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Entrée Resources Ltd (TSX: ETG | NYSE: ETI) is a well-funded Canadian mining company with a unique carried interest in the Oyu Tolgoi copper-gold project in Mongolia. The company has a 20% or 30% interest in the Entrée/Oyu Tolgoi joint venture, depending on mineralization depth. Rio Tinto is a key partner in the project, holding a 66% stake in Oyu Tolgoi LLC. Entrée's primary goal is to transfer mining licenses to OTLLC, with ongoing discussions on revising the joint venture agreement. The company is focused on strategic mineral deposits, including the Hugo North Extension and Heruga, with long-term plans for underground development and copper-gold production. For the latest financial results and operational updates, please refer to the official company website.
Entrée Resources (TSX:ETG; OTCQB:ERLFF) has won a significant arbitration decision against Oyu Tolgoi (OTLLC) and Turquoise Hill Resources The three-member international arbitration Tribunal ruled in Entrée's favor on all issues and dismissed the Respondents' counterclaims. The Tribunal's binding declarations establish that OTLLC must: provide an executed Joint Venture Agreement (JVA), facilitate the transfer of the Shivee Tolgoi and Javhlant mining licenses, and cover Entrée's 20% share of taxes and fees as a loan under the JVA. The decision provides certainty for Oyu Tolgoi project stakeholders and supports keeping Lift 1 Panel 1 development work on schedule.
Entrée Resources reported Q3 2024 results highlighting progress at the Oyu Tolgoi project in Mongolia. The first Oyu Tolgoi Lift 1 Panel 1 underground development work on the Entrée/Oyu Tolgoi JV Property commenced on October 28, 2024. The company approved a $4.4 million direct capital budget for 212 metres of development work. Rio Tinto announced the Oyu Tolgoi Lift 1 underground mine remains on track to reach 500,000 tonnes of copper per year for 2028-2036. The company reported an operating loss of $0.7 million for Q3 2024, with a cash balance of $3.4 million as of September 30, 2024.
Entrée Resources has announced additional drill results from its 2023 program at the Hugo North Extension (HNE) deposit in Mongolia. Highlights include surface drill hole EGD 174 yielding 448 metres grading 1.62% copper equivalent (CuEq), and underground drill hole UGD 814 showing 138 metres grading 2.37% CuEq. The results come from eight diamond drill holes, with two surface holes drilled on the Entrée/Oyu Tolgoi JV Property and six underground holes collared from existing infrastructure. The drilling program continues to demonstrate significant copper and gold mineralization, with several holes intersecting high-grade zones within the potential Lift 2 block cave footprint.
Entrée Resources announces the commencement of first Oyu Tolgoi Lift 1 Panel 1 underground development work on the Entrée/Oyu Tolgoi joint venture property. The 2024 Development Work includes 212 metres of lateral development with a US$4.4 million direct capital budget. The work is part of initial Panel 1 western ore handling truck chute design. Key issues remain unresolved, including the transfer of the Shivee Tolgoi license to OTLLC. The company is engaged in discussions with Rio Tinto and OTLLC regarding contractual certainty and license ownership. An arbitration process initiated in 2022 is pending decision following hearings in April and July 2024.
Entrée Resources (TSX:ETG; OTCQB:ERLFF) has released its Q2 2024 financial results. Key highlights include:
1. Oyu Tolgoi underground development progressing well, with 114 Lift 1 draw bells opened.
2. Ventilation Shafts 3 and 4 completed, commissioning expected in H2 2024.
3. First Lift 1 Panel 1 development on Shivee Tolgoi mining licence to start in Q4 2024.
4. Drilling programs underway to support Lift 2 Pre-Feasibility Study.
5. Q2 2024 operating loss of $0.9 million, cash balance of $4.0 million as of June 30, 2024.
6. Ongoing arbitration proceedings with Rio Tinto and OTLLC regarding mining licence transfer.
Entrée Resources has announced additional drill results from the Hugo North Extension (HNE) deposit on the Entrée/Oyu Tolgoi JV Property in Mongolia. Highlights include:
- Surface drill hole EGD 161: 398m grading 2.07% copper equivalent (CuEq), including 214m at 2.79% CuEq
- Underground drill hole UGD 735: 574.3m grading 1.89% CuEq, including 234m at 3.73% CuEq
Underground development on the Oyu Tolgoi mining license continues to advance, with Shafts 3 and 4 reaching final depths. Initial underground development work on the JV Property remains on schedule to start in Q4 2024. The company also reported anomalous results from regional exploration drilling at the Railway and Ulaan Khud targets.
Entrée Resources has announced the results of its 2024 annual general meeting of shareholders. During the meeting, all proposed matters were approved by a majority of votes. Shareholders agreed to set the number of directors at six. Teresa Conway, Alan Edwards, Allan Moss, Michael Price, Paula Rogers, and Stephen Scott were elected as directors, with each receiving over 96% of votes in favor. Davidson & Company LLP was re-appointed as the auditors for the upcoming year. Additionally, shareholders approved the renewal of the company's Deferred Share Unit Plan. Detailed voting results are available on SEDAR+ and OTC Markets.
Entrée Resources (ERLFF) has released its first-quarter 2024 financial results, highlighting the progress of the Oyu Tolgoi project in Mongolia led by Rio Tinto. The project is expected to become the fourth largest copper mine globally by 2030, with significant production estimates. Construction milestones and drilling programs for further exploration are also on track. However, the company reported an operating loss increase compared to the previous year due to legal costs, with cash and working capital balances provided for transparency.
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