Erdene Resource Development Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Erdene Resource Development is a Canada-based resource company producing gold at the high-grade, low-cost Bayan Khundii Gold Mine in underexplored and highly prospective Mongolia. The Company has interests in a portfolio of precious and base metal projects in close proximity to the Bayan Khundii Gold Mine in the Khundii Minerals District, which provides a robust organic growth pipeline.

Investment Highlights

Emerging High-Grade Gold Producer in a New Minerals District

A Compelling Investment Proposition

Discovery of New Minerals District

• Systematic regional exploration since 2009 has led to the discovery of the Khundii Minerals District (“KMD”) – one of the most exciting emerging minerals regions in Asia

High-grade Gold Production

• Bayan Khundii (“BK”) commenced production on September 14, 2025 as one of the highest-grade, open-pit mines globally, with low all-in sustaining costs

Exploration Potential to Extend Mine Life within Extensive Gold System

• Discoveries at Striker West, Dark Horse and Ulaan, and a higher gold price provide additional near-mine ore to expand production or extend Life of Mine (“LOM”)

Growth within Project Portfolio beyond Bayan Khundii

• Significant optionality and exploration upside through the Altan Nar Gold deposit, Zuun Mod Molybdenum project and regional exploration and acquisition

People & Partners

• Experienced team, supportive shareholders and Powerful Alliance with Mongolia's leading miner backed by one of the Country's largest conglomerates

Erdene's gold projects in the KMD are held by the private Mongolian company Erdene Mongol LLC (“EM”), co-owned with Mongolian Mining Corporation (“MMC”). MMC is the largest private producer and exporter of high-quality washed hard coking coal in Mongolia. The shares of MMC are listed on the Hong Kong Stock Exchange (HKEX: 0975), and the company has a market capitalization of approximately US$2 billion.

EXPLORATION

Bayan Khundii Gold Project

The Bayan Khundii gold deposit is located in southwestern Mongolia, within the Khundii Minerals District, approximately 16 kilometres south of the Company's Altan Nar deposit. In August of 2019, Erdene secured a mining license for Bayan Khundii from the Mineral Resource and Petroleum Authority of Mongolia (“MRPAM”). The Bayan Khundii mining license covers 2,309 hectares and, in addition to the Bayan Khundii high-grade gold deposit, includes Erdene's highly prospective 20 sq. km greater Dark Horse prospect area, including the Dark Horse Mane high-grade gold discovery. The mining license is valid for an initial term of 30 years with the ability to extend to 70 years.

Bayan Khundii is one of the highest grade gold mines in production globally. This near-surface, open-pit mine offers significant opportunities for expansion.

Bayan Khundii Gold Project production and economics based on 2023 Bankable Feasibility Study:

• All-in Sustaining Cost: US$941/oz (Based on 2023 cost estimate & US$3,000oz/Au)
• Capital Expenditure: US$115M
• Average Head Grade: 4.0 g/t Au
• Average Annual Production: 86,900 oz (year 2-5)
• Gold Reserves: 513,700 oz

Q3 2025 Highlights

Bayan Khundii Gold Mine – 50% Economic Interest

• Produced first gold on September 14 and expect to achieve nameplate production by end of 2025
• EM sold 342 ounces (“oz”) gold (“Au”) and 96 oz silver (“Ag”) at a weighted average price of US$3,805/oz and US$44/oz, respectively, during the quarter
• BK has been designed to process 650,000 tonnes of ore and produce 85,000 oz of gold per annum
• Completed construction, commissioning and permitting for BK mine during the quarter
• Dry and wet commissioning of the processing plant was completed in September, in advance of first gold pour
• Mined 2.1 million tonnes (“Mt”), including 1.8Mt of overburden and 133 thousand tonnes (“kt”) of ore to the end of September
• 111kt of ore on the run-of mine (“ROM”) at an estimated average grade of 2.30 g/t Au and 1.27 g/t Ag at September 30
• Developed BK exploration drill program to expand and extend near mine resources
• 9,300 metres of drilling underway at BK, Dark Horse and Altan Arrow
• Delivered on community development and local employment stakeholder programs
• Approximately 35% of site personnel are residents of Bayankhongor province
• Subsequent to quarter end, EM executed an updated local cooperation agreement with provincial and sub-provincial authorities
• Engaged local contractors on selected mine site services and environmental stewardship programs

(See news release dated November 5, 2025)

Zuun Mod Molybdenum-Copper Project

Zuun Mod is one of Asia's largest undeveloped molybdenum projects; >400Mlbs molybdenum

The 100% Erdene-owned Zuun Mod porphyry complex measures 16 kilometres in circumference and hosts broad zones of molybdenum and copper mineralization.

Molybdenum market set to enter deficit – Prices reached all time highs within past 24 months

Ownership:

• 100% owned by Erdene
• 30+ year Mining License secured

Location:

• 180km from China, the world's largest stainless steel producer and biggest molybdenum consumer
• 30km east of the Bayan Khundii Gold Project

Molybdenum Market:

• Molybdenum prices are elevated due to depleting supply and increased demand for use in stainless steel alloys and designation as a critical mineral
• US$20-$40/lb price range in the past two years, equivalent to 5-10x current copper prices – higher than Cobalt
• In 2022 China saw a molybdenum deficit of 20Mlbs

Mineral Resource Estimate (MRE):

