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Entrée Resources has a 20% participating interest in a JV (EJV) covering part of the Oyu Tolgoi (OT) copper mine in Mongolia. The EJV has the characteristics of a royalty with the benefits of a producer, resulting in low financial risk, low capital development risk and low operational risk. The development of Hugo North Extension (HNE) Lift 1 is fully funded by Entrée’s JV partner and all development and operations are managed by Rio Tinto. We consider that future development of the deeper parts of HNE (also known as HNE Lift 2) and Heruga should follow the same path as HNE Lift 1, providing Entrée shareholders with materially de-risked cash flows for, potentially, several decades.

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