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
  
  

HALIFAX, Nova Scotia, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN; OTCQB: ERFCF) ("Erdene" or the "Company") is pleased to announce operating and financial results for the three months ended September 30, 2025, and to provide an update on the Bayan Khundii Gold Mine (“BK”), operated by Erdene Mongol LLC (“EM”), the Company’s joint venture with Mongolian Mining Corporation (“MMC”). This release should be read in conjunction with the Company’s Q3 2025 Financial Statements and MD&A, available on the Company’s website and SEDAR+. All dollars are Canadian unless otherwise noted.

Peter Akerley, Erdene’s President and CEO stated, “The team achieved a major milestone during the third quarter with first gold pour at the Bayan Khundii Gold Mine. This achievement comes just 10 years from our first drill hole in the deposit, marking BK as one of fastest projects to transition to production in recent memory. Ramp up is progressing largely to plan and we expect BK to achieve nameplate capacity by year-end.”

Mr. Akerley continued, “Exploration work is underway as we seek to grow resources to expand or extend BK. EM plans to undertake 9,300 metres of drilling in the coming months across the Khundii Mining license.”

Mr. Akerley concluded, “We also continued to advance our wholly owned projects. In October, we announced an updated independent mineral resource estimate for our Zuun Mod Molybdenum-Copper project, confirming the project as one of Asia’s largest undeveloped projects. Additionally, in early July we executed an option agreement to acquire an up to 80% interest in a property adjacent to Oyu Tolgoi, one of the largest copper-gold deposits globally. Drilling is now underway on the Zuun Mod project and the initial surface program is continuing at Tereg Uul.”

Q3 2025 Highlights and Significant Subsequent Events:

Images – clockwise from top left: Bayan Khundii Process Plant, Mining Operation, First Gold and Process Plant Opening Ceremony

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
    
    

Khundii Minerals District Exploration & Development

• Announced updated mineral resource estimate for Zuun Mod on October 2
  • 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
  • Technical report will be filed on SEDAR+ by mid-November
    
    

Corporate

• Entered option agreement on July 3 to acquire up to 80% of the Tereg Uul Copper-Gold porphyry prospect
  • Prospect is located ~10km southwest along trend of the Oyu Tolgoi copper deposit
• Completed 6:1 consolidation of common shares on September 2
  • Reduced the number of outstanding Common Shares from 366,351,958 to 61,063,549
• Recorded net loss of $2,748,830 for the three months ended September 30, 2025, compared to net loss of $1,687,580 for the three months ended September 30, 2024
  • Exploration and evaluation expenses totaled $579,333 for the three months ended September 30, 2025, compared to $215,903 in the prior year comparative quarter, primarily due to exploration expenditures associated with the Tereg Uul property optioned in July 2025 and increased new project evaluation costs
  • Corporate and administrative expenses totaled $864,892 for the three months ended September 30, 2025, compared to $582,089 for the three months ended September 30, 2024, with the year-on-year change primarily due to an increase in stock based compensation due to the grant of options to a strategic advisor as well as higher professional and regulatory fees associated with the share consolidation completed on September 2, 2025
  • Loss from investment in associate, representing the Company’s joint venture interest in the loss of EM, totaled $1,347,317 for the three months ended September 30, 2025, compared to $918,649 in the prior year comparative quarter due to an increase in interest expenditures by EM to finance construction at BK, partially offset by the proceeds from gold sales in September 2025
    
    

Results Conference Call

Management will host a webcast and conference call to discuss these results and current business initiatives on Wednesday, November 5, 2025, at 10:00 AM Eastern Time. The webcast will be accessible on Erdene's website at the following link: HERE

A replay of the webcast will be available at the same link for one year after the event.

The dial-in numbers for the conference call are as follows:

• North America (toll free): 1-800-717-1738
• Overseas or local (Toronto): 1-289-514-5100
  
  

Qualified Person

Peter Dalton, P.Geo. (Nova Scotia), Senior Geologist for Erdene, is the Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

About Erdene

Erdene Resource Development Corp. is a Canada-based resource company focused on bringing the Bayan Khundii Gold Mine into production in late 2025 and on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and two exploration licenses in Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges and OTCQB Venture Market. Further information is available at www.erdene.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information.

Forward-Looking Statements

Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain required third party approvals, market prices, exploitation, and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

Erdene Contact Information

Peter C. Akerley, President and CEO, or
Robert Jenkins, CFO

Phone:	(902) 423-6419
Email:	info@erdene.com
Twitter:	https://twitter.com/ErdeneRes
Facebook:	https://www.facebook.com/ErdeneResource
LinkedIn:	https://www.linkedin.com/company/erdene-resource-development-corp-/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d938401-9647-4c38-bd18-7e2b944a040f