• Announced updated mineral resource estimate (MRE) for Zuun Mod on October 2, 2025, an increase of approximately 50% in reported resources compared to the 2011 Zuun Mod MRE including:
• 22% increase in Measured and Indicated molybdenum (“Mo”) resources to 333 million pounds (“Mlbs”) and 90% increase in Inferred Mo resources to 300 Mlbs
• 16% increase in Measured and Indicated copper (“Cu”) resources to 384 Mlbs and 75% increase in Inferred Cu resources to 350 Mlbs

Drilling is now underway on the Zuun Mod project

Tereg Uul Copper-Gold Porphyry Prospect

• Entered option agreement on July 3 to acquire up to 80% of the Tereg Uul Copper-Gold porphyry prospect, located ~10km southwest of the Oyu Tolgoi copper deposit
• Exploration License (>6,600 hectares)
• Situated within northeast trending corridor which hosts multiple Cu/Au/Mo porphyry deposits

Management

Peter C. Akerley, President & Chief Executive Officer, Director

Mr. Akerley has over 35 years of experience in mineral exploration, corporate financing, project development and management of publicly listed resource companies. He is one of the founders and principals of Erdene and has held the position of President and Chief Executive Officer of the Corporation since March 2003.

Robert Jenkins, Chief Financial Officer

Mr. Jenkins held a series of progressive finance and operational roles with Canada's leading asset management firm. Mr. Jenkins is a Chartered Professional Accountant.

Michael X. Gillis, Vice President Exploration and Operations

Mr. Gillis has over 25 years of experience in the mineral exploration industry in increasingly senior project and corporate management positions.

Bayarmaa Bagabandi, Chief Administrative Officer

Ms. Bagabandi has been involved in the administrative side of Mongolia's resource industry for over 15 years.

Peter Dalton, Senior Geologist

Mr. Dalton has worked as a geologist for Erdene Resource Development for over 15 years and has been directly involved in the discovery of “Altan Nar”, “Bayan Khundii” and “Dark Horse” projects. Mr. Dalton is a Professional Geologist.

Darryn Broderick, Director of Finance

Mr. Broderick was a Channel Partner for a large US-based software vendor. In 2010, Mr. Broderick helped Erdene implement a new ERP system and has been supporting the Company ever since.

D. Suzan Frazer, Corporate Secretary

Ms. Frazer is a partner of the Halifax office of the law firm, McInnes Cooper. She has been practicing corporate law for over 25 years and is experienced in representing public and private companies in the junior resource sector.

Bilguun Ankhbayar, Chief Executive Officer, Erdene Mongol LLC

Mr. Ankhbayar is a Mongolian mining finance professional, based in Ulaanbaatar, with North American and Mongolian capital markets experience.

Jon Lyons, Chief Development Officer, Erdene Mongol LLC

Mr. Lyons was appointed Vice President, Projects in 2021. Previously, he was with the Global Green Growth Institute as Country Representative to Mongolia.

Layton Croft, Chairman

Mr. Croft is an executive and entrepreneur with 30 years of global experience across increasingly senior roles, from non-profit to mid-tier to mega-cap to micro-cap. He lived and worked full-time in Mongolia for 15 years.

Dr. Anna Biolik, Director

Kenneth MacDonald, Director

Cameron McRae, Director

News Update

On January 07, 2026, Peter C. Akerley, President, Chief Executive Officer and Director, Erdene Resource Development Corp., shares the Company's story in an interview with TMX Group.

The "View From The C-Suite" video interview series highlights the unique perspectives of listed companies on Toronto Stock Exchange and TSX Venture Exchange. These videos provide insight into how company executives think in the current business environment. To see the latest "View From The C-Suite" visit https://www.tsx.com/en/c-suite.

December 15, 2025, Peter Akerley, President and CEO, Erdene Resource Development Corporation joined Robert Peterman, Chief Commercial Officer, Toronto Stock Exchange ("TSX"), to open the market and celebrate the Company's 20th anniversary of being listed on Toronto Stock Exchange.

Erdene Resource Development Corp. is a low-cost gold producer, focused on the underexplored and highly prospective Khundii Minerals District in southern Mongolia. The Company achieved its first gold pour at its Bayan Khundii gold mine in September and is now in the ramp-up stage moving towards nameplate capacity. Erdene's vision is the development of a multi-mine, multi-commodity mining company with exploration and technical studies underway, expanding Bayan Khundii, and defining new opportunities at its Dark Horse and Altan Nar gold projects. The Company is also advancing the Zuun Mod project, one of Asia's largest undeveloped molybdenum and copper deposits.

November 26, 2025, Erdene begins trading on OTCQX Best Market under the Symbol ERDCF

November 14, 2025, Erdene Files Updated Resource for the Zuun Mod Molybdenum-Copper Project

https://erdene.com/erdene-files-updated-resource-for-the-zuun-mod-molybdenum-copper-project/

November 5, 2025, Erdene Announces Q3 2025 Results Provides Bayan Khundii Mining and Exploration Update

Highlights:

• Produced first gold at Bayan Khundii on September 14 and expect to achieve nameplate production by end of 2025
• Announced updated independent mineral resource estimate for Zuun Mod molybdenum-copper porphyry project
• Entered option agreement to acquire up to 80% of the Tereg Uul Copper-Gold porphyry prospect

https://erdene.com/erdene-announces-q3-2025-results/

October 2, 2025, Erdene Announces Updated Resource for the Zuun Mod Molybdenum-Copper Deposit

https://erdene.com/erdene-announces-updated-resource-for-the-zuun-mod-molybdenum-copper-deposit/

September 15, 2025, Erdene Announces First Gold Pour at the Bayan Khundii Gold Mine

https://erdene.com/erdene-announces-first-gold-pour-at-the-bayan-khundii-gold-mine/

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