Ivanhoe Mines Ltd. — Interim / Quarterly Report 2024

Oct 30, 2024

Condensed consolidated interim financial statements of

Ivanhoe Mines Ltd.

September 30, 2024 (Stated in U.S. dollars) (Unaudited)

Ivanhoe Mines Ltd.

September 30, 2024

Table of contents

Condensed consolidated interim statements of financial position		3
Condensed consolidated interim statements of comprehensive income		4
Condensed consolidated interim statements of changes in equity		5
Condensed consolidated interim statements of cash flows		6
Notes to the condensed consolidated interim financial statements	7	- 56

Ivanhoe Mines Ltd. Condensed consolidated interim statements of financial position as at September 30, 2024

(Stated in U.S. dollars) (Unaudited)

		September 30,	December 31,	January 01,
	Notes	2024	2023	2023
			Restated*	Restated*
		$'000	$'000	$'000
ASSETS
Non-current assets
Investment in joint venture	4	2,906,431	2,517,551	2,047,040
Property, plant and equipment	5	1,663,840	1,146,354	630,295
Mineral properties	6	296,436	270,618	264,995
Deferred tax asset	7	216,265	223,631	208,356
Investments	10	82,682	84,465	9,652
Loans receivable	8	47,775	46,017	92,475
Other receivables	13	46,276	25,145	15,141
Promissory note receivable	9	26,831	26,800	26,756
Intangible assets		10,959	–	–
Other assets		10,269	4,243	4,372
Right-of-use asset	11	5,458	6,604	7,540
Total non-current assets		5,313,222	4,351,428	3,306,622
Current assets
Cash and cash equivalents	12	179,927	574,294	597,451
Other receivables	13	37,384	22,491	15,742
Inventory		44,824	1,521	1,011
Prepaid expenses	14	25,419	49,985	28,466
Current tax assets		–	542	364
Loans receivable	8	–	–	19,629
Total current assets		287,554	648,833	662,663
Total assets		5,600,776	5,000,261	3,969,285
EQUITY AND LIABILITIES
Capital and reserves
Share capital	22	3,855,100	2,790,137	2,347,105
Share option reserve	22	149,620	147,862	141,541
Foreign currency translation reserve	23	(31,461)	(58,770)	(63,830)
Accumulated profit		948,040	819,249	509,801
Equity attributable to owners of the Company		4,921,299	3,698,478	2,934,617
Non-controlling interests	24	(138,401)	(117,532)	(93,486)
Total equity		4,782,898	3,580,946	2,841,131
Non-current liabilities
Deferred revenue	16	382,703	328,096	310,725
Advance payment facilities	17	120,000	–	–
Borrowings	18	55,951	56,340	40,823
Rehabilitation provision	19	20,607	14,636	1,093
Cash-settled share-based payment liability	20	13,996	9,704	9,023
Lease liability	11	10,281	10,765	10,761
Deferred tax liability	7	2,493	2,493	1,775
Advances payable		–	–	3,123
Total non-current liabilities		606,031	422,034	377,323
Current liabilities
Trade and other payables	21	154,136	108,935	61,637
Borrowings	18	54,863	83,671	–
Cash-settled share-based payment liability	20	1,953	1,469	2,025
Lease liability	11	747	675	546
Current tax liability		148	–	–
Convertible notes - host liability	15	–	495,970	465,323
Convertible notes-embedded derivative liability	15	–	306,561	221,300
Total current liabilities		211,847	997,281	750,831
Total liabilities		817,878	1,419,315	1,128,154
Total equity and liabilities		5,600,776	5,000,261	3,969,285

* The prior periods presented have been restated in accordance with the amendments to IAS 1. See Note 3 for further information.

(Signed) Peter Meredith Peter Meredith, Director

(Signed) Martie Janse van Rensburg Martie Janse van Rensburg, Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 3

Ivanhoe Mines Ltd.

Condensed consolidated interim statements of comprehensive income for the three and nine months ended September 30, 2024

(Stated in U.S. dollars)

(Unaudited)

Notes	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Operating income (expenses) Share of profit from joint venture net of tax 4 Foreign exchange gain (loss) Exploration and project evaluation expenditure Share-based payments 25 Salaries and benefits Other expenditure Travel costs Legal fees Professional fees	$'000 $'000 83,507 69,829 615 (1,159) (12,813) (6,264) (7,504) (6,732) (2,930) (2,688) (2,680) (1,862) (2,544) (1,889) (1,762) (1,772) (1,272) (471)	$'000 $'000 218,288 225,554 (8,438) (3,981) (32,303) (14,020) (24,942) (21,554) (8,718) (7,757) (7,236) (6,093) (7,365) (5,637) (3,181) (3,671) (1,981) (1,747)
Profit from operating activities	52,617 46,992	124,124 161,094
Finance income 27 Gain (loss) on fair valuation of financial asset (Loss) gain on fair valuation of embedded derivative liability 15 Other (expense) income 28 Finance costs 26	60,164 56,671 701 (1,647) (4,171) 12,218 (14) 933 (471) (8,752)	185,494 176,453 (1,138) (2,754) (164,169) (45,300) 1,530 8,691 (42,286) (24,756)
Profit before income taxes	108,826 106,415	103,555 273,428
Income tax (expense) recovery Current tax Deferred tax	(1,219) (105) 575 1,212	(3,461) (346) 5,194 4,103
	(644) 1,107	1,733 3,757
Profit for theperiod	108,182 107,522	105,288 277,185
Profit (loss) attributable to: Owners of the Company Non-controlling interests	117,942 112,510 (9,760) (4,988)	128,791 291,189 (23,503) (14,004)
	108,182 107,522	105,288 277,185
Other comprehensive income (loss) Items that may subsequently be reclassified to profit: Exchange gain (loss) on translation of foreign operations, net of tax	25,874 (3,091)	29,943 (22,875)
Other comprehensive income (loss) for the period, net of tax	25,874 (3,091)	29,943 (22,875)
Total comprehensive income for theperiod	134,056 104,431	135,231 254,310
Total comprehensive income attributable to: Owners of the Company Non-controlling interests 24	141,525 109,681 (7,469) (5,250)	156,100 270,423 (20,869) (16,113)
	134,056 104,431	135,231 254,310
Basic profit per share 29 Diluted profit per share 29	0.09 0.09 0.09 0.08	0.10 0.24 0.10 0.24

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 4

Ivanhoe Mines Ltd.

Condensed consolidated interim statements of changes in equity for the three and nine months ended September 30, 2024

(Stated in U.S. dollars) (Unaudited)

	Foreign Share capital currency Equity Non- Number Share option translation Accumulated attributable controlling of shares Amount reserve reserve profit to owners interests Total
Balance at January 1, 2023 Net profit (loss) for the period Other comprehensive loss	$'000 $'000 $'000 $'000 $'000 $'000 $'000 1,216,754,579 2,347,105 141,541 (63,830) 509,801 2,934,617 (93,486) 2,841,131 – – – – 291,189 291,189 (14,004) 277,185 – – – (20,766) – (20,766) (2,109) (22,875)
Total comprehensive (loss) income Transactions with owners Share-based payments charged to operations (Note 25) Share unit awards vested (Note 22(c)) Deferred share units settled (Note 22(d)) Options exercised (Note 22(b))	– – – (20,766) 291,189 270,423 (16,113) 254,310 – – 19,289 – – 19,289 – 19,289 2,381,755 17,323 (17,323) – – – – – 106,579 980 – – – 980 – 980 1,320,787 6,332 (1,716) – – 4,616 – 4,616
Balance at September 30, 2023	1,220,563,700 2,371,740 141,791 (84,596) 800,990 3,229,925 (109,599) 3,120,326
Balance at January 1, 2024 Net profit (loss) for the period Other comprehensive income	1,268,762,524 2,790,137 147,862 (58,770) 819,249 3,698,478 (117,532) 3,580,946 – – – – 128,791 128,791 (23,503) 105,288 – – – 27,309 – 27,309 2,634 29,943
Total comprehensive income (loss) Transactions with owners Shares issued (Note 22(a)) Share-based payments charged to operations (Note 25) Share unit awards vested (Note 22(c)) Options exercised (Note 22(b))	– – – 27,309 128,791 156,100 (20,869) 135,231 79,589,529 1,044,525 – – – 1,044,525 – 1,044,525 – – 20,167 – – 20,167 – 20,167 2,118,571 17,617 (17,617) – – – – – 452,150 2,821 (792) – – 2,029 – 2,029
Balance at September 30, 2024	1,350,922,774 3,855,100 149,620 (31,461) 948,040 4,921,299 (138,401) 4,782,898

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 5

Ivanhoe Mines Ltd. Condensed consolidated interim statements of cash flows for the three and nine months ended September 30, 2024

(Stated in U.S. dollars)

(Unaudited)

Notes	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Cash flows from operating activities Profit before income taxes Items not involving cash Share of profit from joint venture net of tax 4 Finance income 27 Unrealized foreign exchange (gain) loss (Gain) loss on fair valuation of financial asset (Profit) loss on disposal of property, plant and equipment Share-based payments 25 Loss (gain) on fair valuation of embedded derivative liability 15 Depreciation Finance costs 26 Depreciation on right-of-use asset Transfer from other assets to working capital items Other taxes Gain on acquisition of investment Reversal of expected credit loss provision	$'000 $'000 108,826 106,415 (83,507) (69,829) (60,164) (56,671) (1,319) 986 (701) 1,647 (17) 2 7,504 6,732 4,171 (12,218) 940 635 471 8,752 70 69 – 246 – – – – – –	$'000 $'000 103,555 273,428 (218,288) (225,554) (185,494) (176,453) 7,053 4,211 1,138 2,754 (19) (2,757) 24,942 21,554 164,169 45,300 2,252 1,579 42,286 24,756 204 210 150 555 – (2) – (1,936) – (1,201)
Interest received 27 Interest paid Change in working capital items 32 Income taxes paid Deferred share units settled in cash	(23,726) (13,234) 2,534 4,475 (4,125) (64) (1,479) 3,746 (32) (26) – (408)	(58,052) (33,556) 13,144 17,753 (8,273) (183) (9,560) (17,249) (2,857) (284) – (408)
Net cash used in operating activities	(26,828) (5,511)	(65,598) (33,927)
Cash flows from investing activities Property, plant and equipment acquired Investment in mineral properties Other assets acquired Cash paid on behalf of joint venturer 9 Proceeds from sale of property, plant and equipment	(111,102) (139,033) (7,696) – (1,824) (893) (18) (8) 61 8	(369,558) (337,146) (25,816) – (6,175) (2,093) (31) (34) 76 4,866
Net cash used in investing activities	(120,579) (139,926)	(401,504) (334,407)
Cash flows from financing activities Proceeds from advance payment facilities 17 Partial repayment of Rawbank loan facility 18 Settlement of coupon interest on convertible bonds 15 Settlement of a portion of convertible notes in cash 15 Partial repayment of aircraft financing facility Principal portion of lease liability repaid Options exercised Proceeds from loan facility 18 Proceeds from aircraft financing facility 18 Partial repayment of interest on advances payable to Gécamines	120,000 – (40,000) – (7) – (1,205) – (775) (498) (512) (144) 10 1,082 – 40,000 – 18,181 – (1,493)	120,000 – (80,000) – (10,096) (7,188) (1,205) – (2,303) (498) (1,289) (333) 2,028 4,616 50,000 80,000 – 18,181 – (1,493)
Net cash generated from financing activities	77,511 57,128	77,135 93,285
Effect of foreign exchange rate changes on cash	3,455 (1,270)	(4,398) (19,094)
Net cash outflow Cash and cash equivalents, beginning of period	(66,441) (89,579) 246,368 392,887	(394,365) (294,143) 574,292 597,451
Cash and cash equivalents, end of period	179,927 303,308	179,927 303,308

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 6

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

1. Basis of presentation and going concern assumption

Ivanhoe Mines Ltd. (“the Company”) is a mining, development and exploration company incorporated in Canada which, together with its subsidiaries and joint venture, is focused on the mining, development and exploration of minerals and precious metals from its property interests located primarily in Africa.

The registered and records office of the Company is located at Suite 606-999 Canada Place, Vancouver, British Columbia, Canada V6C 3E1. The Company is listed on the Toronto Stock Exchange (“TSX”) under the ticker symbol IVN. The shares of the Company are also traded on the OTCQX Best Market in the United States of America under the symbol IVPAF.

The Company’s condensed consolidated interim financial statements have been prepared using accounting policies in accordance with IFRS[®] Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting.

These condensed consolidated interim financial statements do not include all of the information and footnotes required by IFRS[®] Accounting Standards for complete financial statements for year-end reporting purposes. Results for the three and nine months ended September 30, 2024, are not necessarily indicative of future results.

These condensed consolidated interim financial statements have been prepared on the historical cost basis with the exception of certain financial instruments and share-based payments which are measured at fair value. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The financial statements are also prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business.

The Company has an accumulated profit of $948.0 million at September 30, 2024 (December 31, 2023: $819.2 million). As at September 30, 2024, the Company’s total assets exceeds its total liabilities by $4,782.9 million (December 31, 2023: $3,580.9 million) and current assets exceeds current liabilities by $75.7 million (December 31, 2023: current liabilities exceeded current assets by $348.4 million).

2. Material accounting policies

The material accounting policies used in these condensed consolidated interim financial statements have been consistently applied to all periods presented, unless otherwise stated, and are as follows:

(a) Statement of compliance

The accounting policies applied by the Company in these condensed consolidated interim financial statements are the same as those applied by the Company in its most recent annual consolidated financial statements as at and for the year ended December 31, 2023 except for the application of new and revised accounting standards mentioned in Note 3.

These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements as at and for the year ended December 31, 2023.

(b) Significant accounting estimates and judgments

The preparation of condensed consolidated interim financial statements in conformity with IAS 34 requires the Company’s management to make estimates and assumptions concerning the future. The resulting accounting estimates can, by definition, only approximate the actual results. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments.

Page 7

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

2. Material accounting policies (continued)

• (b) Significant accounting estimates and judgments (continued)

Significant accounting estimates and judgments include, amongst other things, the recoverability of assets, the determination of the functional currency, technical feasibility and commercial viability of projects, the classification of Kamoa Holding Limited as a joint venture, the determination of inputs into lease accounting, the valuation of the embedded derivative liability associated with the convertible notes, deferred revenue, deferred tax, provisions for tax claims, the provisionally-priced revenue, remeasurement of contract receivables and bill-and-hold arrangements of the Kamoa Holding Limited joint venture.

• (c) Future accounting changes

The following new standards, amendments to standards and interpretations have been issued but are not effective during the nine months ended September 30, 2024. The Company has not yet adopted these new and amended standards.

