The Entrée/Oyu Tolgoi joint venture property includes Lift 1 and Lift 2 of the Hugo North Extension copper-gold deposit, the Heruga copper-gold-molybdenum deposit, and a large underexplored, highly prospective land package. Rio Tinto is managing the construction of Lift 1 of the Hugo North (including Hugo North Extension) underground mine on both the Oyu Tolgoi mining license and the Entrée/Oyu Tolgoi joint venture property. In March 2023, Rio Tinto announced the commencement of underground production from Lift 1 Panel 0 on the Oyu Tolgoi mining license (100% Oyu Tolgoi LLC). The Hugo North Extension deposit on the Entrée/Oyu Tolgoi joint venture property comprises the northern portion of Panel 1. First development production from Hugo North Extension Lift 1 is currently expected in H1 2024 with production from the undercut expected in H1 2027.