The Platreef ProjectPioneering the Northern Limb’s Underground

The Junior Indaba, Johannesburg

Wednesday, 6 June 2018

Gerick Mouton, VP & PD

www.ivanhoemines.com

TSX: IVN

OTCQX: IVPAF

Disclaimer

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This notice is an integral component of the Platreef 2017 Feasibility Study (Platreef 2017 FS) and should be read in its entirety and must accompany every

copy made of the Platreef 2017 FS. The Platreef 2017 FS has been prepared using the Canadian National Instrument 43-101 Standards of Disclosure for

Mineral Projects (NI 43-101).

The Platreef 2017 FS has been prepared for Ivanhoe Mines Ltd. (Ivanhoe) by principal consultant DRA Global, with economic analysis led by OreWin, and

specialised sub-consultants, including Stantec Consulting, Amec Foster Wheeler, Murray & Roberts Cementation, SRK Consulting, Golder Associates and

Digby Wells Environmental as the Report Contributors.

The Platreef 2017 FS is based on information and data supplied to the report contributors by Ivanhoe and other parties. The quality of information,

conclusions and estimates contained herein are consistent with the level of effort involved in the services of the report contributors, based on (i)

information available at the time of preparation, (ii) data supplied by outside sources, and (iii) the assumptions, conditions and qualifications set forth in

this report. Each portion of the report is intended for use by Ivanhoe subject to the terms and conditions of its contract with the report contributors.

Except for the purposes legislated under Canadian provincial and territorial securities law, any other uses of the report, by any third party, is at that party’s

sole risk.

The Platreef 2017 FS is intended to be used by Ivanhoe, subject to the terms and conditions of its contract with the report contributors. Recognising that

Ivanhoe has legal and regulatory obligations, the report contributors have consented to the filing of the Platreef 2017 FS with Canadian Securities

Administrators and its System for Electronic Document Analysis and Retrieval (SEDAR).

The results of the Platreef 2017 FS represent forward-looking information. The forward-looking information includes metal price assumptions, cash flow

forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and other assumptions used in the Platreef 2017 FS.

Readers are cautioned that actual results may vary from those presented.

The factors and assumptions used to develop the forward-looking information, and the risks that could cause the actual results to differ materially are

presented in the body of this report in each relevant section.

The conclusions and estimates stated in the Platreef 2017 FS are to the accuracy stated in the Platreef 2017 FS only and rely on assumptions stated in the

Platreef 2017 FS. The results of further work may indicate that the conclusions, estimates and assumptions in the Platreef 2017 FS need to be revised or

reviewed.

The report contributors have used their experience and industry expertise to produce the estimates and approximations in the Platreef 2017 FS. Where the

report contributors have made those estimates and approximations, they are subject to qualifications and assumptions, and it should also be noted that

all estimates and approximations contained in the Platreef 2017 FS will be prone to fluctuations with time and changing industry circumstances.

The Platreef 2017 FS should be construed in the light of the methods, procedures, and techniques used to prepare the Platreef 2017 FS. Sections or parts

of the Platreef 2017 FS should not be read in isolation of, or removed from, their original context.

Agenda

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• Location

• Past & Current Status

• Why?

• Economics

Location: The Bushveld Complex – Northern Limb

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African Rainbow Minerals

Royal Bafokeng Resources

Anglo American

Impala Platinum

Lonmin Platinum

Aquarius Platinum

Northam Platinum

Platinum Australia

Realm Resources

Eastern Platinum

Jubilee Platinum

Atlatsa Resources

Platmin

Platfields Resources

NKWE

Glencore

Bauba Platinum

Village Main Reef

Wesizwe

Sylvania Resources

Source: SFA (Oxford)

Western Limb

Eastern Limb

Platreef

Project

Northern Limb:

The Future of South

Africa’s PGM Industry

South Africa’s Bushveld Complex Produces ~75% of Global Primary Platinum

2014: Mining Right & Shaft 1 Early Works Commence

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2015: Shaft 1 Pre-Sink

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2016: Shaft 1 Main-sink Commence

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Shaft 1

ø7.25m lined

980m deep

750, 850 & 950

stations

Vent intake & UG

Development

Retrofit to 2Mtpa

hoisting capacity

450m Station

2017: Shaft 1 Reach 500m Milestone

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H1 2018: Shaft 1 Reach 750m – Off-shaft Development

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Late 2017: Shaft 2 Early Works Commence

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H1 2018: Shaft 2 Boxcut Underway

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H1 2018: Shaft 2 Headgear Design Complete

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Shaft 2

ø10m lined

1,140m deep

6Mtpa Hoisting

Capacity

2 x 40t Skips

200 People Mancage

Early works

underway

Layout & General Infrastructure

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Reduced surface footprint = minimize overall environmental and social impact

Why, some may ask?

2007-2012: Discovery of Underground Resource

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Statistics Number Meters

Holes 630 529,604m

Assays 251,543 -

Total Reef Intersect - 17,434m

Average Reef/Hole - ~27m

18.7 Moz Pt & 18.9 Moz Pd

Economics

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Source: SFA (Oxford). Data for Platreef Project and Waterberg are based on each project’s reported DFS and PFS

parameters respectively, and are not representative of SFA's view.

US

$/3

PE

+A

u o

z

US$/oz 3PE + Au

YEARS 1-5 YEARS 1-10 LOM AVERAGE

Mine Site 442 392 399

Realisation 267 305 340

Total Cash Costs Before Credits 709 697 739

Nickel Credits 305 306 334

Copper Credits 71 71 79

Total Cash Costs After Credits 333 319 326

Sustaining Capital Costs 25 26 25

All-in Cash Costs After Credits(2) 359 345 351

Thank you