Entrée Resources Announces Additional Drill Results and Provides an Update on Underground Development Work
Entrée Resources Announces Additional Drill Results and Provides an Update
on Underground Development Work
VANCOUVER, British Columbia, July 18, 2024 -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “ Company” or
“Entrée”) is pleased to provide additional diamond drill hole results from the 2022 and 2023 drilling programs over the Hugo
North Extension (“HNE”) deposit on the Entrée/Oyu Tolgoi JV Property (the “ JV Property ”) in Mongolia. All drill results from
the 2022 program are now reported. A portion of the analytical results from the 2023 drilling program, and all of the results from
the 2024 drilling program are still pending and will be reported as soon as they become available from the Company’s joint
venture partner Oyu Tolgoi LLC (“OTLLC”).
The Company is also pleased to report that underground development work on OTLLC’s Oyu Tolgoi mining licence continues
to advance and that Shafts 3 and 4 have now reached their final depths of 1,130 metres (“ m”) and 1,176 m, respectively, with
final commissioning expected in H2 2024. Initial underground development work on the JV Property remains on schedule to
start in Q4 2024.
The Company has also received analytical results from diamond drilling at the Railway and Ulaan Khud regional exploration
targets, with both targets returning anomalous results.
DRILL HOLE HIGHLIGHTS
HNE Surface Drill Holes
• EGD 161: 398 m grading 2.07% copper equivalent* (“CuEq”), including 214 m grading 2.79% CuEq.
• EGD 173: 400 m grading 1.41% CuEq, including 80 m grading 2.61% CuEq.
HNE Underground Drill Holes
• UGD 579: 124 m grading 3.67% CuEq, including 78 m grading 5.43% CuEq.
• UGD 713: 114 m grading 3.67% CuEq, including 86 m grading 4.61% CuEq.
• UGD 735: 574.3 m grading 1.89% CuEq, including 234 m grading 3.73% CuEq.
• UGD 753: 364.8 m grading 2.50% CuEq, including 222 m grading 3.30% CuEq.
*Copper equivalent is defined below Table 2, where full details on the drill hole assay intervals are also found.
Stephen Scott, Entrée’s President and CEO said, “I am very pleased to see more exceptional drilling results from the HNE
deposit including some holes which end in potentially ore grade mineralization below the currently proposed bottom limits of
the Oyu Tolgoi Lift 2 Panel 1 block cave. It is also encouraging that most of the geotechnical holes drilled east of, and outside
of the Lift 2 cave shape are continually mineralized with copper grades. These results confirm HNE is a world class deposit
capable of supporting mining from the JV Property for several future generations. It is truly an exciting time for Entrée with first
underground development on the JV Property scheduled to start later this year. Initial work will be on necessary infrastructure
outside of the ore footprint with mining expected to commence thereafter.
We are also encouraged by some of the early-stage drill results at the Ulaan Khud and Railway regional targets, where drill
holes have intercepted several intervals of anomalous copper and gold values, at relatively shallow depths.”
2022 and 2023 HNE DRILLING RESULTS
The Company has now received all analytical results from the 2022 HNE drilling program on the JV Property and partial drill
results from the 2023 program. Both the 2022 and 2023 HNE drilling programs include surface drill holes that were drilled
entirely on the JV Property and underground drill holes that were collared on the Oyu Tolgoi mining licence and drilled onto the
JV Property.
Recently received drilling results include three holes collared from surface (EGD161, EGD173 and EGD177A), each crossing
through more than 1,300 m of barren, sedimentary and volcanic tuff units before intersecting the porphyry deposit and crossing
between 175 m and 400 m of significant copper and gold mineralization. The mineralization persists until the end of each drill
hole, at depths ranging between 50 m and 190 m below the base of the potential Lift 2 Panel 1 block cave and remains open at
depth.
Recently received significant mineralized intervals from the 2022 and 2023 HNE drilling programs are summarized in Tables 1
and 2, and are shown on Figures 1 and 2. OTLLC has informed Entrée that seven of the 2022 underground drill holes
(UGD578, UGD585, UGD650, UGD650B, UGD730, UGD731 and UGD731A) that were noted by Entrée on February 28, 2024
as having pending analytical results will not be assayed since they were used purely for geotechnical and metallurgical
purposes. In addition, five previously reported underground drill hole intervals have been adjusted by OTLLC due to a data
clipping issue at the JV Property boundary. As a result, the drilled lengths of these intercepts on the JV Property have been
slightly increased by approximately 8 m to 28 m (Table 2).
