VANCOUVER, BC, March 31,
2023 /PRNewswire/ - Entrée Resources Ltd.
(TSX: ETG) (OTCQB: ERLFF) – the "Company" or
"Entrée") has today filed its annual operational and
financial results for the year ended December 31, 2022. All numbers are in U.S.
dollars unless otherwise noted.
2022 HIGHLIGHTS
Oyu Tolgoi Underground Development Update
The Oyu
Tolgoi project in Mongolia
includes two separate land holdings: the Oyu Tolgoi mining licence,
which is held by Entrée's joint venture partner Oyu Tolgoi LLC
("OTLLC") and the Entrée/Oyu Tolgoi JV Property, which is a
partnership between Entrée and OTLLC. Updates on underground
development were provided on February 15,
2023, March 13, 2023 and
January 17, 2023, and November 14, 2022, by OTLLC, Rio Tinto and
Turquoise Hill Resources Ltd. ("Turquoise Hill"), respectively.
- On March 13, 2023, Rio Tinto
announced the commencement of underground production from Oyu
Tolgoi Lift 1 Panel 0 on the Oyu Tolgoi mining licence. 30 draw
bells have been blasted and copper is now being produced from the
underground mine. Production will ramp up over the coming years,
with Oyu Tolgoi expected to become the fourth largest copper mine
in the world by 2030.
- The Lift 1 mine plan incorporates the development of three
panels, and in order to reach the full sustainable production rate
of 95,000 tonnes per day from the underground operations all three
panels need to be in production. The Hugo North Extension deposit
on the Entrée/Oyu Tolgoi JV Property is located at the northern
portion of Panel 1.
- Workforce numbers are now at full capacity. The total Oyu
Tolgoi workforce currently comprises ~20,000 people, of which 97%
are Mongolian.
- Underground construction progress was at 82% complete at year
end and there have been no changes to key project milestone dates
since the 2022 cost and schedule update.
- The Shaft 3 headframe was commissioned and sinking commenced on
March 31, 2022. Shaft 3 is
approximately 35% complete with the cumulative sinking level at 413
metres below ground level. Shaft 4 is approximately 45% complete
with advancement at 540 metres below ground level. The final depths
required for Shafts 3 and 4 are 1,148 metres and 1,149 metres below
ground level, respectively. Shaft sinking safety and productivity
remain priorities with both aspects continuing to improve.
Continued progress on the program is necessary to remain aligned
with the 2022 cost and schedule update, which identified an
approximate 15-month delay in the commissioning of Shafts 3 and 4
from the schedule in the Definitive Estimate. Shafts 3 and 4 are
now expected to be commissioned in the first half 2024 and are
required to provide ventilation to support production from Panels 1
and 2 during ramp up to 95,000 tonnes per day. The first Panel 1
draw bell is currently expected in the first half 2027.
- Design optimization work for Lift 1 Panel 1 on the Oyu Tolgoi
mining licence and the Entrée/Oyu Tolgoi JV Property continues with
the aim of minimizing risk and maximizing productivity. The Lift 1
Panel 1 design optimization study remains on track for completion
in the first half 2023 and will incorporate any ventilation-related
impacts resulting from Shaft 3 and 4 delays.
- On December 16, 2022, Rio Tinto
plc and Rio Tinto International Holdings Limited closed a plan of
arrangement pursuant to which Rio Tinto acquired the approximately
49% of the issued and outstanding shares of Turquoise Hill that it
did not already own for C$43.00 in
cash per share. Rio Tinto's stated purpose for the acquisition is
to strengthen its copper portfolio and create a simpler and more
efficient ownership and governance structure for the Oyu Tolgoi
project. Rio Tinto now has, through its wholly owned subsidiary
Turquoise Hill, a 66% interest in deposits on the Oyu Tolgoi mining
licence and a 52.8% interest in the Hugo North Extension and Heruga
deposits on the Entrée/Oyu Tolgoi JV Property.
Entrée/Oyu Tolgoi JV Property
- For Panel 1 drilling on the Entrée/Oyu Tolgoi JV Property, the
Entrée/Oyu Tolgoi joint venture ("Entrée/Oyu Tolgoi JV")
Management Committee approved a 2022 budget with diamond drill
holes targeting Hugo North Extension Lifts 1 and 2. The holes were
collared from underground drill stations along the eastern boundary
of the porphyry mineralized footprint on the Oyu Tolgoi mining
licence crossing onto the Entrée/Oyu Tolgoi JV Property. In
February 2023, OTLLC reported to the
Company that 22 underground holes ranging from 30.8 metres to 568.7
metres were drilled on the Entrée/Oyu Tolgoi JV Property for total
drilling, exclusive of metres drilled on the Oyu Tolgoi mining
licence, of 4,459.9 metres. In addition, four surface diamond drill
holes (including two aborted holes terminated prior to reaching the
target due to excessive deviation) totalling 4,366.1 metres, with
depths ranging from 280.1 metres to 1,800 metres, were drilled
entirely on the Entrée/Oyu Tolgoi JV Property targeting the
northern portion of the Hugo North Extension deposit. The Company
is still waiting for OTLLC to deliver results from the bulk of the
underground holes and all the surface holes. Entrée continues to
collate and model data as it is received.
