Vancouver - Entree Resources Ltd. (TSX: ETG; OTCQB: ERLFF the 'Company' or 'Entree') has filed an amended technical report on its interest in the Entree/Oyu Tolgoi joint venture property (the 'Entree/Oyu Tolgoi JV Property') in Mongolia titled, 'Entree/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report' with an original effective date of May 17, 2021, and an amended effective date of October 8, 2021 (the 'Amended Report').

The Amended Report discusses a Feasibility Study (the '2021 Reserve Case') based on mineral reserves attributable to the Entree/Oyu Tolgoi joint venture (the 'Entree/Oyu Tolgoi JV') from the first lift ('Lift 1') of the Hugo North Extension copper-gold deposit ('Hugo North Extension' or 'HNE'). The Amended Report reflects updated information provided by Entree's joint venture partner Oyu Tolgoi LLC ('OTLLC') on the concentrate tonnes and grade to be produced from HNE Lift 1. The updated information results in an increase in payable copper in copper concentrate, which positively impacts Entree's 20% attributable financial interest.

There are no other significant changes to the key financial assumptions or outputs from the 2021 Reserve Case. Lift 1 of Hugo North (including Hugo North Extension) is currently in development by project operator Rio Tinto as an underground block cave with first development production from Hugo North Extension expected in 2022.

The Amended Report also includes a Preliminary Economic Assessment ('2021 PEA') on a conceptual second lift ('Lift 2') of the Hugo North Extension deposit. There are no changes to the results of the 2021 PEA as the updated information provided by OTLLC on the concentrate tonnage and grade only applied to Hugo North Extension Lift 1.

The 2021 PEA is based on Indicated and Inferred Mineral Resources from Lift 2, as the second potential phase of development and mining on the Hugo North Extension deposit. The economic analysis in the 2021 PEA is based on a conceptual mine plan and does not have as high a level of certainty as the 2021 Reserve Case. The 2021 PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the 2021 PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Both the 2021 Reserve Case and the 2021 PEA are based on information supplied by OTLLC, including the latest information on the concentrate tonnes and grade to be produced from HNE Lift 1, or reported within OTLLC's 2020 Oyu Tolgoi Feasibility Study ('OTFS20'). The Lift 1 mine design presented in OTFS20 and the 2021 Reserve Case are subject to future refinements and updates as OTLLC evaluates different design and sequencing options for Panels 1 and 2 as part of its planned Pre-Feasibility and Feasibility level work. The Hugo North Extension deposit is located at the northern portion of Panel 1.

On December 18, 2020, Turquoise Hill Resources announced that a Definitive Estimate that refines the analysis in OTFS20 and broadly confirms the economics and assumptions presented therein has been completed and delivered to OTLLC by Rio Tinto. The Company has not received a copy of the Definitive Estimate and it was not reviewed or relied upon in the preparation of the 2021 Reserve Case or the 2021 PEA. According to Turquoise Hill Resources, the Definitive Estimate assumes COVID-19 related restrictions in 2021 that are no more stringent than those experienced in September 2020. Should COVID-19 constraints continue beyond 2021, should the COVID-19 situation escalate in 2021 leading to additional restrictions, or should COVID-19 related restrictions or other non-technical criteria result in a delay in commencement of the undercut, which was originally scheduled for mid-2021, the development costs and schedule in OTFS20 and the 2021 Reserve Case and 2021 PEA could be negatively impacted.

In addition to information provided by OTLLC, the cash flows in the 2021 Reserve Case and 2021 PEA are based on Entree's interpretation of the commercial terms applicable to the Entree/Oyu Tolgoi JV, and certain assumptions regarding taxes and royalties. The cash flows have not been reviewed or endorsed by OTLLC.

AMENDED REPORT

Further technical information supporting the disclosure in this news release, including data verification, key assumptions, parameters, risks and other factors, is provided in the Amended Report. The Amended Report was completed independently by Wood Canada Limited and is available on SEDAR at www.sedar.com and on the Company's website. There are no changes to the Mineral Resource or Mineral Reserve estimates based on the updated information provided by OTLLC on the concentrate tonnes and grade to be produced from HNE Lift 1.

NON-IFRS PERFORMANCE MEASUREMENT

Non-IFRS Performance Measurement: 'cash costs after credits' (C1) and all-in sustaining cost (ASIC) are non-IFRS performance measurements. These performance measurements are included because these statistics are widely accepted as the standard of reporting cash costs of production in North America. These performance measurements do not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measurements should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

ABOUT ENTREE RESOURCES LTD.

Entree Resources Ltd. is a well-funded 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% or 30% carried participating interest in the Entree/Oyu Tolgoi JV, depending on the depth of mineralization. Sandstorm Gold Ltd., Rio Tinto and Turquoise Hill Resources Ltd. are major shareholders of Entree, holding approximately 25%, 9% and 8% of the shares of the Company, respectively.

Contact:

David Jan

Tel: 604-687-4777

Toll Free: 1-866-368-7330

Email: djan@EntreeResourcesLtd.com

This News Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws with respect to corporate strategies and plans; requirements for additional capital; uses of funds and projected expenditures; the value and potential value of assets; the expectations set out in OTFS20 and the Amended Report on the Company's interest in the Entree/Oyu Tolgoi JV Property; timing and status of Oyu Tolgoi underground development; the mine design for Hugo North Lift 1 Panel 0 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North (including Hugo North Extension) Lift 1 and the possible outcomes, content and timing thereof; timing and amount of production from Lift 1 of the Entree/Oyu Tolgoi JV Property, potential production delays and the impact of any delays on the Company's cash flows, expected copper and gold grades, liquidity, funding requirements and planning; future commodity prices; the potential impact of COVID-19 on Oyu Tolgoi underground development and the Company's business, operations and financial condition; the estimation of Mineral Resources and Mineral Reserves; projected mining and process recovery rates; estimates of capital and operating costs, mill throughput, cash flows and mine life; capital, financing and project development risk; mining dilution; discussions with the Government of Mongolia, Rio Tinto, OTLLC and Turquoise Hill Resources on a range of issues including Entree's interest in the Entree/Oyu Tolgoi JV Property, the Shivee Tolgoi and Javhlant mining licences and certain material agreements; potential actions by the Government of Mongolia with respect to the Shivee Tolgoi and Javhlant mining licences and Entree's interest in the Entree/Oyu Tolgoi JV Property; the potential for Entree to be included in or otherwise receive the benefits of the Oyu Tolgoi Investment Agreement or another similar agreement; the potential for the Government of Mongolia to seek to directly or indirectly invest in Entree's interest in the Hugo North Extension and Heruga deposits; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets and future financial performance.

In certain cases, forward-looking statements and information can be identified by the use of words such as 'plans', 'expects' or 'does not expect', 'is expected', 'budgeted', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'does not anticipate' or 'believes' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might', 'will be taken', 'occur' or 'be achieved'. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entree's future performance and are based on numerous assumptions regarding present and future business strategies; the correct interpretation of agreements, laws and regulations; local and global economic conditions and negotiations and the environment in which Entree will operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash flows, and the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; the construction and continued development of the Oyu Tolgoi underground mine and the status of Entree's relationship and interaction with the Government of Mongolia, OTLLC, Rio Tinto and Turquoise Hill Resources.

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