MONTREAL, Nov. 29, 2021 /PRNewswire/ - Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") announced today that, in light of the progress made in the ongoing negotiations between the Government of Mongolia, Rio Tinto and the Company, the Board of Directors of OT LLC (the "OT Board") approved a bridging budget of $75M to continue to progress critical activities in the Oyu Tolgoi ("OT") underground mine development project. The Company expects that the approved increase should be sufficient to sustain work on the development of the OT underground mine up to mid January 2022.

While the Company believes that the decision to approve the bridging budget was a necessary and positive step in the near term, the Company cautions that there can be no assurance that the OT Board will approve any future necessary additional investments to further progress underground development and accordingly OT LLC remains at risk of having to slow down further work on the underground development.

Forward-looking statements and forward-looking information

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to etc. etc..