Entree Resources Ltd. press release

Entrée Resources Provides JV Licenses Update and Drill and Regional Exploration Results

2026-04-09

TSX - Toronto Stock Exchange · Copper · Gold · Silver · Molybdenum · Canada · Drill Results

VANCOUVER, British Columbia, April 09, 2026 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) provides an update on matters related to the Entrée/Oyu Tolgoi joint venture (the “Entrée/Oyu Tolgoi JV”) mining licenses as well as drill and regional exploration results received from the Company’s joint venture partner Oyu Tolgoi LLC (“OT LLC”).

ENTRÉE/OYU TOLGOI JV LICENSES UPDATE The Company continues to focus its efforts on the transfer of the Shivee Tolgoi and Javkhlant mining licenses (the “JV Licenses”) from the Company’s Mongolian subsidiary Entrée LLC to OT LLC. Transfer of the JV Licenses is necessary to enable Lift 1 Panel 1 underground development work on the Shivee Tolgoi mining license area to proceed.

On March 25, 2026, the Company delivered a non-binding proposal to the Minister of Industry and Mineral Resources of Mongolia as head of the Government Working Group established to negotiate the State’s interest in the area of the JV Licenses. The proposal contemplates, among other things, the transfer of the JV Licenses to OT LLC as required under the Oyu Tolgoi Investment Agreement and the Entrée/Oyu Tolgoi JV Agreement and payment of a negotiated royalty on the gross sales value of the Company’s concentrate as contemplated under the Minerals Law of Mongolia in lieu of the State being a 34% equity participant. The proposal is intended to form the basis for further discussions and negotiations with the Government of Mongolia.

On March 31, 2026, following the resignation of Prime Minister Zandanshatar, N. Uchral was sworn in as the 35th Prime Minster of Mongolia. On April 3, 2026, Prime Minister Uchral introduced his new cabinet, reappointing G. Damdinnyam as the Minister of Industry and Mineral Resources. The Company will continue to monitor the situation, including any potential changes to the Government Working Group, and provide further updates as considered necessary.

Entrée remains committed to working with the Government of Mongolia, Rio Tinto, and OT LLC in accordance with applicable laws of Mongolia to unlock the Oyu Tolgoi project’s full potential for the benefit of all parties.

DRILL AND REGIONAL EXPLORATION RESULTS The Company is pleased to provide analytical results for one surface diamond drill hole (“DDH”) and 4 underground DDHs, which were part of the 2024 and 2025 in-fill drilling programs at the Hugo North Extension (“HNE”) deposit on the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property”) in Mongolia. Regional exploration results are also provided, including analytical results for nine DDHs from the 2025 regional drilling campaign testing several targets on the Shivee Tolgoi and Javkhlant mining licences. All work was completed by the Company’s joint venture partner OT LLC, with expenditures borne by OT LLC and Entrée in proportion to their participating interests in the Entrée/Oyu Tolgoi JV.

DRILL HOLE HIGHLIGHTS Significant HNE Underground Drill Holes

UGD951: 124 metres grading 3.41% copper equivalent (“CuEq”), including 62 metres grading 4.36% CuEq. UGD952A: 42.4 metres grading 1.32% CuEq.

Significant Regional Exploration Drill Holes (Ulaan Khud Target)

EGD198: 308 metres grading 0.29% copper, 107 ppm molybdenum, including 50.75 metres grading 0.47% copper, 118 ppm molybdenum. EGD199: 420 metres grading 0.30% copper, 139 ppm molybdenum, including 150.46 metres grading 0.44% copper, 295 ppm molybdenum.

Note: CuEq for HNE is defined in Note 3 to Tables 1 and 2 below, where details on the drill hole assay intervals are also found.

HNE DRILLING RESULTS The new drill hole analytical results received from OT LLC include one underground DDH from the 2024 drilling program and one surface DDH and 3 underground DDHs from the 2025 drilling program on the HNE deposit. The surface DDH was collared on the Entrée/Oyu Tolgoi JV Property, and the underground DDHs were all collared from existing infrastructure on the Oyu Tolgoi mining licence (100% OT LLC) and drilled towards the northwest or northeast onto the Entrée/Oyu Tolgoi JV Property. The DDHs targeted mineralization within or surrounding the existing footprint of the HNE deposit (Figure 1) in the proposed Lift 2 block cave. Details about the 2024 drilling program, including DDH locations, were previously disclosed by Entrée on February 27, 2025 (see the news release titled, “Entrée Announces Drill Results From Hugo North Extension and Heruga Deposits”).

Analytical results from the surface and underground DDH data provided by OT LLC are summarized in Table 1 and Table 2, respectively, and are shown on Figure 1.

