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Corporate Presentation
June 2020
TSX: ETG | OTCQB: ERLFF
Partner in World Class Oyu Tolgoi Underground
Copper-Gold Mine
Entrée Resources | Investor Presentation | June 2020 | 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 and
projected expenditures; timing and status of Oyu Tolgoi underground development, the mine design for Panel 0 and the re-design study for Panels 1 and 2 of Hugo North
(including Hugo North Extension) Lift 1 and the related implications for mineral reserves and resources estimates, costs and schedules; timing of completion of the
Definitive Estimate; timing and amount of production from Lift 1 of the Entrée/Oyu Tolgoi JV property, potential production delays and the impact of any delays on the
Company’s cash flows, expected copper and gold grades, liquidity, funding requirements and planning; the potential impact of COVID-19 (coronavirus) on Oyu Tolgoi
underground development and the business, operations and financial conditions of the parties to the Entrée/Oyu Tolgoi JV; future commodity prices; the estimation of
mineral reserves and resources; projected mining and process recovery rates; estimates of capital and operating costs, mill throughput, cash flows and mine life; capital,
financing and project development risk; mining dilution; discussions with the Government of Mongolia and other Oyu Tolgoi stakeholders; exploration potential; potential
metallurgical recoveries and grades; plans for future exploration and 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 and markets, the
outcome of negotiations, the ability of the Company to continue operations during the COVID-19 (coronavirus) pandemic, and the environment in which the Company will
operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash
flows, the anticipated location of certain infrastructure and sequence of mining, the construction and continued development of the Oyu Tolgoi underground mine and the
status of the Company’s relationship and interaction with the Government of Mongolia and other Oyu Tolgoi stakeholders. 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 the timing and cost of the construction and expansion of mining and processing facilities;
the timing and availability of a long term domestic power source for Oyu Tolgoi (or the availability of financing for Oyu Tolgoi LLC (“OTLLC”) to construct such a source);
the ability of OTLLC to secure and draw down on the supplemental debt under the Oyu Tolgoi project finance facility and the availability of additional financing on terms
reasonably acceptable to Oyu Tolgoi stakeholders to further develop Oyu Tolgoi; the impact of changes in, changes in interpretation to or changes in enforcement of, laws,
regulations and government practises in Mongolia; delays, and the costs which would result from delays, in the development of the underground mine; the status of the
relationship and interaction between Oyu Tolgoi stakeholders and the Government of Mongolia on the continued operation and development of Oyu Tolgoi and OTLLC
internal governance; the anticipated location of certain infrastructure and sequence of mining; the potential impact of the COVID-19 (coronavirus) pandemic; projected
commodity prices and demand; and production estimates and the anticipated yearly production 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 risks, uncertainties and factors which could cause actual results to differ materially from future
results expressed or implied by forward-looking statements and information are discussed in the section entitled “Risk Factors” in Entrée’s Annual Information Form dated
March 16, 2020 and in the section entitled “Critical Accounting Estimates, Risks and Uncertainties” in the Company’s most recently filed MD&A, 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 Resources | Investor Presentation | June 2020 | 3
Cautionary Statement (cont’d)
Robert Cinits, P.Geo., Entrée’s former Vice President of Corporate Development and currently a consultant to Entrée has approved the technical information in this
presentation. Mr. Cinits is a “qualified person” as defined in National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101”).
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: The definitions of “Proven” and “Probable” mineral reserves used in NI 43-101 differ from the definitions in the
United States Securities and Exchange Commission (“SEC”) Industry Guide 7. In addition, the terms “mineral resource”, “Measured mineral resource”, “Indicated
mineral resource” and “Inferred mineral resource” are not defined terms under SEC Industry Guide 7 and have historically not been permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into
reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred mineral
resources may not form the basis of Feasibility or Pre-feasibility studies, except in rare cases. Accordingly, information contained in this presentation containing
descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies pursuant to SEC Industry Guide 7.
“Cash costs after credits” (C1) and All-in sustaining cost (ASIC) are non-IFRS 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 IFRS 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 IFRS.
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 Wood Canada Limited (formerly Amec Foster Wheeler Americas Limited) a copy of which is
available on SEDAR at www.sedar.com.
