Entree Resources Corporate Presentation - Oct 2017

1. Investor Presentation
October 2017
TSX: ETG | NYSE American: EGI
Advancing Towards Production

2. Entrée Resources | Investor Presentation | October 2017 | 2
Cautionary Statement
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; uses of funds; the value and potential value of assets and the ability of
Entrée to maximize returns to shareholders; 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; completion of an updated technical report that includes a Preliminary Economic Assessment of Entrée’s interest in Lift 2 of the Hugo North Extension
deposit and the Heruga deposit; the expected timing of first development production from Lift 1 of the Hugo North Extension deposit; capital, financing and project development risk; alternative production scenarios and
associated expansion options; potential types of mining operations; construction and continued development of the Oyu Tolgoi underground mine; 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, 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 and silver, 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 and silver at the Oyu Tolgoi underground mine.
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; discrepancies between actual and anticipated production, mineral
reserves and resources and metallurgical recoveries; 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 10, 2017, 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.
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 Joint Venture property, see the technical report titled “Lookout Hill Feasibility Study Update” dated March 29, 2016 (“LHTR16”) prepared by OreWin Pty Ltd, a copy of
which is available on SEDAR at www.sedar.com.

3. Entrée Resources | Investor Presentation | October 2017 | 3
About Entrée Resources Ltd.
▪ Flagship asset: Joint venture interest at the world-class Oyu
Tolgoi underground copper-gold mine
▪ Characteristics of a royalty, benefits of a producer
▪ Low risk profile (capital, development and operational risk)
▪ Entrée expects to change from a developer to a producer in 2021 when
development production starts on the JV property
▪ Well-funded to production (~US$ 7.8 million cash)
▪ Cornerstone shareholders (Sandstorm gold, Turquoise Hill & Rio Tinto)

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Restructured: Unlocking value
▪ May 2017 - Entrée spun out its US assets into Mason Resources Corp.
(TSX:MNR) and rebranded to Entrée Resources Ltd.
▪ The spinout unlocks value and focuses the assets in two geographically
and strategically distinct companies
▪ Entrée’s primary focus is the Entrée/Oyu Tolgoi JV in Mongolia
▪ Entrée also holds:
▪ 0.5% NSR royalty on the Cañariaco copper project in Peru (Candente Copper)
▪ 56.3% JV interest in the Blue Rose copper-iron-gold-molybdenum property in Australia
Entrée/Oyu Tolgoi JVAnn Mason
Lordsburg
Cañariaco
Royalty
Blue Rose
JV/Royalty
Early Stage Projects
Advanced Development Projects
NSR Royalty

5. Entrée Resources | Investor Presentation | October 2017 | 5
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**
▪ Entrée debt financed at prime
+2%, repayable to OTLLC from
90% of free cash flow
▪ Entrée not responsible for
upfront development capital of
Oyu Tolgoi surface infrastructure
▪ OTLLC contractually obligated to
advance Entrée’s share of
project/exploration costs on the
Entrée/Oyu Tolgoi JV property
51%
Entrée/Oyu
Tolgoi JV
Hugo North Extension & Heruga deposits
Significant exploration potential along the
OT trend
* Entrée has a 20% participating interest, but a right to receive 30% of all mineralization extracted from above 560m depth.
** Rio Tinto is project operator of Oyu Tolgoi.

6. Entrée Resources | Investor Presentation | October 2017 | 6
Oyu Tolgoi: Entrée/Oyu Tolgoi JV Deposits
The Entrée/Oyu Tolgoi 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 within the OT trend
▪ HNE deposit is open to the north
and at depth
Entrée/Oyu Tolgoi JV: integral part of the world-class Oyu Tolgoi copper-gold mine
High grade, large resource at HNE
▪ M&I = 129Mt @1.65% Cu, 0.55 g/t Au
(1.99% CuEq*)
▪ Inferred = 179Mt @0.99% Cu, 0.34 g/t
Au (120% CuEq*)
See appendix for Entrée/Oyu Tolgoi JV Mineral Resources
& Reserves
Entrée has a 20% carried interest in the Hugo North Extension and
Heruga resources and reserves.
* CuEq 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.

7. Entrée Resources | Investor Presentation | October 2017 | 7
Entrée/Oyu Tolgoi JV Deposits: High grade and long life
The Entrée/Oyu Tolgoi JV property contains:
▪ ~10% of all M+I Au oz and ~62% of all Inferred Au oz at the entire Oyu Tolgoi project
▪ ~14% of the M+I CuEq* lbs and ~ 22% of the Inferred CuEq* lbs estimated at Hugo North (incl. HNE)
▪ ~94% of the Inferred CuEq* lbs estimated at Heruga
A A’
*CuEq 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. Based on mineral resources reported in Turquoise Hill’s 2016 Technical Report, “Turquoise Hill Resources Ltd., Oyu Tolgoi, 2016 Oyu Tolgoi Technical
Report, October 2016”.
Longitudinal Section A-A’
Highest grades
at Oyu Tolgoi
Hugo North Extension consists of Lift 1 & Lift 2 underground block caves

