Western Forelands Exploration Project

Regional sediment-hosted copper exploration project targeting Kamoa-Kakula-style mineralization on 35 individual licences covering 2,436 km2 (six times the size of the Kamoa-Kakula permits), located adjacent to and around the Kamoa-Kakula Complex. Holds the Makoko District (Makoko + Makoko West + Kitoko) and Kiala discoveries. Ownership 54%-100% across the licence package: 80% indirect interest in Makoko SA mining licences, 100% in Lufupa exploration licences, 54% in Kampemba mining licence. Other Western Forelands licence holders: Magharibi Mining SA, Ivanhoe Mines Exploration DRC SARL. 2025 drilling programme totaled 52,870 m diamond + 7,150 m reverse circulation, extending Makoko District strike length to 13 km. Total contained copper across Ivanhoe's Western Forelands shelf (including Kamoa-Kakula) ~38.9 Mt M&I + ~13.6 Mt Inferred. Updated Mineral Resource estimate expected mid-2026. Industry-leading discovery cost <$0.01/lb Cu.