- OTLLC is planning additional underground and surface drilling
for Panel 1 on the Entrée/Oyu Tolgoi JV Property for 2023. Details
of the drilling program and budget have yet to be finalized and
presented to the Entrée/Oyu Tolgoi JV Management Committee for
approval.
- With the relaxation of COVID-19 related restrictions in
Mongolia, exploration drilling
programs resumed in 2022.
-
- On the Shivee Tolgoi mining licence, six reverse circulation
("RC") holes totalling 1,500 metres and one 800 metre
diamond drill hole have been completed at the Ulaan Khud target. In
addition, three diamond drill holes totalling 2,200 metres have
been completed at the Airstrip target. OTLLC has advised the
Company that analytical results are still pending.
- On the Javhlant mining licence, five RC holes totalling 1,500
metres were planned for each of the Bumbat Ulaan and West Mag
targets in 2022. Three RC holes totalling 630 metres (including one
hole aborted at 29 metres depth) were completed at the West Mag
target and analytical results are still pending; the remaining
holes were cancelled following engagement with one of the local
herders. The five RC holes planned for the Bumbat Ulaan target were
not completed due to the recent commissioning of the Tavan
Tolgoi-Gashuunsukhait railway.
- Geophysical dipole-dipole induced polarization survey work has
been completed at the East Au, South East IP, West Mag, East Bumbat
Ulaan, and Ductile Shear target areas and will inform future drill
testing. Integrated geological-geophysical 3D modeling is also
underway for several of the current target areas and a final report
is expected to be completed in the first quarter 2023. Proposed
mapping and rock-soil sampling programs were cancelled due to
inclement weather.
- OTLLC is in the process of finalizing an exploration program
and budget for 2023 for presentation to the Entrée/Oyu Tolgoi JV
Management Committee for approval. The program is expected to
include both diamond and RC target drilling on the Shivee Tolgoi
and Javhlant licences, including deep diamond drilling at the
Airstrip, Castle Rock and South East IP targets, and RC drilling at
Ulaan Khud.
- The Company continues to monitor the situation in Mongolia including with respect to possible
delays to commencement of Panel 1. The Company will assess the
potential impact of any delays as it becomes aware of them and will
update the market accordingly.
- On May 26, 2022, the Company
announced it had commenced binding arbitration proceedings to seek
declarations and orders for specific performance relating to
certain provisions of the Equity Participation and Earn-in
Agreement (the "Earn-in Agreement") with Turquoise Hill
dated October 15, 2004, as amended
and subsequently assigned to OTLLC and the Joint Venture Agreement
appended to the Earn-in Agreement (the "Entrée/Oyu Tolgoi
JVA"). The parties have been operating under the terms of the
Entrée/Oyu Tolgoi JVA since OTLLC completed its earn-in obligations
on the Entrée/Oyu Tolgoi joint venture property in Mongolia in 2008. Both Turquoise Hill and
OTLLC are respondents to the arbitration proceedings. The
commencement of arbitration proceedings followed protracted
discussions with Rio Tinto and OTLLC to confirm the transfer of the
Shivee Tolgoi and Javhlant mining licences to OTLLC, either in
conjunction with finalization and execution of a restructured or
amended agreement with OTLLC, or performance of certain provisions
of the Earn-in Agreement and Entrée/Oyu Tolgoi JVA. While the
Company remains committed to seeking a commercial resolution with
Rio Tinto and OTLLC and the parties continue to make progress, the
Company's Board of Directors concluded that given the risks
inherent with the existing structure, the already lengthy
discussions between the parties, and the long lead-time to any
arbitration award, it was in the Company's best interests to
commence proceedings to enforce the Earn-in Agreement and
Entrée/Oyu Tolgoi JVA. A three-member Tribunal has now been
appointed and a merits hearing has been set for April 2024. The Company will provide updates on
the arbitration as developments warrant.
Corporate
- For the 2022 fiscal year, the operating loss was $3.6 million compared to $3.0 million in 2021.
