Ivanhoe Mines announces Kamoa-Kakula achieved record copper production of 40,347 tonnes in August Page 1

Kolwezi, Democratic Republic of Congo–(Newsfile Corp. – September 4, 2024) – Robert Friedland, Executive Co-Chairman of Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF), and Marna Cloete, President, today announced that the Phase 1, 2 and 3 concentrators at the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC) achieved a combined monthly production record of 40,347 tonnes of copper in concentrate and a combined monthly milling record of 1.1 million tonnes in August.

On August 31, the Phase 1, 2 and 3 concentrators combined produced a daily record of 2,096 tonnes of copper. This included 1,760 tonnes of copper from the Phase 1 and 2 concentrators, which was also a record.

The ramp-up of the Phase 3 concentrator to stable production is progressing well. Approximately 350,000 tonnes of ore were milled in August, representing an annual average of 4.2 million tonnes per year. The average daily milling rate by the end of the month was approaching and may even exceed the annualized planned milling rate of 5 million tonnes.

The Phase 3 concentrator recovery rate averaged 77% in August. Commissioning of the pulverizers, which are being manufactured by Metso Corporation of Helsinki, Finland, is the final stage required to achieve stable production. Hot commissioning of the pulverizers is underway and is expected to be completed in the next few days. Once completed, copper recovery rates are expected to reach the concentrator’s nominal target of 86%.

In August, on-site backup power generation capacity was increased to 135 MW, following the commissioning of an additional 72 MW of generators in July. This additional backup power will enable Kamoa-Kakula to operate Phase 1 and 2 concentrators at full capacity without utility power if needed.

Kamoa-Kakula’s total production year to date is approximately 263,000 tonnes of copper, including 14,000 tonnes from the Phase 3 concentrator. With further improvements in processing throughput and copper recovery following the commissioning of the pulverizers at the Phase 3 concentrator, Kamoa-Kakula expects to continue its recent series of production records and achieve its 2024 guidance of 440,000 to 490,000 tonnes of copper.

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