Collar and drilling information for 5 DDHs which were part of the 2024 drilling program but completed in 2025 (3 surface drill holes and 2 underground drill holes), as well as details for 28 DDHs from the approved 2025 drilling program (6 surface drill holes and 22 underground drill holes) are provided in Table 3 and Table 4 below.

Analytical results for 3 surface DDHs and 4 underground DDHs from the 2024 drilling program and 19 underground DDHs from the 2025 drilling program at HNE are still pending. These results will be reported as they become available from OT LLC.

Table 1: Surface Drill Results from the 2025 Drilling Program at the HNE Deposit1

| Drill Hole | Year | From (m) | To (m) | Length2 (m) | Copper (%) | Gold (ppm) | Silver (ppm) | CuEq3 (%) | | EGD191 | 2025 | No | significant | results | | | | |

Note: EGD191 was terminated prior to reaching the HNE grade shell.

Table 2: Underground Drill Results from the 2024 and 2025 Drilling Programs at the HNE Deposit1

| Drill Hole | Year | From (m) | To (m) | Length2 (m) | Copper (%) | Gold (ppm) | Silver (ppm) | CuEq3 (%) | | UGD927B | 2024 | 334 | 348 | 14 | 0.48 | 0.05 | 0.82 | 0.51 | | and | | 370 | 563.3 | 193.3 | 0.42 | 0.04 | 0.88 | 0.45 | | UGD951 | 2025 | 218 | 342 | 124 | 2.91 | 0.84 | 7.35 | 3.41 | | including | | 218 | 280 | 62 | 3.77 | 0.98 | 9.17 | 4.36 | | UGD952A | 2025 | 220 | 262.4 | 42.4 | 1.15 | 0.28 | 2.96 | 1.32 | | UGD987 | 2025 | No | significant | results | | | | |

Notes for Tables 1 and 2:

1. Analytical results are length weighted averages, only for the portions of the drill holes on the Entrée/Oyu Tolgoi JV Property. 2. Lengths reported are drilled lengths. Approximate true widths are variable depending on the orientation of the drill hole. Several of the holes are geotechnical holes drilled subparallel to the trend of the porphyry. Other holes are drilled across the trend of the porphyry at varying orientations with estimated true widths ranging between approximately 20% and 70% of the drilled lengths. 3. CuEq at HNE is calculated using the formula in the Company’s Technical Report on the Entrée/Oyu Tolgoi Joint Venture Project with an effective date of October 8, 2021, as follows: 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 US$3.08/lb copper, US$1,292.00/oz gold, and US$19.00/oz silver. Metallurgical recoveries used are 82% for copper, 73% for gold and 78% for silver.

Figure 1: Plan View of Newly Released Assay Intervals and Locations of 2022-2025 Drill Holes

Surface drill hole EGD191 was collared above the centre of the surface projection of the HNE mineralized footprint and drilled very steeply towards the north. After crossing through approximately 1,078 metres of barren granodiorite, sedimentary and volcanic units, the final 29 metres intersected weakly mineralized volcanics averaging 0.23% copper, near the top of the porphyry deposit, at which point the DDH was terminated.

Underground DDH UGD927B was drilled at a moderate dip towards the northeast, parallel to the trend of the porphyry deposit. The DDH remained in low grade copper mineralization east of the main mineralized porphyry and was drilled primarily for geotechnical purposes.

Underground DDH UGD951 was collared on the Oyu Tolgoi mining licence and drilled at a gentle dip towards the west-northwest. After crossing onto the Entrée/Oyu Tolgoi JV Property at 218 metres it immediately entered into the western portion of the HNE deposit in heavily phyllic and potassic altered quartz monzodiorite, cut by occasional intervals of unmineralized biotite-granodiorite dikes (generally less than 10 metres in drilled width). The quartz monzodiorite is mineralized with significant amounts of chalcopyrite and bornite, along with minor pyrite and returned high grades of copper and gold as shown in Table 2. The last 7 metres of the drill hole crossed into the footwall of the deposit where copper and gold grades drop off significantly.

Underground DDH UGD952A was collared from the same drill pad as UGD951 but drilled at a moderate dip towards the northwest. The drill hole crossed through phyllic altered quartz monzodiorite cut by occasional biotite-granodiorite dikes, and is mineralized with moderate amounts of chalcopyrite, bornite and pyrite. The drill hole returned significant values of copper and gold as shown in Table 2 and was terminated in strong mineralization at a depth of 262.4 metres.