- For the 2022 fiscal year, the operating cash outflow before
changes in non-cash working capital items was $2.4 million compared to operating cash outflow
before changes in non-cash working capital items of $2.1 million in 2021.
- As at December 31, 2022, the cash
balance was $6.4 million and the
working capital balance was $6.4
million.
OUTLOOK AND STRATEGY
Entrée's primary objective is to confirm the transfer of the
Shivee Tolgoi and Javhlant mining licences to OTLLC as contemplated
by the Entrée/Oyu Tolgoi JVA, either in conjunction with
finalization and execution of a restructured or amended agreement
with OTLLC, or enforcement of certain provisions of the Earn-in
Agreement and Entrée/Oyu Tolgoi JVA pursuant to binding arbitration
proceedings. The Company is also advancing discussions with Erdenes
Oyu Tolgoi LLC regarding a potential acquisition by the Government
of Mongolia of 34% of the
Company's economic interest in the Entrée/Oyu Tolgoi JV Property in
connection with the transfer of the licences. The Company currently
is registered in Mongolia as the
100% ultimate holder of the Shivee Tolgoi and Javhlant mining
licences.
As previously disclosed by the Company, the contract area
defined in the 2009 Oyu Tolgoi Investment Agreement among the
Government of Mongolia, OTLLC, Rio
Tinto and Turquoise Hill (the "Oyu Tolgoi Investment
Agreement") includes the Javhlant and Shivee Tolgoi mining
licences. However, at the time of negotiation of the Oyu Tolgoi
Investment Agreement, the Company was not made a party to the Oyu
Tolgoi Investment Agreement, and as such does not have any direct
rights or benefits under the Oyu Tolgoi Investment Agreement.
Entrée has been engaged in discussions with stakeholders of the
Oyu Tolgoi project, including the Government of Mongolia, OTLLC, Erdenes Oyu Tolgoi LLC,
Turquoise Hill, and Rio Tinto, since February 2013. The discussions to date have
focused on issues arising from Entrée's exclusion from the Oyu
Tolgoi Investment Agreement, including the fact that the Government
of Mongolia does not have a full
34% interest in the Entrée/Oyu Tolgoi JV Property; the fact that
the mining licences integral to future underground operations are
held by more than one corporate entity; and the fact that Entrée
does not benefit from the stability that it would otherwise have if
it were a party to the Oyu Tolgoi Investment Agreement. In order to
receive the benefits of the Oyu Tolgoi Investment Agreement, the
Government of Mongolia may require
the Company to agree to certain concessions, including with respect
to Entrée's economic interest in the Entrée/Oyu Tolgoi JV
Property.
The Company believes that amending or restructuring the
Entrée/Oyu Tolgoi JVA to align the interests of all stakeholders,
transferring the licences to OTLLC as contemplated by the
Entrée/Oyu Tolgoi JVA, and resolving outstanding issues arising
from Entrée's exclusion from the Oyu Tolgoi Investment Agreement
would be in the best interests of all stakeholders, provided there
is no material net erosion of value to Entrée. No agreements have
been finalized and there are no assurances agreements may be
finalized in the future.
SUMMARY OF OPERATING RESULTS
Operating Loss
During the year ended December 31,
2022, the Company's operating loss was $3.6 million compared to $3.0 million and $2.3
million for the years ended December
31, 2021 and 2020, respectively.
Project expenditures in 2022 and 2021 included expenditures for
professional and advisory fees related to advancing potential
restructuring of or amendments to the Entrée/Oyu Tolgoi JVA.
Holding costs on all other properties were insignificant.
General and administration expenditures in 2022 was $1.9 million compared to $1.6 million and $1.4
million in 2021 and 2020, respectively. The increase in 2022
was due to higher regulatory costs and inflationary cost
increases.
Depreciation expense in 2022 was consistent with 2021 and
2020.
Non-operating Items
The foreign exchange loss in 2022
was primarily the result of movements between the C$ and US dollar
as the Company holds its cash in both currencies and the loan
payable is denominated in US dollars.
Interest expense was primarily related to the loan payable to
OTLLC pursuant to the Entrée/Oyu Tolgoi JVA and is subject to a
variable interest rate.
The amount recognized as a loss from equity investee is related
to exploration costs on the Entrée/Oyu Tolgoi JV Property.
Deferred revenue finance costs are related to recording the
non-cash finance costs associated with the deferred revenue
balance, specifically the Sandstorm Gold Ltd. stream.
The total assets as at December 31,
2022 were lower than at December 31,
2021 due to a lower cash balance from operating activities.
Total non-current liabilities have increased since December 31, 2021 due to recording the non-cash
deferred revenue finance costs each year.
