Granada Gold Mine Inc. press release

Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex

2026-03-31

TSXV - TSX Venture Exchange · Gold · Silver · Rubidium · Scandium · Cesium · Neodymium · Gallium · Hafnium · Strontium · Cerium · Rare Earth Elements · Magnet Rare Earth Elements · Canada · Resource Estimate

Ivanhoe Mines Announces Updated, Independent Study Results for the Kamoa-kakula Copper Complex

World-class Indicated Mineral Resource estimate of 1.3 billion tonnes at grade of 2.65% for 34 million tonnes of copper intact, underpinning significant long-term optionality

Mineral Reserve of 0.5 billion tonnes at grade of 2.82% for 13.1 million tonnes of copper, supports multi-decade mine life

Updated mine plan supports ramp up of production profile to >500,000 tonnes of copper from 2028 onwards

2026 and 2027 Kakula mine plan refocused on developing long-term infrastructure to establish future high-productivity stoping

Revised Kamoa-Kakula production guidance to 290,000 to 330,000 tonnes of copper anodes in 2026, and 380,000 to 420,000 tonnes in 2027

Revised Kamoa-Kakula cash cost (C1) guidance to $2.60/lb. to $3.00/lb. for 2026, decreasing to $2.10/lb. to $2.50/lb. for 2027; targeting cash cost (C1) of ~$2.00/lb. from 2028

Feasibility Study now in progress to optimize the mine plan and increase definition over the first five years

Ivanhoe Mines strengthens executive leadership team with the appointment of Simon Bottoms as EVP, Technical Services and the promotion of Mark Sumner to EVP, Corporate Finance

Ivanhoe Mines to host conference call today at 4:30 p.m. EST

Kolwezi, Democratic Republic of Congo--(Newsfile Corp. - March 31, 2026) - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) Co-Chairman Robert Friedland and President and Chief Executive Officer Marna Cloete announced today the results of an updated, independent technical report for the Kamoa-Kakula Copper Complex ("Kamoa-Kakula 2025 Mineral Reserve and Mineral Resource Estimate" or "Kamoa-Kakula MRE"). The Kamoa-Kakula Copper Complex is operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining. Kamoa Holding holds an 80% interest in the Kamoa-Kakula Copper Complex, with the DRC government holding the remaining 20% interest. Ivanhoe Mines and Zijin Mining, therefore, each hold an indirect 39.6% interest in Kamoa-Kakula, with Crystal River holding an indirect 0.8% interest.

The Kamoa-Kakula MRE underpins a mine plan for the Kamoa-Kakula Copper Complex to ramp up production to over 500,000 tonnes of copper per annum from 2028 onwards. This includes the Phase 1, 2 and 3 concentrator operations at a steady-state rate of 17 million tonnes per annum over approximately 25 years.

The updated Mineral Reserve estimate is 466 million tonnes of ore at a grade of 2.82% copper, containing 13.1 million tonnes of copper. This estimate incorporates changes to the mine design and extraction sequence, which takes into consideration cautious geotechnical parameters adopted based on analysis by world-leading experts.

Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has now commenced work on an optimized Feasibility Study, which will cover the first five years in high-definition and will take into consideration additional information to be gathered in the coming months, particularly as dewatering of the Kakula Mine is completed.

Kamoa-Kakula Copper Complex is a long-life, high-grade underground mining operation. The updated Indicated Mineral Resource estimate is relatively unchanged at 1.27 billion tonnes of ore at a grade of 2.65%, containing approximately 34 million tonnes of copper, supporting long-term optionality, including the potential for a Phase 4 expansion. In addition, the Inferred Mineral Resources consist of a further 336 million tonnes grading 1.82%, containing approximately 6.1 million tonnes of copper.

As a result of increased focus on development activities over the next 18-24 months and more conservative near-term underground development advance rates, Kamoa-Kakula Copper Complex production guidance has been revised to 290,000 to 330,000 tonnes of copper anodes in 2026, and 380,000 to 420,000 tonnes of copper anodes in 2027. Management now expects annualized copper anode production to achieve over 500,000 tonnes from 2028.

The Kamoa-Kakula MRE, dated March 31, 2026, and titled "Kamoa-Kakula Mineral Reserve and Mineral Resource Technical Report" with an effective date of December 31, 2025, was prepared by AMC Mining Consultants South Africa (Pty) Ltd and MSA Group (Pty) Ltd, covering the company's Kamoa-Kakula Copper Complex.

The National Instrument 43-101-compliant Kamoa-Kakula MRE will be filed on SEDAR+ at www.sedarplus.ca and on the Ivanhoe Mines website at www.ivanhoemines.com concurrently with the issuance of this news release.

