Page 1

TURQUOISE HILL Turquoise Hill announces financial results and review of operations for the second quarter of 2021 Turquoise Hill Resources Ltd. ( " Turquoise Hill " or the " Company " ) today announced its financial results for the period ended June 30 , 2021. All figures are in U.S. dollars unless otherwise stated . " The Oyu Tolgoi team turned in another strong performance with production of 36,735 tonnes of copper and 113,054 ounces of gold , generating revenue of $ 317.8 million , a 14 % increase over the same quarter last year despite the impact of significant COVID related challenges experienced during the quarter which included a series of lockdowns and constraints on staffing levels . " stated Steve Thibeault , Interim Chief Executive Officer of Turquoise Hill Resources . " Looking to the second half of 2021 , we are maintaining our production guidance of 150,000 180,000 tonnes of copper , and 400,000 - 480,000 ounces of gold as we continue to access the higher copper and gold grades from Phase 4B through the remainder of the year . ● News Release July 29 , 2021 We continue to advance the underground development project with all project - related technical criteria on track to initiate the undercut . While the COVID situation in the country is improving as more people are vaccinated , Oyu Tolgoi will , along with the Government of Mongolia and the local communities , continue to work to protect the health and safety of its employees , contractors and neighbours . I am pleased to report that over 98 % of our workers are fully vaccinated , and recent easing of quarantine constraints have supported gradual improvements in site personnel levels . " FINANCIAL AND OPERATIONAL HIGHLIGHTS Oyu Tolgoi open pit and underground workforce posted an AIFR of 0.14 per 200,000 hours worked for the six months ended June 30 , 2021 . In Q2'21 , Oyu Tolgoi produced 36,735 tonnes of copper and 113,054 ounces of gold . Q2'21 mill throughput of 9.4 million tonnes was 2 % lower than Q2'20 and 4 % lower than Q1'21 due to lower personnel numbers and planned maintenance activities . Turquoise Hill's current estimate of its base case incremental funding requirement is now $ 2.4 billion ( March 31 , 2021 : $ 2.3 billion ) . The increase is primarily related to resequencing of ore phases of the Oyu Tolgoi open pit mine and the additional 2021 underground development cost impacts of the known COVID 19 issues up to June 30 , 2021 , which are estimated to be approximately $ 100 million , partially offset by improved commodity price forecasts . Turquoise Hill Resources Ltd. turquoisehill.com Suite 3680 1 Place Ville - Marie Montreal , Quebec , Canada H3B 3P2 Telephone + 1 514 848 1567 Toll Free + 1 877 589 4455 info@turquoisehill.com 1