High Power Exploration (“HPX”), which controls Société des Mines de Fer de Guinée (SMFG) and Ivanhoe Liberia, is responsibly developing the Nimba Iron Ore Project and takes note of the recent transaction involving Nimba Development Company (“NDC”). HPX and SMFG wish to clarify that they have nothing to do with NDC, which appears to be seeking to develop a smaller, satellite mineral deposit located in the lowlands to the south-east of the Nimba mountain range. There is no relationship between the two groups.

For more information on our Nimba Iron Ore Project, please refer to our website (www.smfg.com) and the recently announced positive results of our Pre-Feasibility Study (https://www.smfg.com/announcement-of-positive-results-of-pre-feasibility-study/). The PFS confirmed the viability of developing the world-class, high-grade, low impurity, deposit with capital investment of US$ 2.8 billion across Guinea and Liberia, producing 30 million tonnes per annum (Mtpa) of direct shipping ore.