Entrée Resources presented their investor overview for June 2021, highlighting their joint venture in the Oyu Tolgoi underground copper-gold mine. The report details the development and projected production timelines, significant mineral reserves, and the financial implications, with a notable focus on the risks and uncertainties that could affect outcomes. The company emphasizes its strategic position, partnership dynamics, and future exploration potential within the high-profile mining project in Mongolia.

1. Corporate Presentation
June 2021
TSX: ETG | OTCQB: ERLFF
Partner in World Class Oyu Tolgoi Underground
Copper-Gold Mine

2. Entrée Resources | Investor Presentation | June 2021 | 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; the value and potential value of assets and the ability of Entrée to maximize returns to shareholders; timing and status of Oyu Tolgoi underground
development; the expected timing and amount of production from Lifts 1 and 2 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 re-design studies for Panels 1 and 2 of Hugo
North (including Hugo North Extension) Lift 1 and the possible outcomes, content and timing thereof; the future prices of copper, gold, molybdenum and silver; the
potential impact of COVID-19 on Oyu Tolgoi underground development and the Company’s business, operations and financial condition; the estimation of mineral
reserves and resources; the realization of mineral reserve and resource estimates; 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 on a range of issues; exploration potential; 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 and negotiations and the environment in which Entrée will operate in the future, including
commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash flows, and the anticipated location of
certain infrastructure and sequence of mining within and across panel boundaries; the construction and continued development of the Oyu Tolgoi underground mine; and
the status of Entrée’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”) or the Government of
Mongolia to construct such a source); the willingness of third parties to extend existing power arrangements; the potential impact of COVID-19, including any restrictions
imposed by health and governmental authorities relating thereto; the implementation and successful execution of the funding plan that is the subject of a Heads of
Agreement between Rio Tinto and Turquoise Hill Resources and the amount of any additional future funding gap to complete the Oyu Tolgoi underground project as well
as the amount and potential sources of additional funding required therefor, all as contemplated by the Heads of Agreement; the impact of changes in, changes in
interpretation to or changes in enforcement of, laws, regulations and government practices in Mongolia; delays, and the costs which would result from delays, in the
development of the underground mine; the status of the relationship and interactions and discussions between OTLLC, Rio Tinto and Turquoise Hill Resources with the
Government of Mongolia on the continued operation and development of Oyu Tolgoi and OTLLC internal governance (including the outcome of any such interactions or
discussions); the willingness and ability of the parties to the Oyu Tolgoi Investment Agreement and the 2015 Oyu Tolgoi Underground Mine Development and Financing
Plan to amend or replace either such agreement; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued
operation of Oyu Tolgoi; the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; projected commodity prices and their
market demand; and production estimates and the anticipated yearly production of copper, gold and silver at the Oyu Tolgoi underground mine.
… continued

3. Entrée Resources | Investor Presentation | June 2021 | 3
Cautionary Statement (cont’d)
With respect to the 2021 PEA, it is based on a conceptual mine plan that includes Inferred resources. Numerous assumptions were made in the preparation of the 2021 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 2021 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 2021 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 for
the year ended December 31, 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.
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 News Release dated June 15, 2021, a copy of which is available on SEDAR at
www.sedar.com.

4. Entrée Resources | Investor Presentation | June 2021 | 4
About Entrée Resources Ltd.
▪ Updated Technical Report (June 2021) with development scenarios for both
Hugo North Extension Lift 1 and Lift 2:
▪ Lift 1 (2021 Reserve Case): Entrée attributable NPV(8%) of US$114 million
▪ Lift 2 (2021 PEA): Entrée attributable NPV(8%) of US$306 million
▪ Development production from Hugo North Extension Lift 1 expected 2022
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

5. Entrée Resources | Investor Presentation | June 2021 | 5
Entrée Overview
TSX: ETG
OTCQB: ERLFF
Treasury
Market
Capitalization
C$ 182 million
(as of June 23, 2021)
Shares
Outstanding
188,398,868
(as of June 15, 2021)
Listings
Cornerstone Shareholders
(as at June 15, 2021)
Ownership
Sandstorm Gold Ltd. 24%
Rio Tinto 9%
Turquoise Hill Resources* 8%
* Rio Tinto holds beneficial ownership over shares held by Turquoise Hill.
~US$ 7 million
(as of June 23, 2021)

6. Entrée Resources | Investor Presentation | June 2021 | 6
Entrée: Why Invest?
▪ First sustainable production from
partner’s Hugo North Lift 1 forecast for
October 2022
▪ Entrée/Oyu Tolgoi JV (EJV) first Lift 1
development production expected 2022
▪ Completion of ongoing Panel 1 drilling
and optimization studies
▪ Potential to amend EJV to align
stakeholder interests as they are now
understood
▪ Expand exploration programs on priority
near-surface targets
Near-term potential catalysts and milestones:

