Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “Company” or “Entrée”) wishes to address questions raised by a Mongolian Member of Parliament in a plenary session held on October 2, 2026. The questions followed the Company’s recent update on efforts to transfer the Shivee Tolgoi (MV-015226A) and Javkhlant (MV-105225A) mining licenses (the “Licenses”) to the Company’s joint venture partner Oyu Tolgoi LLC (“OT LLC”). The update is included in the September 28, 2026 Letter to Shareholders from Entrée’s President and CEO Chris Adams, a copy of which is available here.

The Company continues to take steps to advance the transfer process in accordance with applicable laws of Mongolia while discussions with the Government Working Group and Oyu Tolgoi project stakeholders regarding State participation in the area of the Licenses are ongoing, so that when agreement is reached the Licenses can be transferred without further delay. The Licenses must be transferred to OT LLC for Lift 1 underground development and extraction activities on the Shivee Tolgoi mining license to proceed.

As previously disclosed by the Company, transfer tax based on the value of the Licenses must be paid in accordance with applicable laws of Mongolia. It is the responsibility of the license holder, not the Mongolian tax authority (“MTA”), to calculate the value of a mining license in accordance with prescribed methodology. The license holder then submits a request to the MTA to review and confirm the license holder’s valuation calculation. The request must be accompanied by supporting documentation and materials, including evidence that the transfer tax has been remitted.

Entrée LLC, with support from OT LLC and their respective legal and tax advisors, has calculated the values of the Licenses, remitted the applicable transfer tax to the MTA, and submitted a request to the MTA to review and confirm Entrée LLC’s valuation calculations, all in accordance with applicable methodology, procedures, and laws. Supporting documentation and materials, including receipts evidencing the remittance of transfer tax, were also submitted to the MTA.

To date, the MTA has not confirmed Entrée LLC’s valuation calculations. The MTA has advised Entrée LLC it considers the documents and materials submitted by Entrée LLC to be incomplete and it is therefore not possible for the MTA to issue tax payment certificates.

Additional details can be found in the Company’s continuous disclosure record available on the Company’s website at www.EntreeResourcesLtd.com, on SEDAR+ at www.sedarplus.ca, and on OTC Markets at www.otcmarkets.com.

ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia. Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV, depending on the depth of mineralization. Royal Gold, Inc. (through its wholly owned Canadian subsidiary International Royalty Corporation) and Rio Tinto are major shareholders of Entrée, beneficially holding approximately 24% and 16% of the shares of the Company, respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com.

Published Date:2026-10-07