Bernstein Litowitz Berger & Grossmann LLP Announces Pendency and Proposed Settlement of Class Action Involving Persons and Entities who Purchased or Otherwise Acquired Turquoise Hill Resources Ltd. Common Stock, Swaps, or Call Options or Sold Put Options in Domestic Transactions or on U.S. Exchanges During the Period from July 17, 2018 through July 31, 2019

SEATTLE, July 23, 2025 /PRNewswire/ -- JND Legal Administration

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION
AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND
(III) MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES

TO:     All persons and entities who, during the period from July 17, 2018 through July 31, 2019, inclusive (the "Class Period"),

(a)     purchased or otherwise acquired the common stock of Turquoise Hill Resources Ltd. ("Turquoise Hill"),
(b)     purchased or otherwise acquired call options on Turquoise Hill common stock,
(c)     sold put options on Turquoise Hill common stock, and/or
(d)     entered into swap transactions replicating a purchase of Turquoise Hill common stock,

in domestic transactions or on U.S. exchanges, and were damaged thereby (the "Settlement Class")¹:

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York (the "Court"), that the above-captioned securities class action (the "Action") is pending in the Court.

YOU ARE ALSO NOTIFIED that Lead Plaintiff PWCM Master Fund Ltd., Pentwater Thanksgiving Fund LP, Pentwater Merger Arbitrage Master Fund Ltd., Oceana Master Fund Ltd., LMA SPC for and on behalf of the MAP 98 Segregated Portfolio, Pentwater Equity Opportunities Master Fund Ltd., and Crown Managed Accounts SPC acting for and on behalf of Crown/PW Segregated Portfolio (collectively, "Lead Plaintiff"), on behalf of itself and the Settlement Class, has reached a proposed settlement of the Action for $138,750,000 in cash (the "Settlement").  If approved, the Settlement will resolve all claims in the Action.

The Action involves allegations that Defendants Rio Tinto plc and Rio Tinto Limited (together, "Rio Tinto"), and Jean-Sébastien Jacques and Arnaud Soirat made material misrepresentations and omissions during the Class Period about the business of Turquoise Hill Resources Ltd., including alleged misstatements concerning the development of the Oyu Tolgoi mine in Mongolia and related delays and cost overruns.  Lead Plaintiff alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") by making these alleged misstatements or controlling Rio Tinto when the misstatements were made.  Defendants deny all allegations in the Action and deny any violations of the federal securities laws.  Issues and defenses at issue in the Action included, among others, (i) whether Defendants made materially false statements or omissions; (ii) whether Defendants made the statements with the required state of mind; (iii) whether the alleged misstatements caused class members' losses; and (iv) the amount of damages, if any. 

A hearing will be held on October 15, 2025, at 10:30 a.m., before the Honorable Lewis J. Liman of the United States District Court for the Southern District of New York, either in person in Courtroom 15C of the Daniel Patrick Moynihan United States Courthouse, 500 Pearl St., New York, NY 10007-1312, or by video or teleconference, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiff should be certified as Class Representative for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (iii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel's application for an award of attorneys' fees and expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund.  If you have not yet received the Notice and the Proof of Claim and Release Form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at:  Turquoise Hill Securities Litigation, c/o JND Legal Administration, P.O. 91153, Seattle, WA 98111; (855) 779-3513; [email protected].  Copies of the Notice and Claim Form can also be downloaded from the Settlement website, www.TurquoiseHillSecuritiesLitigation.com.

If you are a member of the Settlement Class, in order to be eligible to receive a payment from the Settlement, you must submit a Claim Form postmarked (if mailed) or online by no later than September 24, 2025.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to receive a payment from the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than September 24, 2025, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to receive a payment from the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and expenses must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than September 24, 2025, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Office of the Clerk of the Court, Turquoise Hill, Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Claims Administrator or Lead Counsel.

Requests for the Notice and Claim Form should be made to:

Turquoise Hill Securities Litigation
c/o JND Legal Administration
P.O. Box 91153
Seattle, WA 98111

(855) 779-3513
[email protected]
www.TurquoiseHillSecuritiesLitigation.com

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Michael D. Blatchley
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of the Americas, 44th Floor
New York, NY 10020
(800) 380-8496
[email protected]

By Order of the Court

¹ Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses (the "Notice").  Capitalized terms not otherwise defined herein shall have the same meaning as in the Stipulation and Agreement of Settlement dated June 17, 2025 ("Stipulation").  Both the Notice and Stipulation are available at www.TurquoiseHillSecuritiesLitigation.com.

SOURCE JND Legal Administration