Entrée Resources | Investor Presentation | June 2020 | 4
About Entrée Resources Ltd.
▪ Well-funded: ~US$4.8 million cash (as at March 31, 2020)
▪ Cornerstone shareholders: Sandstorm Gold, Turquoise Hill & Rio Tinto
▪ Robust future cash flows*
▪ Characteristics of a Royalty
▪ Low risk profile: low capital and development risk
Oyu Tolgoi mill complex (September 2017)
Entrée has a unique carried joint venture interest in a significant
portion of the Oyu Tolgoi copper-gold project in Mongolia
*Technical report filed on SEDAR (www.sedar.com) under the company’s profile.
Entrée Resources | Investor Presentation | June 2020 | 5
Entrée Overview
TSX: ETG
OTCQB: ERLFF
Treasury
~US$4.8 million
(as of March 31, 2020)
Market
Capitalization
~C$74 million
(as of June 1, 2020)
Shares
Outstanding
~175.5 million
(as of June 1, 2020)
Listings
Cornerstone Shareholders
(as at June 1, 2020)
Ownership %
Sandstorm Gold Ltd. 21.3%
Rio Tinto PLC 9.4%
Turquoise Hill Resources* 7.9%
* Rio Tinto holds beneficial ownership over shares held by Turquoise Hill.
Entrée Resources | Investor Presentation | June 2020 | 6
Experienced Leadership Team
Stephen Scott
President, CEO & Director
Mr. Scott has more than 30 years global experience in all mining industry sectors. Prior to joining Entrée he held various global operational and
corporate executive positions with Rio Tinto Ltd. and RGC Ltd. Mr. Scott currentlysits on the board of directors of Atalaya Mining PLC and has
previouslyserved on the board of directors of several public mining companies.
Duane Lo
CFO
Mr. Lo has 20 years of experience in financial management for mining operations in Brazil, Africa and other jurisdictions. He was previously the
Chief Financial Officer of Luna Gold Corp. and CorporateController for First Quantum Minerals Ltd. He holds a CharteredProfessionalAccountant,
CharteredAccountant designation from the Institute of Chartered Accountants of British Columbia.
Susan McLeod
VP, Legal Affairs
Ms. McLeod has been practicing law in BC since 1997. Prior to joining Entrée she worked as outside counsel to public companies engaged in
internationalmineral exploration and mining. She has advised clients on corporate finance, M&A, corporate governanceand mining-related
commercial agreements.Ms. McLeod holds a B.Sc. and an LLB from the University of British Columbia and is a member of the Law Society of BC.
Mark Bailey
Chair
Mr. Bailey is a mining executive and registered professionalgeologist with over 40 years of industry experience. He is currently CEO and a director
of Core Gold Ltd. and Chairman of Fiore Gold Ltd. Mr. Bailey was the Presidentand CEO of Minefinders Corporation Ltd. and has also held senior
positions with Equinox Resources Inc. and Exxon Minerals.
Alan Edwards
Director
Mr. Edwards has more than 35 years of diverse mining industry experience. Mr. Edwards is President of AE Resources Corp. He also serves on the
board of directors of Orvana MineralsCorp. and Americas Silver Corporation. Mr. Edwards was previously CEO of Oracle Mining Corporation,
Copper One Inc. and Frontera Copper Corporation, and Senior VP Operationsat the Grasberg copper mine. Mr. Edwards holds a B.Sc. in Mining
Engineering and an MBA (Finance) from the Universityof Arizona.
James Harris
Director
Mr. Harris was formerly a corporate, securities and business lawyer with over 30 years’ experience in Canada and internationally.He has extensive
experience with the acquisition and disposition of assets, corporate structuring and restructuring,and corporate governance. Mr. Harris has
completed the Directors’ Education Program of the Institute of Corporate Directors and is an Institute accredited Director (ICD.D).
Michael Price
Director
Dr. Price has extensiveexperience in mining and mining finance. He is currently a director of Eldorado Gold Corp. and Asanko Gold Inc. and is the
London Representative of Resource Capital Funds. Dr. Price has served as Managing Director, Joint Global Head of Mining and Metals, Barclays
Capital, Managing Director,Global Head of Mining and Metals, Societe Generale and Head of Resource Banking and Metals Trading, NM
Rothschild and Sons. He holds B.Sc. and Ph.D. qualifications in Mining Engineering from UniversityCollege Cardiff and a Mine Manager’s
Certificateof Competency (South Africa).