• Amendment to IAS 21 - Lack of Exchangeability: An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. (i)

The Company has considered the amendment and assessed that it will have no material impact on adoption.

• Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments : These amendments clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system. They also clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion, add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets), and make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). (ii) The Company has considered the amendment and assessed that it will have no material impact on adoption.

• IFRS 18 Presentation and Disclosure in Financial Statements : This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures), and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. (iii)

The Company is assessing the impact of this amendment on its financial statements.

Page 8

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

3. Application of new and revised standards

The following standards became effective for annual periods beginning on or after January 1, 2024. The Company adopted these standards in the current period and they did not have a material impact on its condensed consolidated interim financial statements unless specifically mentioned below.

• Amendment to IFRS 16 – Leases on sale and leaseback. These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted.

• Amendment to IAS 7 and IFRS 7 - Supplier finance. These amendments require disclosures to enhance the transparency of supplier finance arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk. The disclosure requirements are the IASB's response to investors' concerns that some companies' supplier finance arrangements are not sufficiently visible, hindering investors' analysis.

• Amendment to IAS 1 – Non-current liabilities with covenants and Amendment to IAS 1 - Classification of Liabilities as Current or Non-current.

The adoption of the amendments to IAS 1 has a material effect on the Company’s financial statements, particularly impacting the classification of the host liability and embedded derivative liability associated with the convertible notes.

These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments also aim to improve information an entity provides related to liabilities subject to these conditions. Furthermore, the amendments clarify that a conversion option does not affect the Company’s classification of the liability, but only if the option meets the fixed-for-fixed criteria and is classified and recognized as a separate equity component in accordance with IAS 32, Financial Instruments: Presentation. If a conversion option in a loan agreement does not satisfy the fixed-for-fixed criteria, the entity would classify the liability as current if the option can be exercised within 12 months from the reporting date.

The conversion feature included in the Company’s convertible notes fails the ‘fixed for fixed’ criteria and is therefore not classified as an equity instrument. Although the terms of the convertible notes allow for settlement in the Company’s own equity instruments, that alternative is not classified as an equity instrument, the terms of the convertible feature are taken into account in the classification of the liability. The convertible senior notes issued by the Company can be called by the holder at any time in the next 12 months, barring the conditions disclosed in Note 15 are met. These conditions were met during the year, therefore the convertible senior notes were classified as current liabilities.

Page 9

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

3. Application of new and revised standards (continued)

• Amendment to IAS 1 – Non-current liabilities with covenants and Amendment to IAS 1 - Classification of Liabilities as Current or Non-current. (continued)

The impact of the adoption of the amendments to IAS 1 on the Company’s consolidated statements of financial position as at December 31, 2023 and January 1, 2023 is as follows:

	December 31,	IAS 1	December 31,
	2023	Amendment	2023
			(Restated)
	$'000	$'000	$'000
Consolidated statements of financial
position
Non-current liabilities
Convertible notes - host liability	492,937	(492,937)	–
Convertible notes - embedded
derivative liability	306,561	(306,561)	–
Total non-current liabilities	1,221,532	(799,498)	422,034
Current liabilities
Convertible notes - host liability	3,033	492,937	495,970
Convertible notes - embedded
derivative liability	–	306,561	306,561
Total current liabilities	197,783	799,498	997,281
	January 01,	IAS 1	January 01,
	2023	Amendment	2023
			(Restated)
	$'000	$'000	$'000
Consolidated statements of financial
position
Non-current liabilities
Convertible notes - host liability	462,290	(462,290)	–
Convertible notes - embedded
derivative liability	221,300	(221,300)	–
Total non-current liabilities	1,060,913	(683,590)	377,323
Current liabilities
Convertible notes - host liability	3,033	462,290	465,323
Convertible notes - embedded
derivative liability	–	221,300	221,300
Total current liabilities	67,241	683,590	750,831

Upon conversion, the convertible notes may be settled, at the Company’s election, in cash, common shares or a combination thereof. Due to this election right and conversion feature the classification of the convertible notes (host liability and embedded derivative liability) as current liabilities does not impact the Company’s liquidity.

The Company has early redeemed the convertible notes. See Note 15 for further information.

Page 10

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

4. Investment in joint venture

Kamoa Holding Limited (“Kamoa Holding”), a joint venture between the Company and Zijin Mining Group Co., Ltd. (“Zijin”), holds a direct 80% interest in the Kamoa-Kakula Copper Complex (“Kamoa-Kakula”). The Company holds an effective 39.6% interest in the project through its 49.5% shareholding in Kamoa Holding. Zijin holds 49.5% of Kamoa Holding while the remaining 1% share interest is held by privately-owned Crystal River Global Limited (“Crystal River”) (see Note 9).

The costs associated with mine development at Kamoa-Kakula’s Kansoko and Kakula sites were capitalized as property, plant and equipment in Kamoa Copper SA (a subsidiary of Kamoa Holding).

Kamoa-Kakula was deemed to have reached commercial production on July 1, 2021, after achieving a milling rate in excess of 80% of design capacity and recoveries in excess of 70% for a continuous period of seven days. 303,328 tonnes of copper in concentrate was produced during the nine months ended September 30, 2024 (September 30, 2023: 301,336).

During Q3 2024, Kamoa Copper SA declared dividends of $97.7 million. Kamoa Holding is entitled to receive $78.2 million while the DRC government is entitled to receive $19.5 million. Tax of $9.8 million was withheld from the dividend declared and the net amount was payable to each shareholder. No dividends were declared by Kamoa Holding to its shareholders during the period.

On March 21, 2014, a financing agreement was entered into between Ivanhoe Mines Energy DRC SARL (a subsidiary of Kamoa Holding) and La Société Nationale d’Électricité SARL (“SNEL”), relating to the firststage upgrade of two existing hydroelectric power plants in the DRC to feed up to 113 MW into the national power supply grid and for the supply of electricity to the Kamoa-Kakula Project. All six new turbines at the Mwadingusha hydropower plant were synchronized to the national electrical grid in August 2021, with each generating unit producing approximately 13 megawatts (MW) of power, for a combined output of approximately 78 MW. In August 2021, Ivanhoe Mines Energy DRC SARL (“Ivanhoe Mines Energy”) signed an extension of the existing financing agreement with SNEL to upgrade turbine 5 at the Inga II hydropower complex. Turbine 5 is expected to produce 178 MW of renewable hydropower, providing the Kamoa-Kakula Copper Complex and the planned, associated smelter with sustainable electricity for future expansions.

In December 2023, SNEL and Ivanhoe Mines Energy DRC SARL signed an amendment to the existing financing agreement to fund the identified infrastructure upgrades. The original financing agreement consisted of a loan of up to $250 million to fund the refurbishment of 78 megawatts (MW) of generation capacity at the Mwadingusha dam and 178 MW of generation capacity from Turbine #5 at the Inga II dam. The refurbishment of the Mwadingusha facility was completed in September 2021, and the refurbishment of Turbine #5 at Inga II is on schedule to be completed in the first quarter of 2025. The amendment to the financing agreement expands the loan up to a total of $450 million. Under the agreements, Ivanhoe Mines Energy agreed to provide a loan relating to the power upgrade. The total loan advanced as at September 30, 2024 amounts to $374.2 million (December 31, 2023: $306.6 million) comprising of a capital amount of $309.4 million (December 31, 2023: $252.5 million) and interest of $64.9 million (December 31, 2023: $54.1 million) and is included in the net assets of the joint venture under the heading “Long-term loan receivable”.

The term for repayment of the principal amount, accrued interest and future costs is estimated to be 25 years, beginning after the expiry of a two-year grace period from the signing date of the agreement. The actual repayment period will ultimately depend on the amount actually financed and on the amounts deducted from electricity bills based on a fixed percentage of 40% of the actual bill as per the loan repayment terms. Interest is earned at a rate of 6-month Term SOFR plus 3%. The Kamoa-Kakula Project has a priority electricity right by which SNEL commits to make available as per an agreed power requirements schedule, sufficient energy from its grid to meet the energy needs of the project. The table below summarizes the longterm loan receivable:

Page 11

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

4. Investment in joint venture (continued)

	September 30,	December 31,
	2024	2023
	$'000	$'000
Opening balance	306,594	252,523
Additional funding	73,452	62,945
Interest for the period	10,751	20,840
Derecognition loss	–	(9,061)
Repayments during the period	(16,553)	(20,653)
	374,244	306,594

Company’s share of comprehensive income from joint venture

The following table summarizes Kamoa Holding’s total comprehensive income for the periods ended September 30, 2024 and September 30, 2023.

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Revenue from contract receivables Remeasurement of contract receivables	$'000 $'000 836,871 681,821 (8,983) 13,014	$'000 $'000 2,263,184 2,071,274 97 15,066
Revenue Cost of sales	827,888 694,835 (408,919) (286,030)	2,263,281 2,086,340 (1,015,688) (803,253)
Gross profit General and administrative costs Amortization of mineral property	418,969 408,805 (22,260) (32,632) (4,507) (3,002)	1,247,593 1,283,087 (96,000) (91,072) (10,343) (8,603)
Profit from operations Finance income and other Finance costs Foreign exchange loss	392,202 373,171 5,737 5,323 (83,815) (85,097) (4,232) (15,249)	1,141,250 1,183,412 10,846 15,511 (228,674) (264,471) (25,220) (49,467)
Profit before taxes Current tax expense Deferred tax recovery (expense)	309,892 278,148 (125,852) (44,276) 34,093 (55,212)	898,202 884,985 (327,171) (239,869) 16,705 (64,551)
Profit after taxes	218,133 178,660	587,736 580,565
Non-controlling interest of Kamoa Holding (i)	(49,431) (37,592)	(146,750) (124,900)
Total comprehensive income for the period	168,702 141,068	440,986 455,665
Company's share of profit from joint venture(49.5%)	83,507 69,829	218,288 225,554

• (i) The DRC government holds a direct 20% interest in Kamoa-Kakula. A 5%, non-dilutable interest in the project was transferred to the DRC government on September 11, 2012 for no consideration, pursuant to the 2002 DRC mining code. Following the signing of an agreement in November 2016, an additional 15% interest in the project was transferred to the DRC government.

Page 12

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

4. Investment in joint venture (continued)

Net assets of the joint venture

The assets and liabilities of the joint venture were as follows:

	September 30, 2024 December 31, 2023
	100% 49.5% 100% 49.5%
Assets Property, plant and equipment Mineral property Indirect taxes receivable Current inventory Cash and cash equivalents Run of mine stockpile Long-term loan receivable Other receivables Trade receivables Right-of-use asset Prepaid expenses Non-current deposits Deferred tax asset Liabilities Shareholder loans Term loan facilities Advance payment facility Trade and other payables Deferred tax liability Overdraft facility Income taxes payable Other provisions Rehabilitation provision Provisional payment facility Lease liability Non-controlling interest	$'000 $'000 $'000 $'000 5,818,641 2,880,227 4,195,216 2,076,632 768,079 380,199 778,423 385,319 555,226 274,836 419,779 207,791 435,354 215,500 435,212 215,430 152,184 75,331 72,486 35,881 403,654 199,809 304,261 150,609 374,244 185,251 306,594 151,764 115,999 57,420 320,143 158,471 346,366 171,451 241,944 119,762 49,698 24,601 56,966 28,198 4,735 2,344 81,802 40,492 1,872 927 1,872 927 599 297 606 300 (3,844,638) (1,903,096) (3,500,105) (1,732,552) (678,538) (335,876) (111,193) (55,041) (665,295) (329,321) (150,449) (74,472) (327,854) (162,288) (471,377) (233,332) (226,587) (112,161) (322,194) (159,486) (208,426) (103,171) (177,775) (87,999) (107,684) (53,304) (217,028) (107,429) (104,992) (51,971) (33,344) (16,505) (143,710) (71,136) (95,081) (47,065) (75,336) (37,291) (51,501) (25,493) (49,870) (24,686) (51,913) (25,697) (566,339) (280,338) (446,950) (221,240)
Net assets of thejoint venture	2,027,382 1,003,554 1,586,394 785,265

Investment in joint venture
	September 30,	December 31,
	2024	2023
	$'000	$'000
Company's share of net assets of the joint venture	1,003,554	785,265
Loan advanced to the joint venture	1,902,877	1,732,286
	2,906,431	2,517,551

The Company earns interest at 12-month Term SOFR plus 7.71% on the loan advanced to the joint venture (see Note 27). Prior to June 30, 2023, interest was calculated based on USD 12-month LIBOR plus 7%. If there is residual cash flow in Kamoa Holding, such cash shall be required to be utilized for the repayment of the then outstanding loan amount of each lender, on a pro-rata basis. No repayment is required in the absence of residual cash flow. The Company expects that Kamoa Holding will reinvest its cash flows over the coming 12 months and will therefore not have any residual cash flows for loan repayments.

Page 13

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

4. Investment in joint venture (continued)

Reconciliation of joint venture net asset value to carrying amount

	September 30,	December 31,
	2024	2023
	$'000	$'000
Company's share of net assets of the joint venture
Opening net assets of the joint venture	1,586,394	1,031,189
Total comprehensive income of the joint venture for the period	440,986	555,204
Closing net assets of the joint venture	2,027,382	1,586,394
Company's share of net assets (%)	49.5%	49.5%
Company's share of net assets of thejoint venture	1,003,554	785,265
Loan advanced to the joint venture
Opening balance	1,732,286	1,536,601
Interest on loan to the joint venture for the period	170,591	207,608
Derecognition loss	–	(11,923)
Closingbalance	1,902,877	1,732,286
Investment injoint venture	2,906,431	2,517,551

Commitments and contingencies of the joint venture

From time to time, Kamoa Holding becomes subject to claims, temporary measures, legal proceedings, financial sanctions or assessments made by tax or other authorities in the ordinary course of its business. Given the complexity and scope of Kamoa Holding’s business, such claims may involve complex legal, tax or accounting matters. Management assesses Kamoa Holding’s liabilities and contingencies for all tax years open to claims or assessment based upon the latest information available. Kamoa Holding accrues for such claims, or makes provision, in its consolidated financial statements, when a liability resulting from the claim is both probable and the amount can be reasonably estimated. In order to assess such likelihood management reviews claims with the benefit of internal and external legal advice where appropriate.

Kamoa Holding is currently subject to several such claims which have been determined by management, with the benefit of legal advice, to be without merit and justification and therefore not probable that a liability would arise therefrom. Such determinations are based on current information and advice, which is subject to change based on changed facts or circumstances. Accordingly, management may re-assess any prior determination regarding the likelihood of a probable liability at any time.

