Entrée Resources Ltd

Description

Entrée Resources Ltd holds a 20% (below 560m elevation) to 30% (above 560m elevation) participating interest in the Entrée/Oyu Tolgoi Joint Venture in Mongolia, one of the world's largest copper-gold deposits, operated by Rio Tinto through Oyu Tolgoi LLC (66% Rio Tinto/34% Government of Mongolia). The 2021 reserve case for Hugo North Extension Lift 1 outlines a 17-year mine life producing an average of roughly 500,000 tonnes of copper annually group-wide from 2028-2036, with an after-tax NPV(8%) of US$131 million attributable to Entrée and an AISC of US$1.26/lb payable copper; a Lift 2 PEA adds a further 22-year mine life with an attributable after-tax NPV(8%) of US$306 million and a lower AISC of US$0.92/lb.

Entrée also holds the 100%-owned Shivee West exploration property adjacent to Oyu Tolgoi, along with royalty interests in Blue Rose (South Australia) and Cañariaco (Peru). Progress on transferring the Shivee Tolgoi and Javkhlant mining licenses to OTLLC, required to enable Lift 1 Panel 1 underground development has been a multi-year process, with the Mongolian government agreeing in July 2026 to commence work on the transfer for Panel 1.

Weakness

List of projects

1. Entrée/Oyu Tolgoi Joint Venture (Hugo North Extension, Heruga) — 20-30% participating interest, Ömnögovi Province, Mongolia; metals: Copper, Gold, Silver, Molybdenum.
2. Shivee West — 100% interest, Ömnögovi Province, Mongolia; metals: Copper, Gold.
3. Blue Rose Royalty — royalty interest, South Australia; metals: Copper.
4. Cañariaco Royalty — royalty interest, Peru; metals: Copper.

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