Erdene Resource Development

Erdene Resource Development Corp. is a Canadian-based mining company that has successfully transitioned from exploration to production, operating the Bayan Khundii Gold Mine in southwestern Mongolia's newly discovered Khundii Minerals District. The company achieved first gold production in September 2025, marking a milestone as one of the highest-grade open-pit gold mines globally, with reserves of 513,700 ounces at approximately 4 g/t gold head grade.​

Since 2009, Erdene's systematic regional exploration across more than 112,000 km² has led to the discovery of multiple gold, copper, and molybdenum deposits within the Central Asian Orogenic Belt, one of the world's most productive gold-copper terranes. The company operates through a 50-50 strategic alliance with Mongolian Mining Corporation (MMC), the country's largest independent miner, backed by one of Mongolia's leading conglomerates.​

Beyond Bayan Khundii, Erdene's portfolio includes the Altan Nar gold-silver-polymetallic deposit (730,000 AuEq ounces), the Zuun Mod molybdenum-copper project (one of Asia's largest undeveloped Mo deposits with 333.5 Mlbs Mo in measured and indicated resources), and over 20 additional high-priority exploration targets within the district. 

Erdene is listed on the Toronto Stock Exchange (TSX: ERD), Mongolian Stock Exchange (MSE: ERDN), and OTC Markets (OTCQX: ERDCF).​

Erdene Resource Development presents a compelling multi-commodity, multi-mine investment opportunity centered on emerging production from one of the world's highest-grade open-pit gold operations. The Bayan Khundii Gold Mine is projected to produce an average of approximately 87,000 ounces of gold annually over the first four years of full production, with exceptional grades averaging 4.0 g/t and recovery rates of 93% through a conventional Carbon-in-Pulp (CIP) plant with 1,950 tonnes per day capacity.​

Strategic location less than 200 km from the Chinese border positions Erdene within a rapidly growing mining hub with access to efficient transport networks and key markets. The company's exploration pipeline offers substantial upside, with near-mine targets including the Striker West, Dark Horse, and Ulaan prospects providing abundant resource expansion opportunities to extend mine life beyond the initial six-year reserve base to 10+ years. The broader Khundii Minerals District represents a window of opportunity in an under-explored, world-class gold-copper terrane with the makings of a multi-mine, multi-commodity district.​

Erdene Resource Development Corp. is led by a highly experienced management team with deep expertise in mineral exploration, mine development, and operations across Asia. At the helm is President and CEO Peter C. Akerley, who brings over 35 years of experience in mineral exploration, corporate financing, and project development. As one of the founders and principals of Erdene, Mr. Akerley has served as President and CEO since March 2003, guiding the company from greenfield exploration through to first gold production in September 2025. His extensive work in foreign jurisdictions, particularly Mongolia, includes leading the technical team through major discoveries such as the Zuun Mod molybdenum-copper deposit, the Altan Nar gold deposit, and the Bayan Khundii gold project.​

Financial strategy and corporate operations are overseen by Robert Jenkins, Chief Financial Officer, who joined Erdene in May 2019. With progressive finance and operational experience from 2010 to 2017 with Canada's leading asset management firms and a background in assurance and consulting with big-four accounting firms, Mr. Jenkins is a Chartered Professional Accountant with a Bachelor of Commerce from St. Mary's University.​

Exploration and technical operations are led by Michael X. Gillis, Vice President Exploration, who was appointed VP Operation in 2017. Mr. Gillis has been with Erdene since early 2004, bringing over 25 years of mineral exploration experience in increasingly senior project and corporate management positions, including six years as a project geologist and Land Manager for Kaoclay Resources Inc.. He holds a BSc (Hons) in Geology from St. Francis Xavier University.​

This leadership team is complemented by the company's 50-50 strategic partnership with Mongolian Mining Corporation, ensuring operational excellence and strong local relationships.

