ENTRÉE RESOURCES ANNOUNCES FISCAL YEAR 2022 RESULTS and REVIEWS CORPORATE HIGHLIGHTS

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ENTRÉE RESOURCES ANNOUNCES FISCAL YEAR 2022 RESULTS and REVIEWS CORPORATE HIGHLIGHTS /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire VANCOUVER, BC , March 31, 2023 /CNW/ - Entrée Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) – the " Company " or " Entrée ") has today filed its annual operational and financial results for the year ended December 31, 2022 . All numbers are in U.S. dollars unless otherwise noted. 2022 HIGHLIGHTS Oyu Tolgoi Underground Development Update The Oyu Tolgoi project in Mongolia includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée's joint venture partner Oyu Tolgoi LLC (" OTLLC ") and the Entrée/Oyu Tolgoi JV Property, which is a partnership between Entrée and OTLLC. Updates on underground development were provided on February 15, 2023 , March 13, 2023 and January 17, 2023 , and November 14, 2022 , by OTLLC, Rio Tinto and Turquoise Hill Resources Ltd. ("Turquoise Hill"), respectively. On March 13, 2023 , Rio Tinto announced the commencement of underground production from Oyu Tolgoi Lift 1 Panel 0 on the Oyu Tolgoi mining licence. 30 draw bells have been blasted and copper is now being produced from the underground mine. Production will ramp up over the coming years, with Oyu Tolgoi expected to become the fourth largest copper mine in the world by 2030. The Lift 1 mine plan incorporates the development of three panels, and in order to reach the full sustainable production rate of 95,000 tonnes per day from the underground operations all three panels need to be in production. The Hugo North Extension deposit on the Entrée/Oyu Tolgoi JV Property is located at the northern portion of Panel 1. Workforce numbers are now at full capacity. The total Oyu Tolgoi workforce currently comprises ~20,000 people, of which 97% are Mongolian. Underground construction progress was at 82% complete at year end and there have been no changes to key project milestone dates since the 2022 cost and schedule update. The Shaft 3 headframe was commissioned and sinking commenced on March 31, 2022 . Shaft 3 is approximately 35% complete w...

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