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TURQUOISE HILL News Release May 12 , 2021 Turquoise Hill announces financial results and review of operations for the first quarter of 2021 Turquoise Hill Resources Ltd. ( " Turquoise Hill " or the " Company " ) today announced its financial results for the period ended March 31 , 2021. All figures are in U.S. dollars unless otherwise stated . " Oyu Tolgoi had an exceptionally strong first quarter with production of 45,449 tonnes of copper and 145,656 ounces of gold . Our strong operational performance combined with rising copper and gold prices generated revenue of $ 526.5 million , a 303 % increase over the same quarter last year . " stated Steve Thibault , Interim Chief Executive Officer of Turquoise Hill Resources . " However , as we previously cautioned and are now able to confirm , the pit wall failure experienced in the fourth quarter of 2020 , combined with the cumulative effects of COVID mitigation measures , have resulted in a downward revision in gold production guidance for 2021 , from 500,000 - 550,000 ounces to 400,000 to 480,000 ounces , while the copper guidance range has expanded from 160,000 - 180,000 tonnes to 150,000 - 180,000 tonnes . The recent surge of COVID - 19 cases in Mongolia has resulted in increased precautionary measures that we expect will continue to impact open pit operations and the underground development through the second quarter , while the vaccination campaign in Mongolia and Oyu Tolgoi rolls out . Safety is our priority and we will continue to work with the Mongolian authorities to monitor and prevent the spread of COVID - 19 . " FINANCIAL AND OPERATIONAL HIGHLIGHTS • • • • Oyu Tolgoi open pit and underground workforce posted an All Injury Frequency Rate ( AIFR ) of 0.20 per 200,000 hours worked for the three months ended March 31 , 2021 . In Q1'21 , Oyu Tolgoi produced 45,449 tonnes of copper and 145,656 ounces of gold . Access to higher copper and gold grades in Q1'21 is expected to continue through the remainder of the year . Mill throughput in Q1'21 was 10 % lower than Q1'20 due to higher overall feed hardness and 2 % higher than Q4'20 due to the impact of scheduled mill maintenance in Q4 2020 . • Turquoise Hill's current estimate of its base case incremental funding requirement remains $ 2.3 billion . • As at March 31 , 2021 , Turquoise Hill has $ 0.7 billion of available liquidity , which under current projections is expected to meet the Company's requirements , including the funding of underground capital expenditure , into Q3'22 . Turquoise Hill Resources Ltd. turquoisehill.com Suite 3680 1 Place Ville - Marie Montreal , Quebec , Canada H3B 3P2 Telephone +1 514 848 1567 info@turquoisehill.com Toll Free +1 877 589 4455 1