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JB3729

03/16/17 12:41 PM

#824 RE: Airair #823

This SA article gives a good breakdown on what is contained in Platreef, Kipushi, and Kamoa as of 9/8/16. Platreef and Kipushi totals have not changed. Kakula has been added since the article and Ivanhoe now owns 39.5% of Kamoa/Kakula instead of 47.5%. The current totals for Kakula can be found in the press releases.

http://seekingalpha.com/article/4004834-ivanhoe-mines-became-billion-dollar-company

Zinc - 9.3 billion pounds @ today's price of $1.25/lb = $11,625,000,000 x .68 ownership = $7,905,000,000

Platinum - 41.83 million toz platinum @ today's price of $960/oz = $40,157,000,000 x .64 ownership = $25,700,000,000

Palladium - 42.72 million toz palladium @ today's price of $770/oz = $32,894,000,000 x .64 ownership = $21,052,000,000

Copper - Kamoa only - 52.9 billion pounds @ today's price of $2.68/lb = $141,772,000,000 x .395 ownership = $56,000,000,000

From the article you'll see that all of these metals are mixed with other metals that add value.