ancouver, BC | Horizon Copper Corp. (TSX-V: HCU, OTCQX: HNCUF) (“Horizon Copper”, “Horizon”, or the “Company”) is pleased to provide an update from Entrée Resources Ltd. (“Entrée”) regarding the arbitration proceedings related to its Joint Venture Agreement (“JVA”) on the Oyu Tolgoi copper project in Mongolia.

On December 19, 2024, Entrée announced a favorable outcome in its binding arbitration proceedings against its joint venture partner Oyu Tolgoi LLC (“OTLLC”) and Turquoise Hill Resources Ltd. An international arbitration Tribunal issued a partial final award in Entrée’s favor, upholding key aspects of its JVA with OTLLC. Entrée highlighted that the outcome delivers more certainty for the Oyu Tolgoi project, particularly as critical development work for Lift 1 Panel 1 remains ongoing.

Entrée and OTLLC have been operating under the Entrée/Oyu Tolgoi JVA, which is appended to the amended 2004 Equity Participation and Earn-in Agreement (the "Earn-in Agreement"), since OTLLC completed its earn-in obligations in 2008. Entrée commenced proceedings in May 2022, seeking declarations and orders for specific performance relating to certain provisions of the Earn-in Agreement and JVA with OTLLC. The Tribunal issued final and binding declarations that:

OTLLC is obligated to provide to Entrée an executed copy of the JVA, in the form appended to the Earn-in Agreement, subject only to any amendments to its terms that Entrée and OTLLC mutually agree;
OTLLC is obligated to facilitate and accept the transfer of the Shivee Tolgoi and Javhlant mining licenses (the “Licenses”) for the Entrée/Oyu Tolgoi joint venture as required by the JVA; and
Any taxes and fees assessed on the transfer of the Licenses are subject to the terms of the JVA, with OTLLC contributing Entrée’s 20% share as a loan under Section 10.1 of the JVA.

A ruling on Entrée’s additional claims for specific performance, equitable damages, and costs remain outstanding, and Entrée will update the market in due course.

For more information, visit www.entreeresourcesltd.com and refer to Entrée’s press release dated December 19, 2024. Horizon Copper has exposure to the Hugo North Extension of the Oyu Tolgoi copper mine through its 24% equity ownership of Entrée.


For more information about Horizon Copper, please visit our website at www.horizoncopper.com or email us at info@horizoncopper.com