Entrée Resources Ltd has the results of an updated feasibility study that was completed on its interest in the Entrée/Oyu Tolgoi joint venture property. Entrée has a 20% participating interest in the joint venture with Oyu Tolgoi LLC (OTLLC) holding the remaining 80% interest. The Entrée/Oyu Tolgoi JV Property comprises a significant portion of the long-life, high-grade Oyu Tolgoi copper-gold mining project in Mongolia. The updated study only reports on mineral resources and reserves attributable to the Entrée/Oyu Tolgoi JV.

• Updated Reserve Case NPV(8%) for Hugo North Extension Lift 1 of $111 million
• PEA of alternative development scenario for all three joint venture deposits NPV(8%) of $278 million

The updated Feasibility Study discusses two development scenarios, an updated reserve case (the “2018 Reserve Case”) and a Life-of-Mine (“LOM”) Preliminary Economic Assessment (“2018 PEA”). The 2018 Reserve Case is based only on mineral reserves attributable to the Entrée/Oyu Tolgoi JV from the first lift (“Lift 1”) of the Hugo North Extension underground block cave. Lift 1 of Hugo North (including Hugo North Extension) is currently in development by project operator Rio Tinto, with first development production from Hugo North Extension expected in 2021. When completed, Oyu Tolgoi will become the world’s third largest copper mine.