Imagine: 8 billion of us – in just 4 more years!

ROBERT FRIEDLAND E x e c u t i v e Co- C h a i r m a n Honoured annual speaker since the 1994 inaugural Mining Indaba MADIBA

Source: AFP/Getty Images Xi Jinping President of the People’sROBE RepublicRT FRIED of ChinaLAND Executive Chairman Cyril Ramaphosa President of the Republic of South Africa Félix Tshisekedi President of the Democratic Republic of Congo September 19, 2018: Completion of a major strategic equity investment totalling C$723 million (approximately US$556 million) in Ivanhoe Mines by CITIC Metal to help advance three -scale mine-development projects in Southern Africa.

Ivanhoe Mines’ Executive Co-Chairman Robert Friedland (above, middle right) and CITIC Metal Group President and newly appointed Co-Chairman Yufeng “Miles” Sun (above, middle left), signed the landmark agreement to complete CITIC’s investment in Ivanhoe during a ceremony in Beijing on September 19. Key elements of Ivanhoe –CITIC long-term strategic cooperation and investment agreement

• CITIC Metal invested C$723 million (US$556 million), at C$3.68 per share.

• Zijin Mining exercised its anti-dilution rights at same price to raise an additional C$78 million (US$60 million).

• Ivanhoe will use the plus C$800 million from CITIC and Zijin to rapidly advance its Kamoa-Kakula, Platreef and Kipushi projects to commercial production.

• CITIC Metal will assist with our project financing for the first phase of development for all three projects.

• Standstill agreement to cap CITIC ownership stake at 19.9% until January 8, 2022. A culmination of more than 15 years of a long-lasting and trust-based relationship with CITIC

“We are confident that the CITIC Metal Group has the experience, financial resources – and a shared commitment to our objectives – to greatly assist us as we advance our projects to production.”

In April 2003, Robert Friedland, then Chairman of the original Ivanhoe Mines, and Wang Jun (left), then Chairman of CITIC Group, announced the formation of a strategic alliance to pursue mutual interests in mineral exploration, development and production. International assembly with some shared interests at the 2018 Forum on -Africa Cooperation in Beijing last September

. Cyril Ramaphosa, South Africa’s President (third from left). . Wang Jiong, CITIC Group Corporation’s Vice Chairman and President (centre). . Kgalema Motlanthe, former South Africa President and an Ivanhoe board member (third from right). . Yufeng “Miles” Sun, CITIC Metal Group’s President and Ivanhoe Mines’ Co-Chairman (far left). . Robert Friedland, Ivanhoe Mines’ Co-Chairman (second from left). . Egizio Bianchini, Ivanhoe Mines’ Executive Vice-Chairman (far right). . Peter Zhou, Ivanhoe’s Director, Corporate Development (second from right). URBANIZATION: RESOURCES AND TECHNOLOGIES FOR A SMART AGE OPPORTUNITIES AND CHALLENGES IN ONE OF THE GREATEST SOCIAL AND ECONOMIC TRANSFORMATIONS IN HUMAN HISTORY.

108-storey-high CITIC Tower (China Zun), Beijing’s tallest building With an estimated 7.6 billion people now, our world is gaining another 82.5 million people every year. Earth will have 8 billion people as soon as 2023. By 2030, 5.1 billion are expected to live in urban areas. That would be nearly 1 billion more urban residents than we have today.

Shanghai’s population tripled, to 23 million, between 1990 and 2010. 1990 2010

Source: United Nations By 2050, 2 of every 3 people on Earth will be living in the planet’s urban areas. . The number of urban residents worldwide has soared from 751 million in 1950 to 4.2 billion in 2018. . The 55% of the world’s population now living in urban areas will jump to 68% by 2050.

Tokyo, currently the world’s largest urban area (pop. 38 million)

Source: May 2018 United Nations report – United Nations Department of Economic and Social Affairs, May 2018

“As the world continues to urbanize, sustainable development depends increasingly on the successful management of urban growth... “Many countries will face challenges in meeting the needs of their growing urban populations, including for housing, transportation, energy systems and other infrastructure, as well as for employment and basic services such as education and health care.”

Commuting through Beijing “smog bomb” Toxic smog clouds future of urbanizing Earth

Nine out of 10 people worldwide breathe polluted air. – UN World Health Organization, May 2018 Air pollution kills 7 million people a year. – UN World Health Organization, May 2018 Air pollution deadlier than smoking, war and AIDS, reducing worldwide lifespan by 1.8 years. – University of Chicago, Nov 2018 Air pollution deaths cost the global economy $5 trillion annually. – World Bank, August 2016

From Asia…to the USA Humans are vulnerable to air pollutants seeping into bloodstreams and brains Miniscule airborne particles are less likely to be trapped by hairs and the mucus that line our noses – our body’s natural barrier.