Details of the 2023 HNE drilling program are summarized further below and Tables 3 and 4 include the drill hole collar and
downhole information. Details for the 2022 HNE drilling were previously provided by the Company on February 28, 2024.
Table 1: Surface Drill Results from 2022/2023 Drilling at HNE Deposit 1
2022 Drilling
Drill Hole From (m) To (m)
Length2
(m) Gold (ppm) Copper (%)
Silver
(ppm) CuEq3(%)
EGD161 1,352 1,750 398 0.684 1.67 4.78 2.07
including 1,476 1,690 214 0.924 2.25 6.14 2.79
EGD173 1,400 1,800 400 0.402 1.17 3.27 1.41
including 1,526 1,606 80 1.015 2.03 5.29 2.61
2023 Drilling
EGD177A 1,474.8 1,650.3 175.5 0.324 1.53 3.61 1.73
including 1,500 1,650.3 150.3 0.364 1.71 4.02 1.93
1. Refer to Notes below Table 2 .
Table 2: Underground Drill Results from 2022/2023 Drilling at HNE Deposit 1
2022 Drilling
Drill Hole From (m) To (m) Length2(m) Gold (ppm) Copper (%)
Silver
(ppm) CuEq3(%)
UGD 456 324 408.4 84.4 0.124 0.68 1.83 0.76
including 344 385.7 41.7 0.202 1.04 2.08 1.16
UGD576A 170 386 216 0.602 2.37 6.45 2.75
UGD579 94 218 124 1.996 2.57 6.29 3.67
including 140 218 78 3.142 3.70 9.17 5.43
UGD582A4 117.2 396 278.8 0.022 0.62 1.42 0.64
UGD583A4 156 458 302 0.666 2.21 5.09 2.61
including 223 324 101 0.931 3.33 7.18 3.88
UGD584A4 148 375 227 0.024 0.62 1.93 0.65
UGD5864 96 300 204 0.850 2.58 5.59 3.07
including 144 288 144 1.067 3.50 7.21 4.12
UGD587 94 131.9 37.9 0.135 0.87 1.73 0.96
UGD587A 104 174 70 0.066 0.73 1.45 0.77
UGD587B 147 296.9 149.9 0.195 1.15 3.04 1.28
UGD5904 256 264 8 2.078 3.69 7.47 4.85
UGD713 118 232 114 1.691 2.73 5.93 3.67
including 144 230 86 2.218 3.38 7.36 4.61
UGD734 76 343.3 267.3 0.069 0.63 1.43 0.68
2023 Drilling
UGD735 49.7 624 574.3 0.566 1.55 4.11 1.89
including 390 624 234 1.340 2.95 7.96 3.73
UGD736 56 416.2 360.2 0.020 0.56 1.29 0.59
UGD736A 374.4 408 33.6 0.033 0.65 1.41 0.68
UGD737 128 417 289 0.034 0.61 1.27 0.64
UGD738 60 698.5 638.5 0.189 0.93 2.34 1.05
including 448 698 250 0.451 1.57 4.54 1.84
UGD752 366 515.6 149.6 0.255 1.27 3.19 1.44
UGD753 364 728.8 364.8 0.425 2.23 5.91 2.50
including 364 586 222 0.600 2.92 7.88 3.30
UGD791 354 454 100 0.703 1.42 4.27 1.83
UGD792 106 497 391 0.120 0.78 1.94 0.86
UGD793 320 346 26 0.630 0.63 1.85 0.98
UGD794 70 485 415 0.070 0.73 1.73 0.78
UGD794A 542.2 561 18.8 0.382 1.30 3.32 1.53
UGD803 298 344 46 1.968 1.56 5.66 2.64
1. All of the analytical results shown above are length weighted averages and are only for the portions of the drill holes on
the JV Property.
2. Lengths reported are drilled lengths. Approximate true widths are variable depending on the orientation of the drill hole.
Several of the holes are geotechnical holes drilled subparallel to the trend of the porphyry. Other holes were drilled
across the trend of the porphyry at varying orientations with estimated true widths ranging between approximately 20%
and 70% of the drilled lengths.
