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TURQUOISE HILL News Release November 2 , 2021 Turquoise Hill announces financial results and review of operations for the third quarter of 2021 Turquoise Hill Resources Ltd. ( " Turquoise Hill " or the " Company " ) today announced its financial results for the period ended September 30 , 2021. All figures are in U.S. dollars unless otherwise stated . " Oyu Tolgoi produced solid operating results in the third quarter . Copper production of 41,935 tonnes was up 16 % year - over - year and 14 % relative to Q2'21 . The mine also produced 130,799 ounces of gold in the quarter , an increase of 256 % compared to the same quarter last year and 16 % more than was produced in Q2'21 . Revenue for the quarter was $ 622.8 million , an increase of 135.6 % from Q3'20 revenue of $ 264.4 million . Thanks to the hard work of the Oyu Tolgoi team , and despite the difficult environment created by COVID - 19 , we are on track to meet our production guidance for 2021. All technical undercut readiness activities to begin underground production have been completed and Oyu Tolgoi has been ready from a technical perspective to commence the undercut since July 2021. " Stated Steve Thibeault , Interim Chief Executive Officer of Turquoise Hill Resources . " While the COVID - 19 situation in Mongolia is improving slightly , Oyu Tolgoi is maintaining rigorous anti - COVID protocols at site to ensure the health of our employees . Currently 100 % of the Oyu Tolgoi workforce has been double vaccinated and a campaign to administer a third dose is advancing well . " FINANCIAL AND OPERATIONAL HIGHLIGHTS • Oyu Tolgoi open - pit and underground workforce posted an AIFR of 0.13 per 200,000 hours worked for the nine months ended September 30 , 2021 . • In Q3'21 , Oyu Tolgoi produced 41,935 tonnes of copper and 130,799 ounces of gold . • Mill throughput of 9.3 million tonnes in Q3'21 was in line with Q2'21 and 7 % lower than Q3'20 . Processing • • of harder ore as well as lower SAG mill availability , due to maintenance , impacted Q3'21 mill throughput . Despite significant COVID - 19 related challenges at the Oyu Tolgoi mine site , causing the site to operate at less than 50 % of its planned personnel for Q3'21 , 2021 production guidance remains on track and some underground progress has been made with the restart of Shaft 4 sinking and commencement of no - load Material Handling System 1 ( MHS1 ) commissioning in October 2021 . Revenue of $ 622.8 million in Q3'21 increased 135.6 % from $ 264.4 million in Q3'20 . Both copper and gold volumes increased by 34.9 % and 338.2 % , respectively , driven by the scheduled move to the higher grade 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