AP Sources: US EPA, BBC 92% of the people on Earth live with outdoor air quality that fails to meet WHO guidelines

World Health Organization map . Global concentrations of tiny particles 2.5 microns thick.* . WHO limit: 10 micrograms of PM2.5 particles per cubic metre.

WHO limit China

Calculated on annual mean basis

* PM2.5 includes pollutants such as sulfate, nitrates and black carbon, which penetrate deep into the lungs and cardiovascular system, posing the greatest health risks. Studies reveal dangers of prolonged exposure to air pollution

2.7 million premature births a year Possible Alzheimer’s link cited linked to air pollution. by UK researchers.

Air pollution linked to 3.2 million Air pollution tied to chronic kidney new diabetes cases in one year. disease.

Higher cancer death risk linked Heart disease linked to air pollution. to air particle pollution. Babies in prams/strollers can be exposed to up to 60% more pollution than adults

. Researchers said infants in prams/strollers are exposed to dirtier air because they are lower to the ground and closer to vehicle exhaust pipes. . Toxic air puts 17 million babies’ brains and lungs at risk: UNICEF.

Photo: Elizabeth Dalziel / Greenpeace Higher incidence of dementia associated with living close to heavy traffic medical journal

. People living closest to major traffic arteries estimated to be up to 12% more likely to be diagnosed with dementia, based on 2001-2012 study that tracked 6.6 million people.

. “Even a modest effect from near-road exposure could pose a large public health burden.” – Hong Chen, lead scientist.

Mumbai, India Almost every Londoner now exposed to dangerous levels of toxic air pollution

. 7.9 million Londoners – nearly 95% of the capital’s population – live in areas that exceed WHO’s limit of damaging PM2.5 particles by 50% or more, an October 2017 report showed. . In central London, the average annual levels are almost double the WHO limit. India is home to world’s 10 most polluted cities Delhi air pollution surged to emergency levels in Jan 2019

DELHI’S RED FORT. Photo: Nasir Kachroo . The government unveiled a five-year plan in January 2019, aimed at reducing air pollution in 102 cities by up to 30% from 2017 levels. . The plan aims to cut industrial and vehicular emissions. Pollution masks: New growth industry offers grim fashion statements on toxic urban air

Successions of sickly, smoggy days, with very high levels of harmful airborne particles generated largely by heavy industry and motor vehicles, have established mask-making as a new growth industry in China. Panda sighting Beijing bus stop

China

AP Businesses in one Shandong city make one billion face masks a year worth US$174 million – an estimated 32% of China’s market. The value of China’s burgeoning mask production is predicted to top a billion dollars a year. Airpocalypse: Scenes of an urban scourge

“Four major cities move to ban diesel vehicles by 2025 to tackle air pollution”

Dec. 2016 Paris Madrid

Athens City Disruptions happen – sometimes quickly. It’s 1900: Can you spot the car?

5th Avenue, New York City April 15, 1900

Source: Tony Seba, U.S. National Archives This disruption did happen quickly. Now it’s 1913: Can you spot the horse?

5th Avenue, New York Source: Tony Seba, U.S. National Archives City March 23, 1913 (7 months later, Ford revolutionized auto making with the industry’s first moving assembly line, slashing a Model T’s building time to 93 minutes from 12.5 hours.) demand for electric cars to rise 900% by 2027 – International Copper Association Copper, a major commodity winner in growing EV market, is at the heart of lithium batteries and induction motors Motor windings contain approx. 40 kg (88 lbs.) of copper. Battery pack contains approx. 37.5 kg (83 lbs.) of copper.

Lithium battery core Layers of: . Copper . Lithium Copper windings, rotor cages cobalt oxide and coils in EV models, including . Plastic the Chevy Bolt, BMW i3 and Tesla Model 3. Kilos of copper! . Graphite . Lithium nickel oxide

Sources: National Geographic; GM; Bernstein; Cleantechnica; Copper Alliance; BMO. Batteries in Tesla Model 3 EV are 30% more energy-dense than in earlier Model S – requiring more copper, nickel and cobalt

Photo: Tesla Motors club user [wk057]. Figure: visualcapitalist.com All-electric cars now use four times more copper than conventional gasoline-powered autos. Future, larger electrics could use much more.

