Entree Resources Ltd · TSX:ETG
Entree Resources — Investor Presentation (June 2025)
23 slides from Entree Resources's investor presentation, June 2025
Slide 1: Corporate Presentation: Partner in the World Class Oyu Tolgoi Underground Copper-Gold Mine
JUNE 2025 JUNE 2025 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: ET
Slide 2: Cautionary Statement
2 JUNE 2025 Cautionary Statement This presentation contains forward-looking information within the meaning of applicable information was prepared, the information is not a guarantee of Entrée’s future performance Canadian securities laws. and is based on numerous assumptions regarding present and fu
Slide 3: Cautionary Statement cont'd
3 JUNE 2025 Cautionary Statement cont’d complete the Oyu Tolgoi project and the availability and amount of potential sources of Robert Cinits, P.Geo., has approved the technical information in this presentation. Mr. Cinits is a additional funding; the timing and cost of the construction and expansio
Slide 4: Why Invest
4 JUNE 2025 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 of th
Slide 5: About Us: Oyu Tolgoi copper-gold project in Mongolia
5 About Us Oyu Tolgoi copper-gold JUNE 2025 project in Mongolia ▪ High grade / low cost / long life ▪ Close proximity to market (China) ▪ Owned and operated by Rio Tinto and Government of Mongolia through Oyu Tolgoi LLC (OTLLC) ▪ 4th largest copper mine once all three underground Lift 1 Panels are i
Slide 6: Oyu Tolgoi
6 OYU TOLGOI JUNE 2025 ▪ Joint venture with OTLLC (Entrée/Oyu Tolgoi JV or EJV) since June 2008 ▪ EJV partners always intended OTLLC to hold mining licenses integral to the project o Joint Venture Agreement requires OTLLC to hold 2 title as Manager on behalf of EJV o Oyu Tolgoi Investment Agreement
Slide 7: EJV Deposits: Hugo North Extension & Heruga
EJV Deposits 7 Hugo North Extension (HNE) & Heruga JUNE 2025 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 inclu
Slide 8: 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 2025 Extension JUNE2025 Lift 1 & Lift 2 JUNE Decline ~ 1300m Northeast Longitudinal view Development Scenarios* HNE Lift 1 Panel 1 development work LIFT 1 paused pending license transfer Li
Slide 9: JV Agreement
9 2025 JV Agreement JUNE2025 Entrée/Oyu Tolgoi JV JUNE • 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 at RBC 80
Slide 10: Cash Flows – HNE Lift 1 and Lift 2
10 Cash Flows – HNE Lift 1 and Lift 2 1,2,3 JUNE 2025 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 PEA 16
Slide 11: Hugo North Extension - Underground Project Development
OTLLC – Hugo North Hugo North Extension - SHAFTS: - Completed (1,2,5) 11 - In progress (3,4) Underground Project JUNE 2025 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 design
Slide 12: Hugo North Extension - Underground Project Development
12 Hugo North Extension - JUNE 2025 Underground Project Development ▪ Hugo North Extension in-fill diamond drilling*: o 2024 drilling program on Shivee Tolgoi license: ➢ ~6,567 metres in 27 underground holes & ~5,211 metres in 10 surface holes, with one surface hole still in progress ➢ Drilling will
Slide 13: Heruga Deposit
13 Heruga Deposit JUNE 2025 ▪ 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 ▪ Deposit drilling 3 : E
Slide 14: Potential Near-Term Catalysts
POTENTIAL NEAR-TERM CATALYSTS 14 JUNE 2025 ▪ Transfer of Shivee Tolgoi and Javkhlant mining licenses from Entrée LLC to OTLLC on behalf of EJV o Required under Joint Venture Agreement and contemplated by Oyu Tolgoi Investment Agreement o Following December 2024 partial final award of international a
Slide 15: Potential Near-Term Catalysts cont'd
15 POTENTIAL NEAR-TERM CATALYSTS cont’d JUNE 2025 ▪ Resumption of Lift 1 Panel 1 underground development work on HNE deposit o Timely transfer of Shivee Tolgoi mining license a pre-condition ▪ Parties working towards potential conversion of Joint Venture Agreement into more effective agreement of eq
Slide 16: Our Team: Experienced Leadership
16 Our Team JUNE 2025 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. Currently a CFO and/or director of several public comp
Slide 17: For more information, please contact
TSX: ETG ◆ OTCQB: ERLFF 17 JUNE 2025 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
Slide 18: Appendix
JUNE 2025 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 19: Entrée Overview
19 Entrée Overview JUNE 2025 Cornerstone Shareholders Ownership CASH BALANCE MARKET CAP (as at June 10, 2025) $5.8M ~$415M Horizon Copper Corp. 24% USD CAD As of Rio Tinto 16% June 10, 2025 March 31, 2025 SHARES OUTSTANDING TSX: ETG ~207M OTCQB: ERLFF June 10, 2025
Slide 20: Mineral Resources & Reserves
20 Entrée/Oyu Tolgoi JV Property JUNE 2025 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
Slide 21: 2021 Reserve Case and 2021 PEA Highlights
21 Highlights JUNE 2025 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) ENTRÉE A
Slide 22: Capital Costs
Below: Oyu Tolgoi’s operations. Source: http://ot.mn/ 22 2021 Reserve Case and 2021 PEA 2025 June 2025 Capital Costs JUNE 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 23: Operating Costs
23 2021 Reserve Case and 2021 PEA JUNE 2025 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 Averag