The Company's Annual Financial Statements and Management's
Discussion and Analysis ("MD&A"), and Annual Information
Form are available on the Company's website at
www.EntreeResourcesLtd.com and on SEDAR at www.sedar.com. The
Company's Annual Report on Form 40-F ("Annual Report") has
been filed with the U.S. Securities and Exchange Commission
("SEC"), and is available on the Company's website
at www.EntreeResoucesLtd.com and on EDGAR at www.sec.gov.
Shareholders can receive a hard copy of the Company's audited
Annual Financial Statements upon request.
QUALIFIED PERSON
Robert Cinits, P.Geo., consultant to
Entrée and the Company's former Vice President, Corporate
Development, and a Qualified Person as defined by National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has approved the technical information in this
release. For further information on the Entrée/Oyu Tolgoi JV
Property, see the Company's Technical Report, titled "Entrée/Oyu
Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report", with an
effective date of October 8, 2021,
available on SEDAR at www.sedar.com.
ABOUT ENTRÉE RESOURCES LTD.
Entrée 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. Entrée has a 20% or 30%
carried participating interest in the Entrée/Oyu Tolgoi JV,
depending on the depth of mineralization. Horizon Copper Corp. and
Rio Tinto are major shareholders of Entrée, beneficially holding
approximately 25% and 16% of the shares of the Company,
respectively. More information about Entrée can be found at
www.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;
arbitration proceedings, including the potential benefits, timing
and outcome of arbitration proceedings; the Company's plans to
continue discussions with OTLLC and Rio Tinto regarding a potential
restructuring or amendment of the Entrée/Oyu Tolgoi JVA; the
Company's plans to advance discussions with the Government of
Mongolia regarding a potential
acquisition by the Government of Mongolia of 34% of the Company's economic
interest in the Entrée/Oyu Tolgoi JV Property; the Company's
ability to transfer the Shivee Tolgoi and Javhlant mining licences
to OTLLC either in conjunction with finalization and execution of a
restructured or amended agreement with OTLLC, or enforcement of
certain provisions of the Earn-in Agreement and Entrée/Oyu Tolgoi
JVA pursuant to binding arbitration proceedings; the potential for
Entrée to be included in or otherwise receive the benefits of the
Oyu Tolgoi Investment Agreement; the expectations set out in
OTLLC's 2020 Oyu Tolgoi Mongolian Statutory Study and the Company's
2021 Technical Report on its interest in the Entrée/Oyu Tolgoi JV
Property; timing and status of Oyu Tolgoi underground development;
the expected timing of the first Panel 1 draw bell on the Oyu
Tolgoi mining licence; the nature of the ongoing relationship and
interaction between OTLLC and Rio Tinto and the Government of
Mongolia and Erdenes Oyu Tolgoi
LLC with respect to the continued operation and development of Oyu
Tolgoi; the re-design study for Hugo
North (including Hugo North Extension) Lift 1 Panel 1 and
the possible outcomes, content and timing thereof; the timing and
progress of the sinking of Shafts 3 and 4 and any delays in that
regard in addition to previously disclosed delays; timing and
amount of production from Lift 1 of the Entrée/Oyu Tolgoi JV
Property, potential production delays and the impact of any delays
on the Company's cash flows, expected copper, gold and silver
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 reserves and
resources; projected mining and process recovery rates; estimates
of capital and operating costs, mill and concentrator throughput,
cash flows and mine life; capital, financing and project
development risk; mining dilution; discussions with the Government
of Mongolia, Erdenes Oyu Tolgoi
LLC, Rio Tinto, and OTLLC on a range of issues including Entrée's
interest in the Entrée/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 Entrée's interest in the Entrée/Oyu
Tolgoi JV Property; 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 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
Entrée's future performance and are based on numerous assumptions
regarding present and future business strategies; the correct
interpretation of agreements, laws and regulations; the
commencement and conclusion of arbitration proceedings, including
the potential benefits, timing and outcome of arbitration
proceedings; the potential benefits, timing and outcome of
negotiations with the Government of Mongolia, Erdenes Oyu Tolgoi LLC, OTLLC, and
Rio Tinto; that the Company will continue to have timely access to
detailed technical, financial, and operational information about
the Entrée/Oyu Tolgoi JV Property, the Oyu Tolgoi project, and
government relations to enable the Company to properly assess, act
on, and disclose material risks and opportunities as they arise;
local and global economic conditions and the environment in which
Entrée will operate in the future, including commodity prices,
projected grades, projected dilution, anticipated capital and
operating costs, including inflationary pressures thereon resulting
in cost escalation, and anticipated future production and cash
flows; 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; the status of Entrée's relationship and
interaction with the Government of Mongolia, Erdenes Oyu Tolgoi LLC, OTLLC, and
Rio Tinto; and the Company's ability to operate sustainably, its
community relations, and its social licence to operate.