Sources: BHP via ft.com (2016); Bernstein Research projection (2017). Wind & solar energy more significant drivers of future copper demand than electric vehicles – BMO Capital Markets, May 2018 Additional annual global copper demand by 2025 from various sources

Sources: Copper Alliance; BMO Capital Markets “Wind and solar now represent the lowest-cost option for generating electricity” – Massachusetts Institute of Technology’s Energy Initiative In 2016, about US$297 billion was spent worldwide on renewables – compared with $143 billion on new nuclear, coal, gas and fuel-oil power plants.

Source: Wall Street Journal. Photo: James MacDonald Now under development Monster wind turbine to power 16,000 households Wind turbines already installed in Denmark are 60 storeys high. One blade is 82 metres (270 feet) long – wider than the total wingspan of an Airbus A380, the world’s largest passenger jet. Larger turbines generate more power by ‘harvesting’ GE is planning an 85-storey-high offshore more wind. wind turbine to power up to 16,000 homes. A wind farm of 62 turbines could power 1 million European households.

88-metre (290-ft.) moulded blade being delivered for turbine assembly.

Photo: Rasmus Degnbol Sources: LM Wind Power, New York Times, Wall Street Journal Power generation accounts for almost half of China’s copper use

. China’s copper demand accounts for about 50% of the world’s total. . China plans to boost power investment to US$315 billion between 2015 and 2020.

Sources: Wall Street Journal; Bloomberg. Battery energy storage key to renewables growth

Grid-scale batteries – another new source of rising demand for vital metals – enable storage of surplus electricity generated by wind and sun. The stored energy then is fed into power-supply grids to meet demand.

Batteries storing wind & solar energy

Photo: Utilities Middle East Global surge coming in air-conditioning: Keeping cool will heat demand for copper

Over the next 30 years, air-conditioning could increase global demand for electricity by the entire combined capacity of the U.S., the E.U. and Japan. (Although higher-efficiency cooling units could save the equivalent of all electricity used in the entire European Union.) – International Energy Agency About half of the 28 million tonnes of copper consumed worldwide each year is used in power grids. Demand for copper will grow with grid expansions.

52 pounds of copper in average unit. 8 billion cooling units projected to be in use worldwide by 2050, up from 3.4 billion in 2016.

China, India & to account for half of major global increase in electricity demand.

Sources: Copper Development Association; Financial Times Not enough copper is being discovered to meet future projected demand

000 tonnes Supply required 22,000 to meet demand 20,000 5.7 million 18,000 16,000 tonne deficit 14,000 Projected mine production 12,000 by 2030 Low probability 10,000 8,000 Medium probability 6,000 High probability 4,000 Operating

2,000 Mine supply requirement - 2000 2005 2010 2015 2020 2025 2030

Source: S&P Global Market Intelligence Source: Visual Capitalist 12 major cities to buy only zero-emission buses

Mayors of 12 major cities – London, Paris, Los Angeles, Cape Town, Copenhagen, Barcelona, Quito, Vancouver, Mexico City, Milan, Seattle and Auckland – have declared that their cities will buy only zero-emission buses from 2025, to “transition to Electric bus in Barcelona fossil-fuel-free streets”.

Photo: Irizar.com New names, big names on EV horizon

More than 230 electric-vehicle models will be released by 2021, compared with 179 at the end of 2018.

Audi e-tron Lucid Motors Air Rivian R1T

Porsche Taycan Jaguar I-Pace Mercedes-Benz EQC

Source: Bloomberg New Energy Finance Classic reborn as a plug-in Jaguar E-Type Zero – world’s “most beautiful” electric car – to hit the road in 2020 Declared “the most beautiful car in the world” by Italian racing driver Enzo Ferrari, the classic, 1961-1975 roadster has been newly re-engineered by Jaguar-Land Rover to create a battery-electric ‘green’ supercar – now a symbol of sustainability. First deliveries planned for mid-2020.