Page 14

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements

September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

5. Property, plant and equipment

								Assets
			Office	Motor	Plant and	Mining		under
	Land	Buildings	equipment	vehicles	equipment	infrastructure	Aircraft	construction	Total
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
September 30, 2024
Cost
Beginning of the year	1,547	15,603	8,069	6,362	69,963	132,880	29,128	948,876	1,212,428
Additions	–	581	2,439	578	7,156	–	–	375,806	386,560
Borrowing costs capitalized	–	–	–	–	–	–	–	87,456	87,456
Disposals	(31)	–	(8)	(50)	–	–	–	–	(89)
Transfers	–	–	–	–	–	–	–	(10,117)	(10,117)
Foreign exchange translation	105	732	565	73	1,767	9,192	–	55,841	68,275
End of the period	1,621	16,916	11,065	6,963	78,886	142,072	29,128	1,457,862	1,744,513
Accumulated depreciation
and impairment
Beginning of the year	–	3,482	5,102	3,803	44,824	8,126	737	–	66,074
Depreciation	–	384	1,098	540	6,655	3,407	826	–	12,910
Disposals	–	–	(2)	(30)	–	–	–	–	(32)
Foreign exchange translation	–	144	306	25	413	833	–	–	1,721
End of the period	–	4,010	6,504	4,338	51,892	12,366	1,563	–	80,673
Carrying value
Beginningof theyear	1,547	12,121	2,967	2,559	25,139	124,754	28,391	948,876	1,146,354
End of theperiod	1,621	12,906	4,561	2,625	26,994	129,706	27,565	1,457,862	1,663,840

Assets under construction includes development costs capitalized as property, plant and equipment which are costs incurred to obtain access and to provide facilities for extracting, treating, gathering, transporting and storing the minerals. Costs incurred at the Platreef Project are deemed necessary to bring the Project to commercial production and are therefore capitalized. Until December 31, 2019, costs incurred at the Kipushi Project were also deemed necessary to bring the project to commercial production and were therefore capitalized. Between Q1 2020 and Q2 2022, the Kipushi Project was on reduced activities and incurred limited costs of a capital nature. All costs during this period were expensed as “Exploration and project evaluation expenditure” on the consolidated statements of comprehensive income (see Note 6). All costs incurred at the Kipushi Project from July 1, 2022 have been capitalized to property, plant and equipment.

Page 15

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

5. Property, plant and equipment (continued)

Borrowing costs are capitalized to the extent that they are attributable to the construction of qualifying assets and include the finance costs on the loan payable to ITC Platinum Development Limited, notional financing charge on the deferred revenue and a portion of the interest incurred on the convertible notes (see Note 26).

Assets pledged as security

Buildings with a carrying amount of $9.1 million (December 31, 2023: $8.8 million) have been pledged to secure borrowings of the Company (see Note 18 (iv)). The buildings have been pledged as security for bank loans under a mortgage. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

								Assets
			Office	Motor	Plant and	Mining		under
	Land	Buildings	equipment	vehicles	equipment	infrastructure	Aircraft	construction	Total
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
December 31, 2023
Cost
Beginning of the year	1,685	14,834	8,169	5,230	55,221	143,252	2,647	450,412	681,450
Additions	–	78	833	1,199	164	–	29,128	473,892	505,294
Borrowing costs capitalized	–	–	–	–	–	–	–	58,942	58,942
Disposals	(16)	(1)	(757)	(9)	(464)	–	(2,534)	–	(3,781)
Transfers	–	326	520	28	15,287	–	–	(16,161)	–
Foreign exchange translation	(122)	366	(696)	(86)	(245)	(10,372)	(113)	(18,209)	(29,477)
End of the year	1,547	15,603	8,069	6,362	69,963	132,880	29,128	948,876	1,212,428
Accumulated depreciation
and impairment
Beginning of the year	–	2,883	5,216	3,196	35,574	3,841	445	–	51,155
Depreciation	–	587	1,170	640	9,814	4,527	770	–	17,508
Disposals	–	–	(693)	(9)	(30)	–	(458)	–	(1,190)
Foreign exchange translation	–	12	(591)	(24)	(534)	(242)	(20)	–	(1,399)
End of the year	–	3,482	5,102	3,803	44,824	8,126	737	–	66,074
Carrying value
Beginningof theyear	1,685	11,951	2,953	2,034	19,647	139,411	2,202	450,412	630,295
End of theyear	1,547	12,121	2,967	2,559	25,139	124,754	28,391	948,876	1,146,354

Page 16

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

6. Mineral properties and exploration and project evaluation expenditure

Mineral properties

The following table summarizes the carrying values of the Company’s mineral property interests as described below:

	September 30,	December 31,
	2024	2023
	$'000	$'000
Platreef property, South Africa (a)	6,940	6,940
Kipushi Properties, Democratic Republic of the Congo (b)	252,337	252,337
Exploration properties (c)	37,159	11,341
	296,436	270,618

Costs directly related to the acquisition of mineral properties are capitalized as mineral properties on a property-by-property basis, whereas development costs are capitalized as property, plant and equipment and are costs incurred to obtain access and to provide facilities for extracting, treating, gathering, transporting and storing the minerals. Development costs are capitalized to the extent that they are necessary to bring the property to commercial production.

(a) Platreef property

Construction of the planned Platreef mine is underway on the Company’s discovery of palladium, platinum, rhodium, nickel, copper and gold on the Northern Limb of South Africa’s Bushveld Igneous Complex approximately 8 km from Mokopane and 280 km northeast of Johannesburg, South Africa.

In November 2014, the mining right for the development and operation of the Platreef mining project was executed. The mining right authorizes the Company to mine and process platinum-group metals, nickel, copper, gold, silver, cobalt, iron, vanadium and chrome. The mining right was issued for an initial period of 30 years and may be renewed for further periods, each of which may not exceed 30 years at a time, in accordance with the terms of section 24 of the Mineral and Petroleum Resources Development Act of South Africa.

In February 2022, the Company announced the positive findings of an independent Platreef 2022 Feasibility Study for the tier one Platreef palladium, platinum, rhodium, nickel, copper and gold project in South Africa. The 2022 Feasibility Study provides the blueprint for the ongoing development of Platreef. Development activities have been ongoing at Platreef with Shaft 1, the initial access to the orebody, now in operation and hoisting development rock from underground. The Company has been focusing on construction activities to bring Phase 1 of Platreef into production.

A Japanese consortium comprising ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC); and Japan Gas Corporation holds an effective 10% interest in the Platreef Project. The Company transferred an additional 26% of Platreef to a broad-based black economic empowerment (B-BBEE) special purpose vehicle in compliance with South African ownership requirements.

(b) Kipushi properties

The Kipushi Project is a historic, high-grade underground copper-zinc-germanium-silver-lead mine in the Central African Copperbelt, in Haut-Katanga Province, Democratic Republic of the Congo (“DRC”). The Kipushi Project lies adjacent to the town of Kipushi and the border with Zambia, and about 30 km southwest of the provincial capital of Lubumbashi. Ivanhoe Mines and La Générale des Carrières et des Mines SARL (“Gécamines”) own 62% and 38% of the Kipushi Project respectively, through their holdings in Kipushi Corporation SA (“Kipushi”), the mining rights holder.

Page 17

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

6. Mineral properties and exploration and project evaluation expenditure (continued)

Mineral properties (continued)

(b) Kipushi properties (continued)

Ivanhoe Mines’ interest in Kipushi was acquired in November 2011 and comprises mining rights for zinc, copper and cobalt as well as the underground workings and related infrastructure, inclusive of a series of vertical mine shafts.

On December 15, 2023 the Company signed the new joint venture agreement with its partner Gécamines to restart the ultra-high-grade Kipushi zinc-copper-germanium-silver mine.

(c) Exploration properties

The Company’s DRC exploration group is targeting Kamoa-Kakula style copper mineralization through a regional drilling program on its 60%-100%-owned Western Foreland exploration licences, located to the north, south and west of the Kamoa-Kakula Project, and elsewhere.

During Q4 2022, the Company was granted three new 100%-owned exploration rights on the Northern Limb of the Bushveld Complex in South Africa. These exploration rights cover 80 square kilometres forming a continuous block situated on the southwest border of the existing Platreef Project’s mining rights.

During Q4 2023, the Company acquired joint venture licences in the Western Foreland. Under the terms of the joint venture that covers the 247 square kilometres of newly acquired licences, Ivanhoe has an initial interest of 10% with an earn-in right to increase its ownership by funding ongoing exploration activities.

During 2024, the Company increased its interest in Kampemba Corporation, one of the joint venture licence holders, from 10% to 60% due to the exercise of the earn-in right. Also in 2024, the Company acquired an 80% interest in the Live in Group SARL which holds 3 exploration permits adjacent to the Western Forelands.

Exploration and project evaluation expenditure

Exploration and project evaluation expenditure is expensed in the period incurred, until such time as the Company determines that a property is technically feasible and commercially viable, whereafter costs associated with development are capitalized as property, plant and equipment in the assets under construction category (see Note 5).

Recoverability of assets

The Company has concluded that there is no impairment required to any of its projects. Significant judgments and assumptions are required in making estimates of determining the recoverable amount (the higher of fair value less cost of disposal and value in use). This is particularly so in the assessment of long-life assets. It should be noted that the valuations are subject to variability in key assumptions including, but not limited to, long-term commodity prices, capital expenditures, discount rates, transport costs and the cost of production and operating costs.

In assessing impairment, management have considered various external and internal factors such as but not limited to: (i) market value changes in commodity prices; (ii) any adverse economic or significant changes to the legal environment in which the asset/entity operates (iii) changes in the interest rate environment that might impact the discount rate used in calculating the asset’s recoverable amount; (iv) any damage or potential obsolescence, (v) comparison of managements future net cash flows with previous budgets and forecasts and assessing if any significant decline has occurred.

Page 18

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

7. Deferred tax

The Company’s deferred tax assets and liabilities are as follows:

	September 30,	December 31,
	2024	2023
	$'000	$'000
Deferred tax asset to be recovered after more than 12 months
Property, plant and equipment and mining capital expenditure	175,433	166,422
Unrealized foreign exchange losses	35,381	51,064
IFRS 16 leases	2,989	2,970
Tax losses carried forward	1,548	2,458
Deferred tax asset to be recovered within 12 months
Provisions andprepayments	914	717
	216,265	223,631
Deferred tax liability to be recovered after more than 12 months
Deferred interest on loans	2,493	2,493
Deferred tax liability	2,493	2,493

Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the realization of the related tax benefit through future taxable profits is probable.

Due to the conclusion of the stream-financing agreements and the announcement of the positive results of the independent 2022 Feasibility Study, the Company considers it highly probable that the Platreef Project will have future taxable profits that will be available against which the deductible temporary differences can be utilized.

Due to the positive findings of the independent 2022 Feasibility Study, the Company considers it probable that the Kipushi Project will have future taxable profits that will be available against which the deductible temporary differences can be utilized.

Page 19

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

8. Loans receivable

Loans receivable
	September 30,	December 31,
	2024	2023
	$'000	$'000
Social development loan (i)	47,956	46,198
Loss allowance - Social development loan	(523)	(523)
Loan to Nzuri Exploration Holding Company Pty Ltd (ii)	327	327
Other loans receivable	15	15
	47,775	46,017

(i) A long-term loan receivable from Gécamines of $10 million was ceded to the Company on completion of the purchase of Kipushi on November 28, 2011, by the seller. An additional $20 million was requested and advanced to Gécamines during November 2012.

Repayment will be made by offsetting the loan against future royalties and dividends payable to Gécamines from future profits earned at Kipushi. The fair value of the receivable at acquisition date was estimated by the Company by calculating the present value of the future expected cash flows using an effective interest rate of 9.2%. The carrying value of the long-term loan receivable as at September 30, 2024 is $47.4 million (December 31, 2023: $45.7 million). Interest of $1.8 million was earned during the nine months ended September 30, 2024 (September 30, 2023: $1.9 million) (see Note 27).

The Company has an accumulated expected credit loss allowance of $0.5 million as at September 30, 2024 (December 31, 2023: $0.5 million) in accordance with IFRS 9 for the social development loan.

• (ii) In September 2019, the Company, through its wholly-owned subsidiary, Ivanhoe DRC Holding Limited, extended a loan to Nzuri Exploration Holding Company Pty Ltd (“Nzuri”). The loan was advanced to fund exploration activities of a subsidiary of Nzuri in the DRC. The Company has a 10% equity investment in Nzuri.

9. Promissory note receivable

The Company has the following promissory note receivable:

	September 30,	December 31,
	2024	2023
	$'000	$'000
Promissory note receivable from Crystal River	26,845	26,814
Loss allowance	(14)	(14)
	26,831	26,800

The promissory note receivable with a carrying value of $26.8 million is a non-interest-bearing, 10-year promissory note, of which $8.3 million is receivable by the Company as the purchase consideration for selling 1% of its share in Kamoa Holding to Crystal River (see Note 4). The remaining $18.5 million is receivable for subsequent funding provided to Kamoa Holding on Crystal River’s behalf. The promissory note is payable on the earlier of December 8, 2025 or the next business day following the completion of the sale, transfer or disposition of the shares held by Crystal River in Kamoa Holding.

Page 20

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

10. Investments

Investments
	September 30,	December 31,
	2024	2023
	$'000	$'000
Fair value through profit or loss
Investment in I-Pulse Inc. (i)	79,360	79,360
Investment in Renergen Ltd. (ii)	2,372	4,173
Investment in unlisted entities	655	655
Investment in other listed entities	295	277
	82,682	84,465

• (i) On June 30, 2023, the Company entered into an exchange agreement with I-Pulse Inc. (“I-Pulse”), wherein the Company replaced the outstanding secured loan balance owed to it by HPX with an equity investment in I-Pulse. Under the agreement, the Company transferred all of its rights, interest and benefits in, to and under the loan facility agreement with HPX to I-Pulse, in exchange for the issuance of shares in I-Pulse to the Company.

The Company’s equity investment in I-Pulse comprises approximately 5% of the issued and outstanding share capital of I-Pulse. I-Pulse, the parent company of HPX, is a private American company and is a global leader and developer of pulsed-power technology with its research facilities based in Toulouse, France.

• (ii) On March 11, 2022, the Company made an equity investment in Renergen Ltd. (“Renergen”). Renergen is a public company, incorporated in South Africa and is listed on the Johannesburg Stock Exchange and the Australian Stock Exchange. Renergen in an emerging helium and domestic natural gas producer, which holds the rights to renewable natural gas fields with high helium concentrations, in particular the Virginia Gas Project located in the Free State province of South Africa.

