Ivanhoe Mines (IVN) Investor update summary

Strategic resource growth and exploration highlights

• Western Forelands copper resource increased by 30% year-over-year, now totaling 42 million tonnes indicated at 2.66% Cu and 612 million tonnes inferred at 1.80% Cu, with ongoing drilling expected to further expand resources in 2027 and 2028.

• The district covers 2,426 km² with over 35 licenses, including Makoko, Makoko West, and Kitoko as focus areas, and remains largely unexplored.

• Over 250,000m of core drilled, with 94,500m planned for 2026 and 43,000m for 2027, aiming to convert inferred to indicated resources and expand the footprint.

• Discovery costs remain below $10 per ton and less than $0.01 per pound of copper, with grades of 1.8%-2.7% Cu, far exceeding global averages.

• Drilling efficiency is high, with approximately 45,000 tons of copper discovered per 1,000 meters drilled.

Project development and operational outlook

• Integrated open pit and underground development is planned, leveraging gently dipping, shallow mineralization for rapid, low-capex production, with shovel-ready open pit targets by end of 2028.

• Scoping study for Makoko to begin in Q1 2027, with PFS commencing in 2028, and site preparation and environmental baseline studies underway.

• Infrastructure, including upgraded power, rail, and smelting, is sufficient for current and future needs, with modular solar solutions supporting expansion.

• All ore is fresh sulfide, requiring only a sulfide processing facility; open pit and underground ore will be processed together.

• Ownership structure is robust, with Makoko at 80% ownership and flexibility for partnerships, though self-funding remains viable.

Industry context and exploration strategy

• Western Forelands is benchmarked as one of the largest and highest-grade copper discoveries globally in recent decades, with 14Mt contained copper resources and grades 5x industry average.

• The region's geology supports rapid, low-cost development, with Kamoa-Kakula serving as a proven template for success and industry-leading capital intensity at $8,800 per tonne.

• Exploration learnings are being applied to new licenses in Zambia, Angola, and Kazakhstan, expanding the global portfolio to 32,393 km².

• The MSO (Mineable Shape Optimizer) method ensures conservative, economically viable resource reporting, with further growth expected as open pit potential is delineated.

• Technical data reviewed and approved by Qualified Persons under NI 43-101 standards, with QA/QC protocols and independent verification supporting data reliability.