Welcome to our dedicated page for Entree Resources news (Ticker: ERLFF), a resource for investors and traders seeking the latest updates and insights on Entree Resources stock.
Entrée Resources Ltd. reports developments tied to its Mongolia-focused mineral interests and the Entrée/Oyu Tolgoi joint venture. Recurring updates cover the Shivee Tolgoi and Javkhlant mining licenses, license-transfer matters involving Entrée LLC and Oyu Tolgoi LLC, drill and regional exploration results, and disclosures related to the Oyu Tolgoi project area.
Company news also includes annual and interim financial results, cash and working-capital updates, private placement activity, annual meeting voting results, auditor appointments, and board composition changes.
Entrée Resources Ltd. (OTCQB: ERLFF) announced that Turquoise Hill Resources Ltd. signed a binding agreement with Rio Tinto for funding to complete the Oyu Tolgoi underground project in Mongolia. The Heads of Agreement addresses an estimated funding requirement of approximately US$2.3 billion and includes plans for re-profiling existing project debt to reduce funding needs. Additional debt of up to US$500 million will be sought, alongside a potential equity offering by Turquoise Hill for up to US$500 million. This development reduces execution risk for Entrée and is a positive step towards project completion.
Entrée Resources Ltd. (OTCQB: ERLFF) has released its annual operational and financial results for 2020, reporting an operating loss of $2.3 million, slightly higher than $2.1 million in 2019. The company highlighted progress on the Oyu Tolgoi underground project, which reached 53,000 equivalent metres in lateral development. However, COVID-19 travel restrictions pose risks to project timelines. Cash reserves stand at $7.3 million as of December 31, 2020. The company's 2021 goal is to amend its joint venture agreement with Oyu Tolgoi LLC to transfer additional mining licenses, though no agreements have been finalized.
Entrée Resources Ltd. (OTCQB: ERLFF) has successfully completed a non-brokered private placement, raising C$4,419,540 by issuing 10,278,000 units at C$0.43 each. Each unit includes one common share and half a transferable purchase warrant, redeemable at C$0.60 for three years. The funds will enhance the company’s financial stability and will be used to update the National Instrument 43-101 Technical Report for the Entrée/Oyu Tolgoi joint venture in Mongolia. Notably, existing shareholders like Sandstorm Gold and Rio Tinto participated significantly in the financing.