Under the terms of the initial subscription agreement, the Company subscribed for 5,631,787 shares, representing an approximate 4.35% interest in Renergen’s issued and outstanding shares. The Company paid a subscription price of R35.63 per share for a total consideration of R200.6 million (approximately $13.3 million). The subscription price per share was equal to 95% of the volume-weighted average traded price of Renergen’s shares on the Johannesburg Stock Exchange measured over the 30 trading days prior to March 11, 2022.

As at September 30, 2024 the company has 3,744,326 shares remaining with a value of R41.0 million ($2.4 million). The movement in the fair value of the shares is shown in the table below:

	September 30,	December 31,
	2024	2023
	$'000	$'000
Balance at the beginning of the year	4,173	7,947
Loss on disposal of shares	(2,229)	(950)
Gain (loss) on fair valuation of shares	330	(2,196)
Unrealized foreign currency gains (losses)	98	(628)
Balance at the end of theperiod	2,372	4,173

Page 21

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

11. Leases

Right-of-use asset

	September 30,	December 31,
	2024	2023
	$'000	$'000
Rented surface infrastructure and equipment (Kipushi) (i)	4,518	5,520
Office building (ii)	940	1,084
	5,458	6,604

(i) A right-of-use asset is recognized in terms of IFRS 16 for the use of the surface infrastructure and equipment at the Kipushi mine.

• (ii) The Company leases an office building in Sandton, South Africa. On November 1, 2022, the Company entered into a second lease agreement for additional office space at the Sandton building.

Lease liability

	September 30,	December 31,
	2024	2023
	$'000	$'000
Rented surface infrastructure and equipment (Kipushi) (i)	9,401	9,733
Office building (ii)	880	1,032
Non-current lease liability	10,281	10,765
Office building (ii)	320	270
Rented surface infrastructure and equipment (Kipushi) (i)	427	405
Current lease liability	747	675

• (i) The lease liability was initially measured at the present value of the lease payments payable over the life of mine and has been discounted at an incremental borrowing rate of 8%. The lease payments have been determined in accordance with the contract, which allocates a fixed amount monthly and it has been estimated that the lease will continue for the duration of the life of mine.

• (ii) The Rand-denominated lease liability was initially measured at the present value of the lease payments payable over a lease term of six years and has been discounted at an incremental borrowing rate of between 10.25%-10.50% (December 31, 2023: 10.25%-10.50%). The lease payments have been determined in accordance with the contract which includes an escalation clause of 7.5% per annum.

Amounts recognized in the condensed consolidated interim statements of comprehensive income:

	Three months ended Nine months ended September 30, September 30,
	2024 2023 2024 2023
Depreciation charge on right-of-use assets (i) Interest on lease liability (ii)	$'000 $'000 $'000 $'000 (70) (69) (204) (210) (31) (34) (93) (110)
	(101) (103) (297) (320)

Page 22

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted)

(Unaudited)

11. Leases (continued)

• (i) Included in other expenditure on the condensed consolidated interim statements of comprehensive income. The right-of-use assets are depreciated over the term of the lease on a straight-line basis, which is determined to be life of mine.

• (ii) Included as finance costs on the condensed consolidated interim statements of comprehensive income.

12. Cash and cash equivalents

Cash and cash equivalents
	September 30,	December 31,
	2024	2023
	$'000	$'000
Cash	156,758	524,943
Cash - guarantee accounts (i)	16,227	14,023
Cash equivalents-call deposits	6,942	35,328
	179,927	574,294

(i) The cash and cash equivalents disclosed above include $16.2 million of restricted cash held by Ivanplats (Pty) Ltd., the owner of the Platreef Project (December 31, 2023: $14.0 million). These funds are held for guarantees issued.

13. Other receivables

Other receivables
	September 30,	December 31,
	2024	2023
	$'000	$'000
Refundable taxes (i)	50,563	31,062
Accounts receivable	17,857	6,394
Receivables from joint venture (ii)	10,133	9,792
Other	5,108	389
Loss allowance	(1)	(1)
	83,660	47,636
Non-current other receivables	46,276	25,145
Current other receivables	37,384	22,491
	83,660	47,636

• (i) Refundable taxes are net of an impairment provision for value-added taxes receivable in foreign jurisdictions where recoverability of those taxes is deemed uncertain.

• (ii) Receivables from joint venture include amounts receivable from the Kamoa Holding Limited joint venture for administration consulting services rendered by the Company.

14. Prepaid expenses

Prepaid expenses
	September 30,	December 31,
	2024	2023
	$'000	$'000
Advance payments to suppliers	21,471	46,219
Other prepayments	2,174	1,982
Prepaid insurance	1,198	1,260
Deposits	576	524
	25,419	49,985

Prepaid expenses are amounts paid in advance which give the Company rights to receive future goods or services.

Page 23

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

15. Convertible notes

	September 30,	December 31,
	2024	2023
		*Restated
	$'000	$'000
Convertible notes - host liability
Balance at the beginning of the year	495,970	465,323
Interest for the period	89,126	45,022
Repayments of interest during the period	(10,096)	(14,375)
Conversion of notes during the period	(575,000)	–
Balance at the end of theperiod	–	495,970
Convertible notes - embedded derivative liability
Balance at the beginning of the year	306,561	221,300
Loss on fair valuation of embedded derivative liability	164,169	85,261
Conversion of notes during the period	(470,730)	–
Balance at the end of theperiod	–	306,561

*Refer to Note 3.

On March 17, 2021 the Company concluded a private placement offering of $575 million of 2.50% convertible senior notes maturing in 2026. The notes will be convertible at the option of holders, anytime prior to the close of business on the business day immediately preceding October 15, 2025, only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the convertible notes may be settled, at the Company’s election, in cash, common shares or a combination thereof. Due to this election right and conversion feature, the convertible notes have an embedded derivative liability that is measured at fair value with changes in value being recorded in profit or loss, as well as the host loan that is accounted for at amortized cost. The convertible senior notes are senior unsecured obligations of the Company, which accrue interest payable semi-monthly in arrears at a rate of 2.50% per annum. The notes will mature on April 15, 2026, unless earlier repurchased, redeemed or converted.

On April 30, 2024, the Company announced that it would redeem all of its outstanding convertible senior notes on July 11, 2024 (the “Redemption Date”) at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest on such notes to, but not including, the Redemption Date. The Company would settle any conversions solely in shares, except that any fractional shares that would otherwise be deliverable will be paid out in cash. In lieu of surrendering their notes for redemption, holders could elect to convert their notes at any time before the close of business on July 10, 2024.

The conversion rate for all conversions of notes was 138.7073 Class A shares of the Company per $1,000 principal amount of notes. The conversion rate includes an increase of 4.1391 additional shares per $1,000 principal amount of notes above the conversion rate as the notes are called for redemption (calculated based on a ten-day average closing share price of C$19.2520, or $14.0363 at the prevailing exchange rate of C$1.3717 to $1.00).

Holders of $573,795,000 worth of notes elected to redeem their notes, resulting in the issuance of 79,589,529 Class A shares. The remainder of the notes, totaling $1,205,000 were redeemed in cash.

Prior to the commencement of the conversion period, the Company adjusted the amortized cost of the host liability to reflect actual and revised estimated contractual cash flows using the original effective interest rate in accordance with the requirements of IFRS 9. The adjustment resulted in finance costs of $71 million being recorded by the Company due to the early redemption of the notes, of which $43 million was capitalized as borrowing costs to property, plant and equipment.

Page 24

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

15. Convertible notes (continued)

Each conversion request was treated separately. The number of shares required to be issued on receipt of a conversion request was calculated with reference to the conversion rate of 138.7073 Class A shares per $1,000 principal amount of notes and rounded down to the nearest whole number. Any fractional shares that would otherwise be deliverable was paid out in cash. The total cash paid during the period was inconsequential. The fair value of the notes underlying a conversion request was determined with reference to the closing price of the Company’s shares on the Toronto Stock Exchange on the date of delivery of the shares and the prevailing exchange rates. The date of delivery of the shares was 2 business days after the receipt of the conversion request. It is at this delivery date, that the convertible notes are extinguished.

The host liability and embedded derivative liability components of the convertible notes were settled at each delivery date in proportion to the number of notes converted as a percentage of the total number of notes issued.

16. Deferred revenue

	September 30,	December 31,
	2024	2023
	$'000	$'000
Balance at the beginning of the year	328,096	310,725
Financing costs associated with the streaming facilities (Note 26)	29,562	39,551
Exchange loss (gain) on translation of foreign operations	25,045	(22,180)
Balance at the end of theperiod	382,703	328,096

On December 8, 2021, the Company announced that Ivanplats (Pty) Ltd., its South African subsidiary and owner of the Platreef Project, had concluded stream-financing agreements with Orion Mine Finance (“Orion”) and Nomad Royalty Company (“Nomad”), together the “Stream Purchasers”, for a $200 million goldstreaming facility and a $100 million palladium and platinum-streaming facility.

Under the stream agreements, Orion provided a total of $225 million in funding, and Nomad provided $75 million in funding. The stream facilities are a prepaid forward sale of refined metals, with prepayments totalling $300 million, available in two tranches. The first prepayment of $75 million was received by the Company in December 2021, following the closing of the transaction. The remaining $225 million was received in September 2022, after successfully fulfilling the conditions precedent.

Under the terms of the $200 million gold stream agreement, the Stream Purchasers will receive an aggregate total of 80% of contained gold in concentrate until 350,000 ounces have been delivered, after which the stream will be reduced to 64% of contained gold in concentrate for the remaining life of the facility. The expected life of this facility will extend from the effective date of the stream agreement until the date when 685,280 ounces of gold have been delivered to the Stream Purchasers. The Stream Purchasers will purchase each ounce of gold at a price equal to the lower of the market price of gold or US$100 per ounce.

Delivery of the gold under the stream agreement will be made by delivering gold credits to the Stream Purchasers’ metal accounts.

Under the terms of the US$100 million palladium and platinum stream agreement, Orion will receive an aggregate total of 4.2% of contained palladium and platinum in concentrate until 350,000 ounces have been delivered, after which the stream will be reduced to 2.4% for the remaining life of the facility. The expected life of this facility will extend from the effective date of the stream agreement until the date when 485,115 ounces of palladium and platinum have been delivered to the purchaser, which will pay for each ounce at a price equal to 30% of the market price of palladium and platinum.

Page 25

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

16. Deferred revenue (continued)

Delivery of the palladium and platinum under the stream agreement will be made by delivering palladium and platinum credits to the Stream Purchasers’ metal accounts. The advance payment of $300 million, net of transaction costs of $6.5 million, is recognized as a contract liability (deferred revenue) under IFRS 15.

The stream-financing agreements are accounted for as deferred revenue as the Company has applied judgment in concluding that the contracts fall within the "own-use" exemption in IFRS 9. Therefore, the contracts are not accounted for under the requirements of IFRS 9, but were deemed to fall within the scope of IFRS 15 as the Company intends to settle the obligations through delivery of its own production from the Platreef mine once commissioned.

In accordance with IFRS 15, the Company has recognized a notional financing charge of $29.6 million for the nine months ended September 30, 2024 (September 30, 2023: $29.7 million) due to the time between receiving the upfront streaming payments and the date that the related performance obligations will be satisfied. The Company has estimated that the ZAR-based nominal pre-tax rate is 15.37% under the gold stream agreement, and 14.81% under the palladium and platinum stream agreement.

Settlements on the stream-financing arrangements will start once the commissioning of the Platreef Project has been completed.

17. Advance payment facilities

Advance payment facilities
	September 30,	December 31,
	2024	2023
	$'000	$'000
Funding received - CITIC	60,000	–
Funding received-Trafigura	60,000	–
Balance at the end of theperiod	120,000	–

On June 28, 2024 and July 5, 2024, Kipushi entered into offtaker facility agreements with Trafigura Asia Trading Pte Ltd. (Trafigura) and CITIC Metal (HK) Limited (CITIC) respectively. Each of the agreements made $60 million available to Kipushi to finance the development, construction and operation of the Kipushi project, as well as the commercialization and export of the material extracted from the mine. The Trafigura facility was drawn down on July 3, 2024 and the CITIC facility was drawn down on July 17, 2024. Both facilities were drawn down in full.

The facilities incur interest at Term SOFR plus a margin of 6% per annum. Interest accrues over time and is repayable monthly. Interest of $3.1 million was incurred and paid during the nine months ended September 30, 2024. The facilities are repayable in 36 monthly installments commencing 18 months after the date of the first utilization request.

The movement in the advance payment facilities for the nine months ended September 30, 2024 is as follows:

	Trafigura	CITIC	Total
	$'000	$'000	$'000
Opening balance	–	–	–
Drawdown	60,000	60,000	120,000
Accumulated interest	1,677	1,429	3,106
Repayments-interest	(1,677)	(1,429)	(3,106)
Closing balance	60,000	60,000	120,000

Page 26

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted)

(Unaudited)

18. Borrowings

Borrowings
	September 30,	December 31,
	2024	2023
	$'000	$'000
Secured - at amortized cost
FirstBank loan facility (i)	51,285	–
Aircraft financing facility (ii)	14,643	16,947
Loan from Citi bank (iii)	4,315	4,107
Rawbank loan facility (iv)	–	80,552
	70,243	101,606
Unsecured - at amortized cost
Loan from ITC Platinum Development Limited (v)	40,571	38,405
	40,571	38,405
Non-current borrowings	55,951	56,340
Current borrowings	54,863	83,671
	110,814	140,011

The movement in the borrowings for the nine months ended September 30, 2024 is as follows:

	**Rawbank **	FirstBank	Aircraft	Citibank	ITC	Total
	$'000	$'000	$'000	$'000	$'000	$'000
Opening balance	80,552	–	16,947	4,107	38,405	140,011
Additions	–	50,000	–	–	–	50,000
Accumulated interest	3,308	1,285	1,111	196	2,166	8,066
Foreign currency revaluations	–	–	–	208	–	208
Repayments - capital	(80,000)	–	(2,304)	–	–	(82,304)
Repayments-interest	(3,860)	–	(1,111)	(196)	–	(5,167)
Closing balance	–	51,285	14,643	4,315	40,571	110,814

• (i) On May 28, 2024, Kipushi Corporation SA (Kipushi), a subsidiary of the Company and the operator of the Kipushi Project, entered into a $50 million facility agreement with FirstBank DRC SA (FirstBank). Under the terms of the agreement, FirstBank provided a $50 million facility to Kipushi to finance costs related to the development of the project. Kipushi drew down on the full facility on the date of the agreement. The facility incurs interest at 3-month Term SOFR plus a margin of 4.5% per annum. Interest is repayable every three months, with the facility repayable in full in May 2025. Repayment may automatically be extended by a further consecutive 12 months unless either party to the agreement gives written confirmation that there shall be no such automatic extension of the date. Ivanhoe Mines Ltd. has provided a corporate guarantee under this loan agreement.