7. Entrée Resources | Investor Presentation | June 2021 | 7
Entrée/Oyu Tolgoi JV Deposits
Entrée/Oyu Tolgoi JV
property is an integral part
of the world-class Oyu
Tolgoi copper-gold project
Entrée has a 20% carried participating interest in the Hugo North
Extension and Heruga resources and reserves with partner Oyu
Tolgoi LLC (OTLLC) holding the remaining 80%.
Outline of mineralization projected to surface.
The EJV property includes:
• Hugo North Extension (HNE) (Cu-Au)
➢ 2021 Reserve Case (Lift 1)
➢ 2021 PEA (Lift 2)
• Heruga (Cu-Au-Mo)

8. Entrée Resources | Investor Presentation | June 2021 | 8
Entrée/Oyu Tolgoi JV Prospects
By 2030, Oyu Tolgoi is
expected to be the
fourth largest copper
mine in the world
Entrée has a 20% carried participating interest with respect to
mineralization extracted below 560m depth and a 30% carried
participating interest with respect to mineralization extracted
from above 560m depth. OTLLC holds the remaining interest.
*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:
• Significant exploration potential
• Airstrip
• Gravity Ridge
• Southeast IP
• Heruga Southwest
• Mag West
• Bumbat Ulaan
• Ulaan Khud

9. Entrée Resources | Investor Presentation | June 2021 | 9
2021 Technical Report – EJV Deposits
• 2021 Reserve Case1: HNE Lift 1 - 17-year mine life
• Aligned with JV partner’s 2020 Oyu Tolgoi Feasibility Study (OTFS20)
• 2021 PEA1,2: HNE Lift 2 - 22-year conceptual mine life
• Heruga: 1.4 Bt resource3
1- Based on assumptions in the 2021 Technical Report, which are subject to change as a result of on-going studies by OTLLC and due to any potential impacts of the COVID-19 pandemic.
2- The economic analysis in the 2021 PEA (HNE Lift 2) does not have as high a level of certainty as the 2021 Reserve Case (HNE Lift 1). The 2021 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 2021 PEA
will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
3- Heruga Inferred mineral resources: refer to Slide 12.
Mineralization in the
2021 Reserve Case
Mineralization in the
2021 PEA
Potential for future
resource growth and
development – 1.4 Bt @
0.68% CuEq3
.

10. Entrée Resources | Investor Presentation | June 2021 | 10
Hugo North Extension Lifts 1 & 2
OTLLC:HugoSouth&
HugoNorthDeposits
▪ Technical criteria for mid-2021 commencement of undercut on OTLLC’s
licence on track
▪ First sustainable production from Hugo North Lift 1 (OTLLC) forecast for
October 2022
▪ Initial HNE Lift 1 development production expected 2022 (EJV)
EJV - LIFT 1
Basis of the 2021 Reserve Case
EJV - LIFT 2
Second potential lift to
be mined at HNE; basis
of the 2021 PEA
Hugo North Lift 1 underground development is underway
Entrée Resources | Investor Presentation | June 2021 | 10

11. Entrée Resources | Investor Presentation | June 2021 | 11
Highlights - 2021 Reserve Case and 2021 PEA
• Entrée has a 20% attributable interest in the above recovered metal.
• The economic analysis in the 2021 PEA does not have as high a level of certainty as the 2021 Reserve Case. The 2021 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 2021 PEA will be realized.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
• Metal prices used for the financial analysis for both the 2021 Reserve Case and the 2021 PEA: copper $3.25/lb, gold $1,591.00/oz, silver $21.08/oz.
Entrée/Oyu Tolgoi JV Property Units 2021 Reserve Case
(HNE Lift 1)
2021 PEA
(HNE Lift 2)
Entrée Attributable Financial Results
Cash Flow, pre-tax US$M 381 1,982
NPV(5%), after-tax US$M 160 541
NPV(8%), after-tax US$M 114 306
EJV LOM Recovered Metal
Copper Recovered Mlb 1,249 4,564
Gold Recovered koz 549 2,025
Silver Recovered koz 3,836 15,067