Ivanhoe Mines' Executive Co-Chairman, Robert Friedland commented:

"Kamoa-Kakula is the epicentre of the richest sedimentary copper district on Earth. Our mine combines extraordinary grade over a very long life … and we are supported by hydroelectric and solar power. Building on this endowment, this technical report sets a base case from which we will build copper production up to a new high of over 500,000 tonnes per annum.

"The world is currently experiencing a crude wake-up call of just how fragile global supply chains are… and against this backdrop of global uncertainty, Tier-One mining operations like Kamoa-Kakula become even more critical to national security. Out of an abundance of caution, we have secured additional supplies of diesel. In addition, our first two modules totalling 60 MW of on-site solar, combined with battery storage to provide continuous power, will be commissioned in Q2 2026… with a further 60 MW in the pipeline to come next year, enabling us to keep supplying the world economy with 99.7%-pure copper anodes … as well as ever more valuable sulphuric acid, which the Democratic Republic of the Congo, the world's second largest copper producer, absolutely depends on for its oxide copper mines."

"We are also looking forward to sharing positive developments from our Platreef Mine, the Western Forelands and Kipushi Mine soon..."

Ivanhoe Mines' President & CEO, Marna Cloete commented:

"Over the past year, the Kamoa Copper team expended significant efforts to safeguard the Kakula Mine after a challenging 2025. We are determined to strengthen the technical foundation of our operations, with a focus on long-term stability and performance... Today's updated Mineral Reserve and Mineral Resource estimate is an important step in the right direction.

"We will not take shortcuts in our rehabilitation program to ensure that the updated mine design is conservative, safe, productive and sustainable over the life of the operation. While conservative baseline assumptions have an impact on production levels in 2026 and 2027, we are setting up Kamoa-Kakula for new production records from 2028 onwards… with target production levels over 500,000 tonnes of copper anodes and blister, over a multi-decade life.

"One should also not overlook our past achievements. We have built this operation over the past six years at a record pace and on budget, producing over 1.6 million tonnes of copper and generating over $7 billion of EBITDA, funding the Phase 2 and 3 expansions, as well as Africa's largest, state-of-the-art 500,000 tonne-per-annum copper smelter… The smelter is ramping up ahead of schedule and is now delivering additional margin via significant by-product sulphuric acid sales and very significant reductions in the cost of shipping our 99.7%-pure copper to market.

"We are also pleased to welcome Simon Bottoms as Executive Vice President, Technical Services, to Ivanhoe Mines. Simon brings a wealth of knowledge and experience in Africa and globally, and he will be instrumental in the next phase of optimization and long-term planning at Kamoa-Kakula, as we seek to deliver additional value to shareholders."

Ivanhoe to host an investor conference call today at 4:30 p.m. EST on the Kamoa-Kakula MRE

At 4:30 p.m. Eastern time / 1:30 p.m. Pacific time on March 31, 2026, Ivanhoe will host an investor conference call to discuss the Kamoa-Kakula MRE. The conference call will conclude with a question-and-answer (Q&A) session.

To view the webcast, use the link:

https://meetings.lumiconnect.com/400-386-323-206

Participants Dial-in Numbers:

Local - Toronto: +1 (416) 855-9085

Toll Free - North America: +1 (800) 990-2777

Conference ID: 42932

An audio webcast recording of the conference call, together with supporting presentation slides, are available on Ivanhoe Mines' website at www.ivanhoemines.com.

Updated Mineral Resource estimate reaffirms the long-term potential of the Kamoa-Kakula Copper Complex

The 2025 Indicated Mineral Resource estimate for the Kamoa-Kakula Copper Complex reduced by 3.0 million tonnes of contained copper, or 8%, compared with the previous technical report as of December 31, 2022, which is largely attributable to depletion as tabulated in the footnotes of Figure 2, as well as the removal of the Mature Extraction Zone from Kakula, as shown in Figure 3. Inferred Mineral Resource increased by 0.9 million tonnes contained copper, or 17%, largely driven by reclassification of Kakula Inferred Zone pillars.

Table 1. Kamoa-Kakula Mineral Resource Estimate 100% Project Basis (December 31, 2025)

DepositCategoryTonnage (Mt)Copper Grade

(%)Contained Copper (Mt)

KamoaIndicated7502.7321

Inferred2351.74.0

KakulaIndicated5232.5313

Inferred752.11.2

Inferred Pillars263.50.9

Total Kamoa-Kakula Indicated 1,2722.6534

Total Kamoa-Kakula Inferred 3361.86.1

Notes:

