The Entrée/Oyu Tolgoi joint venture property includes Lift 1 and Lift 2 of the Hugo North Extension copper-gold deposit, the majority of the Heruga copper-gold-molybdenum deposit, and a large underexplored, highly prospective land package. Rio Tinto is managing the ramp-up of the Hugo North (including Hugo North Extension) Lift 1 underground mine on both the Oyu Tolgoi mining licence and the Entrée/Oyu Tolgoi joint venture property. Panel 0 and Panel 2 North of the Lift 1 underground mine are currently in production and Panel 2 South is in development, all on the Oyu Tolgoi mining licence (100% Oyu Tolgoi LLC). The Hugo North Extension deposit on the Entrée/Oyu Tolgoi joint venture property comprises the northern portion of Panel 1. Development work on Hugo North Extension Lift 1 commenced in October 2024 but is currently paused pending transfer of title to the Entrée/Oyu Tolgoi joint venture mining licences from Entrée LLC to Oyu Tolgoi LLC on behalf of the joint venture participants. Oyu Tolgoi is set to become the world’s fourth largest copper mine by 2030.