Anna Stylianides
Director
Ms. Stylianides has over 20 years of experience in global capital markets and has spent much of her career in investment banking, private equity,
and corporate management and restructuring. She began her career in corporate law after graduating from the University of the Witwatersrand in
Johannesburg, South Africa. Ms. Stylianides is currently a director of Eco Oro Minerals Corp., Capfin Partners, LLC, Altius Minerals Corporation,
Sabina Gold & Silver Corp. and the Fraser Institute.
Entrée Resources | Investor Presentation | June 2020 | 7
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
Entrée Resources | Investor Presentation | June 2020 | 8
Entrée/Oyu Tolgoi JV Deposits
Entrée/Oyu Tolgoi JV (EJV)
property is 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 EJV property includes:
• Hugo North Extension (HNE)
• Heruga
• Significant exploration potential
Entrée Resources | Investor Presentation | June 2020 | 9
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)
*Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive Estimate and completed their review of mine design
options for Panel 1. See the Company’s May 14, 2020 press release.
** 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$1,300.00/oz Au and US$19.00/oz Ag.
Entrée Resources | Investor Presentation | June 2020 | 10
Entrée/Oyu Tolgoi JV: Hugo North Extension Update
OTLLC: HugoSouth&
HugoNorthDeposits
Oyu Tolgoi Lift 1 underground
development is underway
▪ Haulage decline started in Q1 2017
▪ Shafts 1,2 and 5 are complete
▪ Shafts 3 and 4 are on care and maintenance
pending return of expert service providers to site
▪ Design change for Panel 0 on Oyu Tolgoi licence
approved
▪ Will form the basis of the Definitive
Estimate of project costs and schedule
which is expected H2 2020, subject to any
delays due to the impact of the COVID-19
pandemic
EJV - LIFT 1
Basis of the 2018 Reserve Case
OR
Initial lift to be mined in the 2018
PEA
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
HNE is located at the northern extension of Panel 1.
A review of mine designs options for Panel 1 is expected
to be finalized as early as possible in 2021.
Entrée Resources | Investor Presentation | June 2020 | 11
Entrée/Oyu Tolgoi JV: Hugo North Extension Update
▪ Underground development on Oyu Tolgoi mining licence continues to progress despite unprecedented challenges and
delays with construction of some underground infrastructure resulting from COVID-19 pandemic. Highly skilled local
workforce has adapted in the face of COVID-19 restrictions.
▪ Since restart of underground development in June 2016, 38.4 total equivalent kilometres and 158.5 thousand cubic
metres of mass excavation have been completed on the Oyu Tolgoi mining licence.
Photo from Oyu Tolgoi website: http://ot.mn/
Oyu Tolgoi Underground development
▪ Prior to COVID-19 pandemic, Shaft 3 construction works progressed
on sinking ventilation, compressor building, pump house and local
mine dry. Shaft 4 compressor building, pump house, pumping system
and mine dry were completed and the galloway and headframe work
progressed towards being ready for sinking to start.
▪ 2016 Oyu Tolgoi Feasibility Study mine design stability variability
identified by OTLLC. To address this, design change for Panel 0 on
Oyu Tolgoi mining licence has been approved.
▪ Mining method still based on block caving and includes two
pillars, one to north and one to south of Panel 0.
▪ Allows independent initiation of Panels 1 and 2 removing
interdependencies and enabling these areas to be mined
discretely.
▪ Next phase of mine design studies includes review of mine design
options for Panel 1, expected to be finalized as early as possible in
2021.
▪ Once the Definitive Estimate is delivered and review of mine design
options for Panel 1 is completed, Entrée will assess the potential
impact on the 2018 Reserve Case and 2018 PEA including mineral
resources and reserves estimates, Entrée’s share of costs and timing
and amount of production (subject to any delays or adjustments in
costs arising from the impacts of the COVID-19 pandemic).
Entrée Resources | Investor Presentation | June 2020 | 12
Entrée/Oyu Tolgoi JV: Mineral Resources & Reserves
• Effective date of mineral resources and reserves estimates is January 15, 2018.