1) Mineral Reserves and Mineral Resources have been estimated as at December 31, 2025 in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") as required by Canadian securities regulatory authorities. 2) For 2025 the long-term copper price used for calculating Mineral Resources is $6.00/lb. 3) Realization costs include refining and treatment charges, deductions and payment terms, blister and concentrate transport, metallurgical recoveries, and royalties. 4) 1% total copper (TCu) cut-off grade has been used to report the Mineral Resource. 5) Reported Mineral Resources contain no allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied. 6) The Mineral Resource for Kakula was depleted to account for annual production and losses due to unextractable pillars and inaccessible areas. 7) Mineral Resources are reported inclusive of Mineral Reserves. 8) Measured and Indicated Mineral Resource estimates of grade and Proven & Probable Mineral Reserve estimates of grade for Cu % are reported to two decimal places. 9) All inferred Mineral Resource estimates of grade for Cu % are reported to one decimal place. 10) Totals may not appear to sum correctly due to rounding. 11) Jeremy Witley, r.Sci.Nat SACNASP, FGSSA of The MSA Group (Pty) Ltd estimated the Mineral Resources. The 2025 Mineral Resource was estimated from the non-depleted 2023 Mineral Resource estimate, with an effective date of December 31, 2022, and depleted to account for annual production up until December 31, 2025, as well as geotechnical losses incurred during 2025. The 2025 Mineral Resource has an effective date of December 31, 2025. 12) The non-depleted 2023 Mineral Resource estimate has an effective date of December 31, 2022, and is documented in the Kamoa-Kakula Technical Report dated March 16, 2023. The cut-off date for drill data at Kamoa is January 20, 2020. The cut-off date for the drill data at Kakula is July 20, 2022, with the assay table updated as of December 13, 2022. 13) Mineral Resources which are not Mineral Reserves have not demonstrated economic viability. 14) Mineral Resources are reported on 100% project basis. Ivanhoe Mines' attributable ownership is 39.6% of Kamoa-Kakula

Figure 1. The Mineral Resource estimates for the world's top 10 largest copper operations, by contained copper and copper grade (Source: S&P, March 2026)

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3396/290732_e69303cc746178ad_001full.jpg

Updated Mineral Reserve incorporating revised mine plan and cautious geotechnical parameters supports multi-decade mine life

The 2025 Mineral Reserve estimate for the Kamoa-Kakula Copper Complex reduced by 4.4 million tonnes of contained copper, or 25%, compared with the previous, depleted Mineral Reserve estimate as of December 31, 2024. The Mineral Reserve estimate is outlined Table 2, with annualised depletion in the footnotes of Figure 2.

Table 2. Kamoa-Kakula Mineral Reserve Estimate 100% Project Basis (December 31, 2025)

CategoryTonnage

(Mt Ore)Copper

(% Cu)Cont. Copper

(Mt Cu)

Proven Mineral Reserve---

Probable Mineral Reserve4662.8213.1

Kakula513.942.0

Kakula West842.982.5

Kansoko Sud332.710.9

Kamoa 11042.712.8

Kamoa 2782.592.0

Kamoa 3582.411.4

Kamoa 4432.461.0

Kamoa 58.62.660.2

Kamoa 67.22.740.2

Notes:

1) Mineral Reserves and Mineral Resources have been estimated as at December 31, 2025 in accordance with NI 43-101 as required by Canadian securities regulatory authorities. 2) For 2025 the long-term copper price used for calculating Mineral Reserves and economic mine plan analysis is $4.50/lb.3) Realization costs include refining and treatment charges, deductions and payment terms, blister and concentrate transport, metallurgical recoveries, and royalties. 4) Cut-off grades applied to the Mineral Reserve are between 2.0% TCu and 1.5% TCu. The varying characteristics of each deposit, and the intention of maintaining reliable mining parameters and geotechnical controls has resulted in each scenario applying both a minimum economic cut-off, practical mining parameters and spatial considerations to differentiate between mined material considered to be ore or waste. 5) In confirming the Mineral Reserves for Kamoa & Kakula, a reserve test has been undertaken, to verify that the future undiscounted cash flow from reserves is positive. The cash flow ignores all sunk costs and only considers future operating and closure expenses as well as any future capital costs. 6) Metallurgical recovery for each Concentrator is defined by the application of a recovery algorithm. The metallurgical recovery is 87.98% for the Kakula and Kamoa concentrators (Mineral Reserve life-of-mine plan average). 7) Smelter recovery is 98.5%. 8) Mineral Reserve tonnage and grade estimates include apportionment for dilution and recovery. 9) Mineral Reserves reported above are inclusive of Mineral Resources and are not additive. 10) Totals may not appear to sum correctly due to rounding. 11) Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. 12) Measured and indicated Mineral Resource estimates of grade and proven and probable Mineral Reserve estimates of grade for Cu % are reported to two decimal places.13) Mineral Reserves are reported on a 100% project basis. Ivanhoe Mines attributable ownership is 39.6% of Kamoa-Kakula

A reconciliation of the Mineral Reserve tonnes and grade between the previous technical report as of December 31, 2022 and the Kamoa-Kakula MRE is outlined in Figure 2, with a corresponding explanation overleaf.

