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) reported its Q2 2021 results, showcasing a financial loss of $0.6 million, up from $0.5 million in Q2 2020. The cash balance stood at $7.4 million as of June 30, 2021. Highlights include a $114 million after-tax NPV for the Hugo North Extension Lift 1 and a $306 million after-tax NPV for Lift 2. However, ongoing COVID-19 challenges have delayed the Oyu Tolgoi underground project, impacting development and personnel availability. The company aims to amend its joint venture agreement with Oyu Tolgoi LLC to align stakeholder interests.
Entrée Resources Ltd. (OTCQB: ERLFF) filed a National Instrument 43-101 technical report on its Entrée/Oyu Tolgoi joint venture property in Mongolia, effective May 17, 2021. The report presents an updated feasibility study indicating an after-tax NPV(8%) of US$114 million for the first lift of the Hugo North Extension deposit. Additionally, a preliminary economic assessment for a second lift shows an NPV(8%) of US$306 million. The Oyu Tolgoi project is expected to be one of the world's largest copper mines by 2030, with significant exploration potential.
Entrée Resources Ltd. reports significant findings from its updated Feasibility Study on the Entrée/Oyu Tolgoi joint venture property. The after-tax NPV(8%) for Lift 1 is $114 million (CAD$139 million), with Lift 2 showing a potential of $306 million (CAD$372 million). Production for Lift 1 is anticipated to commence in 2022, leveraging a copper price of $3.25/lb. The study aligns Entrée's disclosures with Turquoise Hill Resources and emphasizes enhanced economic viability in a historically significant copper-gold mining project.
Entrée Resources Ltd. (OTCQB: ERLFF) reported on the successful outcomes of its annual general meeting held on June 10, 2021. Shareholders approved key resolutions, including setting the number of directors at six. The election results showed significant support for the directors, with over 98% approval for each. Additionally, Davidson & Company LLP was re-appointed as auditors. Shareholders also ratified the Deferred Share Unit Plan and grants made in the previous financial year. Full voting results are available on SEDAR.
Entrée Resources (OTCQB: ERLFF) has reported its Q1 2021 financial results, noting an operating loss of $0.5 million, up from $0.4 million in Q1 2020. The company highlighted challenges in the Oyu Tolgoi project due to COVID-19 impact, resulting in periodic work suspensions. However, development progress remains significant with cumulative underground development at 56,264 equivalent meters. The company is focusing on amending the joint venture agreement and reviewing resources and reserve estimates. As of March 31, 2021, cash and working capital stood at $6.9 million.
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.