• 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)
• Once the Definitive Estimate is delivered and review of mine design options for Panel 1 is completed, Entrée will assess the potentialimpact on mineral resource and reserve
estimates.
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
Entrée Resources | Investor Presentation | June 2020 | 13
2018 PEA – Mill Feed
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.
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)
Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive Estimate and completed their review of
mine design options for Panel 1.
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
Entrée Resources | Investor Presentation | June 2020 | 14
2018 Reserve Case: Capital & Cash Costs
2018 Reserve Case
Capital, C1 & AISC costs (in US$, attributable to Entrée)*
Total Development + Sustaining Capital ($M) $52.3**
Cash Cost after Credits (C1) - $/lb payable Cu $0.56
All-In Sustaining Cost (AISC) after Credits - $/lb payable Cu $1.03
* Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive
Estimate and completed their review of mine design options for Panel 1. Subject to adjustments arising from the impacts of the COVID-19 pandemic.
** Includes ETG’s share of capital for Shaft 4, originally designed on the EJV property, which has moved onto the Oyu Tolgoi mining licence subsequent to the publication
of the 2018 Technical Report.
▪ JV partner, Oyu Tolgoi LLC (OTLLC), carries almost all of the financial burden and execution risk
on the Oyu Tolgoi underground project, including the EJV property
▪ Manageable project development risk with Rio Tinto as operator
▪ 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 EJV property as a loan
▪ Loan bears interest at RBC prime +2%, repayable to OTLLC from 90% of free cash flow
Low C1 cash costs attributable to Entrée
Low capital and development risk for Entrée
Entrée Resources | Investor Presentation | June 2020 | 15
Entrée: Maximizing Potential
Near term priorities:
▪ Continue constructive discussions with
the Government of Mongolia
▪ Work with partners to advance
potential amendments to the JV
agreement that align the interests of all
stakeholders as they are now
understood
▪ Advocate increased exploration on
Entrée/Oyu Tolgoi JV property,
including several priority near-surface
targets
▪ Continue to focus efforts on conserving cash reserves and remaining prudent with
expenditures
TSX: ETG | OTCQB: ERLFF
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

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Entree Resources Corporate Presentation - June 2020

  • 1. Corporate Presentation June 2020 TSX: ETG | OTCQB: ERLFF Partner in World Class Oyu Tolgoi Underground Copper-Gold Mine
  • 2. Entrée Resources | Investor Presentation | June 2020 | 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 and projected expenditures; timing and status of Oyu Tolgoi underground development, the mine design for Panel 0 and the re-design study for Panels 1 and 2 of Hugo North (including Hugo North Extension) Lift 1 and the related implications for mineral reserves and resources estimates, costs and schedules; timing of completion of the Definitive Estimate; timing and amount of production from Lift 1 of the Entrée/Oyu Tolgoi JV property, potential production delays and the impact of any delays on the Company’s cash flows, expected copper and gold grades, liquidity, funding requirements and planning; the potential impact of COVID-19 (coronavirus) on Oyu Tolgoi underground development and the business, operations and financial conditions of the parties to the Entrée/Oyu Tolgoi JV; future commodity prices; the estimation of mineral reserves and resources; projected mining and process recovery rates; estimates of capital and operating costs, mill throughput, cash flows and mine life; capital, financing and project development risk; mining dilution; discussions with the Government of Mongolia and other Oyu Tolgoi stakeholders; exploration potential; potential metallurgical recoveries and grades; plans for future exploration and 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 and markets, the outcome of negotiations, the ability of the Company to continue operations during the COVID-19 (coronavirus) pandemic, and the environment in which the Company will operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash flows, the anticipated location of certain infrastructure and sequence of mining, the construction and continued development of the Oyu Tolgoi underground mine and the status of the Company’s relationship and interaction with the Government of Mongolia and other Oyu Tolgoi stakeholders. 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 the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long term domestic power source for Oyu Tolgoi (or the availability of financing for Oyu Tolgoi LLC (“OTLLC”) to construct such a source); the ability of OTLLC to secure and draw down on the supplemental debt under the Oyu Tolgoi project finance facility and the availability of additional financing on terms reasonably acceptable to Oyu Tolgoi stakeholders to further develop Oyu Tolgoi; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practises in Mongolia; delays, and the costs which would result from delays, in the development of the underground mine; the status of the relationship and interaction between Oyu Tolgoi stakeholders and the Government of Mongolia on the continued operation and development of Oyu Tolgoi and OTLLC internal governance; the anticipated location of certain infrastructure and sequence of mining; the potential impact of the COVID-19 (coronavirus) pandemic; projected commodity prices and demand; and production estimates and the anticipated yearly production 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 risks, uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by forward-looking statements and information are discussed in the section entitled “Risk Factors” in Entrée’s Annual Information Form dated March 16, 2020 and in the section entitled “Critical Accounting Estimates, Risks and Uncertainties” in the Company’s most recently filed MD&A, 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.
