Slide 1: Partner in the World Class Oyu Tolgoi Underground Copper-Gold Mine
May 2022 MAY 2022 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 amet, TSX: ETG
Slide 2: Cautionary Statement
2 MAY 2022 Cautionary Statement This presentation contains forward-looking statements within the meaning of the United States boundaries; the construction and continued development of the Oyu Tolgoi underground mine; Private Securities Litigation Reform Act of 1995 and forward-looking information wi
Slide 3: Cautionary Statement cont'd
3 MAY 2022 Cautionary Statement cont’d With respect to the 2021 PEA, it is based on a conceptual mine plan that includes Inferred subject to the reporting and disclosure requirements under the United States federal securities mineral resources. Numerous assumptions were made in the preparation of th
Slide 4: About Us
4 MAY 2022 About Us Entrée Resources is a Canadian mining company with a unique carried joint ESTABLISHED ASSET LOW RISK venture interest in a High grade and part of one of the world’s largest copper-gold Many characteristics of a royalty. Low capital and project significant portion of the projects.
Slide 5: Entrée/Oyu Tolgoi JV Deposits
5 MAY 2022 Entrée/Oyu Tolgoi JV Deposits Entrée/Oyu Tolgoi JV property is an integral part of the world-class Oyu Tolgoi copper-gold project The Entrée/Oyu Tolgoi JV (EJV) property includes: 1 Hugo North Extension (HNE) (Cu-Au) • 2021 Reserve Case (Lift 1) • 2021 PEA (Lift 2) 2 Heruga (Cu-Au-Mo) Ent
Slide 6: Technical Report: Development Scenarios
6 2022 May 2021 MAY2022 Amended October 2021 MAY Technical Report Hugo North Extension Development production Development Scenarios from Hugo North Extension Lift 1 expected 2H 2023* Lift 1 Lift 2 *Current estimate as at April 2022, subject to change. The 2021 Technical Report assumes first developm
Slide 7: Entrée Overview
7 Entrée Overview MAY 2022 Cornerstone Shareholders Ownership TREASURY MARKET CAP (as at April 1, 2022) $8.5M ~$200M Sandstorm Gold Ltd. 25% USD CAD As of Rio Tinto 9% As of March 31, 2022 April 30, 2022 Turquoise Hill Resources* 7% SHARES OUTSTANDING ~197M TSX: ETG As of April 1, 2022 OTCQB: ERLFF
Slide 8: Near-term potential catalysts and milestones
8 2022 MAY2022 Why Invest MAY Near-term potential catalysts and milestones: EJV DEVELOPMENT COMPLETION OF POTENTIAL TO EXPANDED PRODUCTION PANEL 1 DESIGN AMEND EJV EXPLORATION expected 2H 2023 at Hugo OPTIMIZATION to align stakeholder interests programs on priority STUDY North Extension Lift 1* as t
Slide 9: Entrée/Oyu Tolgoi JV Prospects
9 MAY 2022 Entrée/Oyu Tolgoi JV Prospects When Lift 1 underground reaches peak production, Oyu Tolgoi is expected to be the fourth largest copper mine in the world The EJV property includes significant exploration potential: Airstrip Mag West Gravity Ridge Bumbat Ulaan Southeast IP Ulaan Khud Heruga
Slide 10: 2021 Technical Report EJV Deposits
10 EJV Deposits MAY 2022 2021 Technical Report Mineralization in the 1- Based on assumptions in the 2021 Technical 2021 Reserve Case Report, which are subject to change as a result of on- going Panel 1 design optimization study by OTLLC. 2- The economic analysis in the 2021 PEA (HNE Lift 2) does not
Slide 11: Hugo North Extension Lifts 1 & 2