The final underground drill hole with analytical results is UGD987, which was collared from an underground drill pad on the Oyu Tolgoi mining licence, west of the HNE deposit. The drill hole was drilled northeast at a moderate dip, remaining parallel to, and west of the edge of the HNE deposit and was designed primarily for geotechnical purposes. The drill hole crossed a mix of lightly potassic and feldspar altered quartz monzodiorite, biotite-granodiorite and hornblende-biotite granodiorite. Analytical results between 480 and 558 metres were anomalous, averaging 0.30% CuEq over 78 metres. Beyond this the analytical results are insignificant to the end of the hole at 600 metres.

Table 3: HNE Surface Drill Hole Collar Details

| Drill Hole | UTM East1 | UTM North1 | Elevation (masl) | Length (m) | Azimuth (degrees) | Dip (degrees) | Assay Status | | EGD179 | 652105 | 4768420 | 1197 | 1689.8 | 353 | -86.8 | Not assayed | | EGD179A | 652105 | 4768420 | 1197 | 343.8 | 351 | -86.4 | Not assayed | | EGD186 | 652373 | 4768555 | 1175.384 | 1012.4 | 352 | -86.5 | Not assayed | | EGD186A | 652373 | 4768555 | 1175.384 | 160.5 | 347 | -86.2 | Not assayed | | EGD191 | 652284 | 4768450 | 1177 | 1107 | 354 | -87.9 | Complete | | EGD195A2 | 652373.6 | 4768554 | 1175.4 | 379 | 332 | -86.6 | Pending | | EGD195B2 | 652373.6 | 4768554 | 1175.4 | 103.3 | 340 | -87.2 | Pending | | EGD195C2 | 652373.6 | 4768554 | 1175.4 | 205.1 | 353 | -86.0 | Pending | | EGD196 | 652425 | 4768717 | 1170 | 927.37 | 225 | -87.2 | Not assayed |

Notes:

1. UTM coordinates are WGS84 datum, Zone 48N. 2. Drill holes EGD195A, EGD195B and EGD195C are part of the 2024 drilling program, completed in 2025 and are successive daughter holes from parent drill hole EGD195. Total depth of the parent and daughter drill holes is 1,419 metres. All other drill holes in Table 3 are part of the 2025 drilling program. 3. All surface drill holes are completely on the Entrée/Oyu Tolgoi JV Property. 4. Collar azimuth and dip readings are collected at depths approximately 15 to 30 metres below surface or below a splay to a daughter hole. 5. Drill hole EGD196 is currently in progress.

Table 4: HNE Underground Drill Hole Collar Details

| Drill Hole | UTM East1 | UTM North1 | Elevation (masl) | Length (m)2 | Length on JV (m)2 | Azimuth (degrees) | Dip (degrees) | Assay Status | | UGD927A3 | 652150.1 | 4768018 | -77.992 | 319.5 | 1.0 | 56 | -61.6 | Not assayed | | UGD927B3 | 652150.1 | 4768018 | -77.992 | 563.3 | 254.6 | 56 | -61.6 | Complete | | UGD951 | 652144.1 | 4768021 | -77.575 | 349.7 | 131.7 | 297 | -28.7 | Complete | | UGD952A | 652146 | 4768021 | -77.776 | 262.4 | 45.5 | 328 | -61.4 | Complete | | UGD976 | 652151 | 4768018 | -77.598 | 516 | 394.9 | 11 | -41.9 | Pending | | UGD977 | 652149.1 | 4768018 | -78.212 | 614 | 477.2 | 344 | -46.9 | Pending | | UGD985A | 651979.7 | 4767554 | -101.564 | 785 | 95.1 | 338 | -27.4 | Pending | | UGD986 | 651979.5 | 4767553 | -101.212 | 775 | 133.1 | 333 | -18.4 | Pending | | UGD987 | 651623.6 | 4767888 | -192.443 | 600 | 126.3 | 44 | -51.0 | Complete | | UGD988 | 651622.5 | 4767889 | -192.116 | 516 | 204.1 | 1 | -48.7 | Pending | | UGD992 | 652148.6 | 4768021 | -77.871 | 191.5 | 88.3 | 10 | -31.8 | Pending | | UGD992B | 652148.6 | 4768021 | -77.871 | 760 | 621.3 | 10 | -31.8 | Pending | | UGD996 | 652148.7 | 4768021 | -77.325 | 684.7 | 580.0 | 16 | -31.6 | Pending | | UGD1012A | 651968.5 | 4767860 | -180.62 | 480.5 | 8.9 | 31 | -53.8 | Pending | | UGD1016 | 651967.2 | 4767860 | -180.647 | 487 | 56.3 | 353 | -54.9 | Pending | | UGD1020A | 652234.8 | 4768068 | -76.233 | 224.7 | 163.4 | 346 | -46.5 | Pending | | UGD1020B | 652234.8 | 4768068 | -76.233 | 273.2 | 113.6 | 346 | -46.5 | Pending | | UGD1021 | 652235.7 | 4768068 | -76.211 | 143.5 | 83.5 | 8 | -46.0 | Pending | | UGD1022 | 652236.2 | 4768067 | -76.041 | 674 | 598.6 | 28 | -51.6 | Pending | | UGD1023 | 652237 | 4768068 | -76.206 | 497.3 | 432.4 | 36 | -39.0 | Pending | | UGD1025A | 652146.7 | 4768020 | -77.913 | 573.8 | 211.1 | 308 | -64.1 | Pending | | UGD1026 | 652147.3 | 4768020 | -77.883 | 170.9 | 11.5 | 344 | -55.9 | Pending | | UGD1026A | 652147.3 | 4768020 | -77.883 | 164.1 | 5.1 | 344 | -55.9 | Pending | | UGD1027 | 652148.6 | 4768021 | -77.334 | 209.5 | 106.1 | 15 | -31.1 | Pending |

