Erdene Resource Development Corp. announced results of an updated independent Feasibility Study for the high-grade, open-pit Bayan Khundii Gold Project in southwest Mongolia. Early construction works are underway and the company look forward to achieving first gold and cash flow in 2025, while the company continue to explore, discover and develop the other mineral deposits in the Khundii Minerals District.

The updated FS and associated Detailed Engineering and Design work has been completed by a consortium of International and Mongolian firms with significant experience: O2 Mining Ltd. led the overall delivery of the FS update, completing the key works of mine design and planning (including closure), process design, cost estimation, and financial evaluation. Multiple Mongolian companies provided in-country services and support for the FS update. AGP Mining Consultants Inc. completed the mineral resource estimate for the Bayan Khundii Gold deposit.

AGP is a full service, independent mine engineering company. RPM, and approximately 500 new jobs in Bayankhongor Province. Equity capital for the Bayan Khundi Gold Project to be provided by Mongolian Mining Corporation ("MMC") under the terms of the previously announced Strategic Alliance.

Bayan Khundii Mineral Resource and Reserve Estimate: The BK Gold Deposit Mineral Resource Estimate was prepared in accordance with NI 43-101 and CIM standards by AGP Mining Consultants Inc., with an effective date of April 20, 2023. Study Consultants: The updated FS and associated Det Detailed Engineering and Design work has been completed By a consortium of International and Mongolia firms with significant experience: O 2 Mining Ltd. (O2) led the overall delivery of theFS update, completing the key work of mine design and planning (including closure), process design, cost estimates, and financial evaluation. Multiple Mongolia companies provided in- country services and support for theFS update.

AGP Mining Consultant Inc. completed the mineral resource estimates for the BayanKhundii Gold deposit. AG P is a full service, independent Mine engineering company.