Entree Resources Corporate Presentation - May 2018

1. Investor Presentation
May 2018
TSX: ETG | NYSE American: EGI
Advancing Towards Production

2. Entrée Resources | Investor Presentation | May 2018 | 2
Cautionary Statement
The information in this presentation is for informational purposes only. Readers should not rely on the information for any purpose other than to gain general knowledge of Entrée. This information is not intended
to be, and should not be construed as, part of an offering or solicitation of securities.
For additional information regarding the Entrée/Oyu Tolgoi JV property, see the technical report titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia” with an effective date of January 15, 2018 (“2018
Technical Report”) prepared by Amec Foster Wheeler Americas Limited a copy of which is available on SEDAR at www.sedar.com.
This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian
securities laws.
Forward-looking statements include, but are not limited to, statements with respect to corporate strategies and plans; requirements for additional capital; the value and potential value of assets and the ability of Entrée to
maximize returns to shareholders; construction and continued development of the Oyu Tolgoi underground mine; the expected timing of first development production from Lift 1 of the Entrée/Oyu Tolgoi JV property; the future
prices of copper, gold, molybdenum and silver; the estimation of mineral reserves and resources; the realization of mineral reserve and resource estimates; anticipated future production, capital and operating costs, cash flows
and mine life; capital, financing and project development risk; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and
grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance. While
the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entrée’s future performance and are
based on numerous assumptions regarding present and future business strategies, the correct interpretation of agreements, laws and regulations, local and global economic conditions, legal proceedings and negotiations and
the environment in which the Company will operate in the future, including the price of copper, gold, silver and molybdenum, and the status of the Company’s relationship and interaction with the Government of Mongolia, Oyu
Tolgoi LLC (“OTLLC”), Rio Tinto and Turquoise Hill Resources. With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks, uncertainties and factors which could cause
actual results to differ materially from future results expressed or implied by such forward-looking statements and information include, amongst others, the timing and cost of the construction and expansion of mining and
processing facilities; the timing and availability of a long term power source for the Oyu Tolgoi underground mine; the ability of OTLLC to draw down on the supplemental debt under the Oyu Tolgoi project finance facility and
the availability of additional financing on terms reasonably acceptable to OTLLC, Turquoise Hill and Rio Tinto to further develop Oyu Tolgoi; delays, and the costs which would result from delays, in the development of the
underground mine; projected copper, gold and silver prices and demand; and production estimates and the anticipated yearly production of copper, gold, silver and molybdenum at the Oyu Tolgoi underground mine. With
respect to the 2018 PEA, it is based on a conceptual mine plan that includes Inferred resources. Numerous assumptions were made in the preparation of the 2018 PEA, including with respect to mineability, capital and
operating costs, production schedules, the timing of construction and expansion of mining and processing facilities, and recoveries, that may change materially once production commences at Hugo North Extension Lift 1 and
additional development and capital decisions are required. Any changes to the assumptions underlying the 2018 PEA could cause actual results to be materially different from any future results, performance or achievements
expressed or implied by forward-looking statements and information relating to the 2018 PEA. Other uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by
forward-looking statements and information include, amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical
recoveries; the size, grade and continuity of deposits not being interpreted correctly from exploration results; the results of preliminary test work not being indicative of the results of future test work; fluctuations in commodity
prices and demand; changing foreign exchange rates; actions by Rio Tinto, Turquoise Hill and/or OTLLC and by government authorities including the Government of Mongolia; the availability of funding on reasonable terms;
the impact of changes in interpretation to or changes in enforcement of laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties
and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as power, water, skilled labour, transportation
and appropriate smelting and refining arrangements; and misjudgements in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may cause the actual results,
performances or achievements of Entrée to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and information. Such factors include, among
others, risks related to international operations, including legal and political risk in Mongolia; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the conduct of joint
ventures; global financial conditions; changes in project parameters as plans continue to be refined; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral
resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on
insurance coverage; as well as those factors discussed in the section entitled “Risk” in Entrée’s most recently filed Management’s Discussion & Analysis and in the section entitled “Risk Factors” in Entrée’s Annual Information
Form dated March 8, 2018, both available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Except as required under applicable securities legislation, Entrée undertakes no obligation to publicly update or revise forward-looking statements.
Entrée's exploration activities are under the supervision of Robert Cinits, P.Geo., Vice President, Corporate Development of Entrée. Mr. Cinits is a “qualified person” as defined in National Instrument 43-101- Standards of
Disclosure for Mineral Projects (“NI 43-101”). Mr. Cinits has approved the technical information in this presentation.
All minerals reserves and mineral resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. Cautionary Note to United States Investors:
United States investors are advised that while the terms “Measured mineral resources”, “Indicated mineral resources” “Inferred mineral resources” and “Probable mineral reserves” are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission (“SEC”) does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral deposits in these categories will
ever be upgraded to a higher category, or converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian
rules, estimates of Inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of an Inferred mineral resource exists, or is
economically or legally minable. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves
as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this presentation containing descriptions of the Company’s mineral properties may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.
"Cash costs" and ASIC are non-US GAAP performance measurements. These performance measurements are included because these statistics are widely accepted as the standard of reporting cash costs of production in
North America. These performance measurements do not have a meaning within US GAAP and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These
performance measurements should not be considered in isolation as a substitute for measures of performance in accordance with US GAAP.