  • 3. Entrée Resources | Investor Presentation | June 2020 | 3 Cautionary Statement (cont’d) Robert Cinits, P.Geo., Entrée’s former Vice President of Corporate Development and currently a consultant to Entrée has approved the technical information in this presentation. Mr. Cinits is a “qualified person” as defined in National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101”). 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: The definitions of “Proven” and “Probable” mineral reserves used in NI 43-101 differ from the definitions in the United States Securities and Exchange Commission (“SEC”) Industry Guide 7. In addition, the terms “mineral resource”, “Measured mineral resource”, “Indicated mineral resource” and “Inferred mineral resource” are not defined terms under SEC Industry Guide 7 and have historically not been permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of mineral deposits in these categories will ever be converted into reserves. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred mineral resources may not form the basis of Feasibility or Pre-feasibility studies, except in rare cases. Accordingly, information contained in this presentation containing descriptions of the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies pursuant to SEC Industry Guide 7. “Cash costs after credits” (C1) and All-in sustaining cost (ASIC) are non-IFRS 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 IFRS 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 IFRS. 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 Wood Canada Limited (formerly Amec Foster Wheeler Americas Limited) a copy of which is available on SEDAR at www.sedar.com.
  • 4. Entrée Resources | Investor Presentation | June 2020 | 4 About Entrée Resources Ltd. ▪ Well-funded: ~US$4.8 million cash (as at March 31, 2020) ▪ Cornerstone shareholders: Sandstorm Gold, Turquoise Hill & Rio Tinto ▪ Robust future cash flows* ▪ Characteristics of a Royalty ▪ Low risk profile: low capital and development risk Oyu Tolgoi mill complex (September 2017) Entrée has a unique carried joint venture interest in a significant portion of the Oyu Tolgoi copper-gold project in Mongolia *Technical report filed on SEDAR (www.sedar.com) under the company’s profile.
  • 5. Entrée Resources | Investor Presentation | June 2020 | 5 Entrée Overview TSX: ETG OTCQB: ERLFF Treasury ~US$4.8 million (as of March 31, 2020) Market Capitalization ~C$74 million (as of June 1, 2020) Shares Outstanding ~175.5 million (as of June 1, 2020) Listings Cornerstone Shareholders (as at June 1, 2020) Ownership % Sandstorm Gold Ltd. 21.3% Rio Tinto PLC 9.4% Turquoise Hill Resources* 7.9% * Rio Tinto holds beneficial ownership over shares held by Turquoise Hill.