OTLLC – Hugo North SHAFTS: - Completed (1,2,5) 11 - In progress (3,4) MAY 2022 LIFT 1 Hugo North Extension Basis of the 2021 Reserve Case Lifts 1 & 2 LIFT 2 HUGO NORTH LIFT 1 UNDERGROUND Second potential DEVELOPMENT IS UNDERWAY lift to be mined at HNE; basis of the • January 2022 announcement by Tur
Slide 12: 2021 Reserve Case and 2021 PEA Highlights
12 Highlights MAY 2022 2021 Reserve Case and 2021 PEA 2021 Reserve Case 2021 PEA Entrée/Oyu Tolgoi JV Property Units (HNE Lift 1) (HNE Lift 2) ENTRÉE ATTRIBUTABLE FINANCIAL RESULTS Cash Flow, pre-tax US$M 449 1,982 NPV(5%), after-tax US$M 185 541 NPV(8%), after-tax US$M 131 306 EJV LOM RECOVERED MET
Slide 13: Mineral Resources & Reserves
13 Entrée/Oyu Tolgoi JV Property MAY 2022 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 Hugo N
Slide 14: 2021 Reserve Case Production Schedule
14 HUGO NORTH EXTENSION LIFT 1 PRODUCTION MAY 2022 10,000 7.25 Production Profile 9,000 2021 Reserve 6.25 8,000 Case Production 7,000 5.25 Schedule Grade (% or g/t) 6,000 4.25 K Tonnes 5,000 3.25 4,000 3,000 2.25 2,000 Based on assumptions in 2021 Technical Report. 1.25 Entrée has a 20% attributable
Slide 15: 2021 PEA Production Schedule
15 HUGO NORTH EXTENSION LIFT 2 PRODUCTION MAY 2022 16,000 4.25 Production Profile 2021 PEA 14,000 3.75 Production 12,000 3.25 Schedule 10,000 2.75 Grade (% or g/t) K Tonnes 8,000 2.25 LIFT 2: NEXT PHASE OF HNE 6,000 1.75 DEVELOPMENT AFTER LIFT 1 4,000 1.25 2,000 0.75 Entrée has a 20% attributable in
Slide 16: Entrée/Oyu Tolgoi JV Structure
16 2022 Entrée/Oyu MAY2022 Entrée/Oyu Tolgoi JV Tolgoi JV MAY Structure • Entrée not responsible for upfront payment of capital costs of surface infrastructure and underground development on the Oyu Tolgoi mining licence • OTLLC will contribute Entrée’s share of 80% 20%* project/exploration costs on
Slide 17: Capital Costs
Below: Oyu Tolgoi’s operations. Source: http://ot.mn/ 17 2021 Reserve Case and 2021 PEA 2022 MAY2022 Capital Costs MAY 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 & Sustainin
Slide 18: Operating Costs
18 2021 Reserve Case and 2021 PEA MAY 2022 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 credit (C1) $/lb (payable copper) $0.79 $0.30 Average
Slide 19: Panel 1 Mine Design
19 MAY 2022 Panel 1 Mine Design • OTLLC’s OTMSS20 completed July 2020, incorporates new mine design for Lift 1 of Hugo North Panel 0 and is basis for 2021 Reserve Case • Lift 1 mine plan includes development of three panels (Panels 0, 1 & 2) • HNE located at northern portion of Panel 1 • Panel 1 des
Slide 20: Investment Highlights
20 20 MAY 2022 MAY 2022 Why Invest Panel 1 design Potential to amend Investment optimization study Entrée/Oyu Tolgoi JV Highlights and first EJV Lift 1 (EJV) to align and benefit development stakeholder interests production currently expected 2023* POTENTIAL TO AMEND EJV to align stakeholder interes
Slide 21: Experienced Leadership
21 Our Team MAY 2022 Experienced Leadership Experience Achievements Roles STEPHEN SCOTT Former executive roles at Rio Tinto and current director of Atalaya 30+ years Global operational and executive experience President, CEO & Director Mining and Victoria Gold. DUANE LO Progressively senior global f
Slide 22: Thank You.
TSX: ETG ◆ OTCQB: ERLFF 22 2022 MAY2022 MAY Thank You. For more information, please contact: STEPHEN SCOTT PHONE President & Chief Executive Officer 604 687 4777 (office) sscott@EntreeResourcesLtd.com 1 866 368 7330 (toll free) DAVID JAN EntreeResourcesLtd.com Investor Relations djan@EntreeResources