Entree Resources Provides JV Licenses Update and Drill and Regional Exploration Results

• On 9 Apr 2026 Entrée submitted a non‑binding proposal to Mongolia’s Minister of Industry and Mineral Resources to transfer the Shivee Tolgoi and Javkhlant licences to OT LLC – a prerequisite for Lift 1 Panel 1 underground development.
• Drill results from the Hugo North Extension (HNE) show high‑grade underground intercepts:
• UGD951 – 124 m @ 3.41 % CuEq (62 m @ 4.36 % CuEq)
• UGD952A – 42.4 m @ 1.32 % CuEq
• Regional drilling on the Shivee Tolgoi licence returned copper‑molybdenum intercepts of ~0.30 % Cu with up to 295 ppm Mo over >300 m.
• New political context: a new Prime Minister (31 Mar 2026) and re‑appointment of the Mineral Resources Minister; Entrée will monitor any impact on the Government Working Group.
• No change in cash position disclosed; prior reports show ~US$4.9 M cash at Sep 30 2025.

Aspect	Assessment
Drill results	Positive but incremental – they confirm the high‑grade nature of HNE already highlighted in earlier releases (May 2025, Q1 2025). No surprise grade breakthrough.
Licence transfer proposal	Material to the business model because Lift 1 Panel 1 cannot proceed without it. The submission is a procedural step; the outcome remains uncertain and was already anticipated after the Dec 2024 arbitration award and Feb 2025 licence‑transfer agreements.
Political update	Neutral – new leadership may affect timelines but no concrete policy shift disclosed.
Overall impact on valuation	Limited short‑term upside. The market has priced in the expectation of a pending licence transfer; the drill intercepts provide modest reinforcement for resource growth, supporting existing forward‑looking guidance.

Conclusion: The news is routine‑positive – it aligns with prior expectations and adds incremental confidence but does not materially shift the risk/reward profile.

Entrée holds a carried 20 % participating interest (subject to state equity) in the Oyu Tolgoi EJV’s Hugo North Extension (HNE) – the “Lift 1” underground development zone. The project is part of the world‑class Oyu Tolgoi copper‑gold deposit, expected to become the 4th largest global copper mine. Entrée contributes no capital for development; its upside derives from a royalty‑like share of production once Lift 1 Panel 1 is operational.