ERDENE ANNOUNCES Q3 2024 RESULTS AND PROVIDES BAYAN KHUNDII GOLD PROJECT UPDATE

Press Release Halifax, Nova Scotia 2025.11.14 

• Erdene Resource Development Corp. has announced its operating and financial results for Q3 2024, which are available on the company's website and SEDAR+.
• The company made significant progress on the construction of the Bayan Khundii Gold Mine during Q3 2024.
• As of September 30, 2024, the Bayan Khundii process plant was 55% complete, with key mechanical equipment (including SAG and ball mills) already on site. The project, including non-process infrastructure (such as the integrated mineral waste facility, accommodation complex, and power transmission line), is 45% complete.
• The company expects to complete process plant and infrastructure closure by early 2025, with commissioning of the plant planned for Q2 2025. First gold is expected by mid-2025, and commercial production in Q3 2025.
• The company anticipates some increase in capital expenditures (capex) due to weather and logistical delays but expects these impacts to be manageable with available funding.
• Expansion drilling adjacent to the planned open pit returned the highest grades to date, indicating strong growth potential for the Bayan Khundii deposit.
• Ore control drilling confirmed the high-grade nature of the deposit in near-surface zones, consistent with the reserve model. These results will be incorporated into an updated mine plan.

Bayan Khundii Gold Project

As of September 30, 2024, construction of the Bayan Khundii Gold Project was approximately 45% complete. About US$70 million has been spent on the project through Q3 2024. The process plant was 55% complete by the end of Q3 2024. All bulk concrete pours and the installation of mechanical equipment, including the SAG and ball mills, have been finished.

Construction of non-process infrastructure, including the accommodation camp, 110 kV transmission line, warehouse, workshop, administration building, and utilities, is progressing well. The company expects construction to be largely complete by Q1 2025, with commissioning scheduled for Q2 2025, first gold production expected by mid-2025, and commercial production in Q3 2025.

Around 650 personnel were on-site by the end of Q3 2024, achieving a total of approximately 2,000,000 construction hours without any lost-time or environmental incidents.

Local Cooperation Agreement for 2024 implemented supporting local development programs. 140 local residents trained for Bayan Khundii mine. Supported installation and improvement of three rural water wells to increase water availability for residents

Khundii Minerals District Exploration 

Conducted 1,500 metre Bayan Khundii ore-control drill program and completed 950 metre expansion program on the periphery of the Bayan Khundii planned open pit.

Corporate

Recorded net loss of $1,687,580 for the three months ended September 30, 2024, compared to a net loss of $1,200,099 for three months ended September 30, 2023 

About Erdene 

Erdene Resource Development Corp. is a Canada-based company focused on exploring and developing precious and base metals in Mongolia. The company holds interests in three mining licenses and one exploration license in Southwest Mongolia, where it has discovered the Khundii Gold District. Erdene is listed on both the Toronto and Mongolian stock exchanges.