3. Entrée Resources | Investor Presentation | May 2018 | 3
About Entrée Resources Ltd.
▪ Robust cash flows from initial 33 years of mine life (HNE Lift 1 & 2) in the 2018
PEA for Entrée’s interest in the world-class Entrée/Oyu Tolgoi JV:
▪ Characteristics of a Royalty, benefits of a Producer
▪ Low risk profile: low capital, development and operational risk
▪ Well-funded to production: ~US$ 6.6 million cash
▪ Cornerstone shareholders: Sandstorm Gold, Turquoise Hill & Rio Tinto
* Heruga deposit also included in the 2018 PEA LOM cash flows, however given the long time to initial production and high capital costs Heruga provides limited economic impact at NPV8%.
**The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and includes Inferred mineral resources that
are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that
the 2018 PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Deposit* LOM cash flow (after-tax; US$ M) NPV (8%; US$ M) Study Level
HNE Lift 1 $291 $111 Reserve
HNE Lift 1 + 2 $1,595 $277 PEA**
Oyu Tolgoi mill complex (September 2017)

4. Entrée Resources | Investor Presentation | May 2018 | 4
Oyu Tolgoi: Entrée/Oyu Tolgoi JV Deposits
JV property an integral
part of the world-class Oyu
Tolgoi copper-gold project
Entrée has a 20% carried interest in the Hugo North Extension and Heruga resources and reserves.
* Shivee West is subject to a License Fees Agreement between Entrée and OTLLC and may ultimately be included in the Entrée/Oyu Tolgoi JV property.
** Outline of mineralization projected to surface.
The JV property includes the
Hugo North Extension (HNE)
and Heruga porphyry
deposits, plus:
▪ Significant exploration potential
in an ~26 km long trend of
porphyry mineralization
▪ Hugo North Extension deposit
is open to the north and at
depth
▪ Several new near-surface
exploration targets (Castle
Rock and Southeast IP) being
tested by JV partner OTLLC

5. Entrée Resources | Investor Presentation | May 2018 | 5
Entrée/Oyu Tolgoi JV Deposits: Large, Long Life
2018 Technical Report for the Entrée/Oyu Tolgoi JV property:
• HNE Lift 1: 14 year mine life (2018 Reserve Case)
• HNE Lift 1 + Lift 2: 33 year conceptual mine life (first half of 2018 PEA)
• HNE Lift 1 + Lift 2 + Heruga*: 77 years from start of Lift 1 to completion of Heruga (2018 PEA)
*The economic analysis in the 2018 PEA (HNE Lift 1 + HNE Lift 2 + Heruga) does not have as high a level of certainty as the 2018 Reserve Case (HNE Lift 1). The 2018 PEA is preliminary in nature and includes Inferred
mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that
the 2018 PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Assumes long-term metals prices: US$3.00/lb Cu, US$1,300/oz Au and US$19.00/oz Ag.

