Entrée Resources

Entrée Resources Ltd. (TSX: ETG | OTCQB: ERLFF) is a Canadian mining company that owns 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 Company’s interest in the Entrée/Oyu Tolgoi joint venture has the characteristics of a royalty, with the benefits of a producer. Entrée’s experienced team, high-quality asset, financial position and world class operating partners position it for long term sustainable success.

Management Profile:
Chris Adams President & CEO Mr. Adams has more than 35 years of experience as a mining finance professional and corporate director. Prior to joining Entrée, he served as head of Mining Finance for the Americas with Macquarie Group Limited, where he led teams to evaluate and execute equity investments and loans to mining development projects around the world and marketed commodity derivatives. Prior to Macquarie, Mr. Adams worked in mining investment banking in Canada and Australia for both Macquarie and CIBC. He holds a B.Com. degree from McGill University, an MBA from the Massachusetts Institute of Technology, and the CFA designation.

What are your key goals for the next 3 months?:
Transfer of Entrée/Oyu Tolgoi JV Licences The current principal objective of the Company is to affect the transfer of the Shivee Tolgoi and Javkhlant mining licences (the “Licences”) from the Company’s Mongolian subsidiary Entrée LLC to its joint venture partner Oyu Tolgoi LLC (“OTLLC”) in accordance with applicable laws of Mongolia. Transfer of the Licences to OTLLC, as Manager and owner of an 80% (or 70% depending on the depth of mineralization) participating interest in the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property”), is necessary to enable Lift 1 Panel 1 lateral development work on the Shivee Tolgoi mining licence area to proceed. State Ownership The Company is also concurrently focused on the resolution of outstanding issues relating to the State of Mongolia’s interest in the Oyu Tolgoi Strategic Deposit. The Minerals Law of Mongolia provides the State may, without compensation, be an up to 34% equity participant with any private legal entity in the exploitation of a mineral deposit of strategic importance (a “Strategic Deposit”) where proven reserves were determined through funding sources other than the State budget. The Parliament of Mongolia may determine that the State receive royalty payments in lieu of an equity interest. The Licences are included in the boundaries of the Oyu Tolgoi Strategic Deposit. The State already holds 34% of the economic benefit that OTLLC derives from its 80% (or 70% depending on the depth of mineralization) beneficial interest in the area of the Licences by virtue of Erdenes Oyu Tolgoi LLC’s shareholding in OTLLC and the 2009 Oyu Tolgoi Investment Agreement (the “OTIA”). The Company has consistently maintained its willingness to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from its 20% (or 30% depending on the depth of mineralization) beneficial interest in the area of the Licences. On March 25, 2026, the Company delivered a non-binding proposal to the Minister of Industry and Mineral Resources of Mongolia as head of the working group (the “Government Working Group”) established in order to negotiate the State’s interest in the area of the Licences. The proposal contemplates, among other things, the transfer of the Licences to OTLLC as required under the OTIA and the 2008 Joint Venture Agreement between the Company and OTLLC (the “Entrée/Oyu Tolgoi JVA”) and payment of a negotiated royalty on the gross sales value of the Company’s concentrate as contemplated under the Minerals Law of Mongolia in lieu of the State being a 34% equity participant. The proposal is intended to form the basis for further discussions and negotiations with the Government of Mongolia. The Company continues to monitor the situation, including with respect to anticipated timing for the resumption of discussions with the Government Working Group. Potential Conversion of Entrée/Oyu Tolgoi JVA The Company remains committed to working with OTLLC towards the potential conversion of the Entrée/Oyu Tolgoi JVA into a more effective agreement of equivalent economic value. The agreement would include a mechanism for the Company to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from the area of the Licences. Conversion of the Entrée/Oyu Tolgoi JVA would be subject to Toronto Stock Exchange acceptance and the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions applicable to a related party transaction.

