Announcement • Sep 09

Ivanhoe Mines Updates Mineral Resource Estimate for Makoko District Within Western Forelands Exploration Project

Ivanhoe Mines announced the updated Mineral Resource estimate for the Makoko District, within Ivanhoe’s Western Forelands Exploration Project in the Democratic Republic of the Congo. The Western Forelands Exploration Project consists of a majority-owned licence package covering 2,426 square kilometres, over six times larger than that of the adjacent Kamoa-Kakula Copper Complex. Within the Western Forelands lies the Makoko District, which is a series of genetically related world-class interconnected copper discoveries. The 2026 Mineral Resource for the Makoko District provides an update from the last Mineral Resource, announced on May 14, 2025. Since then, approximately 64,000 metres of diamond drilling have increased the contained copper by 30% to approximately 12 million tonnes. The 2026 Mineral Resource estimate uses mineable shape optimization (MSO) to constrain the reported Mineral Resources, unlike prior Makoko District estimates, which were reported directly from the block model. The Makoko discovery, within the Western Forelands Exploration Project, was made in 2018 when step-out drilling from Kakula intersected geologically identical flat-lying, sedimentary-hosted copper mineralization west of the Kamoa-Kakula joint venture. Subsequent drilling has discovered a continuously mineralized region, now called the Makoko District, which encompasses the three discoveries of Makoko, Makoko West, and Kitoko. The maiden Makoko Mineral Resource estimate was released on November 13, 2023, with a further Mineral Resource update, which included the adjacent Makoko West and Kitoko discoveries, announced on May 14, 2025. Since the maiden Mineral Resource of Makoko, the strike length of the Makoko District has increased by over 400% to 16 kilometres and the total combined area has increased by 300% to 61 square kilometres. Mineralization of the Makoko District remains open to the northeast and downdip of the current footprint, with potential for further resource expansion. In the 15 months between the 2025 Mineral Resource and the 2026 Mineral Resource update, approximately 64,000 metres of drilling have been completed across 106 holes. The drilling has added approximately 130,000 tonnes of contained copper in the Indicated Mineral Resource category, an increase of 17%. In addition, 2.63 million tonnes of contained copper have been added to the Inferred category, an increase of 31%. Makoko District’s Mineral Resources are now 34 million tonnes at 2.66% copper in the Indicated category, plus 612 million tonnes at 1.80% copper in the Inferred category. The Kiala deposit, which was discovered in 2020, remains unchanged at 8 million tonnes at 2.67% copper. The Makoko District has higher-grade sub-zones that mirror the mineralization style of the Kamoa orebody, which feeds the adjacent Kamoa-Kakula Copper Complex’s Phase 3 concentrator and will feed the future Phase 4 concentrator. Ivanhoe’s geologists have now discovered over 55 million tonnes (121 billion pounds) of contained copper in the Western Foreland shelf, including Makoko District, Kiala, and Kamoa-Kakula Copper Complex. The total copper endowment discovered across the Western Forelands has been at an industry-leading low cost of less than $10 per tonne of copper (<$0.005 per pound of copper). London Metal Exchange (LME) copper prices have also increased by 78% since the maiden Mineral Resource, from $8,167 per tonne on November 13, 2023, to a high of $14,530 per tonne on September 7, 2026. Resource updates are plotted on the cut-off date for drill & assay data. 2023 maiden Mineral Resource, September 3, 2023: Indicated Resources total 24 million tonnes at a grade of 3.29% copper, containing 0.8 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 243 million tonnes at a grade of 1.7% copper, containing 4.17 million tonnes of copper at a 1% copper cut-off. 2025 Mineral Resource, December 31, 2026: Indicated Resources total 36 million tonnes at a grade of 2.76% copper, containing 1.0 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 494 million tonnes at a grade of 1.7% copper, containing 8.39 million tonnes of copper, at a 1% copper cut-off. 2026 Mineral Resource, March 31, 2026: Indicated Resources total 42 million tonnes at a grade of 2.66% copper, containing 1.1 million tonnes of copper at a 1% copper cut-off, and Inferred Resources total 612 million tonnes at a grade of 1.8% copper, containing 11.02 million tonnes of copper, within mineable shapes, optimized at a 1% copper cut-off. The updated 2026 Mineral Resource estimate for the Makoko District was prepared by Ivanhoe Mines in accordance with the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Indicated Resources total 34 million tonnes at a grade of 2.66% copper, containing 0.90 million tonnes (2.0 billion pounds) of copper at a 1% copper cut-off. At a higher 1.5% copper cut-off, Indicated Resources contain a total 31.5 million tonnes at a grade of 2.77% copper, containing 0.87 million tonnes (1.9 billion pounds) of copper. Inferred Resources total 612 million tonnes at a grade of 1.8% copper, containing 11.0 million tonnes (24.3 billion pounds) of copper, within mineable shapes, optimized at a 1% copper cut-off. The 2026 Western Forelands’ Mineral Resource estimate was prepared by Ivanhoe Mines under the direction of Simon Bottoms, Executive Vice President of Technical Services. The 2026 Western Forelands Mineral Resource estimate uses a data cut-off of March 31, 2026; therefore drill results past this date have not been included. The 2026 Mineral Resource estimate applies, for the first time, the MSO method, which applies practical underground mining geometries and constraints to the underlying block model.

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