Entree Resources Ltd · TSX:ETG
Entree Resources — Investor Presentation (September 2026)
26 slides from Entree Resources's investor presentation, September 2026
Slide 1: Oyu Tolgoi Underground Copper-Gold Mine – Corporate Presentation
SEPTEMBER 2026 SEPTEMBER 2026 YOUR SUBTITLE Lorem ipsum dolor amet, consect adipiscing eliroin cursus YOUR SUBTITLE Lorem ipsum dolor amet, Partner in the World Class consect adipiscing elitroin cursus Oyu Tolgoi Underground Copper-Gold Mine CORPORATE PRESENTATION YOUR SUBTITLE Lorem ipsum dolor ame
Slide 2: Cautionary Statement
2 Cautionary Statement SEPTEMBER 2026 This presentation contains forward-looking information within the meaning of applicable respect to the Licenses and Entrée’s interest in the EJV property; potential size of a mineralized Canadian securities laws. zone; potential expansion of mineralization; pote
Slide 3: Cautionary Statement cont'd
3 Cautionary Statement cont’d SEPTEMBER 2026 The 2021 PEA is based on a conceptual mine plan that includes Inferred mineral resources. presentation may not be comparable to similar information made public by U.S. companies Numerous assumptions were made in the preparation of the 2021 PEA, including
Slide 4: Why Invest
4 SEPTEMBER 2026 WHY INVEST Entrée Resources is a partner in the world-class Oyu Tolgoi copper-gold project in Mongolia No cash commitments required for development or exploration WORLD-CLASS ASSET LOW RISK GROWTH WELL FUNDED High grade deposits. Characteristics of a royalty. Part of Lift 1 Panel 1
Slide 5: About Us
5 About Us Oyu Tolgoi copper-gold SEPTEMBER 2026 project in Mongolia ▪ High grade / low cost / long life ▪ Close proximity to market (China) ▪ Owned and operated by Rio Tinto and State of Mongolia through Oyu Tolgoi LLC (OTLLC) ▪ 4th largest copper mine when all three underground Lift 1 Panels are i
Slide 6: Oyu Tolgoi
6 OYU TOLGOI SEPTEMBER 2026 ▪ Joint venture with OTLLC (Entrée/Oyu Tolgoi JV or EJV) since June 2008 on area of JV licenses ▪ EJV property* includes: Hugo North Extension (HNE) (Cu-Au) 2 1 • 2021 Reserve Case (Lift 1) 2 • 2021 PEA (Lift 2) 1 3 Heruga (Cu-Au-Mo) ▪ OTLLC has right and responsibility u
Slide 7: EJV Deposits
EJV Deposits 7 Hugo North Extension (HNE) & Heruga SEPTEMBER 2026 1. Based on assumptions in the 2021 Technical Report, which are subject to change. 2. Based on information supplied by OTLLC or reported within the 2020 SHAFTS 1 Oyu Tolgoi Feasibility Study (OTFS20) completed in July 2020. Mine life
Slide 8: OTLLC – Hugo North Extension Lift 1 & Lift 2
OTLLC – Hugo North OTLLC – Hugo North SHAFTS: Hugo North - Completed (1,2,5) - SHAFTS: In progress (3,4) 8 8 8 2026 Extension SEPTEMBER2026 SEPTEMBER Lift 1 & Lift 2 Decline ~ 1300m Development Northeast Scenarios* Longitudinal view HNE Lift 1 development work LIFT 1 paused pending transfer of JV li
Slide 9: JV Agreement
9 2026 JV Agreement SEPTEMBER2026 Entrée/Oyu Tolgoi JV SEPTEMBER • Entrée does NOT contribute upfront cash for development capital, exploration or license fees on the EJV property • RATHER, OTLLC contributes Entrée’s share of these expenditures and recognizes a non- recourse loan that bears interest
Slide 10: Cash Flows – HNE Lift and Lift 1,2,3
10 Cash Flows – HNE Lift 1 and Lift 2 1,2,3 SEPTEMBER 2026 Significant free cash flow Metal prices used for the financial analysis for both the 2021 Reserve Case and the 2021 PEA: copper $3.25/lb, gold $1,591.00/oz, silver $21.08/oz. US$ thousands Lift 1 US$ thousands Lift 2 2021 Reserve Case 2021 P
Slide 11: OTLLC – Hugo North Lift 1 UG Development
OTLLC – Hugo North SHAFTS: - Completed (1,2,5) 11 Hugo North Extension – - In progress (3,4) SEPTEMBER 2026 Lift 1 UG Development ▪ Technical studies for Lift 1 Panel 1 (including HNE) & Panel 2 mine design and schedule optimization completed H1 2023 o Result is de-risked, resilient mine designs LIF
Slide 12: Hugo North Extension – Deposit Drilling
12 Hugo North Extension – SEPTEMBER 2026 Deposit Drilling ▪ Hugo North Extension in-fill diamond drilling: o Supported OTLLC’s updated resource model for Hugo North (including HNE) Lifts 1 & 2 completed H1 2026 ➢ OTLLC delivery of data to Entrée QPs for verification in progress ➢ Updated Lift 1 unde
Slide 13: Heruga – Future Potential
13 Heruga – Future Potential SEPTEMBER 2026 ▪ Long-term optionality: may be developed by OTLLC after Hugo North or potentially with large scale mill expansion ▪ Strategic: 93% on EJV property ▪ Large scale: 1.4 billion tonnes of inferred mineral resources 1 ▪ Attractive grades: 0.68% CuEq 2 Southwes
Slide 14: Heruga – Future Potential
14 Heruga – Future Potential SEPTEMBER 2026 ▪ Regional exploration includes drilling on Heruga West, Heruga West-2, SW Heruga and MT11 targets ▪ 2024 hole EJD0099 drilled into Heruga West-2 target could represent an extension of porphyry mineralization to the west ▪ 2026 exploration program at SW He
Slide 15: Potential Near-Term Catalysts
15 POTENTIAL NEAR-TERM CATALYSTS SEPTEMBER 2026 ▪ Transfer of JV licenses from Entrée LLC to OTLLC on behalf of EJV o Transfer of JV licenses will permit resumption of Lift 1 development work on Shivee Tolgoi mining license area o Government of Mongolia agreed in June 2026 to commence work on the li
Slide 16: Potential Near-Term Catalysts cont'd
16 POTENTIAL NEAR-TERM CATALYSTS SEPTEMBER 2026 cont’d ▪ Resumption of Lift 1 underground development work on HNE deposit o Rio Tinto disclosed mine plan options will continue to be assessed and optimized as appropriate* ▪ Potential conversion of JV Agreement into more effective agreement of equival
Slide 17: Oyu Tolgoi (September 2026)
Oyu Tolgoi (September 2026) 17 SEPTEMBER 2026 Both images are development of the Entrée leases at Oyu Tolgoi. Source: Entrée Resources – Sept 2026.
