Entrée/Oyu Tolgoi JV Property

Combined underground copper-gold-molybdenum porphyry complex comprising the Hugo North Extension (Lift 1 and Lift 2) and Heruga deposits, forming the northern and southern extensions of the Oyu Tolgoi trend. Located in the South Gobi region of Mongolia, 570 km south of Ulaanbaatar, accessed by road, air, and a newly constructed railway route. Property covers the Shivee Tolgoi and Javkhlant mining licences (62,920 ha) held by Entrée LLC on behalf of the joint venture. Hugo North Extension Lift 1 development is currently paused pending the transfer of the mining licences to the operator. Hosted within the Palaeozoic Gurvansayhan Terrane. The joint venture was formed in 2008 after the operator completed a $35 million earn-in. Ore will be processed at the existing Oyu Tolgoi concentrator. 2021 PEA for Lift 2 outlines a 40,500 tpd block cave operation over a 22-year mine life. Key risks include the resolution of the State's 34% interest and the completion of the licence transfer to the operator. Flagship Mongolian joint venture asset.