Turquoise Hill Resources : Supports Oyu Tolgoi’s Independent Review of Mine Cost Overruns and Schedule Delays

News Release

December 1, 2020

Turquoise Hill Supports Oyu Tolgoi's Independent Review of Mine Cost Overruns and Schedule Delays

MONTREAL, December 1, 2020 / Turquoise Hill Resources ("TRQ" or the "Company") today commented on the announcement that the board of directors of Oyu Tolgoi LLC, TRQ's 66% owned subsidiary, has approved a resolution establishing a special board committee ("Special Committee") mandated to conduct an independent review of the causes of the cost overruns and delays to the Oyu Tolgoi underground development announced in 2019.

The Special Committee is comprised of four members: two members nominated by TRQ and two members nominated by Erdenes Oyu Tolgoi ("EOT"), a state-owned entity that owns the remaining 34% interest in OT LLC. The Special Committee is required to select and engage an independent and reputable firm of experts in the field of project management and mine planning to provide a report to the Special Committee within six months of commencing the investigation. The resolution requests each shareholder of Oyu Tolgoi, as well as Rio Tinto, as manager, to co-operate fully with and support the work of the Special Committee and to contribute, on a confidential basis, any internal or third-party report(s) in its possession relating to the cost overruns and delays.

Ulf Quellmann, CEO of TRQ, commenting on the resolution, said "TRQ fully supports our government partner, EOT, in securing an independent and objective review of the cost overruns and delays announced last year. TRQ's nominees will serve on the Special Committee and TRQ is fully supportive of the review process. We believe the independent Special Committee established in EOT's resolution is consistent with corporate governance best practices, ensures accountability and transparency and will ultimately serve the best interests of Oyu Tolgoi's owners - EOT and TRQ - as well as our respective stakeholders."

About Turquoise Hill Resources

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC (Oyu Tolgoi); Erdenes Oyu Tolgoi LLC (Erdenes), a Mongolian state-owned entity, holds the remaining 34% interest.

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567
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Forw ard-looking statements and forw ard-looking information

Certain statementsmade herein, including statementsrelating to mattersthat are not historical factsand statementsof the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securitieslegislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future eventsor future performance, reflect current expectationsor beliefsregarding future eventsand are typically identified by wordssuch as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressionssuggesting future outcomesor statementsregarding anoutlook. These include, but are not limited to,statementsand information regarding: the arbitration proceedings, including the potential benefits, timing and outcome of the arbitration proceedings; the expectationsset out in the OTTR20; the timing and amount of future production and potential production delays; statementsin respect of the impactsof any delayson the Company'scash flows; expected copper and gold grades; the meritsof the classaction complaint filed against the Company; liquidity, funding sources, funding requirementsand planning and the statusand nature of the Company'songoing discussions with Rio Tinto and itssubsidiarieswith respect to future fundingplansand requirements(including ascontemplated by the MOU); the amount of any funding gap to complete the Oyu Tolgoi Project; the amount and potential sources of additional funding; the

Company's ability to re-profile its existing project debt in line with current cash flow projections; the amount by which a successful re-profiling of the Company'sexisting debt would reduce the Company'scurrently projected funding requirements; the Company'sand Rio

Tinto'sunderstanding regarding theraising of supplemental senior debt and theCompany'sability to raise supplemental senior debt;the Company'sand Rio Tinto'sunderstanding regarding the processfor identifying and considering other funding options; the Company'sand

Rio Tinto'sunderstanding regarding the scope and timing for an equity offering by the Company to addressany remaining funding gap; the Company'sintention to prioritise funding by way of debt and/or hybrid financing over equity funding; the Company'sexpectation of the anticipated funding gap; the timing of studies, announcements and analyses; status of underground development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studiesfor Panels1 and 2 of Hugo

North Lift 1 and the possible outcomes, content and timing thereof; expectationsregarding the possible recovery of ore in the two structural pillars, to the north and south of Panel 0; the possible progression of SOPP and related amendments to the PSFA as well as power purchase agreements; the timing of construction andcommissioning ofthe potential SOPP; sourcesof interim power; the potential impact of COVID-19 on the Company'sbusiness, operationsand financial condition; capital and operating cost estimates, timing of completion of the definitive estimate review and the scope thereof; mill and concentrator throughput; the outcome of formal international arbitration proceedings; anticipated businessactivities, planned expenditures, corporate strategies, and other statementsthat are not historical facts.