• (ii) On August 4, 2023, the Company entered into an $18.2 million loan agreement with Investec Bank Limited, a South African financial institution, in respect of its acquisition of an aircraft. Interest on the loan is incurred at Overnight SOFR plus a margin of 3.65% per annum and is payable monthly in arrears. The principal amount is repayable monthly in sixty equal instalments. The Company repaid $2.3 million of the principal amount and $1.1 million in interest during the nine months ended September 30, 2024. The loan is secured by the aircraft.

• (iii) The Citibank loan of $4.3 million (£3.2 million) is secured by the Rhenfield property (see Note 31). The loan is an interest-only term loan repayable on August 28, 2025, and incurs interest at a rate of 1-month Sterling Overnight Index Average (SONIA) plus 1.90% payable monthly in arrears. Interest of $0.2 million was incurred for the nine months ended September 30, 2024 (September 30, 2023: $0.2 million).

Page 27

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

18. Borrowings (continued)

• (iv) On May 22, 2023, Kipushi entered in a loan agreement with Rawbank SA (Rawbank), a financial institution in the Democratic Republic of the Congo.

Under the terms of the loan agreement, Rawbank provided an $80 million loan, to be drawn down in two tranches of $40 million each, to Kipushi to fund its working capital requirements. Both tranches were drawn down in 2023.

The loan incurred interest at 8% per year plus commission of 0.5% per quarter. Interest on the loan was repayable monthly in arrears. Current market rates on similar facilities with Rawbank offer the same interest rates available to the Company as the existing loan. Ivanhoe Mines Ltd. provided a corporate guarantee under this loan agreement. Kipushi repaid the loan during the nine months ended September 30, 2024.

• (v) On June 6, 2013, the Company, through its subsidiary Ivanplats (Pty) Ltd, (“Ivanplats”) the owner of the Platreef Project, became party to a $28.0 million loan payable to ITC Platinum Development Limited. The loan is repayable only once Ivanplats has residual cashflow, which is defined in the loan agreement as gross revenue generated by Ivanplats, less all operating costs attributable thereto, including all mining development and operating costs. The loan incurs interest of 3-month Term SOFR plus 2.26% calculated monthly in arrears. Interest is not compounded. Interest of $2.2 million (September 30, 2023: $0.9 million) was recognized during the nine months ended September 30, 2024 and was capitalized as borrowing costs. The carrying value of the loan as at September 30, 2024 is equal to the contractual amount due.

19. Rehabilitation provision

	Platreef	Kipushi	Total
	$'000	$'000	$'000
Balance as at December 31, 2022	669	424	1,093
Unwinding of discount	189	–	189
Unwinding of discount capitalized	(189)	–	(189)
Additional provision recognized	–	13,591	13,591
Foreign exchange gain	(48)	–	(48)
Balance as at December 31, 2023	621	14,015	14,636
Unwinding of discount	45	–	45
Additional provision recognized	–	5,879	5,879
Foreign exchange loss	47	–	47
Balance as at September 30, 2024	713	19,894	20,607

The Company makes provision for the future cost of rehabilitating mine sites and related production facilities on a discounted basis at the time of developing its mines and installing and using those facilities. The rehabilitation provision represents the present value of rehabilitation costs relating to mine sites, which are expected to be incurred up to 2054 for Platreef and 2038 for Kipushi, which is when the producing mine properties are expected to cease operations. The provision has been calculated based on an independent assessment. Assumptions based on the current economic and regulatory environment have been made, which management believes are a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual rehabilitation costs will ultimately depend upon future market prices for the necessary rehabilitation works required that will reflect market conditions at the relevant time. Furthermore, the timing of rehabilitation is likely to depend on when the mine ceases to produce at economically viable rates. This will depend upon several factors which are inherently uncertain.

The undiscounted closure cost liability estimate balance as at September 30, 2024 was $20.0 million for Platreef (December 31, 2023: $17.3 million), and $26.0 million for Kipushi (December 31, 2023: $15.6 million). The real discount rate used in the calculation of the provision as at September 30, 2024 equalled 6.86% (December 31, 2023: 7.16%) for Platreef, and 2.08% (December 31, 2023: 0.74%) for Kipushi.

Page 28

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

20. Cash-settled share-based payment liability

Cash-settled share-based payment liability
	September 30,	December 31,
	2024	2023
	$'000	$'000
B-BBEE share-based payment liability (i)	6,813	6,417
Deferred share unit liability	9,136	4,756
	15,949	11,173
Non-current cash-settled share-based payment liability	13,996	9,704
Current cash-settled share-based payment liability	1,953	1,469
	15,949	11,173

(i) On June 26, 2014, the Company sold a 26% interest in the Company's Platreef mining project for which it has recognized a cash-settled share-based payment liability which is estimated to vest over 20 years. The liability is valued using an option pricing model taking into account the terms and conditions on which the right was granted (see Note 25).

21. Trade and other payables

Trade and other payables
	September 30,	December 31,
	2024	2023
	$'000	$'000
Trade accruals	84,562	49,342
Trade payables	62,116	47,594
Other payables	4,045	6,140
Payroll tax and other statutory liabilities	3,413	5,859
	154,136	108,935

The Company has policies in place to ensure trade and other payables are paid within agreed terms.

22. Share capital

(a) Shares issued

The Company is authorized to issue an unlimited number of Class A Shares.

As at September 30, 2024, 1,350,922,774 (December 31, 2023: 1,268,762,524) Class A Shares were issued and outstanding. All shares in issue have been fully paid.

On April 30, 2024, the Company announced that it would redeem all of its outstanding convertible senior notes (See Note 15). In lieu of surrendering their notes for redemption, holders may elect to convert their notes at any time before the close of business on July 10, 2024. Holders of $573,795,000 worth of notes elected to convert their notes, resulting in the issuance of 79,589,529 Class A shares.

(b) Options

The Company issues share options as a security-based compensation arrangement. Share options are granted at an exercise price equal to the volume weighted average price of the shares on the TSX for the five days immediately preceding the date of the grant. As at September 30, 2024, 83,705,908 share options have been granted and exercised, and 13,855,371 have been granted and are outstanding.

Page 29

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

22. Share capital (continued)

• (b) Options (continued)

All outstanding share options granted before December 2019 vest in four equal parts, commencing on the one year anniversary of the date of grant and on each of the three anniversaries thereafter. All share options granted during and after December 2019 vest in three equal parts, commencing on the one year anniversary of the date of grant and on each of the two anniversaries thereafter. The maximum term of options awarded is seven years.

A summary of changes in the Company’s outstanding share options is presented below. The changes for 2024 represent the period January 1, 2024 to September 30, 2024, while the changes for 2023 represent the period January 1, 2023 to December 31, 2023.

		2024		2023
		Weighted		Weighted
		average		average
	Number of	exercise	Number of	exercise
	options	price	options	price
		$		$
Balance at the beginning of year	13,078,667	4.30	13,264,957	3.78
Granted	1,244,068	10.35	1,292,265	8.93
Exercised	(452,150)	4.78	(1,458,847)	3.62
Forfeited	(15,214)	8.89	(19,708)	7.45
Balance at the end of theperiod	13,855,371	4.82	13,078,667	4.30

1,244,068 options were granted in 2024. The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model. An expense of $5.1 million will be amortized over the entire vesting period for the options granted during the nine months ended September 30, 2024 (September 30, 2023: $4.4 million), of which $1.9 million (September 30, 2023: $1.6 million) was recognized in the nine months ended September 30, 2024. An additional expense of $2.0 million was recognized in the nine months ended September 30, 2024 (September 30, 2023: $2.1 million) relating to options granted during prior years.

The following weighted average assumptions were used for the share option grants in the table above:

above:
	2024	2023
Risk-free interest rate	4.07%	4.06%
Expected volatility(i)	48.38%	51.19%
Expected life	3.50	3.50
Expected dividends	$Nil	$Nil

(i) Expected volatility was based on the historical volatility of a peer company analysis.

Page 30

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted)

(Unaudited)

22. Share capital (continued)

• (b) Options (continued)

The following table summarizes information about share options outstanding and exercisable as at September 30, 2024:

September 30, 2024:
	Options outstanding		Options exercisable
		Weighted		Weighted
		average		average
	Number of	exercise	Number of	exercise
Expiry date	shares	price	shares	price
		$		$
December 4, 2025	2,000,000	1.98	2,000,000	1.98
January 12, 2026	1,000,000	1.90	1,000,000	1.90
December 5, 2026	2,000,000	2.59	2,000,000	2.59
January 13, 2027	3,328,681	3.02	3,328,681	3.02
August 17, 2027	70,000	3.85	70,000	3.85
November 1, 2027	33,334	3.84	33,334	3.84
January 22, 2028	659,296	5.52	659,296	5.52
March 31, 2028	82,131	5.18	82,131	5.18
June 30, 2028	61,597	6.92	61,597	6.92
August 10, 2028	879,169	7.49	879,169	7.49
September 30, 2028	66,096	6.47	66,096	6.47
December 31, 2028	53,700	7.89	35,800	7.89
January 27, 2029	794,565	8.86	496,162	8.86
March 31, 2029	66,688	9.35	44,458	9.35
June 30, 2029	103,322	5.90	68,880	5.90
September 30, 2029	100,414	6.04	66,942	6.04
December 31, 2029	77,525	7.79	25,841	7.79
January 20, 2030	950,274	8.90	298,215	8.90
March 31, 2030	73,959	8.60	24,653	8.60
June 30, 2030	66,982	9.35	22,327	9.35
September 30, 2030	75,545	8.49	25,181	8.49
December 31, 2030	68,025	9.80	–	–
January 14, 2031	1,093,192	9.99	–	–
March 31, 2031	58,969	11.74	–	–
June 30, 2031	47,494	12.93	–	–
September 30, 2031	44,413	14.70	–	–
	13,855,371	4.82	11,288,763	3.76

Page 31

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

22. Share capital (continued)

(b) Options (continued)

As at December 31, 2023, the Company had 13,078,667 share options outstanding at a weighted average exercise price of $4.30. Of this amount, 10,323,368 share options were exercisable at a weighted average exercise price of $3.27.

(c) Share unit awards

The Company issues restricted share units (“RSUs”) and performance share units (“PSUs”), together known as share unit awards, as a security-based compensation arrangement. Each RSU and PSU represents the right of an eligible participant to receive one Class A Share.

RSUs and PSUs vest in three equal parts, commencing on the initial vesting date established at grant and on each of the two anniversaries thereafter, subject to the satisfaction of any performance conditions.

A summary of changes in the Company’s RSUs and PSUs is presented below. The changes for 2024 represent the period January 1, 2024 to September 30, 2024, while the changes for 2023 represent the period January 1, 2023 to December 31, 2023.

	2024	2023
Balance at the beginning of the year	3,811,889	5,237,163
RSUs issued	908,315	658,031
PSUs issued	451,117	438,163
RSUs vested	(2,118,571)	(2,399,595)
RSUs cancelled	(104,442)	(115,431)
PSUs cancelled	(12,961)	(6,442)
Balance at the end of theperiod	2,935,347	3,811,889

An expense of $12.5 million will be amortized over the vesting period for the share unit awards granted during the nine months ended September 30, 2024 (September 30, 2023: $8.7 million), using the fair value of a common share at time of grant. The weighted average fair value of a common share at the time that the share unit awards were granted in 2024 was $9.99 (December 31, 2023: $8.87). An expense of $16.3 million (September 30, 2023: $15.6 million) was recognized for the nine months ended September 30, 2024 relating to share unit awards granted, of which $3 million related to those granted in 2024 (see Note 25).

(d) Deferred share units

The Company issues deferred share units (“DSUs”) as a security-based compensation arrangement to non-executive directors of the Company. Each DSU represents the right of an eligible participant to receive one Class A Share or the cash equivalent thereof. The debt component of the instrument represents the entire fair value of the award.

A summary of changes in the Company’s DSUs is presented below. The changes for 2024 represent the period January 1, 2024 to September 30, 2024, while the changes for 2023 represent the period January 1, 2023 to December 31, 2023.

	2024	2023
Balance at the beginning of the year	490,287	653,355
DSUs issued	157,969	221,764
DSUs settled in shares	–	(232,453)
DSUs settled in cash	–	(132,121)
DSUs cancelled	–	(20,258)
Balance at the end of theperiod	648,256	490,287

Page 32

Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

Ivanhoe Mines Ltd.

22. Share capital (continued)

• (d) Deferred share units (continued)

An expense of $1.2 million (September 30, 2023: $1.3 million) was recognized for the DSUs granted during the nine months ended September 30, 2024. A loss of $3.2 million (September 30, 2023: gain of $0.8 million) was recognized for DSUs granted during prior years due to the increase in the Company’s share price which resulted in a increase in the deferred share unit liability. In accordance with the DSU plan, directors may elect to receive settlement of their DSUs in cash or shares.

DSUs vest over the calendar year in which they are granted and are settled on December 31[st] of the calendar year that is three years following the award date of each respective DSU.

23. Foreign currency translation reserve

	September 30,	December 31,
	2024	2023
	$'000	$'000
Balance at the beginning of the year	(58,770)	(63,830)
Transfer of additional ownership to non-controlling interest	–	16,410
Exchange gain (loss) arising on translation of foreign operations	27,309	(11,350)
Balance at the end of theperiod	(31,461)	(58,770)

Exchange differences relating to the translation of the results and net assets of the Company's foreign operations from their functional currencies to the Company's presentation currency are recognized directly in other comprehensive income and accumulated in the foreign currency translation reserve.

24. Non-controlling interests

The total non-controlling interest at September 30, 2024 is $138.4 million (December 31, 2023: $117.5 million), of which $75.3 million (December 31, 2023: $74.0 million) is attributed to Ivanplats (Pty) Ltd and $64.6 million (December 31, 2023: $50.0 million) is attributed to Kipushi Corporation SA. The remainder relates mainly to the non-controlling interest attributable to the Western Foreland exploration projects.

The Company owns 64% of Ivanplats (Pty) Ltd. and is deemed to control a further 26%. The Company owns 68% of the issued share capital of Kipushi Corporation SA, with a further 6% to be transferred to Gecamines once the revised joint venture agreement is in full effect.

Set out below is the summarized statements of comprehensive income for each subsidiary that has noncontrolling interests that are material to the Company. The amounts disclosed for each subsidiary are before intercompany eliminations.