6. Entrée Resources | Investor Presentation | May 2018 | 6
Entrée/Oyu Tolgoi JV: Hugo North Extension Update
Entrée Resources | Investor Presentation | March 2018 | 6
Lift 1 development production for
Entrée/Oyu Tolgoi JV (EJV) in ~2021
(changes Entrée from a Developer to a Producer)
HugoSouth&
HugoNorthDeposits
TRQ reports opportunities to reduce construction
time, accelerate ramp-up and increase
underground production rates >95 ktpd
(see Appendix)
*Shaft 4 designed on the EJV property, potential to be moved onto the Oyu Tolgoi mining licence.
Entrée Resources | Investor Presentation | March 2018 | 6
EJV - LIFT 2
Second lift to be mined
in the 2018 PEA;
together with Lift 1
these form the initial
33 years of mine life
▪ Shafts 1,2 and 5 complete
▪ Shaft 3 and Shaft 4* expected to start in 2018
▪ Haulage decline started in Q1 2017
Oyu Tolgoi Lift 1 underground development is underway
EJV - LIFT 1
Basis of the 2018 Reserve Case
OR
Initial lift to be mined in the 2018 PEA

7. Entrée Resources | Investor Presentation | May 2018 | 7
2018 Reserve Case & 2018 PEA: Cash Flows
Financial Highlights (in US$ M, attributable to Entrée)
2018 Reserve Case 2018 PEA
HNE Lift 1
(14 years mine life)
HNE Lift 1+2
(initial 33 years)
TOTAL – Lift 1+2+Heruga
(total 77 years*)
LOM cash flows,
before-tax
$382 $2,133 $2,078
LOM cash flows,
after-tax
$286 $1,595 $1,522
NPV, after-tax
5%
8%
$157
$111
$506
$277
$512
$278
.
Robust returns from Hugo North Extension Lifts 1 and 2
Heruga
• Scheduled to commence after both HNE Lift 1 & 2 are fully mined
• Provides optionality for future mine designs
• EJV attributable resources of 14.6 billion lbs copper and 20.4 million oz gold
Notes: Cash flows assume long-term metals prices: US$3.00/lb Cu, US$1,300/oz Au and US$19.00/oz Ag.
Internal rate of return (IRR) and payback are not presented, because, with 100% financing, neither is applicable.
The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to
have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2018 PEA will be realized. Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Heruga Inferred resource is 1,700 Mt @ 0.37% Cu, 1.39 g/t Au and 113.2 g/t Ag (0.37% CuEq cut-off)
*2018 PEA covers the period 2021 to 2097 (77 years), but includes an 11-year period (2054 to 2064) with no mining from the Entrée/Oyu Tolgoi JV property, when other mineralization from the Oyu Tolgoi mining licence is mined.
.

8. Entrée Resources | Investor Presentation | May 2018 | 8
2018 PEA: Sensitivity to Copper Prices
Using $3.75/lb copper price, HNE Lift 1 + Lift 2 NPV = ~US$400 million
Source: Entrée / Oyu Tolgoi Joint Venture Technical Report (January 2018) figure 24-18 “2018 PEA after-tax NPV Sensitivity Analysis”
The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and
includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable
them to be categorized as mineral reserves, and there is no certainty that the 2018 PEA will be realized. Mineral resources are not mineral reserves and do
not have demonstrated economic viability.

9. Entrée Resources | Investor Presentation | May 2018 | 9
2018 Reserve Case & 2018 PEA: Capital & Operating Costs
Capital and Operating Costs (in US$, attributable to Entrée)
2018 Reserve Case 2018 PEA
Total Development +
Sustaining Capital ($M)
$52.3 $1,727*
Total Operating Costs
($/t processed)
$37.08 $23.35
Cash Cost after Credits (C1) -
$/lb payable Cu
$0.56 $0.68
All-In Sustaining Cost after
Credits - $/lb payable Cu
$1.03 $1.83
* Consists of $292M for HNE Lift 1 & 2 and $1,435M for Heruga (which starts in 2065)
The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and includes Inferred mineral resources that are
considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2018 PEA
will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Low capital and operating costs attributable to Entrée
▪ Entrée not responsible for upfront payment of capital costs of surface infrastructure and
underground development on the Oyu Tolgoi mining licence
▪ OTLLC will contribute Entrée’s share of project/exploration costs on the Entrée/Oyu Tolgoi
JV property as a loan
▪ Loan bears interest at prime +2%, repayable to OTLLC from 90% of free cash flow