Photo: Drew PhillipsGetty Images Vacuum-maker Dyson to invest US$2.6 billion building “radically different” electric car Sept. 26, 2017

(One imagineer’s tongue-in-cheek concept) . “It has remained my ambition to find a solution to the global problem of air pollution.” – James Dyson, founder . Dyson EVs could go on sale as early as 2021. . Vehicles will use solid-state batteries that are smaller, more efficient, easier to charge and potentially easier to recycle. The revolution rolls on Toyota, world’s auto sales leader, plans to make all vehicles emissions-free by 2050

Toyota Prius hybrid

. Toyota will spend US$13 billion on new hybrids and electrics, including more than 10 new battery-electric models by the early 2020s. Toyota partnering with Mazda to develop electric vehicles Big Rigs are going all-electric, too

U.S. truck maker Cummins says its new Class 7 electric truck can haul 20 tonnes and recharge Tesla’s fully-electric, semi-autonomous in an hour. Class 8 truck capable of sprinting from 0 to 97 km/hr (0 to 60 miles/hr) in just Range of initial AEOS model 5 seconds. Production set for 2019. only 160 km (100 miles); longer-range models coming. Range: 800 km (500 miles) on one charge with full 80,000-pound (36-tonne) load. Dawning of self-flying “air taxis” Boeing and Airbus developing passenger drones

BOEING Fully-electric, autonomous, vertical-takeoff-&-landing prototypes

Boeing PAV (passenger air vehicle) Airbus Vahana . Prototype’s 1-minute first test flight . Test flight completed: January 2018. January 22, 2019, in Virginia, U.S. . Range: 50 km/30 miles. . Range: 80 km/50 miles. . Target launch: 2020. . 2023 U.S. target launch with Uber Air. Platinum-group metals key to healthier air, hydrogen’s potential, and the strongest alloy in the world

. Palladium-platinum-rhodium required in catalytic converters to control harmful emissions in exhausts from vehicles and factories.

A stack of fuel cells powering a small car contains approximately 30 grams (about one ounce) of platinum.

The only exhaust Fuel-cell power unit is water vapor. in Honda Clarity

. World’s most durable alloy of 90:10 platinum-to-gold ratio, is 100 times more wear-resistant than steel. This new cost-effective and long-lasting alloy has wide-ranging industrial applications. Photo: Raj K Raj/Hindustan Times HYDROGEN FUEL CELLS The 2nd disruptor in the electric-vehicle revolution . The fuel-cell promise of electrical energy completely free of harmful emissions, which can be used to charge batteries and power electric motors, is a universal dream of our scientific and industrial . . Fuel cells use platinum particles as a catalyst to split hydrogen fuel into ions and electrons.

Hyundai’s second generation Nexo fuel-cell SUV going on sale in 2019. Range: 612 km (380 miles). Refuelling: 5 minutes.

. Fuel-cell electric vehicles can run between refuellings – which take just minutes. Platinum- and copper-intensive fuel-cell electric vehicles being backed by Japan

Toyota to ramp up sales of fuel-cell vehicles by 2020 by building facilities for mass-producing hydrogen tanks and fuel-cell stacks.

. The 2019 Toyota Mirai is sold and leased internationally. . With more than 4,000 vehicles sold in California, the Mirai makes up more than 76% of all fuel-cell vehicles in the . . EPA-rated range: . Refuelling: 5 minutes. Toyota’s fuel-cell-powered big rig completed test cargo hauls from 2 California ports

. Toyota’s second-generation Class 8 prototype fuel-cell truck now haulsPhoto: Toyota 36-tonne loads over 483 km (300 miles) – 50% further than last year’s launch model. . Installed on a Kenworth chassis, two fuel-cell stacks from Toyota’s Mirai sedan can produce more than 670 hp. . California Gov. Jerry Brown wants 100,000 zero-emission “freight-hauling machines” in operation by 2030, which could include cranes and forklifts. Trains converted to hydrogen fuel-cells to start running on U.K. tracks in 2022

(Design concept: Alstom) . Hydrogen fuel-cell power units are being installed in a 30-year-old fleet of up to 100, 4-car electric passenger trains by the U.K.’s Eversholt Rail Group and France’s Alstom . . ‘Breeze’ trains could be in service in 2022. The U.K. government wants to eliminate all diesel-powered trains by 2040. Average American’s lifetime use of resources 1,515 tons of minerals, metals and fuels per person. Current U.S. population: 328 million. 521 lbs. zinc

1.18 million lbs. stone, sand & gravel Source: Mineral Information Institute . Over 20 years in Southern Africa. . 3 advanced, unique projects. . Positioned to realize urbanization’s resource opportunities with minerals to help build a better world. Platreef discovery & mine development South Africa 750-metre and 850-metre stations on Shaft 1 will provide underground access to the high-grade Flatreef orebody September 26, 2018: First underground mining intersection of the Platreef mineralized belt on the Northern Limb of South Africa’s Bushveld Complex. The first ore from the underground mine development was delivered to a surface stockpile for metallurgical sampling. Platreef’s underground mine development team includes three members from local communities (from left): Nkone Madubana, Learner Sinker; Katlego Nkwana, Learner Sinker; and Caroline Dzivhani, Geologist – who recently became fully certified underground miners Platreef’s Shaft 2 box cut, with Shaft 1 headframe in the background July 31, 2017: Definitive feasibility study issued for Platreef Project

