Western Foreland Project

Ivanhoe's DRC exploration group is targeting Kamoa-Kakula-style copper mineralization through a regional exploration and drilling program on its 90%- and 100%-owned Western Foreland exploration licences, located in close proximity to the Kamoa-Kakula Project.

A small portion of Ivanhoe’s Western Foreland exploration licences (in gray) adjacent to the Kamoa-Kakula Mining licence

Makoko Copper Discovery

On October 1, 2018, Ivanhoe announced the Makoko Copper Discovery on its 100%-owned Western Foreland exploration licences, near the Kamoa-Kakula mining licence in the DRC. The Makoko Discovery is Ivanhoe's third major copper discovery in the DRC and shows similar geological characteristics to Ivanhoe's tier-one Kamoa and Kakula discoveries.

Drilling at the Makoko Discovery on the Western Foreland licences

Ongoing exploration drilling on other targets identified in the Western Foreland area to test for high-grade copper

Selected drill holes at the Makoko Discovery include:

• DD004 (the Makoko discovery hole) intersected 3.94 metres (true width) of 5.46% copper, at a 2.0% copper cut-off, and 3.94 metres (true width) of 5.46% copper at a 1.0% copper cut-off, from a downhole depth of 306 metres.

• DD010 intersected 3.21 metres (true width) of 6.78% copper, at a 2.0% copper cut-off, and 3.95 metres (true width) of 5.81% copper at a 1.0% copper cut-off, from a downhole depth of 441 metres.

• DD017 intersected 3.19 metres (true width) of 6.49% copper at a 2.0% copper cut-off, and 4.64 metres (true width) of 4.88% copper, at a 1.0% copper cut-off, from a downhole depth of 471.7 metres.

• DD025 intersected 3.00 metres (true width) of 7.61% copper at a 2.0% copper cut-off, and 3.00 metres (true width) of 7.61% copper, at a 1.0% copper cut-off, from a downhole depth of 406 metres.

• DD046 intersected 7.44 metres (true width) of 7.81% copper at a 2.0% copper cut-off, and 9.39 metres (true width) of 6.51% copper, at a 1.0% copper cut-off, from a downhole depth of 523.51 metres.

The initial discovery hole at Makoko, DD004, was drilled in September 2017; follow-up and infill drilling has been ongoing since then. Drilling to date at Makoko has defined a flat-lying, near-surface stratiform copper deposit, similar to the Kamoa and Kakula deposits. The structure contour map indicates that the mineralized formation in the Makoko area is within 1,000 metres of surface. The majority of the drilling to date at Makoko has intersected the copper-rich zone between 400 metres and 800 metres below surface. The mineralized zone at Makoko strikes approximately south-southeast. It has been tested over a strike length of 4.5 kilometres and a dip extent of between one and two kilometres. Copper mineralization remains open both along strike and down dip.

Makoko’s high-grade copper shows similar geological characteristics to the Kamoa-Kakula discoveries

Makoko has been drilled over an area measuring 4.5 kilometres by 1.5 kilometres and remains open