Entree Resources Ltd · TSX:ETG
Entree Resources — Investor Presentation (November 2025)
23 slides from Entree Resources's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
NOVEMBER 2025 2025 NOVEMBER 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,
Slide 2: Cautionary Statement
2 2025 NOVEMBER Cautionary Statement This presentation contains forward-looking information within the meaning of applicable expectations about future events as at the date that such information was prepared, the Canadian securities laws. information is not a guarantee of Entrée’s future performance
Slide 3: Cautionary Statement cont'd
3 2025 NOVEMBER 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 expa
Slide 4: Why Invest
4 2025 NOVEMBER 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 o
Slide 5: About Us
5 About Us Oyu Tolgoi copper-gold 2025 NOVEMBER 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 in
Slide 6: Oyu Tolgoi
6 OYU TOLGOI 2025 NOVEMBER ▪ Joint venture with OTLLC (Entrée/Oyu Tolgoi JV or EJV) since June 2008 on area of 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 under
Slide 7: EJV Deposits: Hugo North Extension & Heruga
EJV Deposits 7 Hugo North Extension (HNE) & Heruga 2025 NOVEMBER 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 i
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 2025 NOVEMBER Extension 2025 Lift 1 & Lift 2 NOVEMBER Decline ~ 1300m Northeast Longitudinal view Development Scenarios* HNE Lift 1 development work LIFT 1 paused pending transfer of Licens
Slide 9: Entrée/Oyu Tolgoi JV Agreement
9 2025 NOVEMBER JV Agreement 2025 Entrée/Oyu Tolgoi JV NOVEMBER • 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 1 and Lift 2
10 Cash Flows – HNE Lift 1 and Lift 2 1,2,3 2025 NOVEMBER 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 PE
Slide 11: Hugo North Extension – Lift 1 UG Development
OTLLC – Hugo North SHAFTS: - Completed (1,2,5) 11 Hugo North Extension – - In progress (3,4) 2025 NOVEMBER 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 LIFT
Slide 12: Hugo North Extension – Deposit Drilling
12 Hugo North Extension – 2025 NOVEMBER Deposit Drilling ▪ Hugo North Extension in-fill diamond drilling: o 2024 drilling program on Shivee Tolgoi license area completed: ➢ ~6,567 metres in 27 underground holes & ~5,341 metres in 10 surface holes ➢ Will support updated resource model for Hugo North
Slide 13: Heruga – Future Potential
13 Heruga – Future Potential 2025 NOVEMBER ▪ 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 Southwest
Slide 14: Potential Near-Term Catalysts
POTENTIAL NEAR-TERM CATALYSTS 14 2025 NOVEMBER ▪ Transfer of Licenses from Entrée LLC to OTLLC on behalf of EJV o License Transfer Agreements and all supporting documentation submitted to Mongolian tax authority (MTA) o On August 1, 2025, Entrée LLC filed claim with the Administrative Court of Mongo
Slide 15: Potential Near-Term Catalysts cont'd
15 POTENTIAL NEAR-TERM CATALYSTS cont’d 2025 NOVEMBER ▪ Resumption of Lift 1 underground development work on HNE deposit o Transfer of Shivee Tolgoi mining license to OTLLC a pre-condition ▪ Parties working towards potential conversion of JV Agreement into more effective agreement of equivalent econ
Slide 16: Our Team
16 Our Team 2025 NOVEMBER 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
Slide 17: For more information, please contact
TSX: ETG ◆ OTCQB: ERLFF 17 2025 NOVEMBER 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
2025 NOVEMBER 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 2025 NOVEMBER Cornerstone Shareholders Ownership CASH BALANCE MARKET CAP (as at November 3, 2025) $4. 9M ~$492M Royal Gold, Inc.* 24% USD CAD As of Rio Tinto 16% November 3, 2025 September 30, 2025 SHARES OUTSTANDING TSX: ETG ~208M OTCQB: ERLFF November 3, 2025 Through its wholly
Slide 20: Mineral Resources & Reserves
20 Entrée/Oyu Tolgoi JV Property 2025 NOVEMBER 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 H
Slide 21: Highlights: 2021 Reserve Case and 2021 PEA
21 Highlights 2025 NOVEMBER 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) ENTR
Slide 22: Capital Costs
Below: Oyu Tolgoi’s operations. Source: http://ot.mn/ 22 2021 Reserve Case and 2021 PEA 2025 NOVEMBER 2023 Capital Costs NOVEMBER 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
Slide 23: Operating Costs
23 2021 Reserve Case and 2021 PEA 2025 NOVEMBER 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 Av
Entrée Resources — Investor Presentation (November 2025) on 6ix