Notes:

1. UTM coordinates are WGS84 datum, Zone 48N. 2. All underground holes were collared from existing infrastructure on the Oyu Tolgoi mining licence and crossed onto the Entrée/Oyu Tolgoi JV Property. “Length” includes metres drilled on both the Oyu Tolgoi mining licence and the Entrée/Oyu Tolgoi JV Property. “Length on JV” is metres drilled on the Entrée/Oyu Tolgoi JV Property after crossing the licence boundary. 3. Drill holes UGD927A and UGD927B are part of the 2024 drilling program, completed in 2025. All other drill holes in Table 4 are part of the 2025 drilling program.

2025 REGIONAL TARGETS EXPLORATION RESULTS OT LLC has provided Entrée with results of the 2025 regional exploration program covering portions of both the Shivee Tolgoi and Javkhlant mining licences. As previously disclosed in the Company’s Annual Information Form for the year ended December 31, 2025 available on www.sedarplus.ca(the “AIF”), exploration on the Shivee Tolgoi licence included 5 DDHs at the Ulaan Khud and Eagle targets, along with 1,428 Controlled Source Audio Frequency Magnetotellurics (“CSAMT”) survey stations, 2419 gravity survey stations, 464 rock-chip samples and 3D geological modelling (in progress), which was concentrated over the eastern portion of the licence. On the Javkhlant mining licence exploration included 4 DDHs at the Railway and MT11 targets, along with geophysics (1,714 CSAMT survey stations, and 2,855 gravity survey stations), 412 rock chip samples, geological mapping over 123 hectares, and 3D geological modelling (in progress), which was completed over the central portion of the licence.

Diamond Drilling Analytical results and drilling details for the 9 drill holes from the 2025 regional drilling program are shown on Table 5 and Table 6, respectively. Drill hole locations are shown on Figure 2.

At the Ulaan Khud prospect, 3 drill holes (EGD197, EGD198, EGD199) were completed to assess the eastern and southern continuity of known copper-gold porphyry mineralization. While EGD197 did intersect some narrow (<8 metre drilled thickness) intervals of weak copper mineralization (0.10 to 0.25% copper) most assays in the drill hole were below 0.10% copper, reducing the potential for the southern continuation of shallow mineralization.

DDHs EGD198 and EGD199 were drilled to test for potential eastward continuation of the known copper mineralization from previous DDH intercepts. EGD198 was drilled to 1,000 metres depth and intersected 308 metres of 0.29% copper, and 107 ppm molybdenum, with a 50.75 metre higher-grade interval of 0.47% copper and 118 ppm molybdenum (Table 5). Mineralization is hosted within quartz monzodiorite with moderate quartz-sericite alteration and trace to low sulfide mineralization. The DDH was terminated due to decreasing sulfide content and the appearance of post-mineralization granitic units.

DDH EGD199 was also drilled to a depth of 1,000 metres and intersected units of basalt and hydrothermal breccia, followed by extensive quartz monzodiorite with moderate quartz–sericite alteration and disseminated and vein-hosted pyrite, chalcopyrite, pyrrhotite and vein-hosted molybdenite. The DDH returned a 420 metre interval of 0.30% copper and 139 ppm molybdenum, with a higher grade 150 metre wide interval of 0.44% copper and 295 ppm molybdenum (Table 5).