. First phase envisages annual throughput rate of four million tonnes of ore per year, producing 476,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus 33 million pounds of nickel and copper. . Projected to be Africa’s lowest-cost producer of 3PE+Au, with a cash cost of US$351 per ounce of 3PE+Au. Platreef Project Financing Progressing: German and Swedish government institutions are arranging debt financing for Platreef. Expressions of interest received for approximately US$900 million of a US$1 billion finance package. Illustration shows two cut-away perspectives of Shaft 2’s 103-metre-tall concrete headframe and internal permanent hoisting facilities. Coarse-grained sulphides in Flatreef

Chalcopyrite (copper sulphide) + pentlandite (nickel sulphide) + pyrrhotite + PGE minerals Flatreef mining method: long-hole stoping

Highly mechanized Safe working mining conditions Blast-hole drifts 5m

5m

The Flatreef Deposit average thickness of 24 metres = 8 storeys

Mucking drifts

Highly skilled operators Kipushi Mine development & upgrading for a new era Democratic Republic of Congo Kipushi: world's highest grade zinc-copper-silver- germanium mine in southeast DRC on the Zambian border

Kamoa-Kakula

Kipushi The birth of a spectacularly high-grade mine

1928

In 1924, Kipushi began mining 18% copper from a surface open pit, before transitioning to Africa’s richest underground copper, zinc and germanium mine. Mining continued until 1993. Some human health benefits from zinc

Zinc stopped cancer-cell growth in tests; research pursuing potential to block esophageal tumour cells.

Oct. 3, 2017

Zinc lozenges may help colds go away 3 times faster.

May 16, 2017

Shortage of zinc in the body can affect cardiovascular health.

April 18, 2017 Think Zinc – Demand growing in farming & food

. Zinc aids plant growth, increases food-crop production and quality. More than 50% of all soils in India and China are said to be zinc-deficient.

0 lb Zn 5 lb Zn/acre 10 lb Zn 15 lb Zn/acre 20 lb Zn

Demonstration of zinc fertilizers at work in Louisiana rice paddy. Zinc deficiencies reportedly have cut rice yields by 10% to 60% in the U.S.

. Booming vehicle manufacturing in China demanding more galvanized metal. . Nutritional supplements for people’s diets. 400,000 children under 5 worldwide said to die each year from diseases linked to zinc deficiency.

Sources: International Zinc Assn., Sabanci & Louisiana State universities, Bernstein Research December 13, 2017: Ivanhoe announced a pre-feasibility study for the rebirth of the historic Kipushi zinc-copper-silver-germanium mine

The planned return to production would establish Kipushi as the world’s highest-grade major zinc mine. . Kipushi Fault Zone was mined 1924-1993 to approx. 1,150-metre level. . Big Zinc discovered prior to 1993 closure; never mined. Planned and existing development at Kipushi Primary rock crusher 1,150 metres underground, ready for production KICO employees installing new, high-strength steel cable on Shaft 5’s rock winder that will be used to hoist broken rock from underground mining activities New lighting installed at 1,200-metre level Control room operators at Kipushi’s Shaft 5 Upgraded 1,150-metre-level ore conveyor belt at the historic, high-grade Kipushi zinc-copper-lead-germanium mine Know for Sure initiative has equipped 252 health facilities with electronic DekiReaders for automated malaria testing and trained more than 600 healthcare workers. It is sponsored by Ivanhoe Mines and Zijin Mining, in collaboration with Fio Corporation, of Toronto, and the DRC Ministry of Health. World’s best drill hole? Our geology team holding hands and showing Big Zinc intersection of 44.8% zinc over 340 metres Kamoa-Kakula: Our world’s best copper discovery

Hole DD1450, which intersected 22.3 metres of 13.05% copper Independent pre-feasibility study (PFS) for the Kakula copper mine announced on February 6 Democratic Republic of Congo The stage one, 6 Mtpa operation at Kakula, with estimated development capital of US$1.1 billion, yields an after-tax NPV8% of US$5.4 billion and an IRR of 47% over a 25-year mine life. The Kakula Mine’s first stage will average 6.8% copper over the first 5 years, with mine-site cash costs of US$0.43/lb copper.