Summarized statements of comprehensive income	Ivanplats (Pty) Ltd Nine months ended September 30, 2024 2023	Kipushi Corporation SA
		Nine months ended September 30,
		2024 2023
Loss for the period Other comprehensive income (loss)	$'000 $'000 (39,010) (22,258) 26,346 (21,094)	$'000 $'000 (37,642) (40,028) – –
Total comprehensive loss	(12,664) (43,352)	(37,642) (40,028)
Total comprehensive loss allocated to non-controlling interests	(1,266) (4,335)	(14,304) (12,809)

Page 33

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

25. Share-based payments

The share-based payment expense of the Company is summarized as follows:

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Equity-settled share-based payments Share unit awards expense (Note 22(c)) Share options (Note 22(b))	$'000 $'000 (4,343) (5,272) (1,285) (1,158)	$'000 $'000 (16,257) (15,587) (3,910) (3,702)
Cash-settled share-based payments Deferred share units (Note 22(d)) B-BBEE transaction (Note 20(i))	(5,628) (6,430) (1,740) (171) (136) (131)	(20,167) (19,289) (4,379) (1,866) (396) (399)
	(7,504) (6,732)	(24,942) (21,554)

Of the share-based payment expense recognized for the nine months ended September 30, 2024, $0.4 million (September 30, 2023: $0.4 million) related to the Platreef B-BBEE transaction (see Note 20(i)), with the remaining $24.5 million (September 30, 2023: $21.2 million) being the expense for share options, share unit awards and deferred share units which have been granted to employees and were recognized over the vesting period.

26. Finance costs

Finance costs are summarized as follows:

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Finance costs on deferred revenue (see Note 16) Finance costs on deferred revenue capitalized (see Note 16) Interest on borrowings (see Note 18) Interest on borrowings capitalized (see Note 5) Interest of advance payment facilities (see Note 17) Interest of advance payment facilities capitalized (see Note 17) Lease liability unwinding (see Note 11) Interest on convertible notes (see Note 15) Interest on convertible notes capitalized (see Note 15) Interest on advances payable	$'000 $'000 (10,192) (9,859) 10,192 9,859 (2,933) (1,677) 2,500 1,372 (3,106) – 3,106 – (31) (34) (7) (11,459) – 3,109 – (63)	$'000 $'000 (29,562) (29,742) 29,562 29,742 (7,855) (2,824) 6,549 2,374 (3,106) – 3,106 – (93) (110) (89,126) (33,427) 48,239 9,441 – (210)
	(471) (8,752)	(42,286) (24,756)

Page 34

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

27. Finance income

Finance income is summarized as follows:

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Interest on loan to joint venture (i) Interest on bank balances Interest on long-term loan receivable - Gécamines (ii) Other Interest on long-term loan receivable - HPX	$'000 $'000 57,077 51,561 2,519 4,475 553 630 15 5 – –	$'000 $'000 170,591 148,990 13,129 17,753 1,758 1,899 16 16 – 7,795
	60,164 56,671	185,494 176,453

• (i) Interest was calculated at a rate of USD 12-month LIBOR plus 7% until June 30, 2023. Following the cessation of publication of LIBOR rates, interest was calculated at a rate of 12-month Term SOFR plus 7.71% on the loan advanced to the Kamoa Holding joint venture (see Note 4).

• (ii) The Company earns interest at a fixed rate of 6%, although an effective interest rate of 9.2% was applied from initial recognition.

28. Other income

Other income is summarized as follows:

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Administration consulting income (i) Other (expenses) incomes (Loss) profit on disposal of property, plant and equipment (ii) Gain on acquisition of investment Reversal of expected credit loss	$'000 $'000 517 883 (548) 52 17 (2) – – – –	$'000 $'000 2,170 2,646 (659) 151 19 2,757 – 1,936 – 1,201
	(14) 933	1,530 8,691

• (i) Administration consulting income is fees charged by the Company to the Kamoa Holding joint venture for administration, accounting and other services performed for the joint venture (see Note 4).

• (ii) Of the $2.8 million profit on disposal of property, plant and equipment in the prior period, $2.7 million relates to the sale of the Company’s aircraft (see Note 5). The aircraft was sold for a consideration of $4.8 million.

Page 35

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

29. Profit per share

The basic profit per share is computed by dividing the profit attributable to the owners of the Company by the weighted average number of common shares outstanding during the period. The diluted profit per share reflects the potential dilution of common share equivalents, such as outstanding stock options, share unit awards, deferred share units and the convertible notes in the weighted average number of common shares outstanding during the period, if dilutive. The convertible notes were anti-dilutive for the nine months ended September 30, 2023.

	Three months ended September 30,	Nine months ended September 30,
	2024 2023	2024 2023
Basic profit per share Profit attributable to owners of the Company ($'000) Weighted average number of basic shares outstanding Basic profit per share Diluted profit per share Profit attributable to owners of the Company ($'000) Weighted average number of diluted shares outstanding Diluted profit per share	117,942 112,510 1,349,849,000 1,219,757,229 0.09 0.09 117,942 108,642 1,362,827,355 1,309,092,987 0.09 0.08	128,791 291,189 1,300,495,911 1,218,429,918 0.10 0.24 128,791 291,189 1,312,516,001 1,231,135,206 0.10 0.24

The profit attributable to the owners of the Company for the purposes of diluted profit per share reconciles to the profit attributable to the owners of the Company used in the calculation of basic profit per share as follows:

	Three months ended September 30,	Nine months ended September 30,
	2024 2023	2024 2023
Profit attributable to owners of the Company ($'000) Adjustments for diluted profit: Gain on fair valuation of embedded derivative liability (see Note 15) Interest on convertible notes (net of capitalization) (see Note 26)	117,942 112,510 – (12,218) – 8,350	128,791 291,189 – – – –
Profit attributable to owners of the Company used in the calculation of dilutedprofitper share($'000)	117,942 108,642	128,791 291,189

Page 36

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

29 Profit per share (continued)

The weighted average number of shares for the purpose of diluted profit per share reconciles to the weighted average number of shares used in the calculation of basic profit per share as follows:

	Three months ended September 30,	Nine months ended September 30,
	2024 2023	2024 2023
Weighted average number of basic shares outstanding Shares deemed to be issued for no consideration in respect of: - stock options - restricted share units - deferred share units - convertible notes	1,349,849,000 1,219,757,229 8,954,843 7,335,985 3,572,755 4,623,058 450,757 – – 77,376,715	1,300,495,911 1,218,429,918 8,797,049 7,398,548 2,898,760 5,306,740 324,281 – – –
Weighted average number of diluted shares outstanding	1,362,827,355 1,309,092,987	1,312,516,001 1,231,135,206

Page 37

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

30. Related party transactions

The financial statements include the financial results of Ivanhoe Mines Ltd., its subsidiaries, joint ventures and joint operations listed in the following table:

Country of Name Incorporation	% equity interest as at
	September 30, December 31, 2024 2023
Direct Subsidiaries Ivanhoe Mines (Barbados) Limited Barbados 100% 100% (i) African Copperbelt Exploration Ltd. Barbados 100% 100% (i) Kengere Holding Limited Barbados 100% 100% (i) Ivanhoe Zambia Holdings Ltd. British Virgin Islands 100% 100% (i) Cereus Holding Ltd. British Virgin Islands 100% 100% (i) Cuando Holding Ltd. British Virgin Islands 100% 100% (i) GM Mining Services Ltd. British Virgin Islands 100% 100% (i) Ivanhoe Namibia Holdings Ltd. British Virgin Islands 100% 100% (i) Ivanhoe South Africa Holdings Ltd. British Virgin Islands 100% 100% (i) Australia Nickel & Platinum Holding Company Ltd. British Virgin Islands 100% 100% (i) Yunnan Mining Inc. British Virgin Islands 100% 100% (i) Quembo Holdings Unipessoal Lda. Portugal 100% – (i) Gardner & Barnard Mining UK Limited United Kingdom 100% 100% (i) RKR Mining Limited United Kingdom 100% 100% (i) Ivanhoe Mines US LLC United States of America 100% 100% (i) Ivanhoe Mines UK Limited United Kingdom 100% 100% (ii) Ivanplats Holding SARL Luxembourg 97% 97% (i) Ivanhoe Mines Consulting Services (Beijing) Co., Ltd China 100% 100% (vi) Indirect Subsidiaries Ivanhoe DRC Holding Ltd. Barbados 100% 100% (i) Kipushi Holding Limited Barbados 100% 100% (i) Ivanhoe Exploration Holding Ltd. Barbados 100% 100% (i) Magharibi Holding Ltd. Barbados 100% 100% (i) Makoko Holding Ltd. Barbados 100% 100% (i) Mwangezi Holding Ltd. Barbados 100% 100% (i) Lubudi Holding Ltd. Barbados 100% 100% (i) Lueya Holding Ltd. Barbados 100% 100% (i) Ivanhoe Newriver Holding Ltd. Barbados 100% 100% (i) Ikekete Holding Ltd. Barbados 100% 100% (i) Kampemba Holding Ltd. Barbados 100% 100% (i) Mulomba Holding Ltd. Barbados 100% 100% (i) Cuando-Recursos, (SU) Lda. Angola 100% – (ii) Ivanhoe Mines DRC SARL DRC 100% 100% (ii) Ivanhoe Mines Exploration DRC SARL DRC 100% 100% (iii) IME Services SASU DRC 100% 100% (ii)

Page 38

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

30. Related party transactions (continued)

Related party transactions (continued)
Country of Name Incorporation	% equity interest as at
	September 30, December 31, 2024 2023
Indirect Subsidiaries (continued) Lufupa SASU DRC Magharibi Mining SA DRC Makoko SA DRC Kengere Mining SA DRC Kampemba Corporation SAS DRC Kipushi Corporation SA DRC Namwana Exploration SA DRC Live in Group SARL DRC Ivanhoe (Namibia) (Pty) Ltd. Namibia GB Mining & Exploration (SA) (Pty) Ltd. South Africa Ivanhoe Mines SA (Pty) Ltd. South Africa Ivanplats (Pty) Ltd. South Africa Kico Services (Pty) Ltd. South Africa Palrho Exploration (Pty) Ltd. South Africa Ivanhoe Marketing (Pty) Ltd. South Africa Ivanhoe (Zambia) Ltd. Zambia Joint ventures Kamoa Holding Limited Barbados Joint operations Rhenfield Limited British Virgin Islands	100% 100% (iii) 90% 90% (iii) 80% 80% (iii); (viii) 65% 65% (iii) 60% 10% (iii); (ix) 62% 62% (iii); (x) 90% 90% (iii) 80% - (iii) 100% 100% (iii) 100% 100% (vii) 100% 100% (ii) 64% 64% (iii) 100% 100% (ii) 100% 100% (iii) 100% 100% (iii) 100% 100% (iii) 49.50% 49.50% (iv) 50% 50% (v)

• (i) This company acts as an intermediary holding company to other companies in the Group.

• (ii) This company provides administration, accounting and other services to the Group on a cost-recovery basis.

(iii) This company is incorporated with the intention of engaging in exploration, development and mining activities.

• (iv) This company is a joint venture of the Group. See Note 4 for information regarding the shareholding of this company.

• (v) This company is a joint operation of the Group. See Note 29 for information on this company.

• (vi) This company provides administration, investor relations and marketing services to the Group in China.

• (vii) This company is an asset holding company.

• (viii) A 10% interest in these companies was transferred to the DRC government in 2023, pursuant to DRC mining regulations.

• (ix) A 50% interest in this company was acquired from another shareholder in 2024, due to the exercise of the earn-in right (see Note 6).

• (x) The Company has agreed to transfer 6% of its 68% ownership interest in this company to Gécamines on December 15, 2023, pursuant to the joint venture agreement to restart the Kipushi Mine. The conditions precedent to the agreement, although not yet complete, were deemed to have been completed in substance on December 15, 2023.

Page 39

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

30. Related party transactions (continued)

The following table summarizes related party expenses incurred and income earned by the Company, primarily on a cost-recovery basis, with companies related by way of directors or shareholders in common. Amounts in brackets denote expenses.

Amounts in brackets denote expenses.
	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Kamoa Holding Limited (a) Kamoa Services (Pty) Ltd. (b) Kamoa Copper SA (c) Ivanhoe Mines Energy DRC SARL (d) I-Pulse Inc. (e) Ivanhoe Electric Inc. (f) Ivanhoe Capital Aviation Ltd. (g) Ivanhoe Capital Services Ltd. (h) CITIC Metal Africa Investments Limited (i) Global Mining Management Corporation (j) High Power Exploration Inc. (k)	$'000 $'000 57,077 51,561 888 1,052 282 247 70 48 (5) 2 2 3 (1,125) (1,125) (113) (112) (53) (53) (71) (42) – –	$'000 $'000 170,591 148,990 3,187 3,266 933 774 215 128 67 13 12 18 (3,375) (3,375) (234) (334) (158) (158) (166) (157) 3 7,792
	56,952 51,581	171,075 156,957
Finance income Intergroup recharges and cost recovery Travel Salaries and benefits Directors fees Consulting Office and administration	57,077 51,560 1,200 1,352 (1,129) (1,125) (170) (125) (53) (53) (6) (18) 33 (10)	170,591 156,785 4,278 4,171 (3,306) (3,375) (279) (364) (158) (158) (18) (41) (33) (61)
	56,952 51,581	171,075 156,957

As at September 30, 2024, trade and other payables included $1.2 million (December 31, 2023: $0.4 million) with regards to amounts due to parties related by way of director, officers or shareholder in common. These amounts are unsecured and non-interest bearing.

Amounts included in other receivables due from parties related by way of director, officers or shareholder in common as at September 30, 2024 amounted to $10.4 million (December 31, 2023: $10.1 million). Of this, $10.1 million related to receivables from the joint venture (December 31, 2023: $9.8 million).

Page 40

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted)

(Unaudited)

30. Related party transactions (continued)

• (a) Kamoa Holding Limited (“Kamoa Holding”) is a company registered in Barbados. The Company has an effective 49.5% ownership in Kamoa Holding. The Company earns interest on the loans advanced to Kamoa Holding (see Note 4).

• (b) Kamoa Services (Pty) Ltd. (“Kamoa Services”) is a company registered in South Africa. The Company has an effective 49.5% ownership in Kamoa Services (see Note 4). The Company provides administration, accounting and other services to Kamoa Services on a cost-recovery basis.

• (c) Kamoa Copper SA (“Kamoa Copper”) is a company incorporated in the DRC. The Company has an effective 39.6% ownership in Kamoa Copper (see Note 4). The Company provides administration, accounting and other services to Kamoa Copper on a cost-recovery basis.

• (d) Ivanhoe Mines Energy DRC Sarl (“Energy”) is a company incorporated in the DRC. The Company has an effective 49.5% ownership in Energy (see Note 4). The Company provides administration, accounting and other services to Energy on a cost-recovery basis.

