The Platreef Project. The Junior Indaba, Johannesburg. Pioneering the Northern Limb s Underground

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1 TSX: IVN OTCQX: IVPAF The Platreef Project Pioneering the Northern Limb s Underground The Junior Indaba, Johannesburg Wednesday, 6 June 2018 Gerick Mouton, VP & PD

2 Disclaimer This notice is an integral component of the Platreef 2017 Feasibility Study (Platreef 2017 FS) and should be read in its entirety and must accompany every copy made of the Platreef 2017 FS. The Platreef 2017 FS has been prepared using the Canadian National Instrument Standards of Disclosure for Mineral Projects (NI ). The Platreef 2017 FS has been prepared for Ivanhoe Mines Ltd. (Ivanhoe) by principal consultant DRA Global, with economic analysis led by OreWin, and specialised sub-consultants, including Stantec Consulting, Amec Foster Wheeler, Murray & Roberts Cementation, SRK Consulting, Golder Associates and Digby Wells Environmental as the Report Contributors. The Platreef 2017 FS is based on information and data supplied to the report contributors by Ivanhoe and other parties. The quality of information, conclusions and estimates contained herein are consistent with the level of effort involved in the services of the report contributors, based on (i) information available at the time of preparation, (ii) data supplied by outside sources, and (iii) the assumptions, conditions and qualifications set forth in this report. Each portion of the report is intended for use by Ivanhoe subject to the terms and conditions of its contract with the report contributors. Except for the purposes legislated under Canadian provincial and territorial securities law, any other uses of the report, by any third party, is at that party s sole risk. The Platreef 2017 FS is intended to be used by Ivanhoe, subject to the terms and conditions of its contract with the report contributors. Recognising that Ivanhoe has legal and regulatory obligations, the report contributors have consented to the filing of the Platreef 2017 FS with Canadian Securities Administrators and its System for Electronic Document Analysis and Retrieval (SEDAR). The results of the Platreef 2017 FS represent forward-looking information. The forward-looking information includes metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and other assumptions used in the Platreef 2017 FS. Readers are cautioned that actual results may vary from those presented. The factors and assumptions used to develop the forward-looking information, and the risks that could cause the actual results to differ materially are presented in the body of this report in each relevant section. The conclusions and estimates stated in the Platreef 2017 FS are to the accuracy stated in the Platreef 2017 FS only and rely on assumptions stated in the Platreef 2017 FS. The results of further work may indicate that the conclusions, estimates and assumptions in the Platreef 2017 FS need to be revised or reviewed. The report contributors have used their experience and industry expertise to produce the estimates and approximations in the Platreef 2017 FS. Where the report contributors have made those estimates and approximations, they are subject to qualifications and assumptions, and it should also be noted that all estimates and approximations contained in the Platreef 2017 FS will be prone to fluctuations with time and changing industry circumstances. The Platreef 2017 FS should be construed in the light of the methods, procedures, and techniques used to prepare the Platreef 2017 FS. Sections or parts of the Platreef 2017 FS should not be read in isolation of, or removed from, their original context. 2

3 Agenda Location Past & Current Status Why? Economics 3

4 Location: The Bushveld Complex Northern Limb Anglo American Impala Platinum Lonmin Platinum Aquarius Platinum Northam Platinum Platinum Australia Realm Resources Eastern Platinum Jubilee Platinum Atlatsa Resources Platmin Platfields Resources NKWE Glencore Bauba Platinum African Rainbow Minerals Village Main Reef Royal Bafokeng Resources Wesizwe Sylvania Resources Northern Limb: The Future of South Africa s PGM Industry Western Limb Platreef Project Eastern Limb South Africa s Bushveld Complex Produces ~75% of Global Primary Platinum Source: SFA (Oxford) 4

5 2014: Mining Right & Shaft 1 Early Works Commence 5

6 2015: Shaft 1 Pre-Sink 6

7 2016: Shaft 1 Main-sink Commence Shaft 1 450m Station ø7.25m lined 980m deep 750, 850 & 950 stations Vent intake & UG Development Retrofit to 2Mtpa hoisting capacity 7

8 2017: Shaft 1 Reach 500m Milestone 8

9 H1 2018: Shaft 1 Reach 750m Off-shaft Development 9

10 Late 2017: Shaft 2 Early Works Commence 10

11 H1 2018: Shaft 2 Boxcut Underway 11

12 H1 2018: Shaft 2 Headgear Design Complete Shaft 2 ø10m lined 1,140m deep 6Mtpa Hoisting Capacity 2 x 40t Skips 200 People Mancage Early works underway 12

13 Layout & General Infrastructure Reduced surface footprint = minimize overall environmental and social impact Why, some may ask? 13

14 : Discovery of Underground Resource Statistics Number Meters Holes ,604m Assays 251,543 - Total Reef Intersect - 17,434m Average Reef/Hole - ~27m 18.7 Moz Pt & 18.9 Moz Pd 14

15 US$/3PE+Au oz Economics US$/oz 3PE + Au YEARS 1-5 YEARS 1-10 LOM AVERAGE Mine Site Realisation Total Cash Costs Before Credits Nickel Credits Copper Credits Total Cash Costs After Credits Sustaining Capital Costs All-in Cash Costs After Credits (2) Source: SFA (Oxford). Data for Platreef Project and Waterberg are based on each project s reported DFS and PFS parameters respectively, and are not representative of SFA's view. 15

16 Thank you