About Us

Entrée Resources Ltd. ("Entrée" or the "Company") is a Canadian mining company with a unique carried 20% or 30% joint venture interest (depending on the depth of mineralization) in an integral part of the Oyu Tolgoi copper-gold mining project in Mongolia.

The Oyu Tolgoi project includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Oyu Tolgoi LLC ("OTLLC") and the Entrée/Oyu Tolgoi joint venture property ("Entrée/Oyu Tolgoi JV Property"), which is a partnership between Entrée and OTLLC.

The Entrée/Oyu Tolgoi JV Property comprises the eastern portion of the Shivee Tolgoi mining licence, and all of the Javhlant mining licence, and surrounds most of 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 currently in development by project operator Rio Tinto.

The Oyu Tolgoi project is widely recognised as one of the world’s largest and most important new 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. The Lift 1 mine plan incorporates the development of three panels (Panels 0, 1, and 2), and in order to reach the full sustainable production rate of 95,000 tonnes per day ("tpd") from the underground operations, all three panels need to be in production. In March 2023, Rio Tinto announced the commencement of underground production from Lift 1 Panel 0 on the Oyu Tolgoi mining license (100% OTLLC). 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. Production from the Hugo North Extension deposit in the northern portion of Panel 1 is currently expected to commence in H1 2027. The technical studies have been incorporated into an updated 2023 Oyu Tolgoi Feasibility Study ("OTFS23") which has been submitted for review by applicable regulatory bodies in Mongolia. The Company has not yet been provided with a copy of OTFS23.

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 Order of Magnitude Study are in progress. An updated resource model for Hugo North (including Hugo North Extension) Lifts 1 and 2 is expected to be completed by mid-2024.

In addition to its interest in the Entrée/Oyu Tolgoi JV Property, Entrée holds a 100% interest in Shivee West, the western portion of the Shivee Tolgoi mining licence, which is immediately adjacent to the Oyu Tolgoi mining licence. Since 2015, Shivee West has been the subject of a License Fee Agreement between Entrée and OTLLC and may ultimately be included in the Entrée/Oyu Tolgoi JV Property.

Entrée’s 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 Mongolian Statutory Study ("OTMSS20"). The Company does not anticipate any material changes to underground development cost or schedule for the Entrée/Oyu Tolgoi JV Property in OTFS23.

Under the terms of the Entrée/Oyu Tolgoi JV, 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. The joint venture agreement also provides for Entrée to take its share of product in kind. Entrée’s interest therefore has many of the characteristics of a royalty, while still providing the benefits of a producer.

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, strong financial position and world class operating partners position Entrée for long term sustainable success.

Last Updated: November 2023