What Entree Resources does

Entrée Resources Ltd. is a Canadian mining company headquartered in Vancouver, British Columbia, publicly traded on the TSX (ETG) and OTCQB (ERLFF). The company holds a unique carried joint venture interest — 20% participating interest below 560 meters elevation and 30% above — in the Entrée/Oyu Tolgoi JV Property in Mongolia, covering the Shivee Tolgoi and Javkhlant mining licences (approximately 62,920 hectares). This interest has the characteristics of a royalty with the benefits of a producer: Oyu Tolgoi LLC (OTLLC), managed by Rio Tinto, debt-finances all of Entrée's share of development costs with repayment limited to 90% of available monthly cash flow, eliminating capital intensity risk for Entrée while providing leveraged exposure to a world-class copper-gold asset.

The company's primary asset is the Hugo North Extension copper-gold deposit, comprising Lift 1 (40 Mt probable reserves grading 1.54% Cu and 0.53 g/t gold) and Lift 2 (78 Mt Indicated and 88 Mt Inferred resources at 1.35% CuEq), plus the Heruga copper-gold-molybdenum deposit (1,400 Mt inferred at 0.41% Cu, 0.40 g/t gold, 120 ppm Mo). Entrée also holds secondary royalty interests in the Blue Rose JV iron ore project (South Australia) and the Cañariaco copper project (Peru). Key shareholders include Royal Gold Inc. (~24%) and Rio Tinto (~16%), aligning Entrée's interests with major mining and royalty industry participants.

Entrée's revenue model is passive: the company receives its proportionate share of cash flows from product sales by OTLLC, with a portion of attributable metals committed to Sandstorm Gold via a streaming agreement (capped delivery prices for gold, silver, and copper). Underground production from Hugo North Extension Lift 1 commenced on the JV property in October 2024 but is currently paused pending transfer of the mining licences from Entrée LLC to OTLLC; a Mongolian Administrative Court claim related to licence transfer taxation was filed in August 2025 (later withdrawn in March 2026). The company reported Q1 2026 operating loss of $0.7M with cash balance of $3.5M and remains pre-revenue, awaiting production ramp-up targeted at ~500,000 tonnes of copper per year from 2028-2036.

Name

Entree Resources

Legal name

Entrée Resources Ltd.

Website

https://entreeresourcesltd.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

11–50 employees

Short description

Entrée Resources is a Canadian mining company holding a carried 20%/30% joint venture interest in Mongolia's Oyu Tolgoi copper-gold project, operated by Rio Tinto, providing royalty-like exposure to one of the world's largest copper-gold mines. The company serves investors seeking leveraged commodity exposure without development capital risk.

Ownership category

akta.pro rank

Product category

Copper-Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (21222)

SIC

Mineral Royalty Traders (6795), Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Concentrate Trading & Marketing (IMAKADAI)

akta.pro secondary industries

Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD), Commodity Brokerage, Merchants & Structured Trade (Offtake, Prepay, Inventory/Collateral Mgmt) (IMAKAJAK)

Keywords

• Copper gold mining
• Mining royalty interests
• Joint venture minerals
• Porphyry copper deposits
• Mineral exploration

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others

Revenue model

1. Joint Venture Cash Flow Distributions: Entrée receives its proportionate share (20% or 30%) of cash flows from the sale of products from the Entrée/Oyu Tolgoi JV Property. The company has elected to have OTLLC debt finance its share of costs, with interest accruing at OTLLC's cost of capital or prime+2%, whichever is less. Debt repayment comes from 90% of monthly available cash flow from product sales.
2. Sandstorm Gold Metal Credits: Future delivery of gold, silver and copper credits to Sandstorm Gold. Upon delivery, Sandstorm makes cash payments equal to the lesser of prevailing market price and $220/oz gold, $5/oz silver, $0.50/lb copper (subject to inflation adjustments). After ~8.6M oz gold, 40.3M oz silver, 9.1B lbs copper produced, payment increases to $500/oz gold, $10/oz silver, $1.10/lb copper.
3. Blue Rose JV Royalties: Royalty income from 0.65% FOB value of iron ore product from EL 6006 in South Australia, plus additional payments upon resource estimation and commercial production.
4. Cañariaco Project Royalty Participation: Contractual right to 10-20% of royalty income received by Ecora Resources PLC from its 0.5% NSR royalty on the Cañariaco copper project in Peru, with declining percentage over time until December 2039.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Entrée Resources owns a 20% (below 560m elevation) and 30% (above) carried participating interest in the Entrée/Oyu Tolgoi Joint Venture Property in Mongolia, covering the Hugo North Extension and Heruga copper-gold deposits within the Oyu Tolgoi mining complex. The company supplements this with royalty interests in the Blue Rose JV (iron ore, South Australia) and the Cañariaco copper project (Peru), and has a metal delivery streaming agreement with Sandstorm Gold. Entrée does not directly produce or sell products; it receives cash flow distributions from OTLLC's copper-gold concentrate sales.

