Increase Gold Production Outlook For Oyu Tolgoi Project

MONTREAL - Turquoise Hill Resources Ltd. reported increased 2021 gold production outlook, and filed an updated technical report for the Oyu Tolgoi Project prepared in accordance with the requirements of National Instrument 43-101 – Standards of Disclosure of Mineral Projects (NI 43-101) and CIM definition standards for Mineral Resources and Mineral Reserves (2014).

Gold production outlook for 2021 has increased to a range of 500,000 – 550,000 ounces from 450,000 – 500,000 ounces. This increase in the gold production outlook is the result of initiatives implemented by Oyu Tolgoi that have brought the higher grade gold bearing ore from the South West pit forward into 2020 and 2021.

Highlights of the 2020 OTTR as the underground mine ramps up include: Lowest quartile C1 cash costs estimated between 2021 - 20301; Expected copper production growth of 315% from 2022 – 2028; Expected gold production growth of 140% from 2022 – 2028; & Net cash flow after tax of $12.7 billion between 2024 – 20302.