Turquoise Hill completes 10:1 share consolidation

News Release

October 23, 2020

Turquoise Hill completes 10:1 share consolidation

Turquoise Hill Resources Ltd. (Turquoise Hill or the Company) announced today that it has implemented the previously announced consolidation (or reverse stock-split) of the Company's issued and outstanding common shares (the CommonShares) at a ratio of one post-consolidation share for every ten pre-consolidation shares, effective today, October 23, 2020 at 5:00 p.m. (Eastern Standard Time) (the Consolidation). The Consolidation was previously approved by the Company's shareholders at the annual and special meeting of shareholders held on July 24, 2020.

Both the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX) have approved the Consolidation and have informed the Company that its Common Shares will commence trading on a post- Consolidation basis at market open on Monday, October 26, 2020. The Common Shares continue to trade on the NYSE and the TSXunder the existing ticker symbols. The new CUSIP number for the Common Shares is 900435207 and the new ISIN is CA9004352071.

Registered shareholders are reminded that they are required to exchange their pre-Consolidation Common Shares for post-Consolidation Common Shares by sending their certificate(s) representing their pre- Consolidation Common Shares, along with a properly executed letter of transmittal, to AST Trust Company (Canada) (AST) in accordance with the instructions provided in the letter of transmittal. AST mailed a new letter of transmittal to all registered shareholders on October 16, 2020. Shareholders who have already returned their certificates to AST with a properly executed letter of transmittal are not required to take any further action with respect to the Consolidation. If a registered shareholder has not yet received a letter of transmittal, a copy of the new letter of transmittal is available on the Company's profile on SEDAR at www.sedar.com, and has also been posted on the Company's website at www.turquoisehill.com. Shareholders who hold their Common Shares through a securities broker, dealer, bank or other financial institution are not required to take any action with respect to the Consolidation and should contact that intermediary for their post-Consolidation positions.

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

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Further details on the Consolidation are contained in the amended management information circular of the Company dated June 17, 2020 and in the press release dated October 1, 2020, both of which have been filed and are available under the Company's profile on SEDAR at www.sedar.com.

Contact

Investors and Media

Roy McDowall

+ 1 514-848-1506

roy.mcdow [e-mail]

Follow uson Twitter @TurquoiseHillRe

Forward-looking statements and forward-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 an outlook. These include, but are not limited to, statementsand information regarding: the completion and potential benefitsof the Consolidation; the date on which the common sharesare expected to start trading on the NYSE and the TSX on a consolidated basis; the expectations set out in the 2020 Oyu Tolgoi Technical Report ("OTTR20"); the timing and amount of future production and potential production delays; statements in respect of the impacts of any delays on the Company's cash flows; expected copper and gold grades; liquidity, funding sources, funding requirements and planning and the status and nature of the Company's ongoing discussions with Rio Tinto plc and its subsidiaries with respect to future funding plans and requirements (including as contemplated by the Memorandum of understanding dated September 9, 2020 (the "MoU")); the amount of any funding gap to complete the Oyu Tolgoi underground project; the amount and potential sourcesof 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 the raising of supplemental senior debt and the Company'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 prioritize 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 pillarsto the north and south of Panel 0; the possible progression of a state-owned power plant ("SOPP") and related amendmentsto the Power Source FrameworkAgreement ("PSFA") as well aspower purchase agreements; the timing of construction and commissioning of the potential SOPP; sources of interim power; the potential impact of COVID-19 on the Company's business, operations and 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 business activities, planned expenditures, corporate strategies, and other statementsthat are not historical facts.

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

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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; 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 the Oyu Tolgoi mine and Oyu Tolgoi LLC internal governance; the statusand nature of the Company'songoing discussionswith Rio Tinto plc and itssubsidiarieswith respect to future funding plansand requirements (including ascontemplated by the MoU) as well as the completion and potential benefitsof the Consolidation and the date on which the common shares are expected to start trading on the NYSE and the TSX on a consolidated basis. 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; discrepanciesbetween actual and estimated production; mineral reserves and resources and metallurgical recoveries; development plansfor 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; regulatory restrictions(including environmental regulatory restrictions

and 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; eventsor circumstances(including strikes, blockadesor similar eventsoutside

of the Company's control) that may affect the Company's ability to deliver its products in 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 claimsor property. Although the Company hasattempted to identify important factors

that could cause actual actions, eventsor results to 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 asother factorsmanagement believes are reasonable and appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statementsor information.

With respect to forward-looking information concerning the continued operation and development of Oyu Tolgoi, the Company hasbased

its assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, 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 terms reasonably acceptable to Oyu Tolgoi LLC, Rio Tinto and the Company to further develop Oyu Tolgoi as well as the status and nature of the Company'songoing discussionswith Rio Tinto plc and itssubsidiarieswith respect to future funding plansand 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.

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

3

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, construction and mine start-up. Additionally, although Oyu Tolgoi hasachieved commercial production, there is no assurance that future development activitieswill result in profitable mining operations.

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 "Risk Factors" section in Company'sannual information form for the year ended December 31, 2019 ("AIF"), as supplemented by the "Risks and Uncertainties" section of the Company's second quarter 2020 management'sdiscussion and analysis("MD&A") dated July 28, 2020.

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 Company'ssecond quarter 2020 MD&A that may affect future resultsisnot 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 asof the date of thisdocument 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 as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

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

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