3. CuEq is calculated by the formula CuEq = Cu + ((Au * 35.7175) + (Ag * 0.5773)) / 67.9023, taking into account
differentials between metallurgical performance and price for copper, gold and silver. Metal prices used are US$3.08/lb
copper, US$1,292.00/oz gold, and US$19.00/oz silver. Metallurgical recoveries used are 82% for copper, 73% for gold
and 78% for silver.
4. Drill hole intervals previously reported on February 28, 2024 were adjusted due to a data clipping issue by OTLLC at the
Shivee Tolgoi mining licence boundary. As a result, the lengths of the drill hole intervals on the JV Property have been
slightly increased.
Figure 1: Plan View of 2022 and 2023 Drilling at the HNE Deposit
Figure 2: 3D Image of 2022 and 2023 Drilling at the HNE Deposit
UNDERGROUND DEVELOPMENT UPDATE
The Company is pleased to report that underground development work on OTLLC’s Oyu Tolgoi mining licence continues to
advance and that Shafts 3 and 4 have now reached their final depths of 1,130 m and 1,176 m, respectively, with final
commissioning expected in H2 2024. Completion of these shafts is significant since they are a key piece of the infrastructure
and are required to provide ventilation to support production from Panels 1 and 2 during ramp up. The HNE deposit is located in
the northern portion of Panel 1.
OTLLC continues to advise the Company that Lift 1 Panel 1 underground infrastructure development work on the JV Property is
scheduled to commence in Q4 2024. Development work will start in the southwest corner of the HNE deposit on the Shivee
Tolgoi mining licence and establish the initial Panel 1 western ore handling truck chute, including extraction level tipple
development, the truck chute chamber on the haulage level, and the supporting ventilation loop with the return air level. OTLLC
has planned approximately 212 equivalent metres (“eqm”) of development on the JV Property in 2024. This includes 15 eqm
on the extraction level, 117 eqm on the haulage level, and 181 eqm on the return air level. OTLLC has advised the Company all
2024 development materials will be waste which will be stockpiled separately and sampled in accordance with OTLLC’s
standard sampling protocols and procedures.
2023 DRILLING INFORMATION
Underground and surface drilling at HNE was carried out by OTLLC from December 30, 2022, to December 21, 2023, during
which time seven surface holes totalling 8,063.9 m and 25 underground holes totalling 7,307.8 m were drilled on the JV
Property.
The 2023 underground holes were all collared from existing infrastructure on the Oyu Tolgoi mining licence and crossed onto
the Entrée/OTLLC JV Property. Several of the holes were drilled as “daughter holes” (wedges) from a “parent hole” at varying
distances along the hole. Underground holes were designed to achieve multiple objectives; as in-fill holes within the
mineralized footprint of Lift 2 to support the next mineral resource estimate update; for geotechnical purposes with many holes
drilled subparallel to, but outside of the mineralized footprint; and for metallurgical purposes.
Five of the seven 2023 surface holes were collared east of HNE and drilled steeply, either towards the northwest targeting Lift
2, or the area to the east of Lift 2 for geotechnical purposes. Two additional surface holes were also geotechnical holes
collared west of the HNE footprint and drilled steeply towards the southeast or southwest, outside of the mineralized footprint.
Except for daughter hole EGD177A, all analytical results from the surface holes are still pending. Although no new holes have
been drilled north of the current Lift 2 block cave shape, many holes, especially the surface holes, were drilled upwards of 190
m below the base of Lift 2 and remained in significant copper and gold mineralization providing continuity for deeper, potential
future lifts.
Holes drilled into the mineralized porphyry intersected predominantly phyllic and potassic altered quartz monzodiorite, cut by
occasional intervals of unmineralized biotite-granodiorite dikes (generally less than 10 m in drilled width). Total sulphide
content is variable but averages around 5% and comprised of a mix of chalcopyrite, bornite and pyrite hosted in quartz
stockworks and disseminated form. Some of the highest-grade individual assays (grading around 5% to 10% CuEq) are often
hosted within hydrothermal breccias, containing up to 10% disseminated and coarse bornite and chalcopyrite.
Drill holes outside of the HNE mineralized footprint generally crossed an interbedded sequence of ignimbrite and augite basalt
with varying amounts of advanced argillic and phyllic alteration. Mineralization is variable, but consists of about 3% sulphides,
comprised of a mix of pyrite and chalcopyrite.