Figure 2. Reconciliation of the Mineral Reserve tonnes and grade between the Kamoa-Kakula MRE and the previous technical report as of December 31, 2022.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3396/290732_2bc94ee4149dba3b_003full.jpg

Notes:

The Mineral Reserve is based on the 2023 Mineral Resource estimate, with an effective date of December 31, 2022, and depleted to account for annual production up until December 31, 2025, as well as geotechnical losses incurred during 2025. Historical Mineral Reserve Estimates on 100% Project basis since December 31, 2022 are: a) Estimates as of December 31, 2022: On a 100% Project basis No Proven Mineral Reserves. Probable reserves of 472 million tonnes grading 3.94%, representing 18.6 million tonnes of contained Copper. b) Estimates as of December 31, 2023: On a 100% Project basis No Proven Mineral Reserves. Probable reserves of 464 million tonnes grading 3.92%, representing 18.2 million tonnes of contained Copper. c) Estimates are as of December 31, 2024: On a 100% Project basis No Proven Mineral Reserves. Probable reserves of 453 million tonnes grading 3.91%, representing 17.7 million tonnes of contained Copper. Since December 31, 2022, Kamoa-Kakula Probable Mineral Reserves annual depletion, with no other updates, is as per the table below. No Proven Mineral reserves have been declared or depleted within this period:

Probable Mineral Reserve Annual Depletion (100% project basis)

YearOre (Mt)Copper (%)Copper (Contained Kt)

20237.85.38%419

2024124.42%518

2025103.21%327

2023-2025 Total29.74.26%1,264

The difference in Mineral Reserves between the Kamoa-Kakula MRE and the Kamoa-Kakula 2023 Integrated Development Plan (2023 IDP), filed on March 16, 2023, is attributable to five key changes:

1) Removal of the old Kakula Mine from the Mineral Reserves, some of which is (1a) excluded as the Mature Extraction Zone (previously extracted to >70% extraction) and some of which is (1b) reclassified as Inferred Mineral Resources until safe access is re-established and extraction methodology can be proven (refer to Figure 3);

2) Reduced global extraction ratio of ~60%, based on increased pillar widths, and revised mine designed to ensure stability based on design guidelines extrapolated from Kakula findings;

3) Update in overall mine design philosophy, with increased proportions of high-productivity stoping, thus increasing the mining dilution, and associated development of peripheral accesses and infrastructure ahead of the mining front;

4) Selective drop in cut-off grade from 2.0% to 1.5% opening up additional mining areas; and increasing efficiencies through extracting more of the overall orebody; and

5) Conversion of resources to reserves for Kamoa 3, 4, 5 and 6 Mines, utilizing existing cautious underground design guidelines.

Figure 3. Plan view of the new mine plan for Kakula, showing existing workings and new mining areas to the west and east of the old Kakula mining area. The Mature Extraction Zone is excluded from 2025 Mineral Reserve and Mineral Resource estimates. The Inferred Resource Zone (outlined in orange) has been reclassified and excluded from the Kakula 2025 Mineral Reserve estimate.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3396/290732_04420d5404eec9ae_001full.jpg

Figure 4. Overview of the 400-square-kilometre Kamoa-Kakula licence area, showing a breakdown of Mineral Reserves of the operating mines (yellow) and future deposits (orange), as well as highlighting surface infrastructure (green).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/3396/290732_4e859488b435fb59_001full.jpg

Feasibility Study now in progress to optimize the mine plan and increase definition over the first five years

Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has commenced work on an optimized Feasibility Study that will cover at least the next five years of operation. This will be accompanied by a Pre-Feasibility Study (PFS) on the remaining mine life. The study is expected to be completed in approximately 12 months.

The optimized Feasibility Study will link together multi-disciplinary data gathered over the coming months from a comprehensive drilling and mapping program, which is expected to start in Q2 2026. The results will enable a higher-definition model of geological, geotechnical and hydrological variability across Kamoa-Kakula's orebody domains, enabling a more dynamic and customized mine design across different sections of the mine, with the potential to improve costs, increase extraction ratios and reduce planned dilution.

2026 AND 2027 REVISED COPPER PRODUCTION AND CASH COST GUIDANCE

Revised 2026 and 2027 production and cash cost (C1) guidance includes updated mine designs at both the Kamoa and Kakula mines which include a longer period of up-front development to support a more sustainable future rate of mining. Development will be focused over the next two years to complete more peripheral development around the Kakula Mine before stoping of the newly developed areas begin. Stoping is now expected to start at Kamoa in H2 2026, whereas stoping at Kakula is not expected until H1 2027. In addition, the achieved rate of heading development has been lower than expected, due to adverse geotechnical and hydrological conditions. As such, target development rates have been reduced by approximately 15%.