Erdene Announces Q3 2023 Results and Provides Bayan Khundii Project Update - Seite 2

• Conducted first phase of 2023 gold exploration program at the Greater Dark Horse prospect
  • Drilled 1,040 metres intersecting anomalous gold and/or indicator elements in 16 of 18 holes
  • Executed IP survey over 9km² area identifying several targets for follow-up
  • Completed ~500 metre trenching program testing near surface, supergene oxide targets similar to those intersected at Dark Horse Mane, returning anomalous mineralization in several areas

Corporate

• Received the final $30M investment in EM under the terms of the MMC Strategic Alliance
  • Funds advanced through convertible promissory notes that are planned to be registered as a 50% equity interest in EM by the end of 2023
• Progressed BK Project Finance with international financial institutions
  • Due diligence on 2023 FS is the major outstanding item, and is well underway
• Recorded a net loss of $1,201,100 for the three months ended September 30, 2023, compared to a net loss of $1,980,438 for the three months ended September 30, 2022
  • Exploration and evaluation expenditures, including capitalized expenditures, totaled $15,373,828 for the three months ended September 30, 2023, compared to $3,767,892 for the comparative prior year quarter due to primarily due to the commencement of early works for the Bayan Khundii Gold Project
  • Corporate and administrative expenses totaled $600,595 for the three months ended September 30, 2023, compared to $870,287 for the three months ended September 30, 2022, with the year-on-year decrease primarily due to the timing of annual performance bonuses, cost-of-living adjustments and annual performance grants
    
    

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 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 an exploration license in Southwest 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. 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.