Drill hole sample lengths generally averaged 2.0 m. Tables 3 and 4 summarize the drill hole details and Figures 1 and 2 shows
the locations of the 2023 HNE drill holes and assay intervals discussed in this press release.
Table 3: HNE 2023 Surface Drilling
Drill Hole UTM EAST
UTM
NORTH
Elevation
(masl) Length (m)
Length on
JV (m)
Azimuth
(degrees)
Dip
(degrees)
Assay
Status
EGD174 652692.2 4768413 1170 1,800.0 1800.0 296 -77 Pending
EGD175 652641.5 4768349 1181 508.4 508.4 296 -77 Pending
EGD176 652656.6 4768377 1161 1,450.0 1,450.0 242 -81 Pending
EGD177 652618 4768236 1160 1,548.0 1,548.0 296 -80 Pending
EGD177A 652618 4768236 1160 178.0 178.0 303 -73 Complete
EGD182 652137 4768610 1173 814.5 814.5 103 -83 Pending
EGD187 652201.2 4768524 1175 1,765.0 1,765.0 243 -83
No samples
collected
Total Surface 8,063.9
Table 4: HNE 2023 Underground Drilling
Drill Hole UTM EAST UTM
NORTH
Elevation
(masl) Length (m) Length on
JV (m)
Azimuth
(degrees)
Dip
(degrees)
Assay
Status
UGD732 651639.3 4767963 -128.1 600 430.2 37 2
No samples
collected
UGD733 651639.5 4767962 -128.1 700 511.6 46 -1
No samples
collected
UGD735 652236.6 4768068 -74.7 707.8 663.1 10 -24 Complete
UGD736 652237.2 4768067 -74.7 416.2 368.5 16 -26 Complete
UGD736A* 652237.2 4768067 -74.7 408 35.1 16 -26 Complete
UGD737 652235.1 4768066 -76.3 417 329.4 20 -68 Complete
UGD738 652234.4 4768064 -75.1 698.5 640.2 22 -36 Complete
UGD752 652060.9 4767907 -80.8 515.6 150.5 349 -49 Complete
UGD753 651639.4 4767961 -128.1 728.8 365.6 65 -25 Complete
UGD757A* 651969 4767860 -180.6 516.3 132.1 41 -35 Pending
UGD791 652060.4 4767906 -80.8 650 296.3 330 -53 Complete
UGD792 652234.1 4768068 -76.3 497 392.8 340 -66 Complete
UGD793 652235 4768066 -76.2 346.2 264.5 23 -60 Pending
UGD794 652235.2 4768066 -76.2 569.6 505.6 18 -46 Complete
UGD794A* 652235.2 4768066 -76.2 561 18.8 18 -46 Complete
UGD803 651966.1 4767860 -180.6 378 80.9 344 -31 Complete
UGD805B* 651967.5 4767860 -180.6 473 184.5 20 -26 Pending
UGD807A* 652234.5 4768067 -76.3 191.7 136.3 9 -42 Pending
UGD807B* 652234.4 4768067 -76.2 226.7 171.4 8 -42 Pending
UGD807C* 652234.5 4768067 -76.3 661.6 456.5 9 -42 Pending
UGD808 652235.7 4768067 -76.3 671.6 615.5 23 -36 Pending
UGD812 652059.4 4767907 -80.8 447 53.3 309 -45 Pending
UGD813 652060.2 4767907 -80.8 507 130.6 325 -53 Pending
UGD814 652060.5 4767908 -80.8 435 147.1 337 -43 Pending
UGD815 652061.5 4767908 -80.7 522 227.3 356 -47 Pending
Total Underground 7,307.8
TOTAL ALL DRILLING 16,844.3
* Holes drilled as “daughter” holes (wedges) from a “parent” drill hole; Coordinates are WGS UTM Zone 48N, Local OT GRID
system.
2024 HNE DRILLING UPDATE
OTLLC is continuing to drill at HNE throughout 2024 and as of late April have reported the completion of one surface diamond
drill hole, with 3 more planned and 13 underground diamond drill holes with 12 additional holes planned. In addition, 5 diamond
drill holes are planned for Heruga, which will be the first holes drilled at the deposit since 2012. Once the complete database is
received and reviewed by the Company the 2024 drill results will be released. It is the Company’s understanding that similar to
the 2022 and 2023 drilling programs, all of the 2024 drill holes will be drilled within the current mineralized footprint or within the
hanging and/or footwall rocks, with the objective to update the HNE mineral resource estimate and to conduct geological and
geotechnical characterization.
