09:53 AM EDT, 06/06/2025 (MT Newswires) -- Entree Resources ( ERLFF ) on Friday fell about 10% after the Entree/Oyu Tolgoi joint venture paused Oyu Tolgoi Lift 1 Panel 1 underground lateral development work on the Shivee Tolgoi mining licence in Mongolia.

"We are obviously very disappointed that we have been unable to achieve a timely transfer of title to the JV mining licences, necessitating this pause," said Entree Resources ( ERLFF ) Chief Executive Stephen Scott. "The parties have always intended for OTLLC, the 80% owner and Manager of the Entree/Oyu Tolgoi JV, to hold title to the Shivee Tolgoi and Javkhlant mining licences (the " Licences ") on behalf of the JV participants."

Entree and OTLLC commenced the transfer process in February. "Our top priority is to try to reduce the adverse economic impact on all Oyu Tolgoi project stakeholders, including the people of Mongolia, that will result from a Panel 1 underground development delay," continued Scott.

OTLLC has advised the company that it will now shift its focus to Lift 1 Panel 2 South on its 100% owned Oyu Tolgoi mining licence to minimize adverse operational and financial impacts. The JV parties are unable to determine how long the pause will be at this time, due to ongoing uncertainty about timing for completion of the licence transfers.

Shares of the company were last seen down $0.27 at $1.950 on the Toronto Stock Exchange.

Price: 1.95, Change: -0.27, Percent Change: -12.16