With respect to the construction and continued development of
the Oyu Tolgoi underground mine, important risks, uncertainties and
factors which could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements and information include, amongst others, the nature of
the ongoing relationship and interaction between OTLLC, Rio Tinto,
Erdenes Oyu Tolgoi LLC and the Government of Mongolia with respect to the continued
operation and development of Oyu Tolgoi as and when the key
agreements entered into between Turquoise Hill, Rio Tinto and the
Government of Mongolia are
implemented along with the implementation of Resolution 103; the
continuation of undercutting on the Oyu Tolgoi mining licence in
accordance with the Panel 0 mine plan and design; the lifting of
restrictions by the Government of Mongolia on the ability of OTLLC to incur
additional indebtedness; the amount of any future funding gap to
complete the Oyu Tolgoi project and the availability and amount of
potential sources of additional funding; the timing and cost of the
construction and expansion of mining and processing facilities;
inflationary pressures on prices for critical supplies for Oyu
Tolgoi including fuel, power explosives and grinding media
resulting in cost escalation; the ability of OTLLC or the
Government of Mongolia to deliver
a domestic power source for Oyu Tolgoi (or the availability of
financing for OTLLC or the Government of Mongolia to construct such a source) within
the required contractual timeframe; sources of interim power;
OTLLC's ability to operate sustainably, its community relations,
and its social licence to operate in Mongolia; the potential impact of COVID-19,
including any restrictions imposed by health and governmental
authorities relating thereto; the impact of changes in, changes in
interpretation to or changes in enforcement of, laws, regulations
and government practises in Mongolia; delays, and the costs which would
result from delays, in the development of the underground mine; the
anticipated location of certain infrastructure and sequence of
mining within and across panel boundaries; international conflicts
such as the ongoing Russia-Ukraine conflict; projected commodity prices
and their market demand; and production estimates and the
anticipated yearly production of copper, gold and silver at the Oyu
Tolgoi underground mine.
Other risks, uncertainties and factors which could cause
actual results, performance or achievements of Entrée to differ
materially from future results, performance or achievements
expressed or implied by forward-looking statements and information
include, amongst others, unanticipated costs, expenses or
liabilities; discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries;
development plans for processing resources; matters relating to
proposed exploration or expansion; mining operational and
development risks, including geotechnical risks and ground
conditions; regulatory restrictions (including environmental
regulatory restrictions and liability); risks related to
international operations, including legal and political risk in
Mongolia; risks related to the
potential impact of global or national health concerns, including
the COVID-19 pandemic; risks associated with changes in the
attitudes of governments to foreign investment; risks associated
with the conduct of joint ventures, including the ability to access
detailed technical, financial and operational information; risks
related to the Company's significant shareholders, and whether they
will exercise their rights or act in a manner that is consistent
with the best interests of the Company and its other shareholders;
inability to upgrade Inferred mineral resources to Indicated or
Measured mineral resources; inability to convert mineral resources
to mineral reserves; conclusions of economic evaluations;
fluctuations in commodity prices and demand; changing foreign
exchange rates; the speculative nature of mineral exploration; the
global economic climate; dilution; share price volatility;
activities, actions or assessments by Rio Tinto or OTLLC and by
government stakeholders or authorities including Erdenes Oyu Tolgoi
LLC and the Government of Mongolia; the availability of funding on
reasonable terms; the impact of changes in interpretation to or
changes in enforcement of laws, regulations and government
practices, including laws, regulations and government practices
with respect to mining, foreign investment, royalties and taxation;
the terms and timing of obtaining necessary environmental and other
government approvals, consents and permits; the availability and
cost of necessary items such as water, skilled labour,
transportation and appropriate smelting and refining arrangements;
unanticipated reclamation expenses; changes to assumptions as to
the availability of electrical power, and the power rates used in
operating cost estimates and financial analyses; changes to
assumptions as to salvage values; ability to maintain the social
licence to operate; accidents, labour disputes and other risks of
the mining industry; global climate change; global conflicts; title
disputes; limitations on insurance coverage; competition; loss of
key employees; cyber security incidents; misjudgements in the
course of preparing forward-looking statements; and those
factors discussed in the Company's most recently
filed MD&A and in the Company's Annual Information Form for the
financial year ended December 31,
2022, dated March 31, 2023
filed with the Canadian Securities Administrators and available at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
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SOURCE Entrée Resources
