Robert Friedland Files Early Warning Report

SINGAPORE, Aug. 11, 2023 (GLOBE NEWSWIRE) -- This news release is issued by Robert M. Friedland pursuant to the early warning requirements of Canada's National Instrument 62-104 and National Instrument 62-103 with respect to class A ("Common Shares") of Ivanhoe Mines Ltd. ("Ivanhoe Mines").

In connection with a personal financing transaction entered into by Mr. Friedland with a third-party U.S. commercial bank (the "Financial Institution"), Mr. Friedland has pledged as security an aggregate of 32,500,000 common shares in favour of the Financial Institution (the "Pledged Shares"), which constitute 2.66% of the 1,220,553,764 common shares of Ivanhoe Mines currently issued and outstanding. Mr. Friedland has also purchased an aggregate of 22,000,000 put options allowing him to sell 22,000,000 common shares to the Financial Institution and has also sold 32,500,000 call options entitling the Financial Institution to purchase 32,500,000 common shares, in each case for purposes of facilitating the financing transaction (commonly referred to as a ?collar transaction') (collectively, the "Transactions"). The Transactions have been completed in four separate tranches. Mr. Friedland has not sold or otherwise disposed of any common shares of Ivanhoe Mines. The Financial Institution has no rights to dispose of, sell, transfer or vote, any of the pledged common shares until maturity or such time as the pledge has been realized following an event of default under the transaction terms with the Financial Institution.

Mr. Friedland's controlled affiliate, Newstar Advantage Ltd., continues to be the registered owner of 105,570,260 common shares and Mr. Friedland continues to directly own 57,421,548 common shares (which includes the Pledged Shares), which in aggregate total 162,991,808 common shares, representing in aggregate approximately 13.35% of the Ivanhoe Mines common shares currently issued and outstanding. Mr. Friedland also may be deemed to own 3,446,659 common shares issuable on exercise of previously granted options, 405,343 common shares issuable upon the vesting of restricted share units and 112,350 common shares issuable upon the vesting of performance share units, and as a result may be deemed to own, in aggregate, 166,956,160 common shares, representing approximately 13.63% of Ivanhoe Mines' common shares then issued and outstanding on a partially-diluted basis.

Mr. Friedland has a business address of 150 Beach Road, #25-03, The Gateway West, Singapore 189720.

For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial securities legislation in connection with the transactions hereunder, please go to Ivanhoe Mines' profile on the SEDAR+ website (www.sedarplus.ca) or contact Sam Kenny at (604) 689-8765. Ivanhoe Mines has an office at 606-999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1.