  • 6. Entrée Resources | Investor Presentation | June 2020 | 6 Experienced Leadership Team Stephen Scott President, CEO & Director Mr. Scott has more than 30 years global experience in all mining industry sectors. Prior to joining Entrée he held various global operational and corporate executive positions with Rio Tinto Ltd. and RGC Ltd. Mr. Scott currentlysits on the board of directors of Atalaya Mining PLC and has previouslyserved on the board of directors of several public mining companies. Duane Lo CFO Mr. Lo has 20 years of experience in financial management for mining operations in Brazil, Africa and other jurisdictions. He was previously the Chief Financial Officer of Luna Gold Corp. and CorporateController for First Quantum Minerals Ltd. He holds a CharteredProfessionalAccountant, CharteredAccountant designation from the Institute of Chartered Accountants of British Columbia. Susan McLeod VP, Legal Affairs Ms. McLeod has been practicing law in BC since 1997. Prior to joining Entrée she worked as outside counsel to public companies engaged in internationalmineral exploration and mining. She has advised clients on corporate finance, M&A, corporate governanceand mining-related commercial agreements.Ms. McLeod holds a B.Sc. and an LLB from the University of British Columbia and is a member of the Law Society of BC. Mark Bailey Chair Mr. Bailey is a mining executive and registered professionalgeologist with over 40 years of industry experience. He is currently CEO and a director of Core Gold Ltd. and Chairman of Fiore Gold Ltd. Mr. Bailey was the Presidentand CEO of Minefinders Corporation Ltd. and has also held senior positions with Equinox Resources Inc. and Exxon Minerals. Alan Edwards Director Mr. Edwards has more than 35 years of diverse mining industry experience. Mr. Edwards is President of AE Resources Corp. He also serves on the board of directors of Orvana MineralsCorp. and Americas Silver Corporation. Mr. Edwards was previously CEO of Oracle Mining Corporation, Copper One Inc. and Frontera Copper Corporation, and Senior VP Operationsat the Grasberg copper mine. Mr. Edwards holds a B.Sc. in Mining Engineering and an MBA (Finance) from the Universityof Arizona. James Harris Director Mr. Harris was formerly a corporate, securities and business lawyer with over 30 years’ experience in Canada and internationally.He has extensive experience with the acquisition and disposition of assets, corporate structuring and restructuring,and corporate governance. Mr. Harris has completed the Directors’ Education Program of the Institute of Corporate Directors and is an Institute accredited Director (ICD.D). Michael Price Director Dr. Price has extensiveexperience in mining and mining finance. He is currently a director of Eldorado Gold Corp. and Asanko Gold Inc. and is the London Representative of Resource Capital Funds. Dr. Price has served as Managing Director, Joint Global Head of Mining and Metals, Barclays Capital, Managing Director,Global Head of Mining and Metals, Societe Generale and Head of Resource Banking and Metals Trading, NM Rothschild and Sons. He holds B.Sc. and Ph.D. qualifications in Mining Engineering from UniversityCollege Cardiff and a Mine Manager’s Certificateof Competency (South Africa). Anna Stylianides Director Ms. Stylianides has over 20 years of experience in global capital markets and has spent much of her career in investment banking, private equity, and corporate management and restructuring. She began her career in corporate law after graduating from the University of the Witwatersrand in Johannesburg, South Africa. Ms. Stylianides is currently a director of Eco Oro Minerals Corp., Capfin Partners, LLC, Altius Minerals Corporation, Sabina Gold & Silver Corp. and the Fraser Institute.
  • 7. Entrée Resources | Investor Presentation | June 2020 | 7 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
  • 8. Entrée Resources | Investor Presentation | June 2020 | 8 Entrée/Oyu Tolgoi JV Deposits Entrée/Oyu Tolgoi JV (EJV) property is 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 EJV property includes: • Hugo North Extension (HNE) • Heruga • Significant exploration potential
  • 9. Entrée Resources | Investor Presentation | June 2020 | 9 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) *Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive Estimate and completed their review of mine design options for Panel 1. See the Company’s May 14, 2020 press release. ** 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$1,300.00/oz Au and US$19.00/oz Ag.
  • 10. Entrée Resources | Investor Presentation | June 2020 | 10 Entrée/Oyu Tolgoi JV: Hugo North Extension Update OTLLC: HugoSouth& HugoNorthDeposits Oyu Tolgoi Lift 1 underground development is underway ▪ Haulage decline started in Q1 2017 ▪ Shafts 1,2 and 5 are complete ▪ Shafts 3 and 4 are on care and maintenance pending return of expert service providers to site ▪ Design change for Panel 0 on Oyu Tolgoi licence approved ▪ Will form the basis of the Definitive Estimate of project costs and schedule which is expected H2 2020, subject to any delays due to the impact of the COVID-19 pandemic EJV - LIFT 1 Basis of the 2018 Reserve Case OR Initial lift to be mined in the 2018 PEA 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 HNE is located at the northern extension of Panel 1. A review of mine designs options for Panel 1 is expected to be finalized as early as possible in 2021.