What are your key goals for the next 6 months?:
Transfer of Entrée/Oyu Tolgoi JV Licences The current principal objective of the Company is to affect the transfer of the Shivee Tolgoi and Javkhlant mining licences (the “Licences”) from the Company’s Mongolian subsidiary Entrée LLC to its joint venture partner Oyu Tolgoi LLC (“OTLLC”) in accordance with applicable laws of Mongolia. Transfer of the Licences to OTLLC, as Manager and owner of an 80% (or 70% depending on the depth of mineralization) participating interest in the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property”), is necessary to enable Lift 1 Panel 1 lateral development work on the Shivee Tolgoi mining licence area to proceed. State Ownership The Company is also concurrently focused on the resolution of outstanding issues relating to the State of Mongolia’s interest in the Oyu Tolgoi Strategic Deposit. The Minerals Law of Mongolia provides the State may, without compensation, be an up to 34% equity participant with any private legal entity in the exploitation of a mineral deposit of strategic importance (a “Strategic Deposit”) where proven reserves were determined through funding sources other than the State budget. The Parliament of Mongolia may determine that the State receive royalty payments in lieu of an equity interest. The Licences are included in the boundaries of the Oyu Tolgoi Strategic Deposit. The State already holds 34% of the economic benefit that OTLLC derives from its 80% (or 70% depending on the depth of mineralization) beneficial interest in the area of the Licences by virtue of Erdenes Oyu Tolgoi LLC’s shareholding in OTLLC and the 2009 Oyu Tolgoi Investment Agreement (the “OTIA”). The Company has consistently maintained its willingness to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from its 20% (or 30% depending on the depth of mineralization) beneficial interest in the area of the Licences. On March 25, 2026, the Company delivered a non-binding proposal to the Minister of Industry and Mineral Resources of Mongolia as head of the working group (the “Government Working Group”) established in order to negotiate the State’s interest in the area of the Licences. The proposal contemplates, among other things, the transfer of the Licences to OTLLC as required under the OTIA and the 2008 Joint Venture Agreement between the Company and OTLLC (the “Entrée/Oyu Tolgoi JVA”) and payment of a negotiated royalty on the gross sales value of the Company’s concentrate as contemplated under the Minerals Law of Mongolia in lieu of the State being a 34% equity participant. The proposal is intended to form the basis for further discussions and negotiations with the Government of Mongolia. The Company continues to monitor the situation, including with respect to anticipated timing for the resumption of discussions with the Government Working Group. Potential Conversion of Entrée/Oyu Tolgoi JVA The Company remains committed to working with OTLLC towards the potential conversion of the Entrée/Oyu Tolgoi JVA into a more effective agreement of equivalent economic value. The agreement would include a mechanism for the Company to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from the area of the Licences. Conversion of the Entrée/Oyu Tolgoi JVA would be subject to Toronto Stock Exchange acceptance and the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions applicable to a related party transaction.

What are your key goals for the next 12 months?:
Transfer of Entrée/Oyu Tolgoi JV Licences The current principal objective of the Company is to affect the transfer of the Shivee Tolgoi and Javkhlant mining licences (the “Licences”) from the Company’s Mongolian subsidiary Entrée LLC to its joint venture partner Oyu Tolgoi LLC (“OTLLC”) in accordance with applicable laws of Mongolia. Transfer of the Licences to OTLLC, as Manager and owner of an 80% (or 70% depending on the depth of mineralization) participating interest in the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property”), is necessary to enable Lift 1 Panel 1 lateral development work on the Shivee Tolgoi mining licence area to proceed. State Ownership The Company is also concurrently focused on the resolution of outstanding issues relating to the State of Mongolia’s interest in the Oyu Tolgoi Strategic Deposit. The Minerals Law of Mongolia provides the State may, without compensation, be an up to 34% equity participant with any private legal entity in the exploitation of a mineral deposit of strategic importance (a “Strategic Deposit”) where proven reserves were determined through funding sources other than the State budget. The Parliament of Mongolia may determine that the State receive royalty payments in lieu of an equity interest. The Licences are included in the boundaries of the Oyu Tolgoi Strategic Deposit. The State already holds 34% of the economic benefit that OTLLC derives from its 80% (or 70% depending on the depth of mineralization) beneficial interest in the area of the Licences by virtue of Erdenes Oyu Tolgoi LLC’s shareholding in OTLLC and the 2009 Oyu Tolgoi Investment Agreement (the “OTIA”). The Company has consistently maintained its willingness to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from its 20% (or 30% depending on the depth of mineralization) beneficial interest in the area of the Licences. On March 25, 2026, the Company delivered a non-binding proposal to the Minister of Industry and Mineral Resources of Mongolia as head of the working group (the “Government Working Group”) established in order to negotiate the State’s interest in the area of the Licences. The proposal contemplates, among other things, the transfer of the Licences to OTLLC as required under the OTIA and the 2008 Joint Venture Agreement between the Company and OTLLC (the “Entrée/Oyu Tolgoi JVA”) and payment of a negotiated royalty on the gross sales value of the Company’s concentrate as contemplated under the Minerals Law of Mongolia in lieu of the State being a 34% equity participant. The proposal is intended to form the basis for further discussions and negotiations with the Government of Mongolia. The Company continues to monitor the situation, including with respect to anticipated timing for the resumption of discussions with the Government Working Group. Potential Conversion of Entrée/Oyu Tolgoi JVA The Company remains committed to working with OTLLC towards the potential conversion of the Entrée/Oyu Tolgoi JVA into a more effective agreement of equivalent economic value. The agreement would include a mechanism for the Company to fulfil any obligation under Mongolian law to provide the State 34% of the economic benefit that the Company derives from the area of the Licences. Conversion of the Entrée/Oyu Tolgoi JVA would be subject to Toronto Stock Exchange acceptance and the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions applicable to a related party transaction.

What do you think makes your company such a compelling investment?:
Entrée Resources Ltd. (TSX: ETG | OTCQB: ERLFF) is a Canadian mining company that owns 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 Company’s interest in the Entrée/Oyu Tolgoi joint venture has the characteristics of a royalty, with the benefits of a producer. Entrée’s experienced team, high-quality asset, financial position and world class operating partners position it for long term sustainable success.