2023 REGIONAL PROSPECTS DRILLING UPDATE
Regional exploration continued during 2023 with IP/resistivity, 3D modelling, and diamond drilling focused at the Railway and
Ulaan Khud prospects. Other prospects, inducing Airstrip, Ductile Shear, East Bumbat Ulaan, Castle Rock, Southeast IP and
West Mag had 3D modeling and data integration completed over them. Seven diamond drill holes were completed at the Ulaan
Khud and Railway Prospects, totaling 5,143.5 m, as shown on Table 5 with anomalous assay results reported on Table 6.
Table 5: 2023 Entrée/Oyu Tolgoi JV Regional Drilling
Target Drill Hole UTM EAST UTM
NORTH
Elevation
(masl) Length (m) Azimuth
(degrees)
Dip
(degrees)
Ulaan Khud EGD178 655466 4774995 1170 700.2 269 -61
EGD180 655051 4775198 1165 800 90 -70
EGD181 655471 4775199 1178 552.9 270 -65
EGD183 654793 4775196 1166 827 90 -65
SUBTOTAL 2,880.1
Railway EJD0094 642000 4755500 1203 1,300 82 -75
EJD0095 641700 4754850 1205 263.4 90 -70
EJD0096 641711 4755380 1208 700 88 -80
SUBTOTAL 2,263.4
Total Drilling 5,143.5
Coordinates are WGS UTM Zone 48N, Local OT GRID system.
Table 6: JV Property Regional Targets – 2023 Anomalous Drill Results 1
Drill Hole From (m) To (m)
Length1
(m) Gold (ppm) Copper (%)
Silver
(ppm) CuEq2 (%)
Ulaan Khud
EGD178 592 646 54 0.023 0.16 2.08 0.19
EGD180 130 174 44 0.069 0.14 0.57 0.18
and 236 348 112 0.122 0.36 1.22 0.43
and 488 526 38 0.017 0.12 1.20 0.14
EGD181 388.45 404 15.55 0.024 0.20 2.61 0.24
EGD183 572 625.7 53.7 0.062 0.21 1.61 0.26
and 690 712 22 0.020 0.23 1.04 0.25
and 727.87 775 47.13 0.032 0.21 1.45 0.24
Railway
EJD0095 83.15 114 30.85 0.171 0.19 1.13 0.28
and 142 188 46 0.054 0.17 0.87 0.20
and 250 263.4 13.4 0.116 0.15 0.83 0.21
1. All of the analytical results shown above are length weighted averages.
2. Lengths reported are drilled lengths. Insufficient drilling has been done to determine the orientation of mineralized
zones.
3. CuEq is calculated by the formula CuEq = Cu + ((Au * 35.7175) + (Ag * 0.5773)) / 67.9023, taking into account
differentials between metallurgical performance and price for copper, gold and silver. Metal prices used are US$3.08/lb
copper, US$1,292.00/oz gold, and US$19.00/oz silver. Metallurgical recoveries used are 82% for copper, 73% for gold
and 78% for silver.
The drill results at Ulaan Khud are encouraging as all three holes intersected the target quartz monzodiorite host unit and each
returned anomalous gold and copper results, with some intervals at relatively shallow depths. OTLLC is planning to review
these results and undertake additional drilling during 2024.
One of the Railway prospect drill holes (EJD0095) returned several intervals of anomalous copper and gold results over
moderate drill lengths at relatively shallow depths. This hole is the furthest south of the three that OTLLC drilled during 2023
and the target of augite basalt coinciding with Zeuss IP anomaly remains open at depth. OTLLC will review the results before
they plan any follow-on work at Railway.
During 2024, OTLLC will complete additional exploration on the JV Property, including 4 diamond drill holes at Bumbat Ulaan;
gravity and CSAMT geophysical surveys, followed by 2 diamond drill holes at Heruga West and South; one deep diamond drill
hole at Ulaan Khud; soil sampling at Airstrip; and gravity and CSAMT geophysical surveys followed by one deep drill hole to
the north of Hugo North Extension.