10. Entrée Resources | Investor Presentation | May 2018 | 10
2018 Reserve Case and 2018 PEA: Production Schedules
• Entrée has a 20% attributable interest in the above resources, reserves and recovered metal.
• The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and includes Inferred mineral resources that are considered
too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2018 PEA will be realized.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2018
2021
2024
2027
2030
2033
2036
2039
2042
2045
2048
2051
2054
2057
2060
2063
2066
2069
2072
2075
2078
2081
2084
2087
2090
2093
2096
%Cu,Aug/t,Agg/t
MinedandProcessed(ktonnes)
kt Cu % Au g/t Ag g/t
2018 PEA
HNE Lift 1 HNE Lift 2 Heruga
HNE=Hugo North Extension
Schedule includes development and block cave production
Mine Life: 2018 Reserve Case covers the period 2021 to 2034; 2018 PEA covers the period 2021 to 2097 (77 years), but
includes an 11-year period (2054 to 2064) with no mining from the Entrée/Oyu Tolgoi JV property, when other
mineralization from the Oyu Tolgoi mining licence is mined
2018 Reserve
Case

11. Entrée Resources | Investor Presentation | May 2018 | 11
2018 PEA – Mill Feed
Entrée has a 20% attributable interest in the above resources, reserves and recovered metal.
The HNE Lift 1 Mineral Reserve and recovered metal is shown on the Resources and Reserves slide in the appendix of this presentation.
The economic analysis in the 2018 PEA does not have as high a level of certainty as the 2018 Reserve Case. The 2018 PEA is preliminary in nature and includes Inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2018 PEA will be realized. Mineral
resources are not mineral reserves and do not have demonstrated economic viability.
HNE CuEq is calculated using the following equation: CuEq=Cu+((Au*1250*0.0321507*0.913)+(Ag*20.37*0.0321507*0.942))/(3.01*22.0462)
Heruga CuEq is calculated using the following equation: CuEq=Cu+((Au*1250*0.0321507*0.913)+(Ag*20.37*0.0321507*0.942)+(Mo*11.9*0.0022046*0.736))/(3.01*22.0462)
2018 PEA Indicated Resources + Inferred Resources
Mill
Feed
(MT)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
Mill Feed
(MT)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
HNE Lift 1 34.8 1.59 0.55 3.72 1.93 --- --- --- --- ---
HNE Lift 2 78.4 1.34 0.48 3.59 1.64 88.4 1.34 0.48 3.59 1.64
HNE Lift 1+2 113.2 1.42 0.50 3.63 1.73 88.4 1.34 0.48 3.59 1.64
Heruga --- --- --- --- --- 619.7 0.42 0.43 1.53 0.71
Total 113.2 1.42 0.50 3.63 1.73 708.1 0.53 0.44 1.79 0.82
HNE Lift 1+2+Heruga Recovered Metal
• 10,497 Mlb copper
• 9,367 koz gold
• 45,378 koz silver
High Grade
HNE Lift 1+2 Recovered Metal
• 5,579 Mlb copper
• 2,637 koz gold
• 20,442 koz silver

12. Entrée Resources | Investor Presentation | May 2018 | 12
Entrée: An Attractive Risk Profile
Characteristics of a Royalty, benefits of a Producer
▪ Manageable project development risk with Rio Tinto as operator
▪ JV partner OTLLC carries almost all of the financial burden and execution risk on
the Oyu Tolgoi underground project, including the Entrée/Oyu Tolgoi JV property
▪ Low capital risk for Entrée
▪ OTLLC finances Entrée’s share of project
costs at prime + 2%, with Entrée to repay
from 90% of free cash flow
▪ Entrée not responsible for upfront
development capital on Oyu Tolgoi mining
licence
▪ Entrée’s share of HNE Lift 1 costs (direct
development and sustaining capital) is
~US$52.3M
▪ With benefits of a Producer’s ability to take
its share of concentrate in kind
Shift change at 1250m depth, Shaft 1 (September 2017)