• (e) I-Pulse Inc. (“I-Pulse”) is a private company incorporated in the United States of America. The Company’s Executive Co-Chairman is also the Chairman of I-Pulse (see Note 10 (i)). The Company also holds shares in I-Pulse, which were issued in exchange for its loan to HPX (see Note 10(i)).

• (f) Ivanhoe Electric Inc. (“Ivanhoe Electric”) is a company incorporated under the laws of Delaware, USA. A director of the Company is a director and member of executive management of Ivanhoe Electric. The Company provides services to Ivanhoe Electric on a cost-recovery basis.

• (g) Ivanhoe Capital Aviation Ltd. (“Aviation”) is a private company owned indirectly by a director of the Company. Aviation operates an aircraft for which the Company contributes toward the running costs.

• (h) Ivanhoe Capital Services Ltd. (“Services”) is a private company owned indirectly by a director of the Company. Services provides for salaries administration and other services to the Company in Singapore and Beijing on a cost-recovery basis.

• (i) Citic Metal Africa Investments Limited (“Citic Metal Africa”) is a private company incorporated in Hong Kong. Citic Metal Africa is a shareholder in the Company and nominates two directors who serve on the Company’s Board of Directors.

• (j) Global Mining Management Corporation (“Global”) is a private company based in Vancouver, Canada. The Company and a director of the Company hold an indirect equity interest in Global. Global provides administration, accounting and other services to the Company on a cost-recovery basis.

• (k) High Power Exploration Inc. (“HPX”) is a private company incorporated under the laws of Delaware, USA. A director of the Company is a director and member of executive management of HPX.

31. Joint operations

The Company has a 50% interest in Rhenfield Limited, a British Virgin Islands registered company. Rhenfield Limited purchased buildings in London, England which the Company uses for office space. The buildings have a carrying value of $9.1 million (December 31, 2023: $8.8 million) and are included in property, plant and equipment (see Note 5). The buildings have been pledged as security for bank loans under a mortgage (see Note 18 (iii)).

Page 41

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

32. Cash flow information

• (a) Net change in working capital items:

	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Net (increase) decrease in Other receivables Prepaid expenses Inventory Net increase in Trade and other payables	$'000 $'000 (14,159) (13,077) 7,267 (8,415) (19,814) (10) 25,227 25,248	$'000 $'000 (36,024) (20,379) 24,566 (17,138) (43,303) 156 45,201 20,112
	(1,479) 3,746	(9,560) (17,249)

33. Financial instruments

(a) Fair value of financial instruments

The Company’s financial assets and financial liabilities are categorized as follows:

		September 30,	December 31,
Financial instrument	Level	2024	2023
		$'000	$'000
Financial assets
Financial assets at fair value through profit or loss
Investment in I-Pulse Inc.	Level 3	79,360	79,360
Investment in Renergen Ltd.	Level 1	2,372	4,173
Investment in unlisted entity	Level 3	655	655
Investment in other listed entities	Level 1	295	277
Amortized cost
Loan advanced to joint venture	Level 3	1,902,877	1,732,286
Cash and cash equivalents (c)		179,927	574,294
Loans receivable	Level 3	47,775	46,017
Other receivables (a) (c)		33,097	16,574
Promissory note receivable	Level 3	26,831	26,800
Financial liabilities
Financial liabilities at fair value through profit or loss
Convertible notes - embedded derivative liability	Level 3	–	306,561
Amortized cost
Trade and other payables (b) (c)		150,723	103,076
Advance payment facilities	Level 3	120,000	–
Borrowings	Level 3	110,814	140,011
Convertible notes - host liability	Level 3	–	495,970

(a) Other receivables in the above table excludes refundable taxes receivable.

(b) Trade and other payables in the above table excludes payroll tax, other statutory liabilities, indirect taxes payable and other payables.

(c) Cash and cash equivalents, other receivables and trade and other payables are not assigned a fair value hierarchy due to their short-term nature.

Page 42

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

33. Financial instruments (continued)

• (a) Fair value of financial instruments (continued)

IFRS 13 - Fair value measurement, requires an explanation about how fair value is determined for assets and liabilities measured in the financial statements at fair value and establishes a hierarchy into which these assets and liabilities must be grouped based on whether inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s assumptions. The two types of inputs create the following fair value hierarchy:

• Level 1: observable inputs such as quoted prices in active markets;

• Level 2: inputs, other than the quoted market prices in active markets, which are observable, either directly and/or indirectly; and

• Level 3: unobservable inputs for the asset or liability in which little or no market data exists and therefore require an entity to develop its own assumptions.

Investment in listed entities

The fair value is the market value of the listed shares at the end of the period.

Investment in unlisted entity

The Company acquired these shares on September 12, 2019. No significant changes occurred between acquisition date and September 30, 2024 and the Company has therefore determined that the purchase price approximates the fair value.

Investment in I-Pulse Inc.

The Company acquired these shares on June 30, 2023. The purchase price approximates the fair value. Prior to the acquisition of the investment, a sum of the parts valuation of I-Pulse was performed, driven by the revenue generating business units of I-Pulse and underlying investments thereof. Additionally, historic equity financing of I-Pulse was considered in determining comparable valuations. This indicated that the purchase price of the investment approximated its fair value.

Loan advanced to the joint venture

Carrying amount is a reasonable approximation of fair value. The Company earned interest on the loan at USD 12-month LIBOR +7% until June 30, 2023. Following the cessation of publication of LIBOR rates, interest was calculated at a rate of 12-month Term SOFR plus 7.71% from July 1, 2023.

Long-term loans receivable (Social development loan)

Carrying amount is a reasonable approximation of fair value. The fair value of the receivable at acquisition date was estimated by the Company by calculating the present value of the future expected cash flows using an effective interest rate of 9.2%.

Promissory note receivable

Carrying amount is a reasonable approximation of fair value. The creditworthiness of the promissory note holder is considered to be high (see Note 33(b)(ii)). The promissory note is payable on the earlier of December 8, 2025 or the next business day following the completion of the sale, transfer or disposition of the shares held by Crystal River in Kamoa Holding.

Other receivables

Carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivable (less than 1 month).

Page 43

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

33. Financial instruments (continued)

• (a) Fair value of financial instruments (continued)

Borrowings (FirstBank facility)

Carrying amount is a reasonable approximation of fair value. The loan incurs interest at 3-month Term SOFR plus a margin of 4.5% per annum (see Note 18(i)).

Borrowings (Rawbank loan facility)

Carrying amount is a reasonable approximation of fair value. The loan incurs interest at 8% per year plus commission of 0.5% per quarter (see Note 18(iv)).

Borrowings (Aircraft loan)

Carrying amount is a reasonable approximation of fair value. The loan incurs interest at SOFR plus a margin of 3.65% per annum (see Note 18(ii)).

Borrowings (Loan from Citibank)

Carrying amount is a reasonable approximation of fair value. The loan is an interest-only term loan repayable on August 28, 2025, and incurs interest at a rate of 1-month Sterling Overnight Index Average (SONIA) plus 1.90% payable monthly in arrears, which approximates the current market interest rate (see Note 18(iii)).

Borrowings (Loan from ITC Platinum Development Limited)

Carrying amount is a reasonable approximation of fair value. The fair value of the loan is determined using a discounted future cashflow analysis (see Note 18(v)).

Advance payment facilities

Carrying amount is a reasonable approximation of fair value. The loan incurs interest at Term SOFR plus a margin of 6% per annum (see Note 17).

Trade and other payables

Carrying amount is a reasonable approximation of fair value due to the short-term nature of the payable (less than 1 month).

(b) Financial risk management objectives and policies

The risks associated with the Company’s financial instruments and the policies to mitigate these risks are set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented in a timely and effective manner.

(i) Foreign exchange risk

The Company incurs certain of its expenses in currencies other than the U.S. dollar. The Company also has foreign currency denominated monetary assets and liabilities. The Company's key exposure to foreign exchange risk was from the convertible notes before the conversion, which was impacted by the Canadian Dollar when the prevailing share price was converted into Dollars. As such, the Company is subject to foreign exchange risk as a result of fluctuations in exchange rates. The Company has a policy to enter into derivative instruments to manage foreign exchange exposure as deemed appropriate. The carrying amount of the Company’s foreign currency denominated monetary assets and liabilities at the respective statement of financial position dates are as follows:

Page 44

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024 (Stated in U.S. dollars unless otherwise noted) (Unaudited)

33. Financial instruments (continued)

• (b) Financial risk management objectives and policies (continued)

(i) Foreign exchange risk (continued)

	September 30,	December 31,
	2024	2023
	$'000	$'000
Assets
Canadian dollar	45,506	223,621
South African rand	86,094	106,202
British pounds	11,428	7,548
Australian dollar	211	248
Liabilities
South African rand	(55,604)	(41,913)
British pounds	(11,090)	(7,807)
Canadian dollar	(104)	(541)

Foreign currency sensitivity analysis

The following table details the Company’s sensitivity to a 5% increase or decrease in the U.S. dollar against the foreign currencies presented. The sensitivity analysis includes only outstanding foreign currency denominated monetary items not denominated in the functional currency of the Company or the relevant subsidiary, and adjusts their translation at the end of the period for a 5% change in foreign currency rates. A positive number indicates a decrease in loss for the period where the foreign currencies strengthen against the U.S. dollar. The opposite number will result if the foreign currencies depreciate against the U.S. dollar.

	Nine months ended September 30,
	2024 2023
Canadian dollar Australian dollar South African rand British pounds	$'000 $'000 2,270 325 7 20 (320) (217) (5) (5)

(ii) Credit risk

Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Credit risk for the Company is primarily associated with the loan to the joint venture, promissory note receivable, long-term loans receivable, other receivables and cash and cash equivalents.

The Company reviews the recoverable amount of its financial assets at each statement of financial position date to ensure that adequate provision is made for expected credit losses on a timely basis. Current and future estimated macroeconomic factors, as well as relevant interest rates are considered as inputs into the provision calculation.

Page 45

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted)

(Unaudited)

33. Financial instruments (continued)

(b) Financial risk management objectives and policies (continued)

(ii) Credit risk (continued)

The Company classifies its financial assets at amortized cost in categories that reflect their credit risk as follows:

• Performing financial assets – Financial assets with a low risk of counterparty default. A 12-month expected credit losses are calculated for these financial assets.

• Underperforming financial assets – Financial assets with a significant increase in credit risk. Lifetime expected credit losses are calculated for these financial assets.

• Non-performing financial assets – Financial assets that are in default. Lifetime expected credit losses are calculated for these financial assets.

• Written off financial assets – Financial assets where the principal and/or interest will not be recovered, based on observable data. These financial assets are written off through profit or loss to the extent of the expected credit loss.

All of the Company’s financial assets are deemed to be performing financial assets based on the above categorization. As such the general approach was applied to calculate the 12month expected credit losses. There were no movements between the categorization during the current and comparative reporting periods as there has not been an increase in credit risk associated with these financial assets.

A significant increase in credit risk would include:

• Existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant change in the borrower’s ability to meet its debt obligations.

• An actual or expected significant change in the operating results of the borrower.

• Significant increases in credit risk on other financial instruments of the same borrower.

• • An actual or expected significant adverse change in the regulatory, economic, or technological environment of the borrower that results in a significant change in the borrower’s ability to meet its debt obligations.

• Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements, which are expected to reduce the borrower’s economic incentive to make scheduled contractual payments or to otherwise have an effect on the probability of a default occurring.

None of the Company’s financial assets are deemed to be in default, which is defined as the structural failure of a counterparty to perform under an agreement with the Company.

For all financial assets measured at amortized cost, the Company calculates the expected credit loss based on contractual payment terms of the asset. The exposure to credit risk if influenced by the individual characteristics and the long and short term nature of the counterparty.

The Company assesses whether an impairment is required on loan receivables. A range of cash flow scenarios are considered, taking into account forward-looking information which may impact recoverability of loan receivables.

The loan advanced to the joint venture will be repaid as and when there is residual cash flow in Kamoa Holding. The expected credit loss is considered not material to the Company given the cash generative nature of the mine, market sentiment and forecasts.

The promissory note receivable will be repaid using proceeds from the sale of Crystal River’s 1% stake in Kamoa Holding. The expected credit loss is considered not material to the Company (see Note 9).

Page 46

(Stated in U.S. dollars unless otherwise noted)

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Unaudited)

33. Financial instruments (continued)

(b) Financial risk management objectives and policies (continued)

(ii) Credit risk (continued)

Repayment of the long-term loan receivable from Gécamines will be made by offsetting the loan against future royalties and dividends payable to Gécamines which arise from future profits to be earned at Kipushi. The Company recorded an expected credit loss allowance of $0.5 million as at September 30, 2024 in accordance with IFRS 9 (December 31, 2023 $0.5 million) (see Note 8 (i)).

The credit risk on cash and cash equivalents is limited because the cash and cash equivalents are composed of deposits with major banks who have investment-grade credit ratings assigned by international credit ratings agencies and have low risk of default. Credit risk is managed through the application of funding approvals, liquidity analysis and monitoring procedures. The Company’s treasury function provides credit risk management for the group-wide exposure in respect of a diversified banking portfolio. These are evaluated regularly for financial robustness especially within the context of the current global economic environment as well as the jurisdictions within which the Company operates. The majority of the Group’s cash balance is held in Canadian and South African bank accounts. The Company continues to monitor its credit risk and assess expected credit losses. The identified impairment loss in 2024 is considered not material to the Company.

(iii) Liquidity risk

In the management of liquidity risk of the Company, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company’s projects and operations, including the commitments as disclosed in Note 35. The Company has access to undrawn facilities at balance sheet date.

The following table details the Company’s expected remaining contractual maturities for its financial liabilities. The table is based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to satisfy the liabilities.

	Less			More	Total un-
	than 1	1 to 3	3 to 5	than 5	discounted
	year	years	years	years	cash flows
	$'000	$'000	$'000	$'000	$'000
As at September 30, 2024
Trade payables (a)	146,678	–	–	–	146,678
Advance payment facilities	12,362	24,030	120,094	–	156,486
FirstBank loan facility	51,285	–	–	–	51,285
ITC loan	–	–	40,571	–	40,571
Aircraft financing facility	3,578	13,604	378	–	17,560
Lease liability	720	2,354	1,875	6,185	11,134
Loan from Citi bank	4,315	–	–	–	4,315
As at December 31, 2023
Convertible notes	14,383	596,535	–	–	610,918
Trade payables (a)	96,936	–	–	–	96,936
Rawbank loan facility	80,552	–	–	–	80,552
ITC loan	–	–	38,405	–	38,405
Aircraft financing facility	4,534	13,604	2,645	–	20,783
Lease liability	664	2,460	1,814	6,473	11,411
Loan from Citi bank	262	3,845	–	–	4,107

Page 47

(Stated in U.S. dollars unless otherwise noted)

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Unaudited)

33. Financial instruments (continued)

(b) Financial risk management objectives and policies (continued)

(iii) Liquidity risk (continued)

• (a) Trade payables in the above table excludes payroll tax, other statutory liabilities, other payables and indirect taxes payable.