12. Entrée Resources | Investor Presentation | June 2021 | 12
EJV Mineral Resources & Reserves
• Effective date of mineral resources is March 31, 2021; effective date of mineral reserves is May 15, 2021.
• Entrée has a 20% carried interest in the Hugo North Extension and Heruga resources and reserves.
• Mineral reserves are reported inclusive of those mineral resources that were converted to mineral reserves.
• HNE CuEq is calculated using the following equation: CuEq = Cu + ((Au * 35.7175) + (Ag * 0.5773)) / 67.9023 taking into account differentials between metallurgical performance
and price for copper, gold and silver.
• Heruga CuEq is calculated using the following equation: CuEq = Cu + ((Au * 37.0952) + (Ag * 0.5810) + (Mo * 0.0161)) / 67.9023 taking into account differentials between
metallurgical performance and price for copper, gold, silver and molybdenum.
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 120 1.70 0.58 4.3 - 2.04 4,500 2,200 16,000 -
Inferred 167 1.02 0.36 2.8 - 1.23 3,800 1,900 15,000 -
Heruga (>0.37% CuEq Cut-Off)
Inferred 1,400 0.41 0.40 1.5 120 0.68 13,000 18,000 66,000 370
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)
Contained Metal
Cu (Mlb) Au (koz) Ag (koz)
Probable 40 96.97 1.5 0.53 3.6 1,340 676 4,613

13. Entrée Resources | Investor Presentation | June 2021 | 13
2021 Reserve Case Production Schedule
• Entrée has a 20% attributable interest in the above processed material.
HNE Lift 1 Development Production Starting in 2022
0.25
1.25
2.25
3.25
4.25
5.25
6.25
7.25
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Grade
(%
or
g/t)
K
Tonnes
Year
Hugo North Extension Lift 1
Production
Hugo Lift 1 Extension Cu (%) Au (g/t) Ag (g/t)

14. Entrée Resources | Investor Presentation | June 2021 | 14
2021 PEA Production Schedule
• Entrée has a 20% attributable interest in the above production material.
• The economic analysis in the 2021 PEA does not have as high a level of certainty as the 2021 Reserve Case. The 2021 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 2021 PEA will be realized. Mineral resources are not mineral reserves and do not have
demonstrated economic viability.
Lift 2: Next Phase of HNE Development After Lift 1
0.25
0.75
1.25
1.75
2.25
2.75
3.25
3.75
4.25
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Grade
-
Pct
,
g/t
K
-
Tonnes
Year
Hugo North Extension Lift 2 Production
Production (t) Cu (%) Au (g/t) Ag (g/t)

15. Entrée Resources | Investor Presentation | June 2021 | 15
Entrée/Oyu Tolgoi JV Structure
20%*
80%
34% 66%
Oyu Tolgoi LLC
(OTLLC)
Entrée
Resources
Entrée 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
▪ Bears interest at prime +2%, repayable to
OTLLC only from 90% of free cash flow

16. Entrée Resources | Investor Presentation | June 2021 | 16
Capital Costs – 2021 Reserve Case and 2021 PEA
Financial Highlights (in USD, attributable to Entrée)
2021 Reserve Case
(HNE Lift 1)
2021 PEA
(HNE Lift 2)
Direct Development & Sustaining Capital Costs ($M) $55.1 $319.7
Amortized Capital Costs ($M) $139.5 $40.2
Low Capital and Development Risk for Entrée
▪ JV partner 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 has elected to have OTLLC contribute Entrée’s share of all
project/exploration costs throughout the life of the mine by way of a loan

17. Entrée Resources | Investor Presentation | June 2021 | 17
Operating Costs – 2021 Reserve Case and 2021 PEA
Operating Costs (in USD, attributable to Entrée)
Units
2021 Reserve Case
(HNE Lift 1)
2021 PEA
(HNE Lift 2)
Average LOM cash costs after credit (C1) $/lb $0.85 $0.30
Average LOM all-in-sustaining costs (AISC) $/lb $1.36 $0.92
Average LOM Operating Costs $/t processed $44.89 $28.25
Totals might not tally due to rounding.
▪ The average LOM cash cost, AISC, and operating costs for the 2021 Reserve Case
includes an amortization charge for OTLLC facility development capital costs
▪ These costs will have been fully recaptured prior to processing material from HNE
Lift 2; consequently, no amortization allowance for such development capital costs is
payable for the 2021 PEA
Low C1 Cash Costs and AISC Attributable to Entrée

18. Entrée Resources | Investor Presentation | June 2021 | 18
Panel 1 Mine Design
Photo from Oyu Tolgoi website: http://ot.mn/
Oyu Tolgoi Underground development
• OTLLC’s OTFS20 completed July 2020, incorporates
new mine design for Lift 1 of Hugo North Panel 0 and
is basis for 2021 Reserve Case
• Lift 1 mine plan includes development of three panels
(Panels 0, 1 & 2)
o HNE located at northern portion of Panel 1
• Panel 1 optimization studies underway to evaluate
different design and sequencing options
• Studies underpinned by additional geology and
geotechnical data being collected from ongoing
underground and surface drilling
• Entrée’s partners believe existing feasibility study
design for Panel 1 remains executable based on
current orebody understanding
• Economics and assumptions in OTFS20 and 2021 Reserve Case sensitive to ongoing
or increasing COVID-19 restrictions

19. 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