Erdene Resource Development (ERD) Investor presentation summary

Strategic platform and partnership

• Systematic exploration since 2009 established the Khundii Minerals District, with four gold discoveries, a molybdenum-copper deposit and 20+ high-priority targets.

• Gold projects are held in a 50:50 partnership with Mongolian Mining Corporation (MMC); a 5% net smelter royalty applies after 400,000 oz of gold production on existing licenses.

• Retains 100% ownership of molybdenum-copper projects, including Zuun Mod and Khuvyn Khar.

Bayan Khundii production and expansion

• 650,000 tpa carbon-in-pulp plant built in 22 months; gold production began in September 2025 and commercial production was achieved in Q1 2026.

• Q1 2026 recoveries averaged 96% versus a 93% forecast; 15,961 oz of gold and 5,769 oz of silver sold through Q1, generating US$73M in gross project revenue.

• Targeting over 75,000 oz of gold annually during 2026–2030; initial six-year reserve is 513,700 oz, including Dark Horse from production year three.

• Dark Horse drilling returned 42m at 7.27 g/t gold west of the pit; Ulaan's deepest hole returned 335m at over 1 g/t gold.

• Khundii expansion programs aim to develop additional reserves, target 50,000–100,000 oz annual production and extend mine life toward 2040.

Portfolio growth projects

• Altan Nar, 16 km north of Bayan Khundii, has 453,000 oz AuEq indicated and 277,100 oz AuEq inferred; 90% of resources are within 150m of surface.

• Altan Nar exploration and resource-update work is planned, with a 75,000–100,000 oz AuEq annual production target for 2029–2040.

• Zuun Mod has 439.2M lbs MoEq measured and indicated resources; a PEA targets ~20M lbs of annual molybdenum production, with an updated resource and PEA planned for mid-2026.

• Khuvyn Khar drilling returned 65m at 0.63% copper, including 30m at 1.3% copper and 6.1 g/t silver; Tereg Uul drill targets are slated for testing in 2026.