Robert Friedland Corrects Recent Disclosure

SINGAPORE, Aug. 17, 2023 (GLOBE NEWSWIRE) -- This news release is issued by Robert M. Friedland to correct an error in the press release issued on August 11, 2023, regarding his holdings of class A common shares in Ivanhoe Mines Ltd. ("Ivanhoe Mines").

The August 11, 2023, press release stated that Mr. Friedland had purchased put options and had sold call options as part of a financing transaction with a commercial bank. That statement was made in error. Mr. Friedland has not purchased nor sold any put or call options in respect of the shares of Ivanhoe Mines, nor does he intend to do so. Rather, the personal financing transaction with the commercial bank may, in some circumstances, require Mr. Friedland to deliver Ivanhoe Mines shares at maturity or on default to settle the transaction, but it also grants Mr. Friedland the right to settle the transaction in cash, a right he intends to exercise.

In support of the financing transaction, Mr. Friedland has pledged as security an aggregate of 32,500,000 common shares, which was correctly stated. Mr. Friedland has in the past pledged Ivanhoe Mines shares in personal financing transactions, including in 2019. These transactions have been settled in cash.

The commercial bank obtained no rights to dispose of, sell, transfer or vote, any of the pledged common shares or other shares of Ivanhoe Mines until maturity or upon the occurrence of an event of default. Mr. Friedland continues to retain all rights of ownership over the pledged common shares.

For further information, please contact Sam Kenny at (604) 689-8765.