13. Entrée Resources | Investor Presentation | May 2018 | 13
Entrée Value: Significant Upside Potential
EV/Resources (May 17, 2018) Turquoise Hill Entrée Resources
Estimated Enterprise Value(1) (US$ M) $7,722.6 $62.5
Common Shares Outstanding 2.01 B 174.3 M
CuEq(4) – Resources (B lbs) 76.4(2) 6.8(3)
EV/Resources (US$/CuEq lb) $0.101 $0.009
Key Asset Characteristic Differences
OTLLC Entrée Resources
Financing and Capital Requirements Project Finance Facility / Equity
No requirement to source financing; direct
capital contributions debt financed by OTLLC
Project Finance Facility Lift 1
(2018 Reserve Case, US$ M)
$6,000
~$52.3 direct development and sustaining
capital repayable to OTLLC
Debt Repayment 12 - 15 years From 90% of free cash flow
Financing Interest Rate LIBOR + 2.65% - 3.78% RBC Prime + 2.00%
Developer and Operator Rio Tinto Rio Tinto
Metal Production Normal operations Entrée to take product in kind
No better comparison for Entrée than an Oyu Tolgoi stakeholder
1Source: SNL Database; 2Calculated from Turquoise Hill Technical Report (2016 Oyu Tolgoi Technical Report, October 2016); 3Calculated from 2018 Technical Report; 4CuEq calculated using
assumed metal prices of US$3.01/lb Cu, US$1,250/oz Au, US$20.37/oz Ag, and US$11.90/lb Mo; metallurgical recoveries are considered in the formulae.

14. Entrée Resources | Investor Presentation | May 2018 | 14
Entrée: Maximizing Potential
Photo from Oyu Tolgoi website: http://ot.mn/
Oyu Tolgoi Underground developemnt
Near term priorities:
▪ Streamlining and securing
Entrée’s JV interest
▪ Educate market about its low
risk profile
▪ Exploration opportunities on
Entrée/Oyu Tolgoi JV property,
including several near-surface
targets

15. Entrée Resources | Investor Presentation | May 2018 | 15
Entrée Overview
TSX: ETG
NYSE American: EGI
Treasury
~US$6.6 million
(as of March 31, 2018)
Market
Capitalization
~C$82 million
(as of Apr 30, 2018)
Shares
Outstanding
~174.3 million
(as of Apr 30, 2018)
Listings
* Rio Tinto holds beneficial ownership over shares held by Turquoise Hill
Cornerstone Shareholders Ownership %
Sandstorm Gold Ltd. 13.8%
Rio Tinto PLC 9.6%
Turquoise Hill Resources* 8.0%

16. Appendix

17. Entrée Resources | Investor Presentation | May 2018 | 17
Experienced Leadership Team
Senior Management Team
Stephen Scott
President and Chief Executive Officer
Duane Lo
Chief Financial Officer
Susan McLeod
Vice President, Legal Affairs
Robert Cinits
Vice President, Corporate Development
Directors
Mark Bailey
Chairman
Alan Edwards
James Harris
Michael Price
Anna Stylianides
Stephen Scott
President and Chief Executive Officer

18. Entrée Resources | Investor Presentation | May 2018 | 18
Entrée/Oyu Tolgoi JV Structure
20%*
80%
34% 66%
Oyu Tolgoi LLC
(OTLLC)
Entrée
ResourcesEntrée 20%* carried interest in the
Entrée/Oyu Tolgoi JV
Mongolian Government Turquoise Hill
Rio Tinto**
51%
Entrée/Oyu
Tolgoi JV
Hugo North Extension & Heruga deposits
Significant exploration potential along the
OT trend
* Entrée has a 30% participating interest with respect to mineralization extracted from above 560m depth.
** Rio Tinto is project operator of Oyu Tolgoi.
▪ Entrée not responsible for upfront
payment of capital costs of surface
infrastructure and underground
development on the Oyu Tolgoi mining
licence
▪ OTLLC will contribute Entrée’s share
of project/exploration costs on the
Entrée/Oyu Tolgoi JV property as a
loan
▪ Loan bears interest at prime +2%,
repayable to OTLLC only from 90% of
free cash flow

