned from Q1 2026. We’re also on the cusp of starting operations at Africa’s largest and greenest, direct-to-blister copper smelter, which is expected to drive lower cash costs as we complete its ramp-up.

“In addition, we’re extremely excited for imminent first production at the Platreef Mine, which is on schedule for later this month. Given rising prices and interest in platinum-group metals, we are bringing the world’s next great precious metals complex online at an exceptionally opportune moment. Platreef’s major endowment of nickel, copper, and gold makes it one of the lowest-cost and scalable producers of platinum, palladium, nickel, gold, rhodium and copper on our planet … and we are already at work on a Phase 2 expansion that will propel Platreef into a Top 10 producer globally.”

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