Ethos Gold

Ivanhoe Mines Files a New NI 43-101 Technical Report for Platreef Palladium, Platinum, Rhodium, Nickel, Copper and Gold Project in South Africa

Mokopane, South Africa--(Newsfile Corp. - December 10, 2020) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) announced today that the company has filed a new National Instrument 43-101 (NI 43-101) technical report covering the Platreef Integrated Development Plan 2020 (Platreef IDP20).

The updated NI 43-101 technical report includes an independent feasibility study (Platreef 2020 FS) for the development of the Platreef Project as a 4.4-million-tonne-per- annum (Mtpa) underground mine with two new concentrators built in modules of 2.2 Mtpa; together with a preliminary economic assessment (Platreef 2020 PEA) for an alternative scenario evaluating the phased development of an initial 700,000-tonne-per-annum underground mine, including a new concentrator with a capacity of up to 770,000 tonnes per annum.

The Platreef IDP20, which includes the Platreef 2020 FS and Platreef 2020 PEA, was independently prepared by OreWin Pty Ltd. of Adelaide, Australia; Wood plc (formerly Amec Foster Wheeler) of Vancouver, Canada; SRK Consulting Inc. of Johannesburg, South Africa; Stantec Consulting International LLC of Phoenix, USA; DRA Global of Johannesburg, South Africa; and Golder Associates Africa of Midrand, South Africa.

Ivanhoe Mines indirectly owns 64% of the Platreef Project through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of the approved broad-based, black economic empowerment structure have a 26% stake in the Platreef Project. The remaining 10% is owned by a Japanese consortium of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation; ITC Platinum Development Ltd., an ITOCHU affiliate; and Japan Gas Corporation. All figures in the updated NI 43-101 technical report are on a 100% basis unless otherwise stated.

The technical report titled "Platreef Integrated Development Plan 2020" has been filed on the SEDAR website at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.

Information contacts

Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604. 558.1034

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Ivanhoe Mines

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