34. Capital risk management

The Company includes as capital its common shares and share option reserve. The Company’s objectives are to safeguard its ability to continue as a going concern in order to pursue the development of its mineral properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue new debt and acquire or dispose of assets to satisfy cash requirements. In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including capital deployment, results from the exploration and development of its properties and general industry conditions. The annual and updated budgets are approved by the Board of Directors.

In order to maximize ongoing development efforts, the Company does not pay dividends. The Company’s investment policy is to invest its cash in highly liquid, short-term, interest-bearing investments, selected with regard to the expected timing of expenditures from operations.

As the Company has a number of development projects, it is largely equity funded.

35. Commitments and contingencies

From time to time, the Company becomes subject to claims, temporary measures, legal proceedings, financial sanctions or assessments made by tax or other authorities in the ordinary course of its business. Such claims may be made against the Company, or its subsidiaries and affiliates, or its joint ventures. Given the complexity, scope and multi-jurisdictional nature of the Company’s business, such claims may arise in several jurisdictions and may involve complex legal, tax or accounting matters. Management assesses the Company’s liabilities and contingencies for all tax years open to claims or assessment based upon the latest information available. The Company accrues for such claims, or makes a provision, in its financial statements, when a liability resulting from the claim is both probable and the amount can be reasonably estimated. In order to assess such likelihood management reviews claims with the benefit of internal and external legal advice where appropriate.

Some jurisdictions in which the Company operates have legislation empowering authorities to impose restrictions on the operation of the Company’s bank accounts in those jurisdictions, or that have a similar effect, notably due to banks’ practices, when receiving such instructions from authorities, pending the payment and/or resolution of such alleged claims, investigations, penalties, financial sanctions or assessments. These restrictions or instructions from authorities having a similar effect may be used routinely in such circumstances.

The Company is currently subject to several such claims which have been determined by management, with the benefit of legal advice, to be without merit and justification and therefore not probable that a liability would arise therefrom. Such determinations are based on current information and advice, which is subject to change based on changed facts or circumstances. Accordingly, management may re-assess any prior determination regarding the likelihood of a probable liability at any time.

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Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

35. Commitments and contingencies (continued)

As at September 30, 2024, the Company’s commitments that have not been disclosed elsewhere in the condensed consolidated interim financial statements are as follows:

	Less than			After
	1 year	1- 3 years	4- 5 years	5 years	Total
	$'000	$'000	$'000	$'000	$'000
As at September 30, 2024
Platreef project
Shaft 3 construction	–	60,669	–	–	60,669
Underground mine development	–	31,760	–	–	31,760
Electric fleet	–	17,637	–	–	17,637
Infrastructure	–	15,036	1,031	–	16,067
Engineering, procurement and construction management	12,360	4,652	–	–	17,012
Owners costs	–	7,312	4,338	–	11,650
Surface facilities	–	9,234	–	–	9,234
Project services and studies	–	5,090	2,290	–	7,380
Shaft 2 construction	–	6,330	–	–	6,330
Concentrator	–	4,612	1,108	–	5,720
Other	–	2,999	–	–	2,999
Shaft 1 construction	–	52	–	–	52
Kipushi project
Mining Contractor	17,054	130,743	16,343	–	164,140
Raiseboring	9,347	7,230	–	–	16,577
Concentrator Plant	16,099	–	–	–	16,099
Other	5,096	4	–	–	5,100
Infrastructure Upgrades	4,157	37	–	–	4,194
Ventilation Shaft	592	–	–	–	592
Engineering, procurement and construction management	380	–	–	–	380
As at December 31, 2023
Platreef project
Shaft 2 construction	28,925	24,510	–	–	53,435
Underground mine development	40,757	–	–	–	40,757
Shaft 3 construction	5,934	17,803	–	–	23,737
Infrastructure	1,859	18,542	–	–	20,401
Concentrator	4,102	10,801	–	–	14,903
Electric fleet	9,885	–	–	–	9,885
Project services and studies	3,225	6,561	–	–	9,786
Surface facilities	7,215	1,561	–	–	8,776
Owners costs	6,918	–	–	–	6,918
Shaft 1 construction	3,673	–	–	–	3,673
Other	2,916	–	–	–	2,916
Engineering, procurement and construction management	2,032	–	–	–	2,032
Kipushi project
Mining Contractor	45,822	150,918	9,509	–	206,249
Concentrator Plant	47,457	–	–	–	47,457
Raiseboring	3,864	7,767	1,225	–	12,856
Other	1,611	–	–	–	1,611
Infrastructure Upgrades	982	–	–	–	982

Page 49

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information

At September 30, 2024, the Company has four reportable segments, being the Platreef property, Kamoa Holding joint venture, Kipushi properties and the Company’s treasury offices.

An operating segment is defined as a component of the Company:

• that engages in business activities from which it may earn revenues and incur expenses;

• whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

• • for which discrete financial information is available.

For these four reportable segments, the Company receives discrete financial information that is used by the chief operating decision maker to make decisions about resources to be allocated to the segment and to assess its performance. The reportable segments are principally engaged in the development of mineral properties in South Africa (see Note 6); exploration and development of mineral properties through a joint venture in the DRC (see Note 4) and the upgrading of mining infrastructure and refurbishment of a mine in the DRC, respectively (see Note 6).

The following is an analysis of the non-current assets by geographical area and reconciled to the Company’s financial statements:

	South Africa	DRC	Other	Total
	$'000	$'000	$'000	$'000
Non-current assets
As at September 30, 2024	1,140,463	4,000,338	172,421	5,313,222
As at December 31, 2023	813,535	3,326,898	210,995	4,351,428

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Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information (continued)

Segmented information (continued)
	September 30, December 31, 2024 2023
Segment assets Kamoa Holding joint venture Platreef property Kipushi properties Treasury (ii) All other segments (i)		$'000 $'000 2,906,431 2,517,551 1,193,441 894,132 1,144,449 900,228 273,143 646,855 83,312 41,495
Total		5,600,776 5,000,261
Segment liabilities Platreef property Kipushi properties All other segments (i) Treasury (ii)		473,314 404,617 288,565 166,372 27,134 17,551 28,865 830,775
Total		817,878 1,419,315
	Three months ended September 30, 2024 2023	Nine months ended September 30,
		2024 2023
Segment profits (losses) Kamoa Holding joint venture Platreef properties Kipushi properties Treasury (ii) All other segments (i)	$'000 $'000 140,584 121,390 226 1,218 (760) (199) (16,449) (7,839) (15,419) (7,048)	$'000 $'000 388,879 374,544 3,072 9,090 (1,901) (1,485) (247,974) (94,339) (36,788) (10,625)
Total	108,182 107,522	105,288 277,185
Capital expenditures Kipushi properties Platreef properties Treasury (ii) All other segments (i)	39,266 76,074 74,469 65,756 – – 457 304	189,537 146,569 194,813 171,652 – 29,128 2,210 790
Total	114,192 142,134	386,560 348,139
Exploration and project evaluation expenditure All other segments (i)	(12,813) (6,264)	(32,303) (14,020)
Total	(12,813) (6,264)	(32,303) (14,020)

(i) The Company’s other divisions that do not meet the quantitative thresholds of IFRS 8 Operating Segments. These include the exploration properties, corporate holding companies and service companies.

(ii) Treasury includes mainly cash balances, the promissory note receivable, the investments, the convertible notes and the aircraft.

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Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements

September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information (continued)

The following tables contain disclosure of the condensed consolidated interim statements of comprehensive income for the three and nine months ended September 30, 2024 categorized by segment. The disclosure in the comparative segment report has been updated to include the specific amounts which are included in the measure of segment profit or loss.

	Nine months ended September 30, 2024 Kamoa Holding Kipushi Platreef Treasury All other Total joint venture properties properties segments
Operating income (expenses) Share of profit from joint venture net of tax Share-based payments Exploration and project evaluation expenditure Foreign exchange loss (gain) General administrative expenditure*	$'000 $'000 $'000 $'000 $'000 $'000 218,288 – – – – 218,288 – – (396) (24,546) – (24,942) – – – – (32,303) (32,303) – (3,065) 40 (5,013) (400) (8,438) – (176) (341) (18,132) (9,832) (28,481)
Profit (loss) from operating activities	218,288 (3,241) (697) (47,691) (42,535) 124,124
Finance income Loss on fair valuation of embedded derivative liability Other (expense) income Finance costs Loss on fair valuation of financial asset	170,591 1,758 1,001 11,064 1,080 185,494 – – – (164,169) – (164,169) – 6 (135) (4,043) 5,702 1,530 – – – (41,997) (289) (42,286) – – – (1,138) – (1,138)
Profit (loss) before income taxes	388,879 (1,477) 169 (247,974) (36,042) 103,555
Current tax Deferred tax	– (2,180) (465) – (816) (3,461) – 1,756 3,368 – 70 5,194 388,879 (1,901) 3,072 (247,974) (36,788) 105,288
Profit(loss) for theperiod

*General administrative expenditure includes salaries and benefits, travel costs, other expenditure, legal fees and professional fees per the condensed consolidated interim statements of comprehensive income.

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Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements

September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information (continued)

	Nine months ended September 30, 2023 Kamoa Holding Kipushi Platreef Treasury All other Total joint venture properties properties segments
Operating income (expenses) Share of profit from joint venture net of tax Share-based payments Exploration and project evaluation expenditure Foreign exchange (loss) gain General administrative expenditure*	$'000 $'000 $'000 $'000 $'000 $'000 225,554 – – – – 225,554 – – (399) (21,155) – (21,554) – – – – (14,020) (14,020) – (3,312) 432 (771) (330) (3,981) – (380) (330) (15,026) (9,169) (24,905)
Profit (loss) from operating activities	225,554 (3,692) (297) (36,952) (23,519) 161,094
Finance income Loss on fair valuation of embedded derivative liability Other (expense) income Finance costs Loss on fair valuation of financial asset	148,990 1,899 5,989 19,112 463 176,453 – – – (45,300) – (45,300) – – (515) (4,200) 13,406 8,691 – (210) – (24,245) (301) (24,756) – – – (2,754) – (2,754)
Profit (loss) before income taxes	374,544 (2,003) 5,177 (94,339) (9,951) 273,428
Current tax Deferred tax	– – – – (346) (346) – 518 3,913 – (328) 4,103 374,544 (1,485) 9,090 (94,339) (10,625) 277,185
'Profit(loss) for theperiod

*General administrative expenditure includes salaries and benefits, travel costs, other expenditure, legal fees and professional fees per the condensed consolidated interim statements of comprehensive income.

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Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements

September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information (continued)

	Three months ended September 30, 2024 Kamoa Holding Kipushi Platreef Treasury All other Total joint venture properties properties segments
Operating income (expenses) Share of profit from joint venture net of tax Share-based payments Exploration and project evaluation expenditure Foreign exchange loss General administrative expenditure*	$'000 $'000 $'000 $'000 $'000 $'000 83,507 – – – – 83,507 – – (136) (7,368) – (7,504) – – – – (12,813) (12,813) – (1,269) 93 1,611 180 615 – (50) (38) (7,448) (3,652) (11,188)
Profit (loss) from operating activities	83,507 (1,319) (81) (13,205) (16,285) 52,617
Finance income Loss on fair valuation of embedded derivative liability Other (expense) income Finance costs Loss on fair valuation of financial asset	57,077 553 140 1,994 400 60,164 – – – (4,171) – (4,171) – 6 (49) (1,401) 1,430 (14) – – – (367) (104) (471) – – – 701 – 701
Profit (loss) before income taxes	140,584 (760) 10 (16,449) (14,559) 108,826
Current tax Deferred tax	– – (465) – (754) (1,219) – – 681 – (106) 575 140,584 (760) 226 (16,449) (15,419) 108,182
Profit(loss) for theperiod

*General administrative expenditure includes salaries and benefits, travel costs, other expenditure, legal fees and professional fees per the condensed consolidated interim statements of comprehensive income.

Page 54

Ivanhoe Mines Ltd.

Notes to the condensed consolidated interim financial statements

September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

36. Segmented information (continued)

	Three months ended September 30, 2023 Kamoa Holding Kipushi Platreef Treasury All other Total joint venture properties properties segments
Operating income (expenses) Share of profit from joint venture net of tax Share-based payments Exploration and project evaluation expenditure Foreign exchange loss General administrative expenditure*	$'000 $'000 $'000 $'000 $'000 $'000 69,829 – – – – 69,829 – – (131) (6,601) – (6,732) – – – – (6,264) (6,264) – (537) (628) (1) 7 (1,159) – (119) (114) (5,224) (3,225) (8,682)
Profit (loss) from operating activities	69,829 (656) (873) (11,826) (9,482) 46,992
Finance income Loss on fair valuation of embedded derivative liability Other (expense) income Finance costs Loss on fair valuation of financial asset	51,561 630 940 3,383 157 56,671 – – – 12,218 – 12,218 – – (176) (1,357) 2,466 933 – (37) – (8,610) (105) (8,752) – – – (1,647) – (1,647)
Profit (loss) before income taxes	121,390 (63) (109) (7,839) (6,964) 106,415
Current tax Deferred tax	– – – – (105) (105) – (136) 1,327 – 21 1,212 121,390 (199) 1,218 (7,839) (7,048) 107,522
Profit(loss) for theperiod

*General administrative expenditure includes salaries and benefits, travel costs, other expenditure, legal fees and professional fees per the condensed consolidated interim statements of comprehensive income.

Page 55

Ivanhoe Mines Ltd. Notes to the condensed consolidated interim financial statements September 30, 2024

(Stated in U.S. dollars unless otherwise noted) (Unaudited)

37. Approval of the financial statements

The condensed consolidated interim financial statements of Ivanhoe Mines Ltd., for the three and nine months ended September 30, 2024, were approved and authorized for issue by the Board of Directors on October 29, 2024.

38. Events after the reporting period

On October 25, 2024, Ivanhoe Marketing (Pty) Ltd., a subsidiary of the Company, entered into a $75 million revolving credit facility agreement with FirstRand Bank Limited. The revolving credit facility incurs interest at SOFR plus 3.25%, with the Company acting as Guarantor to the facility. Ivanhoe Marketing (Pty) Ltd. issued a utilization request for October 29, 2024 for an amount of $40 million.

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