Democratic Republic of Congo Updated independent preliminary economic assessment (PEA) completed for an expanded Kakula-Kamoa production rate of 18 Mtpa, supplied initially by a 6 Mtpa mine at Kakula, followed Democraticby two 6 Mtpa Republicmines of Congo at Kansoko and Kakula West, and a world-scale direct-to-blister smelter. The PEA envisions the staged mine expansions and smelter will be funded from internal cash flows and yields an after-tax NPV8% of US$10.0 billion and an IRR of 41%. Democratic Republic of Congo Once the expanded PEA production rate of 18 Mtpa is achieved, Kamoa-Kakula is projected to become the world’s second largest copper mine, with peak annual production of more than 700,000 Democratictonnes of Republiccopper. of Congo Projected 18 Mtpa Kamoa-Kakula PEA production (year-12 peak copper production shown) compared world’s projected top 20 producing mines in 2025 by paid copper production

Note: Kamoa-Kakula 2019 PEA production based on projected peak copper production (which occurs in year 12) of the 18 Mtpa alternative development option. Source: Wood Mackenzie (based on public disclosure, the Kakula 2019 PFS has not been reviewed by Wood Mackenzie). Nominal production and head grade of the world’s top 10 largest new greenfield projects

Note: Top 10 largest new greenfield copper projects defined as the 10 largest greenfield copper projects classified by Wood Mackenzie as “base case” or “probable to be developed” and ranked by nominal copper production (with the Kamoa-Kakula 2019 PEA and Kakula 2019 PFS’s respective first 10 years’ average annual production of copper in concentrate considered to be its nominal copper production). Source: Wood Mackenzie, USGS (based on public disclosure, the Kamoa-Kakula 2019 PEA and Kakula 2019 PFS has not been reviewed by Wood Mackenzie). Kakula West & Kamoa North − re-writing the Kamoa Story

. Kakula is richer, thicker than other mineralization found elsewhere on the project. . Kakula West is a new high- grade extension of Kakula. . Looking for another Kakula at Kamoa North Among the world’s largest copper deposits, Kamoa-Kakula also has the highest copper grades

Measured & Indicated Resource and Grade Inferred Resource and Grade 150 3.0%

125 2.5% CopperGrade (%)

100 2.0%

75 1.5%

50 1.0%

25 0.5%

- -

Source: Wood Mackenzie *Note: Selected based on contained copper (Measured & Indicated Resources, inclusive of Mineral Reserves, and Inferred Resources), ranked on contained copper in Measured & Indicated Resources. Kamoa North: Two newly defined corridors containing zones of shallow, high-grade copper Kamoa North DD1450: 22.3 metres of 13.05% copper in shallow, flat-lying discovery hole January 2019: underground development at Kamoa and Kakula now totals more than 8,500 metres Mwadingusha hydroelectric plant upgrade

. Mwadingusha is the first of three hydroelectric power plants in the DRC being upgraded by Ivanhoe, Zijin and SNEL to secure a supply of clean, sustainable electricity for the development of Kamoa-Kakula. . Its output has tripled, to 32 megawatts (MW), and should be fully restored to its 71 MW capacity by the end of 2019. . The Mwadingusha, Koni and Nzilo 1 plants will have combined, installed capacity of approximately 200 MW for the national grid. DRC regional infrastructure

. DRC power lines are 10 km (6 miles) from Kamoa.

. Agreement with government to upgrade three existing hydroelectric power plants – Koni, Mwadingusha and Nzilo 1.

Power line supplying Kolwezi Mwadingusha dam

Nzilo 1 hydroelectric power plant A new secondary school has been built in Kaponda, a small village near the Kamoa-Kakula Project, as part of the project's community relations program. Classes will begin soon at another school nearing completion at Muvunda village. Western Foreland

A drill rig in action on the Makoko exploration area on a portion of Ivanhoe's 100%-owned Western Foreland licences. Makoko is approximately 20 kilometres west of the Kakula copper discovery. Ongoing exploration drilling on other targets identified in the Western Foreland area to test for high-grade copper

Western Foreland October 1, 2018: Ivanhoe announces the Makoko Copper Discovery on its 100%-owned Western Foreland licences

Selected drill holes at the Makoko Discovery: . Ivanhoe’s third major copper discovery in the DRC. The licence area remains open.

. Makoko’s high- grade copper shows characteristics identical to the Kamoa-Kakula Discoveries.

Western Foreland Thank you.