19. Entrée Resources | Investor Presentation | May 2018 | 19
Oyu Tolgoi: Location
About Oyu Tolgoi
• One of the world’s largest new
copper-gold mines
• Located in the South Gobi
region of Mongolia
• 550 km south of the capital
• 80 km north of the Mongolia-
China border
About Mongolia
• Population ~ 3.0 million (2014)
• Capital: Ulaanbaatar (pop’n
~1.3 million (2014))
• Language: Mongolian
• Religion: Buddhism (53%)
• Government: independent
republic with democratic
elections every four years
• Size: 1.5 million km2,
landlocked between Russia
(north) and China (south)
• GDP: US$12 billion (2014)
Source: Turquoise Hill Resources

20. Entrée Resources | Investor Presentation | May 2018 | 20
Entrée/Oyu Tolgoi JV: Mineral Resources & Reserves
• Entrée has a 20% carried interest in the Hugo North Extension and Heruga resources and reserves.
• The mineral reserves are not additive to the mineral resources.
• HNE CuEq is calculated using the following equation: CuEq=Cu+((Au*1250*0.0321507*0.913)+(Ag*20.37*0.0321507*0.942))/(3.01*22.0462)
• Heruga CuEq is calculated using the following equation: CuEq=Cu+((Au*1250*0.0321507*0.913)+(Ag*20.37*0.0321507*0.942)+(Mo*11.9*0.0022046*0.736))/(3.01*22.0462)
High-grade, large resources
Entrée/Oyu Tolgoi JV Property – Mineral Resources
Classification
Tonnage
(Mt)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(ppm)
CuEq
(%)
Contained Metal
Cu (Mlb) Au (koz) Ag (koz) Mo (Mlb)
Hugo North Extension (>0.37% CuEq Cut-Off)
Indicated 122 1.68 0.57 4.21 - 2.03 4,515 2,200 16,500 -
Inferred 174 1.00 0.35 2.73 - 1.21 3,828 2,000 15,200 -
Heruga (>0.37% CuEq Cut-Off)
Inferred 1,700 0.39 0.37 1.39 113.2 0.64 14,604 20,410 75,932 424
Entrée/Oyu Tolgoi JV Property – Mineral Reserves – Hugo North Extension Lift 1
Classification
Tonnage
(Mt)
NSR
(US$/t)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Recovered Metal
Cu (Mlb) Au (koz) Ag (koz)
Probable 35 100.57 1.59 0.55 3.72 1,121 519 3,591

21. Entrée Resources | Investor Presentation | May 2018 | 21
Entrée/Oyu Tolgoi JV: Multiple Development Options
Based on the 2016 Oyu Tolgoi Technical Report, Turquoise Hill
*Source: Base diagram from 2016 Oyu Tolgoi Technical Report, Turquoise Hill
Significant expansion opportunities to increase mining and milling rates
▪ Turquoise Hill’s current Base Case 40 Mtpa (~110 ktpd)
▪ Potential to achieve 50 Mtpa (~140 ktpd) over first 5 years, with limited capital investment
▪ 100 Mtpa (~275 ktpd) and 120 Mtpa (~330 ktpd) would shift the Entrée/Oyu Tolgoi JV’s Heruga
mineralization earlier into the mine plan to Entrée’s benefit
Includes Entrée/Oyu Tolgoi JV
mineralization

22. TSX: ETG | NYSE American: EGI
For more information, please contact:
Stephen Scott
President & Chief Executive Officer
sscott@EntreeResourcesLtd.com
David Jan
Investor Relations
djan@EntreeResourcesLtd.com
604.687.4777 (office) | 1.866.368.7330 (toll free)
EntreeResourcesLtd.com