The Entrée/Oyu Tolgoi joint venture property includes Lift 1 and Lift 2 of the Hugo North Extension copper-gold deposit, the Heruga copper-gold-molybdenum deposit, and a large underexplored, highly prospective land package. Rio Tinto is managing the ramp-up of the Hugo North (including Hugo North Extension) Lift 1 underground mine on both the Oyu Tolgoi mining licence and the Entrée/Oyu Tolgoi joint venture property. In March 2023, Rio Tinto announced the commencement of underground production from Lift 1 Panel 0 on the Oyu Tolgoi mining licence (100% Oyu Tolgoi LLC). The Hugo North Extension deposit on the Entrée/Oyu Tolgoi joint venture property comprises the northern portion of Panel 1. First development work on Hugo North Extension Lift 1 is currently expected in H2 2024. First production from the Panel 1 undercut (on the Oyu Tolgoi mining licence) is expected in ~2027.