Product overview

Entrée Resources is a Canadian mining company with a unique carried joint venture interest in the Oyu Tolgoi copper-gold project in Mongolia. The company's primary asset is the Entrée/Oyu Tolgoi JV Property, which includes the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit. The company's interest has the characteristics of a royalty with the benefits of a producer, structured as a 20% or 30% carried participating interest depending on depth of mineralization. Entrée also holds royalty interests in South Australia (Blue Rose JV iron ore) and Peru (Cañariaco copper project). The company operates through joint venture partner Oyu Tolgoi LLC, managed by Rio Tinto, rather than selling a direct product.

Differentiator

Problem solved

Functional benefit

Products and services

• Entrée/Oyu Tolgoi Joint Venture Property A carried 20% or 30% joint venture participating interest in an integral part of the Oyu Tolgoi copper-gold mining project in Mongolia, covering the Shivee Tolgoi and Javkhlant mining licences (62,920 hectares) with characteristics of a royalty and benefits of a producer. For institutional and retail investors seeking commodity-linked exposure without direct operational involvement.
• Hugo North Extension Copper-Gold Deposit Underground block cave copper-gold porphyry deposit on the Entrée/Oyu Tolgoi JV Property, comprising Lift 1 (2021 Reserve Case with 40 Mt Probable reserves grading 1.54% Cu and 0.53 g/t Au) and Lift 2 (2021 PEA conceptual phase). Targeted to deliver attributable LOM recovered metal of 1,249 Mlbs Cu, 549,000 oz Au, and 3,836,000 oz Ag from Lift 1.
• Heruga Copper-Gold-Molybdenum Deposit Copper-gold-molybdenum porphyry deposit located on the Javkhlant mining licence with inferred mineral resources of 1,400 Mt grading 0.41% Cu, 0.40 g/t Au, 1.5 g/t Ag, and 120 ppm Mo. Represents a future exploration and potential development opportunity within the Entrée/Oyu Tolgoi JV.
• Blue Rose JV Royalty Royalty interest comprising a 56.53% JV interest exploring for non-iron-ore minerals on EL 6006 in South Australia, plus rights to a 0.65% FOB value royalty on iron ore production from the licence, with additional milestone payments upon resource estimation and commercial production.
• Cañariaco Project Royalty Participation Contractual right to receive 10-20% of royalty income from Ecora Resources PLC's 0.5% NSR royalty on the Cañariaco copper project in Peru (owned by Fortescue Ltd.), with the percentage declining from 20% to 10% between 2030 and 2039, until December 2039.

Quantifiable outcome

• 1,249 Mlbs copper, 549,000 oz gold, 3,836,000 oz silver attributable LOM recovered metal from Hugo North Extension Lift 1
• +3 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core, minor and major.