8. Entrée Resources | Investor Presentation | October 2017 | 8
Entrée/Oyu Tolgoi JV: Hugo North Extension Update
▪ Shaft 1 complete
▪ Shaft 2 to be completed in 2017
▪ Shaft 5 to be completed early 2018; haulage decline started
▪ Shaft 4 (which is on the Entrée/Oyu Tolgoi JV property)
expected to start construction in 2018
▪ First Lift 1 production for Entrée/Oyu Tolgoi JV in
~2021 (changes Entrée from a Developer to a Producing miner)
▪ TRQ reports opportunities for reduced construction time, faster ramp-up
and increased underground production rates >95 ktpd (see Appendix)
Entrée is updating its Technical Report to include preliminary
economics for Lift 1, Lift 2 and Heruga; expected January 2018
Hugo North Deposit
▪ Lift 1 underground
development is
underway,
including HNE

9. Entrée Resources | Investor Presentation | October 2017 | 9
Entrée: An attractive risk profile
▪ Manageable project development risk with Rio Tinto as operator
▪ 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/exploration costs at prime+2%, with
Entrée to repay from 90% of free cash flow (no upfront cash required from Entrée)
▪ Entrée not responsible for upfront development capital of Oyu Tolgoi surface
infrastructure
▪ Entrée’s share of Lift 1 costs (development and sustaining capital) of ~US$87M
will be repaid in ~2 years after commercial production starts on the
Entrée/Oyu Tolgoi JV property
▪ No expected project or equity dilution
▪ Entrée’s JV interest
▪ Many characteristics of a net profits interest royalty (NPI)
▪ With benefits of a producer’s ability to take its share of concentrate
Characteristics of a royalty, benefits of a producer

10. Entrée Resources | Investor Presentation | October 2017 | 10
Entrée Value: Significant Upside Potential
EV/Resources (Sept 30, 2017) Turquoise Hill Entrée Resources
Estimated Enterprise Value(1) (US$ M) $8,663.3 $80.0
Common Shares Outstanding 2.01 B 173.6 M
CuEq(3) – Resources (B lbs) 76.903(2) 6.892(3)
EV/Resources (US$/CuEq lb) $0.113 $0.012
Key Asset Characteristic Differences
Financing and Capital Requirements Project Finance Facility / Equity
No requirement to source financing; ETG
capital contributions debt financed by OTLLC
Project Finance Facility Lift 1 (US$ M) $6,000
Estimated $87.0 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; 2Turquoise Hill Technical Report (2016 Oyu Tolgoi Technical Report, October 2016); 3refer to Appendix, Mineral Resources
Table for details and CuEq definition

11. Entrée Resources | Investor Presentation | October 2017 | 11
Entrée: Maximizing potential
▪ Near term priorities include:
▪ Completion of the updated Entrée Technical Report to disclose preliminary economics
for the Entrée/Oyu Tolgoi JV’s share of Hugo North Lift 1, Lift 2 and Heruga
▪ Educating market about risk profile
▪ Aggressively creating opportunities to crystallize value ahead of production from the
Entrée/Oyu Tolgoi property
▪ Streamlining Entrée’s JV interest
▪ Identify potential value accretive
acquisitions to enhance Entrée’s
current asset base
▪ Disciplined approach to assessing
high quality, accretive, top-tier assets
and royalties Photo from Oyu Tolgoi website: http://ot.mn/

12. Entrée Resources | Investor Presentation | October 2017 | 12
Company Overview
TSX: ETG
NYSE American:
EGI
Treasury
~US$7.8 million
(as of June 30, 2017)
Market
Capitalization
~C$95 million
(as of Sept 30, 2017)
Shares
Outstanding
~173.6 million
(as of Sept 30, 2017)
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%

13. Entrée Resources | Investor Presentation | October 2017 | 13
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
Lord (Michael) Howard of Lympne
Chairman
James Harris
Mark Bailey
Alan Edwards
Anna Stylianides
Stephen Scott
President and Chief Executive Officer

14. Appendix

15. Entrée Resources | Investor Presentation | October 2017 | 15
Oyu Tolgoi: Location
About Oyu Tolgoi
Is one of the world’s largest new
copper-gold mines and is located
in the South Gobi region in
Mongolia, approx. 550 km south of
the capital and 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: Buddihsm (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

16. Entrée Resources | Investor Presentation | October 2017 | 16
Entrée/Oyu Tolgoi JV Mineral Resources & Reserves*
Mineral Reserves
Hugo North Extension Heruga
Probable Reserves** 35 Mt @ 1.59% Cu, 0.55 g/t Au ---
Mineral Resources
Hugo North Extension Heruga
Measured and Indicated
Resources**
129 Mt @ 1.65% Cu, 0.55 g/t Au
(1.99% CuEq)***
---
Inferred Resources**
179 Mt @ 0.99% Cu, 0.34 g/t Au
(1.20% CuEq)***
1.7 billion tonnes @ 0.39% Cu, 0.37
g/t Au, 0.01% Mo
(0.64% CuEq)***
* 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.
*** CuEq 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.
High-grade Resource

17. Entrée Resources | Investor Presentation | October 2017 | 17
Entrée/Oyu Tolgoi JV: Multiple development options
*Source: Base diagram from 2016 Oyu Tolgoi Technical Report, Turquoise Hill
Long life, high grade with significant expansion potential
▪ Turquoise Hill’s current Base Case 40 Mtpa
▪ Potential to achieve 50 Mtpa over first 5 years, with limited capital investment
▪ 100 Mtpa and 120 Mtpa 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

18. TSX: ETG | NYSE MKT: EGI
Advancing Towards Production
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)
www.EntreeResourcesLtd.com