ENTREE RESOURCES ANNOUNCES 3RD QUARTER 2022 RESULTS.

VANCOUVER, BC: Entree Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) (the "Company" or "Entree") has today filed its interim financial results for the third quarter ended September 30, 2022. All numbers are in U.S. dollars unless otherwise noted.

Q3 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 Entree's joint venture partner Oyu Tolgoi LLC ("OTLLC") and the Entree/Oyu Tolgoi joint venture property (the "Entree/Oyu Tolgoi JV Property"), which is a partnership between Entree and OTLLC. On October 17, 2022, OTLLC's 66% shareholder Turquoise Hill Resources Ltd. ("Turquoise Hill") provided an update on Oyu Tolgoi underground development:

Safety continues to be OTLLC's top priority and COVID-19 controls remain in place at site to protect OTLLC's work force. COVID-19 cases identified at Oyu Tolgoi continued at low levels in the third quarter 2022 and the testing regime has been eased. Following the recent relaxation of COVID-19 government-initiated restrictions in Mongolia, OTLLC has progressively restarted work on project facilities with workforce numbers now at full capacity.

Construction of the final major stage of materials handling infrastructure continues, including civil and underground works for the conveyor to surface. Undercut blasting and on-footprint construction work continued to progress during the third quarter 2022. Commissioning of the second truck chute has commenced, and the 8th draw bell was fired on October 13, 2022, both ahead of schedule. Sustainable production from Panel 0 on the Oyu Tolgoi mining licence is now anticipated in the first quarter 2023.

The Shaft 3 headframe was commissioned and sinking commenced on March 31, 2022, with the cumulative sinking level at 298 metres below ground level as at October 2, 2022. Shaft 4 advancement was 418 metres below ground level as at October 2, 2022. The rate of progress in shafts improved during the quarter due to the optimization work program to maximize the productivity of their development. 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. As previously disclosed, Turquoise Hill now expects Shafts 3 and 4 to be commissioned in the first half 2024, and progress continues...