Table 5: Regional Exploration Drill Hole Results from 2025 Drilling

| Drill Hole | From (m) | To (m) | Length (m) | Cu (%) | Au (ppm) | Ag (ppm) | Mo (ppm) | Prospect | | Shivee | Tolgoi | | | | | | | | | EGD197 | no | significant | mineralization | --- | --- | --- | --- | Ulaan Khud S. | | EGD198 | 636 | 944 | 308 | 0.29 | 0.04 | 1.56 | 107 | Ulaan Khud S. | | including | 816 | 866.75 | 50.75 | 0.47 | 0.06 | 2.27 | 118 | | | EGD199 | 346 | 366 | 20 | 0.36 | 0.14 | 1.58 | 63 | Ulaan Khud S. | | and | 490 | 910 | 420 | 0.30 | 0.07 | 1.36 | 139 | | | including | 632 | 782.46 | 150.46 | 0.44 | 0.10 | 1.53 | 295 | | | EGD200 | 266 | 580 | 314 | 0.03 | 0.01 | 0.09 | 99 | Eagle | | EGD201 | no | significant | mineralization | --- | --- | --- | --- | Eagle | | Javkhlant | | | | | | | | | | EJD0104 | no | significant | mineralization | --- | --- | --- | --- | Railway | | EJD0105 | no | significant | mineralization | --- | --- | --- | --- | Railway | | EJD0106 | no | significant | mineralization | --- | --- | --- | --- | MT11 | | EJD0107 | no | significant | mineralization | --- | --- | --- | --- | MT11 |

1. Analytical results are length weighted averages. 2. Lengths reported are drilled lengths. Insufficient drilling has been completed to determine true widths of the mineralized intervals.

Table 6: 2025 Regional Drilling Collar Details

| Drill Hole | UTM EAST | UTM NORTH | Elevation (masl) | Length (m) | Target | Azimuth (degrees) | Dip (degrees) | Assay Status | | EGD197 | 655300.2 | 4774804.9 | 1182.1 | 847.2 | Ulaan Khud S. | 269.8 | -65.7 | Complete | | EGD198 | 655426.9 | 4775395.3 | 1179.8 | 1,000.0 | Ulaan Khud S. | 267.7 | -70.5 | Complete | | EGD199 | 655340.1 | 4775615.0 | 1176.6 | 1,000.0 | Ulaan Khud S. | 270 | -65.5 | Complete | | EGD200 | 648861.2 | 4768153.4 | 1201.2 | 974.9 | Eagle | 292.7 | -69.3 | Complete | | EGD201 | 648304.0 | 4768807.7 | 1194.8 | 720.0 | Eagle | 100.9 | -70.2 | Complete | | EJD0104 | 642128.3 | 4754929.7 | 1200.0 | 1,000.0 | Railway | 285.9 | -65.2 | Complete | | EJD0105 | 641949.2 | 4755184.9 | 1207.9 | 430.0 | Railway | 287.44 | -65.4 | Complete | | EJD0106 | 646197.3 | 4757393.5 | 1170.6 | 1,072.0 | MT11 | 271.1 | -80.1 | Complete | | EJD0107 | 645677.5 | 4757196.8 | 1172.6 | 959.1 | MT11 | 238.7 | -70 | Complete | | TOTAL | | | | 8,003.2 | | | | |

Note: UTM coordinates are WGS84 datum, Zone 48N.

OT LLC notes that the limited amount of historical and recent drilling at Ulaan Khud has outlined a target area covering approximately 1,800 metres north-south by 900 metres east-west. Within this area OT LLC has modelled several spatially discontinuous 0.3% to 0.6% copper grade shells. Although the drilling to date has returned mostly low-moderate copper grades, OT LLC is currently undertaking 3D geological/geophysical modelling and based on the results is considering drilling 1-2 follow-up DDHs during 2026.

Figure 2: Plan View of 2022-2025 Regional Drill Holes

Two diamond drill holes (EGD200 and EGD201) were also completed during 2025 at the Eagle target to test a combined chargeability–magnetic anomaly that coincides with modelled basaltic rocks and a historic molybdenum anomaly. DDH EGD200 intercepted hornfels, part of a contact metamorphic formation over much of the upper part of the drill hole. The hornfels display chlorite-magnetite alteration and disseminated and vein-hosted pyrite-pyrrhotite, magnetite and minor molybdenite. Copper grades over this interval are generally low (<0.1%), with a few narrow, anomalous intervals grading between 0.1% to 0.23% copper. The lower half of the drill hole consists of alternating granodiorite and hornfels breccia. Throughout most of the drill hole molybdenum assays were anomalous (trace to 569 ppm), including a 314 metre higher grade portion between 266 metres and 580 metres that assayed 99 ppm molybdenum, along with low amounts of copper and gold (Table 5).