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About Us
Entrée Resources Ltd. ("Entrée" or the "Company") is a Canadian mining company with a unique carried 20% or 30% (depending on the depth of mineralization) joint venture participating interest in an integral part of the Oyu Tolgoi copper-gold mining project in Mongolia.
The Oyu Tolgoi project in Mongolia includes the Oyu Tolgoi mining licence which is 100% owned and held by Oyu Tolgoi LLC ("OTLLC") and the Entrée/Oyu Tolgoi joint venture property ("Entrée/Oyu Tolgoi JV Property") which is beneficially owned by the Entrée/Oyu Tolgoi joint venture participants. Rio Tinto owns 66% of OTLLC and is the manager of operations at Oyu Tolgoi.
The Entrée/Oyu Tolgoi JV Property comprises the geographical area covered by the Shivee Tolgoi and Javkhlant mining licences, which surround the Oyu Tolgoi mining licence. The Entrée/Oyu Tolgoi JV Property includes Lift 1 and Lift 2 of the Hugo North Extension copper-gold deposit and the majority of the Heruga copper-gold-molybdenum deposit. The Entrée/Oyu Tolgoi JV Property also includes an extensive, highly prospective exploration land package, which covers almost 10 kilometers strike length to the north and about 5 kilometres strike length to the south of the current 12-kilometre long Oyu Tolgoi trend of world class porphyry deposits.
Entrée has a 20% participating interest in mineralization extracted below 560 metres elevation, which includes all of the Hugo North Extension and Heruga deposits, and a 30% participating interest in mineralization identified above 560 metres elevation. The mineral resources at Hugo North Extension include a Probable reserve, which is part of the Oyu Tolgoi Lift 1 underground block cave mining operation.
The Oyu Tolgoi project is widely recognised as one of the world’s largest and most important copper-gold mines. When the Lift 1 underground reaches peak production by ~2030, Oyu Tolgoi is expected to be the fourth largest copper mine in the world. On June 30, 2026, Rio Tinto confirmed Oyu Tolgoi Lift 1 underground production ramp-up remains on track to reach an average of around 500 thousand tonnes of copper per year from 2028 to 2036. As the largest-ever foreign direct investment made in Mongolia, Oyu Tolgoi employs around 17,000 people, 97.8% of which are Mongolian, and has returned $6.1 billion in taxes, fees, and other payments since 2010. See Rio Tinto’s press release dated June 30, 2026, titled "Rio Tinto and Government of Mongolia agree to adjust the Oyu Tolgoi shareholder loan interest rate" available on its website at www.riotinto.com for further details.
The Lift 1 mine plan incorporates the development of three panels (Panels 0, 1, and 2 (North and South)), and in order to maintain full sustainable production from the underground operations, all three panels need to be in production. Panel 0 and Panel 2 North on the Oyu Tolgoi mining licence (100% OTLLC) are currently in production and Panel 2 South on the Oyu Tolgoi mining licence (100% OTLLC) is in development. Development work on Panel 1 on the Entrée/Oyu Tolgoi JV Property commenced in October 2024 but is currently paused pending transfer of title to the Entrée/Oyu Tolgoi joint venture mining licences from Entrée LLC to OTLLC on behalf of the joint venture participants. On July 29, 2026, Rio Tinto disclosed that in H1 2026 the Government of Mongolia agreed to commence work on the Entrée/Oyu Tolgoi joint venture licence transfer for Panel 1. See Rio Tinto’s 2026 half year results press release dated July 29, 2026, titled "Step-change in performance delivering higher shareholder returns" available on its website at www.riotinto.com for further details.
In the second quarter 2023, OTLLC completed technical studies for Panels 1 and 2 mine design and schedule optimization. Rio Tinto has reported the studies have resulted in de-risked, resilient mine designs that provide a pathway to ramp-up (see Rio Tinto’s Oyu Tolgoi Site Visit materials dated July 11, 2023 (and in particular pages 70-83 of "Financial Community Visit to Oyu Tolgoi Site - Slides") on its website at www.riotinto.com). The technical studies have been incorporated into a 2023 Oyu Tolgoi Feasibility Study ("OTFS23") which is subject to acceptance by applicable regulatory bodies in Mongolia.
With the technical studies for Lift 1 Panels 1 and 2 completed, attention has shifted to the design of Hugo North (including Hugo North Extension) Lift 2. Drilling programs to support a Lift 2 Pre-Feasibility Study are in progress. In H1 2026, OTLLC completed an updated resource model for Hugo North (including Hugo North Extension) Lifts 1 and 2. OTLLC has advised the Company an updated Lift 1 underground mine plan and production schedule are expected to be completed in H2 2026. OTLLC is in the process of delivering information and data to enable the Company to update its current Technical Report on its interest in the Entrée/Oyu Tolgoi JV Property to incorporate the new resource model and production schedule. The Company is targeting Q1 2027 for completion of its Technical Report.
Entrée’s current Technical Report for its interest in the Entrée/Oyu Tolgoi JV Property discusses a Feasibility Study based on mineral reserves attributable to the Entrée/Oyu Tolgoi joint venture ("Entrée/Oyu Tolgoi JV") from Hugo North Extension Lift 1 ("2021 Reserve Case"). The Technical Report also includes a Preliminary Economic Assessment ("2021 PEA") on a conceptual Hugo North Extension Lift 2. The 2021 PEA is based on Indicated and Inferred mineral resources from Lift 2, as the second potential phase of development and mining on the Hugo North Extension deposit. The results of the 2021 Reserve Case and 2021 PEA can be found in the Technical Report that is filed on SEDAR+ and HERE. The Lift 1 mine design presented in the 2021 Reserve Case is based on OTLLC’s 2020 Oyu Tolgoi Feasibility Study ("OTFS20").
Under the terms of the Joint Venture Agreement between Entrée and OTLLC, with an effective date of June 30, 2008 as amended on February 3, 2025 (the "JVA"), only capital costs incurred on the Entrée/Oyu Tolgoi JV Property may be allocated to Entrée, and Entrée has elected to have OTLLC debt finance its share of costs, including capital costs, with interest accruing at OTLLC’s actual cost of capital or prime plus 2%, whichever is less, at the date of advance. Any repayment of debt comes from 90% of monthly available cash flow resulting from the sale of Entrée’s share of products. Entrée recognizes capital costs incurred by OTLLC on the Oyu Tolgoi mining licence that are necessary or used for Entrée/Oyu Tolgoi JV operations as a usage charge made to Entrée’s operating account when Entrée/Oyu Tolgoi JV mine production is actually milled.
Entrée also holds royalty interests in Peru and Australia.
Entrée Resources is led by an experienced team of mining, corporate finance and corporate governance professionals. The Company’s high-quality asset, financial position and world class operating partners position Entrée for long term sustainable success.