SAMPLE PREPARATION AND ANALYSES, QAQC AND QUALIFIED PERSON
All drill core from the 2022 and 2023 HNE drilling programs and the regional drilling programs was geologically and
geotechnically logged at site by OTLLC. Surface drill holes were generally collared with PQ diameter core (123 mm) and
reduced to HQ (96 mm) and occasionally NQ (76 mm) core diameters at depth. Underground holes were collared using HQ
diameter and occasionally reduced to NQ at depth. Core from HNE and regional drilling was saw-cut on site before being
bagged and shipped to the laboratory for analyses. A few core samples from HNE were shipped to SGS Laboratory (“SGS”) in
Ulaanbaatar, Mongolia for sample preparation and analysis. Most core samples from HNE and all regional drilling samples
were shipped to ALS (“ ALS”) in Ulaanbaatar, Mongolia for sample preparation with pulp samples sent to ALS in Perth,
Australia for geochemical analysis. Both SGS and ALS are independent of OTLLC, Rio Tinto and Entrée. At SGS the samples
were crushed to <2mm and pulverized to 75μm, then analysed for gold by 30-gram fire assay with an AAS finish, and for
copper, silver and molybdenum, along with 8 additional elements by 4-acid digestion ICP-OES and ICP-MS multi-element
analysis. Additional analysis was done for carbon/sulphur by Leco furnace and fluorine by specific ion electrode. At ALS the
samples were crushed to <2mm and pulverized to 75μm then analysed for gold and multiple elements with an ICP-MS
method. Gold was further analysed for gold by 30 g fire assay with an ICP finish.
OTLLC follows a rigorous quality assurance/quality control (QAQC) program for the sampling programs that includes the
regular insertion of standards, blanks and duplicates into the sample stream. The QP is not aware of any drilling, sampling,
recovery, or other factors that could materially affect the accuracy or reliability of the data referred to in this disclosure.
The scientific and technical information that forms the basis for this press release was reviewed and approved by Robert Cinits
(P.Geo.), who is a Qualified Person (“ QP”) as defined by National Instrument 43-101. For further information on the JV
Property, see the Company’s Technical Report, titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical
Report”, with an effective date of October 8, 2021, available on the Company’s website at www.EntreeResourcesLtd.com, and
on SEDAR+ at www.sedarplus.ca.
ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant
portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia. The Oyu Tolgoi project includes
two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée’s joint venture partner OTLLC and the
Entrée/Oyu Tolgoi JV Property, which is a partnership between Entrée and OTLLC. Rio Tinto owns 66% of OTLLC and is the
manager of operations at Oyu Tolgoi. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV,
depending on the depth of mineralization. Horizon Copper Corp. and Rio Tinto are major shareholders of Entrée, beneficially
holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found
at www.EntreeResourcesLtd.com.
FURTHER INFORMATION
David Jan
Investor Relations
Entrée Resources Ltd.
Tel: 604-687-4777 | Toll Free: 1-866-368-7330
E-mail: [email protected]
This News Release contains forward-looking information within the meaning of applicable Canadian securities laws with
respect to corporate strategies and plans; requirements for additional capital; uses of funds and projected expenditures; timing
and status of Lift 1 Panel 1 development work on the Entrée/Oyu Tolgoi JV Property; timing and status of Oyu Tolgoi
underground development; potential timing and objectives of Hugo North Extension deposit and regional exploration drilling
programs; potential timing for reporting additional analytical results from drilling programs; the timing and progress of the
commissioning of Shafts 3 and 4 and any delays in that regard; future commodity prices; the estimation of mineral reserves
and resources; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new
mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs
and budgets; anticipated business activities; and future financial performance.
In certain cases, forward-looking information can be identified by words such as "plans", "expects" or "does not expect", "is
expected", "budgeted", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate" or "believes" or
variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might",
"will be taken", "occur" or "be achieved". While the Company has based forward-looking information on its expectations about
future events as at the date that such information was prepared, the information is not a guarantee of Entrée’s future
performance and is based on numerous assumptions regarding present and future business strategies; the correct
interpretation of agreements, laws and regulations; the commencement and conclusion of arbitration proceedings, including
the potential benefits, timing and outcome of arbitration proceedings; the potential benefits, timing and outcome of
discussions with Erdenes Oyu Tolgoi LLC, OTLLC, and Rio Tinto; that the Company will continue to have timely access to
detailed technical, financial, and operational information about the Entrée/Oyu Tolgoi JV Property, the Oyu Tolgoi project, and
government relations to enable the Company to properly assess, act on, and disclose material risks and opportunities as they
arise; local and global economic conditions and the environment in which Entrée will operate in the future, including
commodity prices, projected grades, projected dilution, anticipated capital and operating costs, including inflationary pressures
thereon resulting in cost escalation, and anticipated future production and cash flows; the anticipated location of certain
infrastructure and sequence of mining within and across panel boundaries; the construction and continued development of the
Oyu Tolgoi underground mine; the status of Entrée’s relationship and interaction with the Government of Mongolia, Erdenes
Oyu Tolgoi LLC, OTLLC, and Rio Tinto; and the Company’s ability to operate sustainably, its community relations, and its
social licence to operate.
