Vancouver, B.C., February 28, 2024 – Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) is pleased to provide partial diamond drill hole (“DDH”) results from the 2022 drilling program over the Hugo North Extension (“HNE”) deposit on the Entrée/Oyu Tolgoi JV Property in Mongolia. The vast majority of the analytical results from the 2022 program are still pending from the laboratory and will be reported as soon as they become available from the Company’s joint venture partner Oyu Tolgoi LLC (“OTLLC”). The Company Is also pleased to report that first underground development work on the Entrée/Oyu Tolgoi JV Property is scheduled to commence in H2 2024.

HIGHLIGHTS

DDH UGD583A: 274 metres (“m”) grading 2.79% copper equivalent* (“CuEq”).

DDH UGD586: 300 m grading 3.46% CuEq including, 144 m grading 4.12% CuEq.

22 underground holes and 4 surface holes drilled during 2022 targeting Lift 1 and/or Lift 2, with most holes still pending analytical results.

*Copper equivalent is defined in Table 1, where full details on the drill hole assay intervals are also found.

Stephen Scott, Entrée’s President and CEO said, “We are very pleased with these drill results from HNE, which are the first holes drilled into the HNE deposit since 2011. While the majority of the 2022 drill holes were designed to provide structural and geotechnical information to support the Lift 1 Panel 1 technical studies incorporated into the 2023 Oyu Tolgoi Feasibility Study as well as development by OTLLC, they also demonstrate the remarkable continuity of the significant copper and gold grades at HNE. The drilling program increases the drill hole density at HNE and these holes will be incorporated into the next updated resource estimate. I am also very excited that we are approaching the important milestone of first physical development activity on the Entrée/Oyu Tolgoi JV Property. While the work planned to be completed in 2024 is entirely on support infrastructure outside of the orebody footprint, and it is still going to be some time before first concentrate production, it will certainly be a historical moment for the Company.”

2022 DRILLING PROGRAM

The initial batches of underground diamond drill results have been received from the 2022 drilling program at the HNE deposit, with analytical results available for 6 of the 26 drill holes. It is the Company’s understanding that OTLLC’s primary objectives for the 2022 drilling was for structural and geotechnical studies, prior to initiating the core sampling and assaying process and that all core has been cut and submitted to the laboratory for analysis. The significant mineralized intervals received to date from the 2022 drilling are summarized in Table 1 and shown on Figure 1.

Table 1: Drill Results from 2022 Drilling at HNE Deposit1
Drill Hole From (m) To (m) Length2 (m) Au (ppm) Cu (%) Ag (ppm) CuEq3 (%)
UGD582A 139 396 257 0.02 0.58 1.40 0.60
UGD583A 184 458 274 0.73 2.36 5.33 2.79
UGD584A 176 375 199 0.03 0.62 1.99 0.65
UGD586 122 300 178 0.96 2.90 6.20 3.46
including 144 288 144 1.07 3.50 7.21 4.12
UGD5904 no significant results
UGD6144 no significant results

All of the analytical results shown above are only for the portions of the drill holes on the Entrée/Oyu Tolgoi JV Property.
Approximate true widths are variable depending on the orientation of the drill hole and are estimated as the following percentages of the drilled widths: UGD 582A, 0%; UGD583A, 64%; UGD584A, 0%; UGD586, 67%.
CuEq is calculated by the formula CuEq = Cu + ((Au * 35.7175) + (Ag * 0.5773)) / 67.9023, taking into account differentials between metallurgical performance and price for copper, gold and silver. Metal prices used are $3.08/lb Cu, $1,292.00/oz Au, $19.00/oz Ag and $10.00/lb Mo. Metallurgical recoveries used are 82% for copper, 73% for gold and 78% for silver.
Drill holes UGD590 and 614 were drilled mostly on the Oyu Tolgoi mining licence and at the point when they crossed onto the Entrée/Oyu Tolgoi JV Property they were outside of the mineralized footprint.

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