Slide 18: Oyu Tolgoi cont'd (September 2026)
Oyu Tolgoi cont’d (September 2026) 18 SEPTEMBER 2026 Infill drilling at Lift 2. Road train delivering ore to Source: Entrée Resources – Sept 2026. underground crushers Source: Entrée Resources – Sept 2026.
Slide 19: Appendix
SEPTEMBER 2026 YOUR SUBTITLE Lorem ipsum dolor amet, consect adipiscing eliroin cursus APPENDIX YOUR SUBTITLE Lorem ipsum dolor amet, consect adipiscing elitroin cursus YOUR SUBTITLE Lorem ipsum dolor amet, consect adipiscing eliroin cursus
Slide 20: Entrée Overview
20 Entrée Overview SEPTEMBER 2026 CASH BALANCE MARKET CAP Cornerstone Shareholders Ownership $3.1M ~$531M Royal Gold, Inc.* 24% USD CAD As of Rio Tinto 16% August 7, 2026 June 30, 2026 SHARES OUTSTANDING TSX: ETG ~209M OTCQB: ERLFF August 11, 2026 Through its wholly owned Canadian subsidiary Interna
Slide 21: Entrée/Oyu Tolgoi JV Property – Mineral Resources & Reserves
21 Entrée/Oyu Tolgoi JV Property SEPTEMBER 2026 Mineral Resources & Reserves High-grade, Large Resources Effective date of mineral resources is March 31, 2021; effective date of mineral reserves is May 15, 2021. MINERAL RESERVES – HUGO NORTH EXTENSION LIFT 1 Entrée has a 20% carried interest in the
Slide 22: Highlights – 2021 Reserve Case and 2021 PEA
22 Highlights SEPTEMBER 2026 2021 Reserve Case and 2021 PEA Metal prices used for the financial analysis for both the 2021 Reserve Case and the 2021 PEA: copper $3.25/lb, gold $1,591.00/oz, silver $21.08/oz. 2021 Reserve Case 2021 PEA Entrée/Oyu Tolgoi JV Property Units (HNE Lift 1) (HNE Lift 2) ENT
Slide 23: Capital Costs
Below: Oyu Tolgoi’s operations. Source: http://ot.mn/ 23 2021 Reserve Case and 2021 PEA 2026 SEPTEMBER 2023 Capital Costs LOW CAPITAL AND DEVELOPMENT RISK FOR ENTRÉE Financial Highlights (in USD, attributable to Entrée) 2021 Reserve Case 2021 PEA (HNE Lift 1) (HNE Lift 2) Direct Development & Sustai
Slide 24: Operating Costs
24 2021 Reserve Case and 2021 PEA SEPTEMBER 2026 Operating Costs LOW C1 CASH COSTS AND AISC ATTRIBUTABLE TO ENTRÉE Operating Costs (in USD, attributable to Entrée) 2021 Reserve Case 2021 PEA Units (HNE Lift 1) (HNE Lift 2) Average LOM cash costs after credits (C1) $/lb (payable copper) $0.79 $0.30 A
Slide 25: Experienced Leadership
25 Experienced Leadership SEPTEMBER 2026 Experience Achievements Roles Former head of Mining Finance for the Americas with Macquarie CHRIS ADAMS Mining finance professional with B.Com. from McGill, 35+ years Group Limited. Worked in mining investment banking in Canada President, CEO & Director MBA f
Slide 26: For more information, please contact
TSX: ETG ◆ OTCQB: ERLFF 26 SEPTEMBER 2026 For more information, please contact: DUANE LO PHONE Chief Financial Officer 604 687 4777 (office) dlo@EntreeResourcesLtd.com 1 866 368 7330 (toll free) DAVID JAN EntreeResourcesLtd.com Investor Relations djan@EntreeResourcesLtd.com
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