Entrée Resources Ltd. recorded an operating loss of $0.6 million and an operating cash outflow before working capital changes of $0.5 million for the second quarter ended June 30, 2026, matching the figures reported in the same period of 2025.

The company closed the quarter with $3.1 million in cash and $3.0 million in working capital. Entrée holds a carried participating interest of 20% or 30% in the Entrée/Oyu Tolgoi joint venture property in Mongolia, depending on the depth of mineralization.

The primary corporate objective remains the transfer of the Shivee Tolgoi and Javkhlant mining licences from subsidiary Entrée LLC to joint venture partner Oyu Tolgoi LLC. This transfer is necessary to allow Lift 1 Panel 1 underground development work on the Shivee Tolgoi licence area to proceed.

During the second quarter, the joint venture updated licence valuation calculations and paid the required corporate income tax to the Mongolian tax authority. Entrée LLC resubmitted its request for a tax payment certificate, which is required by the Mineral Resources and Petroleum Authority of Mongolia to register the transfer. After the tax authority reported the documents did not comply with required methodology and procedures, Entrée LLC filed a formal complaint.

On the exploration front, the joint venture management committee approved an in-fill diamond drilling program at the Hugo North Extension deposit comprising approximately 9,136 metres across 16 underground holes. The committee also approved four surface holes totaling approximately 5,039 metres targeting the North Bound Fault, which serves as a key control on subsidence propagation to the north.

Oyu Tolgoi LLC completed an updated resource model for Hugo North, including Lifts 1 and 2, during the first half of 2026. An updated Lift 1 underground mine plan and production schedule are expected in the second half of 2026. Entrée is targeting the first quarter of 2027 to complete an updated technical report incorporating the new resource model and production schedule.

Corporate changes followed the quarter, with Chris Adams appointed President and Chief Executive Officer following the retirement of Stephen Scott after more than 10 years of service. Richard Williams and Sarah Strunk also joined the board of directors.

Read the full announcement: Entrée Resources Announces Second Quarter 2026 Results