Erdene Resource Development is executing a disciplined growth strategy focused on ramping Bayan Khundii to full production capacity, extending mine life through near-mine exploration, and sequencing additional deposits within the Khundii Minerals District for development. The immediate priority is achieving nameplate production at Bayan Khundii in Q4 2025, following first gold pour in September 2025, with production projected at approximately 50% capacity over the first six months before ramping to over 85,000 ounces annually.​

Multiple expansion initiatives are underway at Bayan Khundii to increase resources and reserves, with aggressive exploration programs in Q4 2025 and throughout 2026 targeting the Striker West, Dark Horse, and Ulaan zones. Recent drilling west of the BK pit has returned exceptional results including 22 metres of 6 g/t Au with high-grade intervals up to 106.8 g/t Au starting at 179 metres depth, demonstrating significant upside outside reported resource areas. The Dark Horse satellite pit, scheduled for mining in year three, presents opportunities for heap leach processing of extensive lower-grade material now economic at higher gold prices.​

Beyond Bayan Khundii, Erdene is advancing the Altan Nar gold-silver-polymetallic project with major exploration and evaluation programs planned for 2026-2027 to position it as the second mine development within the district. The Zuun Mod molybdenum-copper project, containing 333.5 million pounds of Mo in M&I resources and strategically located 180 km from China (the world's largest steel producer and molybdenum consumer), is being advanced toward development decision as molybdenum prices reached all-time highs in the past 24 months. Regional exploration continues across 20+ additional prospects, with plans for continued acquisition of high-priority targets throughout the 400 km trend.​

Erdene Resource Development has successfully transitioned to production with the Bayan Khundii Gold Mine achieving first gold pour in September 2025, positioning the company for cash flow generation from one of the world's highest-grade open-pit operations. The project was constructed through a 50-50 partnership with Mongolian Mining Corporation with initial capital costs estimated at US$115 million, and benefits from over US$500 million worth of regional infrastructure investments including a 242 km, 110 kV transmission line with 9 MW capacity.​

Based on the 2023 Bankable Feasibility Study, the Bayan Khundii project demonstrates robust economics with projected recovery of 476,000 ounces of gold over the initial six-year mine life from the BK and Dark Horse pits. At the feasibility study base case of US$1,800/oz gold, the project delivered a pre-tax NPV of US$170 million (5% discount) and IRR of 35%, with all-in sustaining costs of approximately US$1,100/oz. However, the project shows exceptional leverage to higher gold prices—at US$3,500/oz gold (adjusted for 15% inflation from the 2023 study), the pre-tax NPV increases to US$601 million with an IRR of 78%.​

Production is ramping through Q4 2025, with year-one production projected at 67,275 ounces (approximately 50% of capacity over six months), followed by four years of full production averaging 87,000 ounces annually at average grades of 4.0 g/t gold and 93% recovery. The plant operates at 1,950 tonnes per day capacity (650,000 tonnes per annum at 91.3% utilization). Beyond Bayan Khundii, the company's portfolio includes significant optionality through the Altan Nar deposit and Zuun Mod molybdenum project, which contains 333.5 million pounds of Mo in M&I resources.​

Erdene Resource Development Corp. represents a unique investment opportunity as an emerging high-grade gold producer with significant multi-commodity growth potential in one of Asia's most exciting new minerals districts. With first gold achieved in September 2025 and production ramping to over 85,000 ounces annually, Bayan Khundii stands as one of the world's highest-grade open-pit gold mines with exceptional economics and strong leverage to gold prices.​

The company's systematic 15-year exploration program has built a substantial pipeline of near-mine expansion opportunities and district-scale growth prospects, including the Altan Nar gold-polymetallic deposit, Zuun Mod molybdenum-copper project (one of Asia's largest undeveloped Mo assets), and over 20 additional targets. This positions Erdene to potentially evolve from a single-mine operation into a multi-mine, multi-commodity district producer with 10+ year mine life potential.​

Backed by an experienced management team with deep regional expertise, a powerful alliance with Mongolia's leading miner, and strategic positioning in an under-explored world-class terrane less than 200 km from Chinese markets, Erdene offers investors exposure to immediate production cash flows combined with exploration upside and commodity diversification. As the company executes its disciplined growth strategy—ramping Bayan Khundii, expanding resources, and sequencing additional deposits for development—Erdene Resource Development is well-positioned to deliver sustainable long-term value while establishing the Khundii Minerals District as a significant contributor to Mongolia's mining sector.​