BMO Capital Markets Investment Banking Pitch Book

BMO Capital Markets Overview of Oyu Tolgoi OT PRODUCTION BENCHMARKING (2021A, KT CU) Escondida 1,011 C1 Cash Costs (US$/lb Cu) 4 Collahuasi $3.00 $2.00 630 606 $1.00 Grasberg 1 Oyu Tolgoi 506 460 445 423 398 359 331 328 OT C1 BY-PRODUCT CASH COST BENCHMARKING (US$/LB) $4.00 OT 2026E-2030E average production El Teniente First Quartile Antamina Buenavista Second Quartile Morenci Cerro Verde OT average 2026E- 2030E cash costs Los Bronces Cobre Panama Third Quartile Fourth Quartile COUNTRY RISK PREMIUM BENCHMARKING 1.0% 1.6% 1.6% 1.8% Canada 1 United States 1 Poland China Colombia Peru 3.2% Kazakhstan 3.6%3.7% epul ($1.00) Cumulative Production Source: Duff and Phelps 2021 International Guide To Cost of Capital, S&P Market Intelligence, Turquoise Hill Internal Model at street consensus pricing. Wood Mackenzie Note: Country risk premium quoted in relation to the United States 3.9%3.9% Philippines South Africa Mexico 4.7% Brazil 5.0% Indonesia 5.2% Bobuow 6,7% Congo, DR Zambia PROJECT ASTERIX

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