Mr. Stephen Scott reports

ENTREE RESOURCES WINS ARBITRATION DECISION

Entree Resources Ltd. has been granted a partial final award by the three-member international arbitration tribunal appointed in connection with the company's binding arbitration proceedings against its joint venture partner Oyu Tolgoi LLC (OTLLC) and Turquoise Hill Resources Ltd. The tribunal has ruled in favour of Entree on all issues and dismissed the respondents' counterclaims.

Stephen Scott, the company's president and chief executive officer commented, "This award represents a tremendous outcome for the company and provides much needed certainty for all Oyu Tolgoi project stakeholders as we endeavour to keep Lift 1 Panel 1 development work on schedule."

The company commenced proceedings on May 26, 2022, to seek declarations and orders for specific performance relating to certain provisions of the amended 2004 equity participation and earn-in agreement and joint venture agreement (JVA) with OTLLC. The tribunal issued final and binding declarations that:

• OTLLC is obligated to provide to Entree an executed copy of the JVA, in the form appended to the earn-in agreement, subject only to any amendments to its terms that Entree and OTLLC mutually agree.

• OTLLC is obligated to facilitate and accept the transfer of the Shivee Tolgoi and Javhlant mining licences for the Entree/Oyu Tolgoi joint venture as required by the JVA. and

• Any taxes and fees assessed on the transfer of the licenses are subject to the terms of the JVA, with OTLLC contributing Entree's 20-per-cent share as a loan under Section 10.1 of the JVA.

The tribunal also reserved Entree's claims for specific performance, and in the alternative equitable damages, and the issue of costs, to a subsequent award.

The company is currently considering potential next steps and will update the market in due course.

About Entree Resources Ltd.

Entree Resources is a well-financed 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. Entree has a 20-per-cent or 30-per-cent carried participating interest in the Entree/Oyu Tolgoi joint venture, depending on the depth of mineralization. Horizon Copper Corp. and Rio Tinto are major shareholders of Entree, beneficially holding approximately 24 per cent and 16 per cent of the shares of the company, respectively.

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