Erdene completes first gold pour at Bayan

Executive Summary

• Erdene Resource Development Corp. completed its first gold pour at the Bayan Khundii mine in Mongolia on Sept. 14, 2025, marking the transition to production just 22 months after construction began.
• The mine holds 513,700 oz of gold reserves with an average grade of 4.0 g/t and is projected to produce ~85,000 oz per year at low‑quartile all‑in sustaining costs.
• Gold will be sold to Mongolia’s Central Bank at spot price, supporting the country’s foreign‑currency reserves and underscoring the project's strategic economic impact.

Key Details

• First gold dore poured on Sept. 14, 2025 – inaugural production milestone for Bayan Khundii.
• Total proven & probable gold reserves: 513,700 oz at 4.0 g/t average grade (includes Dark Horse satellite deposit).
• Expected annual production: ≈85,000 oz of gold per annum.
• Projected to reach name‑plate capacity in late Q4 2025.
• Gold sales contract: sold directly to Mongolia’s Central Bank at spot gold price to bolster foreign‑currency reserves.
• Infrastructure achievements: 242‑km power line constructed; process plant commissioned; mining operations underway within 22 months of project start.
• Strategic partner: Mongolia Mining Corp. participated in achieving the milestone.
• CEO Peter Akerley highlighted rapid development timeline – discovery (2015) → feasibility study (2020) → production (2025).
• Ambassador Stephen Doust’s remarks emphasized Canada‑Mongolia partnership and community benefits.
• Qualified Person: Jon Lyons, FAusIMM, Chief Development Officer, reviewed and approved technical information per NI 43‑101.

Notable Quotes

“From a greenfield discovery in 2015, Bayan Khundii has emerged as an important mine for Mongolia… the team deserves tremendous credit.” – Peter Akerley, President & CEO, Erdene

“The Bayan Khundii gold mine represents a significant milestone in the enduring partnership between Canada and Mongolia…” – H.E. Stephen Doust, Canada’s Ambassador Designate to Mongolia