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Wednesday, May 18, 2022

Turquoise Hill [NYSE: TRQ] Shares Oyu Tolgoi Mine Update

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Turquoise Hill Resources Ltd. [NYSE: TRQ] disclosed Q3 2021 production for Oyu Tolgoi LLC (Oyu Tolgoi) and shared an update on the Oyu Tolgoi mine. In Q3 2021, both copper and gold production from the open pit was surged as compared to Q3 2020. It surged due to increase copper and gold head grade ore from Phase 4B.

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TRQ disclosed that Copper production reached 41,935 tonnes. It represents a surge of 16% as compared to Q3 2020 and a rise of 14% as compared to Q2 2021. On the other hand, Gold production reached 130,799 ounces. It represents a surge of 256% as compared to Q3 2020. Moreover, it shows a rise of 16% as compared to Q2 2021.

Furthermore, TRQ revealed that copper and gold production guidance for 2021 remains within the ranges of 150,000 to 180,000 tonnes and 400,000 to 480,000 ounces respectively. Mill throughput of 9.34 million tonnes in Q3 2021 was consistent with Q2 2021 and 7% lesser than Q3 2020. It has been disclosed that the processing of harder ore as well as lesser SAG mill availability, due to maintenance, affected Q3 2021 mill throughput.

Additionally, Oyu Tolgoi has recommended that the full impressions of the earlier announced open-pit geotechnical events as well as the ongoing influence of on-site COVID-19 restrictions. It has caused delayed waste movement, which is currently estimated to result in the delay of some open-pit metal beyond 2024.

Oyu Tolgoi has presented the initial information of the firm that the underground interruptions and open-pit metal postponements discussed have caused an increase in the Company’s base case projected incremental funding requirement to US$3.6 billion.

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