Entrée Resources Provides Update on Joint Venture Licenses and Exploration Activities
VANCOUVER, British Columbia – Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF), known as the Company or Entrée, has issued a significant update concerning the Entrée/Oyu Tolgoi joint venture (the Entrée/Oyu Tolgoi JV) mining licenses. Additionally, the company has released detailed drill and regional exploration results obtained from its joint venture partner, Oyu Tolgoi LLC (OT LLC). This announcement underscores ongoing efforts to advance the Oyu Tolgoi project in Mongolia, a key initiative in the mining sector.
Update on Joint Venture Licenses
The Company is intensively focusing on the transfer of the Shivee Tolgoi and Javkhlant mining licenses, collectively referred to as the JV Licenses, from its Mongolian subsidiary Entrée LLC to OT LLC. This transfer is crucial to facilitate the Lift 1 Panel 1 underground development work on the Shivee Tolgoi mining license area, which is essential for project progression.
On March 25, 2026, Entrée Resources delivered a non-binding proposal to the Minister of Industry and Mineral Resources of Mongolia, who heads the Government Working Group established to negotiate the State’s interest in the JV Licenses area. The proposal outlines the transfer of the JV Licenses to OT LLC, as mandated by the Oyu Tolgoi Investment Agreement and the Entrée/Oyu Tolgoi JV Agreement. It also includes provisions for payment of a negotiated royalty on the gross sales value of the Company’s concentrate, in accordance with the Minerals Law of Mongolia, instead of the State holding a 34% equity stake. This proposal is intended to serve as a foundation for further discussions and negotiations with the Government of Mongolia.
Following political changes in Mongolia, with Prime Minister Zandanshatar resigning and N. Uchral being sworn in as the 35th Prime Minister on March 31, 2026, the cabinet was reintroduced on April 3, 2026. G. Damdinnyam was reappointed as the Minister of Industry and Mineral Resources. Entrée Resources will continue to monitor the situation closely, including any potential adjustments to the Government Working Group, and will provide updates as necessary.
Entrée remains dedicated to collaborating with the Government of Mongolia, Rio Tinto, and OT LLC, adhering to applicable Mongolian laws, to fully unlock the potential of the Oyu Tolgoi project for the benefit of all stakeholders involved.
Drill and Regional Exploration Results
The Company is pleased to announce analytical results from recent exploration activities. This includes data from one surface diamond drill hole (DDH) and four underground DDHs, which were part of the 2024 and 2025 in-fill drilling programs at the Hugo North Extension (HNE) deposit on the Entrée/Oyu Tolgoi joint venture property in Mongolia.
Additionally, regional exploration results have been provided, featuring analytical data from nine DDHs from the 2025 regional drilling campaign. This campaign tested several targets on the Shivee Tolgoi and Javkhlant mining licenses, aiming to identify new mineral resources and expand existing ones.
All exploration work was conducted by the Company’s joint venture partner, OT LLC, with expenditures shared proportionally between OT LLC and Entrée based on their participating interests in the Entrée/Oyu Tolgoi JV. These results highlight the ongoing commitment to advancing exploration efforts and enhancing the project’s resource base.
This update reflects Entrée Resources’ proactive approach to navigating regulatory processes and advancing exploration, positioning the company for future growth in the competitive mining industry.
