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Entrée Resources Provides Update on Entrée/Oyu Tolgoi Joint Venture License Matters

ERLFF
  • Entrée Resources Ltd. provided an update on the Shivee Tolgoi and Javkhlant mining licenses (JV Licenses) held by Entrée LLC on behalf of the Entrée/Oyu Tolgoi joint venture in Mongolia.
  • Mongolia's Parliament approved Resolution No. 62 on July 2, 2025, establishing a Temporary Oversight Committee to investigate state ownership interests & benefits from the Oyu Tolgoi deposits.
  • Entrée submitted thousands of documents & participated in meetings to support the Committee's investigation into reserve valuations & state ownership percentages.
  • The Committee held a three-day public hearing in early December 2025, summoning approximately 300 witnesses including former Mongolian officials & representatives from Rio Tinto & OT LLC.
  • Entrée President Stephen Scott attended the December 8 hearing to answer questions regarding the JV Licenses, while subsequent hearings focused on OT LLC's 2011 Shareholders' Agreement.
  • On December 19, 2025, the Committee reportedly submitted a draft resolution to Parliament for further consideration by the Standing Committee on Economics.
  • The Mongolian Prime Minister established a Government Working Group on August 22, 2025, led by the Minister of Industry & Mineral Resources to negotiate state interests in the JV License areas.
  • Entrée received notice of the Working Group on September 18, 2025, & held a preliminary meeting in Ulaanbaatar on December 10, 2025, with negotiations expected to commence shortly.
  • OT LLC holds an 80% (or 70% depending on mineralization depth) economic interest & has exclusive rights to construct, explore, mine, & process in the JV License areas.
  • During Q3 2025, Entrée LLC filed an Administrative Court claim to compel the Mongolian tax authority to review & confirm JV License valuations before license transfers to OT LLC can be registered.
  • The Administrative Court hearing is expected to be scheduled shortly.
  • Entrée holds a 20% or 30% carried participating interest in the joint venture, with Royal Gold & Rio Tinto holding approximately 24% & 16% of Entrée shares respectively.