With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks,
uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by such
forward-looking information include, amongst others, the nature of the ongoing relationship and interaction between OTLLC,
Rio Tinto, Erdenes Oyu Tolgoi LLC and the Government of Mongolia with respect to the continued operation and development
of Oyu Tolgoi along with the implementation of Resolution 103; the continuation of undercutting in accordance with the mine
plans and designs in the current Oyu Tolgoi Feasibility Study; the amount of any future funding gap to complete the Oyu
Tolgoi project and the availability and amount of potential sources of additional funding; the timing and cost of the
construction and expansion of mining and processing facilities; inflationary pressures on prices for critical supplies for Oyu
Tolgoi including fuel, power explosives and grinding media resulting in cost escalation; the ability of OTLLC or the Government
of Mongolia to deliver a domestic power source for Oyu Tolgoi (or the availability of financing for OTLLC or the Government of
Mongolia to construct such a source) within the required contractual timeframe; sources of interim power; OTLLC’s ability to
operate sustainably, its community relations, and its social licence to operate in Mongolia; the impact of changes in, changes
in interpretation to or changes in enforcement of, laws, regulations and government practises in Mongolia; delays, and the
costs which would result from delays, in the development of the underground mine; the anticipated location of certain
infrastructure and sequence of mining within and across panel boundaries; international conflicts such as the ongoing Russia-
Ukraine conflict; projected commodity prices and their market demand; and production estimates and the anticipated yearly
production of copper, gold and silver at the Oyu Tolgoi underground mine.
Other risks, uncertainties and factors which could cause actual results, performance or achievements of Entrée to differ
materially from future results, performance or achievements expressed or implied by forward-looking information include,
amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral
reserves and resources and metallurgical recoveries; development plans for processing resources; matters relating to
proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground
conditions; regulatory restrictions (including environmental regulatory restrictions and liability); risks related to international
operations, including legal and political risk in Mongolia; risks related to the potential impact of global or national health
concerns; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the
conduct of joint ventures, including the ability to access detailed technical, financial and operational information; risks related
to the Company’s significant shareholders, and whether they will exercise their rights or act in a manner that is consistent with
the best interests of the Company and its other shareholders; inability to upgrade Inferred mineral resources to Indicated or
Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations;
fluctuations in commodity prices and demand; changing foreign exchange rates; the speculative nature of mineral exploration;
the global economic climate; dilution; share price volatility; activities, actions or assessments by Rio Tinto or OTLLC and by
government stakeholders or authorities including Erdenes Oyu Tolgoi LLC and the Government of Mongolia; the availability of
funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of laws, regulations and
government practices, including laws, regulations and government practices with respect to mining, foreign investment,
royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents
and permits; the availability and cost of necessary items such as water, skilled labour, transportation and appropriate smelting
and refining arrangements; unanticipated reclamation expenses; changes to assumptions as to the availability of electrical
power, and the power rates used in operating cost estimates and financial analyses; changes to assumptions as to salvage
values; ability to maintain the social licence to operate; accidents, labour disputes and other risks of the mining industry;
global climate change; global conflicts; title disputes; limitations on insurance coverage; competition; loss of key employees;
cyber security incidents; misjudgements in the course of preparing forward-looking information; and those factors discussed in
the Company’s most recently filed MD&A and in the Company’s Annual Information Form for the financial year ended
December 31, 2023, dated March 8, 2024 filed with the Canadian Securities Administrators and available at www.sedarplus.ca.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking information, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove
to be accurate, as actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. The Company is under no obligation to
update or alter any forward-looking information except as required under applicable securities laws.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d1ccbf7d-6921-4cb1-a464-24f670deefe7
https://www.globenewswire.com/NewsRoom/AttachmentNg/03ceaaee-73fc-40ee-8d16-3227de9ca13b