• Oyu Tolgoi LLC (JVA Amendment)coreStrategic or Co-development Partner · 3 February 2025On February 3, 2025, the Joint Venture Agreement was amended to include the western portion of the Shivee Tolgoi mining licence for all purposes under the JVA. The amended JVA was formally executed and delivered.
• Ecora Resources PLC (formerly Anglo Pacific Group PLC)minorStrategic or Co-development Partner · 20 July 2015Entrée has contractual right to 10-20% of royalty income received by Ecora from its 0.5% NSR royalty on the Cañariaco copper project in Peru, declining from 20% to 10% between 2030-2039.
• Sandstorm Gold Ltd.majorStrategic or Co-development Partner · 15 February 2013Amended and Restated Equity Participation and Funding Agreement. Sandstorm provided C$30.9 million deposit in exchange for future delivery of gold, silver and copper credits equivalent to 28.1%/21.3% of Entrée's share of gold/silver production and 2.1% of copper production from respective mining license areas.
• Oyu Tolgoi LLC (OTLLC)coreStrategic or Co-development Partner · 30 June 2008Joint venture formed June 30, 2008 when OTLLC completed its earn-in obligations by expending $35 million on the Entrée/Oyu Tolgoi JV Property. OTLLC holds 80% (or 70% depending on depth) participating interest and manages all operations. Entrée holds 20% (or 30%) carried participating interest with no capital requirements until production.
• Turquoise Hill Resources Ltd.minorStrategic or Co-development Partner · 30 June 2008Original party to the Equity Participation and Earn-In Agreement (2004) subsequently assigned to Turquoise Hill's then wholly-owned subsidiary OTLLC. Turquoise Hill and OTLLC were respondents in binding arbitration proceedings with Entrée.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Royal Gold: Royal Gold is a major precious-metals royalty and streaming company and Entrée's largest shareholder (approximately 24% via International Royalty Corporation). Its model of acquiring passive metal streams and royalty interests on producing or near-producing mining assets is directly analogous to Entrée's carried JV-and-royalty structure at Oyu Tolgoi.
• Sandstorm Gold: Sandstorm Gold is a streaming and royalty company that is Entrée's streaming counterparty (the 2013 Sandstorm Gold agreement delivers 28.1% of Entrée's gold, 21.3% of silver and 2.1% of copper credits). Sandstorm's portfolio of metal streams on base and precious metals assets is directly comparable to Entrée's emerging streaming and royalty book.
• Triple Flag Precious Metals: Triple Flag is a precious-metals streaming and royalty company with long-life streams and royalties on gold, silver, copper and other assets. Its growth-via-streaming model and focus on copper-gold streaming transactions make it a meaningful comparable to Entrée's emerging metal streaming book.
• Altius Minerals Corporation: Altius Minerals is a Canadian diversified mineral royalties and streaming company with a portfolio covering base, precious and bulk commodities. Its model of generating royalty-based revenue without direct operating exposure is structurally similar to Entrée's carried JV and royalty interests.
• Metalla Royalty & Streaming: Metalla Royalty & Streaming is a growth-stage royalty and streaming company focused on acquiring royalties on precious and base-metal assets operated by third parties. Its portfolio strategy and pure-play royalty model are directly comparable to Entrée's progression toward royalty-style cash flow.
• Ecora Resources PLC: Ecora Resources (formerly Anglo Pacific Group) is a UK-listed royalty and streaming company with a portfolio of base and precious-metal royalties including the 0.5% NSR on Cañariaco. Ecora's existing partnership and royalty model make it both a contractual counterparty and a direct business-model peer.
• Osisko Gold Royalties: Osisko Gold Royalties is a Canadian mid-tier royalty and streaming company with a portfolio of precious and base-metal royalties on North American and international assets. Its scale and pure-play royalty/streaming focus on copper-gold assets makes it a direct comparable for Entrée's royalty book and Oyu Tolgoi JV interest.
• Gold Royalty Corp. Gold Royalty Corp is a relatively new royalty-focused company building a portfolio of precious-metals royalties on operating and development-stage assets in the Americas. Its royalty accumulation strategy resembles the higher-octave version of Entrée's emerging royalty book.

Broad incumbents

• Wheaton Precious Metals: Wheaton Precious Metals is one of the largest precious-metals streaming companies globally, with a portfolio of long-life streams on producing and development-stage mines. Its model of providing upfront capital in exchange for fixed-percentage metal deliveries closely parallels the Sandstorm-style streaming and royalty structure Entrée employs.
• Franco-Nevada Corporation: Franco-Nevada is the world's largest precious-metals royalty and streaming company, with a diversified portfolio of streams, royalties and mineral interests across gold, silver, copper and other commodities. As the gold-standard incumbent in royalty/streaming, it is the most relevant broad comparable for Entrée's model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/entreeresource
• LinkedInlinkedin.com/company/entreeresourcesltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Entree Resources