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Entrée Resources Announces First Quarter 2026 Results and Provides Corporate Update

ERLFF
  • Entrée Resources Ltd. filed its Q1 2026 interim financial results on May 14, 2026, reporting an operating loss of $0.7 million & an operating cash outflow of $0.6 million.
  • The Company holds a cash balance of $3.5 million & a working capital balance of $3.4 million as of March 31, 2026.
  • Entrée submitted a non-binding proposal to Mongolia's Minister of Industry & Mineral Resources on March 25, 2026, to transfer mining licences to OTLLC & pay a negotiated royalty in lieu of the State's 34% equity interest.
  • Prime Minister N. Uchral was sworn in on March 31, 2026, & reappointed G. Damdinnyam as Minister of Industry & Mineral Resources on April 3, 2026.
  • The Entrée/Oyu Tolgoi JV Management Committee approved a 2026 in-fill diamond drilling program at Hugo North Extension comprising ~9,136 metres in 16 underground holes.
  • Exploration programs approved for 2026 include drilling at Ulaan Khud South (1,830 metres) & Southwest Heruga (1,510 metres) along the Oyu Tolgoi porphyry copper trend.
  • OTLLC announced record Q1 2026 underground copper & gold production exceeding plans by over 10% & confirmed Lift 1 ramp-up targets 500,000 tonnes of copper annually from 2028 to 2036.
  • Stephen Scott, President & CEO, announced his intention to retire in the second half of 2026, with the Board initiating a search for his successor.
  • A 2024 arbitration award favored Entrée on all issues regarding the transfer of mining licences, which is required to proceed with Lift 1 Panel 1 development.
  • Entrée LLC filed a claim on August 1, 2025, regarding licence transfer tax valuations; the claim was withdrawn on March 24, 2026, to allow resubmission after tax payment.
  • The Company delivered a proposal on March 25, 2026, to resolve State ownership issues under Mongolia's Resolution No. 120, aiming to replace equity participation with royalty payments.
  • Potential delays in transferring licences or resolving State ownership could adversely affect development schedules, costs, & the Company's financial condition.
  • The Company & OTLLC remain committed to exploring the conversion of their Joint Venture Agreement into a new agreement reflecting equivalent economic value & legal compliance.