Forward-looking statementsand information are made based upon certain assumptionsand other important factorsthat, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievementsexpressed or implied by such statementsor information. There can be no assurance that such statements or information will prove to be accurate. Such statementsand information are based on numerousassumptionsregarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo North Lift 1 and sequence of mining within and across panel boundaries; the availability and timing of required governmental and other approvalsfor the construction of the SOPP; the ability of the

Government of Mongolia to finance and procure the SOPP within the timeframesanticipated in the PSFA, asamended; the willingness of third partiesto extend existing power arrangements; the statusof the Company's relationship and interaction with the Government of

Mongolia on the continued operation and development of Oyu Tolgoi and Oyu Tolgoi LLC internal governance; the statusand nature of the Company'songoing discussionswith Rio Tinto and itssubsidiarieswith respect to future funding plansand requirements(including

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
H3B 3P2

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as contemplated by the MoU) aswell asthe commencement and conclusion of the arbitration proceedings, including the potential benefits, timing and outcome of the arbitration proceedings.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; development plans for processing resources; the outcome of the definitive estimate review; public health crisessuch as COVID-19; mattersrelating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; litigation risks, including the outcome of the class action complaint filed against the Company; regulatory restrictions(including environmental regulatory restrictionsand liability); Oyu Tolgoi LLC or the Government of Mongolia'sability to deliver a domestic power source for the Oyu Tolgoi project within the required contractual time frame; communicationswith local stakeholdersand community relations; activities, actionsor assessments, including tax assessments, by governmental authorities; events or circumstances (including strikes, blockades or similar events outside of the Company'scontrol) that may affect the Company'sability to deliver itsproductsin a timely manner; currency fluctuations; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; competition; lossof key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term domestic power supply for the Oyu Tolgoi project; capital and operating costs, including with respect to the development of additional depositsand processing facilities; and defective title to mineral claims or property. Although the Company has attempted to identify important factors that could cause actual actions, eventsor resultsto differ materially from those described in forward-looking statementsand information, there may be other factorsthat cause actions, eventsor results not to be as anticipated, estimated or intended. All such forward-looking statements and information are based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditionsand expected future developments, aswell as other factors management believesare reasonable and appropriate in the circumstances. These statements, however, are subjectto a variety of risksand uncertaintiesand other factors that could cause actual eventsor resultsto differ materially from those projected in the forward-looking statementsor information.

With respect to specific forward-looking information concerning the continued operation and development of Oyu Tolgoi, the Company has based itsassumptionsand analyseson certain factorswhich are inherently uncertain. Uncertaintiesand assumptionsinclude, among others: the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for Oyu Tolgoi; the ability to secure and draw down on the supplemental debt under the Oyu Tolgoi project financing facility and the availability of additional financing on termsreasonably acceptable to Oyu Tolgoi LLC, Rio Tinto and the Company to further develop Oyu Tolgoi as well asthe statusand nature of the Company'songoingdiscussionswith Rio Tintoand itssubsidiarieswith respect to futurefunding plans and requirements (including as contemplated by the MOU); the potential impact of COVID-19; the impact of changes in, changes in interpretation to or changesin enforcement of, laws, regulationsand government practicesin Mongolia; the availability and cost of skilled labour and transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays, and the costs which would result from delays, in the development of the underground mine (which could significantly exceed the costsprojected in OTTR20); projected copper, gold and silver pricesand their market demand; and production estimatesand the anticipated yearly production of copper, gold and silver at Oyu Tolgoi.

The cost, timing and complexitiesof mine construction and development are increased by the remote location of a property such as Oyu Tolgoi. It iscommon in mining operationsand in the development or expansion of existing facilitiesto experience unexpected problems and delaysduring development,constructionand mine start-up. Additionally,although Oyu Tolgoi hasachievedcommercial production, there is no assurance that future developmentactivitieswill result in profitable miningoperations.

Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statementsinvolve numerousassumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factorsthat could cause actual results to differ from these forward-looking statementsare included in the "RiskFactors" section in the Company'sAIF, assupplemented by the "Risks and Uncertainties" section of the Q3 2020 MD&A.

Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF and in the "Risks and Uncertainties" section of the Q3 2020 MD&A that may affect future results is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company doesnot undertake any obligation to update or to revise any of the included forward-looking statementsor information, whether asa result of new information, future eventsor otherwise, except asrequired by applicable law. The forward-looking statementsand information contained herein are expressly qualified by thiscautionary statement.

Turquoise Hill Resources Ltd.	Suite 3680 1 Place Ville-Marie	Telephone + 1 514 848 1567
turquoisehill.com	Montreal, Quebec, Canada	Toll Free + 1 877 589 4455
H3B 3P2

[e-mail]