  • 11. Entrée Resources | Investor Presentation | June 2020 | 11 Entrée/Oyu Tolgoi JV: Hugo North Extension Update ▪ Underground development on Oyu Tolgoi mining licence continues to progress despite unprecedented challenges and delays with construction of some underground infrastructure resulting from COVID-19 pandemic. Highly skilled local workforce has adapted in the face of COVID-19 restrictions. ▪ Since restart of underground development in June 2016, 38.4 total equivalent kilometres and 158.5 thousand cubic metres of mass excavation have been completed on the Oyu Tolgoi mining licence. Photo from Oyu Tolgoi website: http://ot.mn/ Oyu Tolgoi Underground development ▪ Prior to COVID-19 pandemic, Shaft 3 construction works progressed on sinking ventilation, compressor building, pump house and local mine dry. Shaft 4 compressor building, pump house, pumping system and mine dry were completed and the galloway and headframe work progressed towards being ready for sinking to start. ▪ 2016 Oyu Tolgoi Feasibility Study mine design stability variability identified by OTLLC. To address this, design change for Panel 0 on Oyu Tolgoi mining licence has been approved. ▪ Mining method still based on block caving and includes two pillars, one to north and one to south of Panel 0. ▪ Allows independent initiation of Panels 1 and 2 removing interdependencies and enabling these areas to be mined discretely. ▪ Next phase of mine design studies includes review of mine design options for Panel 1, expected to be finalized as early as possible in 2021. ▪ Once the Definitive Estimate is delivered and review of mine design options for Panel 1 is completed, Entrée will assess the potential impact on the 2018 Reserve Case and 2018 PEA including mineral resources and reserves estimates, Entrée’s share of costs and timing and amount of production (subject to any delays or adjustments in costs arising from the impacts of the COVID-19 pandemic).
  • 12. Entrée Resources | Investor Presentation | June 2020 | 12 Entrée/Oyu Tolgoi JV: Mineral Resources & Reserves • Effective date of mineral resources and reserves estimates is January 15, 2018. • 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) • Once the Definitive Estimate is delivered and review of mine design options for Panel 1 is completed, Entrée will assess the potentialimpact on mineral resource and reserve estimates. 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
  • 13. Entrée Resources | Investor Presentation | June 2020 | 13 2018 PEA – Mill Feed 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. 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) Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive Estimate and completed their review of mine design options for Panel 1. 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
  • 14. Entrée Resources | Investor Presentation | June 2020 | 14 2018 Reserve Case: Capital & Cash Costs 2018 Reserve Case Capital, C1 & AISC costs (in US$, attributable to Entrée)* Total Development + Sustaining Capital ($M) $52.3** Cash Cost after Credits (C1) - $/lb payable Cu $0.56 All-In Sustaining Cost (AISC) after Credits - $/lb payable Cu $1.03 * Based on assumptions in the 2018 Technical Report, which are subject to change once OTLLC, Rio Tinto and Turquoise Hill have completed and delivered the Definitive Estimate and completed their review of mine design options for Panel 1. Subject to adjustments arising from the impacts of the COVID-19 pandemic. ** Includes ETG’s share of capital for Shaft 4, originally designed on the EJV property, which has moved onto the Oyu Tolgoi mining licence subsequent to the publication of the 2018 Technical Report. ▪ JV partner, Oyu Tolgoi LLC (OTLLC), carries almost all of the financial burden and execution risk on the Oyu Tolgoi underground project, including the EJV property ▪ Manageable project development risk with Rio Tinto as operator ▪ 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 EJV property as a loan ▪ Loan bears interest at RBC prime +2%, repayable to OTLLC from 90% of free cash flow Low C1 cash costs attributable to Entrée Low capital and development risk for Entrée
  • 15. Entrée Resources | Investor Presentation | June 2020 | 15 Entrée: Maximizing Potential Near term priorities: ▪ Continue constructive discussions with the Government of Mongolia ▪ Work with partners to advance potential amendments to the JV agreement that align the interests of all stakeholders as they are now understood ▪ Advocate increased exploration on Entrée/Oyu Tolgoi JV property, including several priority near-surface targets ▪ Continue to focus efforts on conserving cash reserves and remaining prudent with expenditures
  • 16. TSX: ETG | OTCQB: ERLFF 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