Erdene Resource Development : Developing the High-Grade Khundii Minerals District, Q3 2023

TSX:ERD | MSE:ERDN | OTC:ERDCF

DEVELOPING THE HIGH-GRADE

KHUNDII MINERALS DISTRICT

Unlocking treasures - sharing benefits

Q3 2023

www.erdene.com

FORWARD LOOKING STATEMENTS

This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the timing and completion of the three stages of the Strategic Alliance and the future plans and objectives for Erdene Mongol LLC and the Khundii Minerals District under the Strategic Alliance, the Company's expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital, events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of precious metals; the ability of the Company to obtain all necessary approvals and permits in connection with the development of the Bayan Khundii Gold Project.

Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies and which may prove to be incorrect. These estimates and assumptions relate to, among other things, the continuance of the Company and its subsidiaries as a going concern, general economic and market conditions, gold prices, the accuracy of mineral resources and mineral reserve statements, and the other estimates and assumptions.

Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of gold, uncertainty of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements, commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability to retain key executives and personnel, the impact of COVID-19, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of environmental expenditures and potential environmental liabilities, accidents and labour disputes. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. Please see the Company's Annual Information Form dated March 22, 2023 available on the Company's website at www.erdene.com or on the Company's SEDAR profile at www.sedar.com, for details of other risks facing the Company. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

Peter Dalton, P.Geo. (Nova Scotia), Senior Geologist for Erdene and a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this presentation. All currencies are reported in Canadian dollars unless otherwise specified.

DEVELOPING THE HIGH-GRADE KHUNDII MINERALS DISTRICT

Investment Highlights

First Mover in an Unexplored Portion of one of the Worlds Great Mineral Belts, Unparalleled Discovery Potential for Large, High Grade, Gold & Copper Deposits

Strategic Alliance - Uniting Mongolia's Pre-Eminent Explorer and Leading Miner

Bayan Khundii Gold Project - Shovel Ready, High-GradeGold Development

Moving Rapidly to First Gold

Multi-Million Ounce Potential - High-grade Gold Discoveries Adjacent to the Bayan Khundii Gold Project and Significant Exploration Potential in District

Zuun Mod Molybdenum-Copper Porphyry Complex - A Sleeping Giant

People - A Growing Team of Mongolian Leaders,

Strong Social license to Operate and Supportive Shareholders

1. Erdene was the subject of a University of British Columbia research project that investigated how exploration companies could maximize the benefits of resource development for host nations and affected communities

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MONGOLIA - A MINING FOCUSED ECONOMY

Government Focused on Gold Mining to Drive Recovery

Emerging mining region

• +40,000 mining employees
• ~ 97% of Oyu Tolgoi's ~15,000 staff are Mongolian
• 70% of the country's land is under-explored
• Government plans to invest in railway power plans, and water pipeline

Mining's Contribution to

Mongolia's Economy

88%

70% 71% Export

Competitive regulatory regime

• 5% gold royalty rate and 25% corporate income tax
• Stabilization certificates provide certainty of current tax rates for seven years
• Double tax treaty with Canada and ~20 other nations
• Canada-MongoliaForeign Investment Promotion and Protection Agreement (FIPA)

Growing democracy located on China's doorstep

• Low Population Density: Only 3M people in the world's 18th largest country
• GDP growth of 5.1% in 2019
• 30-yearhistory of democratic elections
• Well educated, young population with 98% literacy rate

35%

27% Budget

Income

GDP

Earnings

FDI Industrial

Output

UNIQUELY QUALIFIED BOARD OF DIRECTORS

Pioneers in Mongolia's Modern Mining Era

MONGOLIA

Dr. Anna Biolik 1,3

Director

Diplomat with over 30 years experience including

acting as Canadian Ambassador to Mongolia, Kazakhstan, Kyrgyzstan & Tajikistan.

Layton Croft 1,2,3

Chairman

27 years of leadership experience in Mongolia,16

years of global mining experience with Ivanhoe Mines, Rio Tinto, Peabody Energy and

Pancontinental Resources.

Kenneth MacDonald 1,2

Director

Chartered Professional Accountant with over 40 years of mining finance experience, including 17 years as Executive VP and CFO of Erdene.

CAPITAL

MONGOLIA

Cameron McRae, 4

Director

Mining executive with 28 years at Rio Tinto, including President of Oyu Tolgoi where he led construction of the US$6 billion copper-gold mine in southern Mongolia.

Peter Akerley 4

President & CEO; Director

Mining executive and geologist with 30 years experience in exploration, corporate finance, project development & management of public resource companies.

COMBINED EXPERIENCE

• • 50 Years in Mongolia
• 50 Years in Capital Markets
• 100 Years Mining/Exploration
• 
  88% Independent

David Mosher 2

Director

Mining executive and geologist with 35 years experience. Former President & CEO of High River Gold Mines where he developed gold mines in Burkina Faso and Russia.

John Byrne 1,3

Director

Finance professional with more than 40 years experience in the Canadian banking industry. President of Petroleum Corp of Canada Exploration since 1997.

Hedley Widdup 4

Director

Geologist and investment manager with 20 years

experience in the evaluation and development of mining projects.

MARKETS

TECHNICAL	1. Audit and Risk Management Committee
	2. Compensation Committee
	3. Corporate Governance and Disclosure Policy Committee
	4. Technical Committee

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