Produced and sold 8,527 ounces gold at an average price of US$4,872/oz for US$42M in gross project revenues
Achieved commercial production at Bayan Khundii, operating at 94% of target throughput and recovering 96% of gold in Q1 2026
Advanced preliminary economic assessment for Zuun Mod molybdenum-copper porphyry project expected in Q3 2026
Commenced maiden drill program at Tereg Uul near Oyu Tolgoi
HALIFAX, Nova Scotia, May 06, 2026 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD, MSE:ERDN, OTCQX:ERDCF) ("Erdene" or the "Company") is pleased to announce operating and financial results for the three months ended March 31, 2026, 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 Q1 2026 Financial Statements, MD&A, and Annual Information Form, available on the Company's website and SEDAR+. All dollars are thousands of Canadian dollars, unless otherwise noted.
Peter Akerley, Erdene's President and CEO stated, "During the first quarter of 2026 the Bayan Khundii gold mine achieved commercial production, realizing average plant throughput of over 90% of nameplate capacity. Gold recovery during the quarter averaged over 96%, exceeding projections in the most recent feasibility study. The average grade processed by Bayan Khundii ramped up steadily throughout the quarter."
Mr. Akerley continued, "With a 20% increase in sales compared to the first quarter of operations, Bayan Khundii has produced 15,961 ounces of gold to date."
Mr. Akerley concluded, "With the proceeds from the financing completed during the quarter, Erdene is strongly positioned to advance our wholly-owned precious and base metal projects in the Khundii and Oyu Tolgoi districts. Technical work is underway on the Zuun Mod preliminary economic assessment, expected to be released in Q3 2026 with geophysics and drilling scheduled for later in 2026 to test the copper potential of the Khuvyn Khar project. Additionally, drilling has commenced at Tereg Uul, testing targets along trend from the Oyu Tolgoi copper-gold system."
Q1 2026 Highlights and Significant Subsequent Events:
Bayan Khundii Gold Mine, 50% Economic Interest
Produced and sold 8,527 ounces gold and 3,135 ounces silver in Q1 2026
Represents a 20% increase over Q4 2025
EM realized weighted average prices of US$4,872/oz and US$80/oz, respectively, generating total revenue of US$42 million (C$57 million)
Achieved commercial production operating at 94% of target throughput rate in Q1 2026
Processed 151 thousand tonnes of ore, averaging 1,675 tonnes per day
Gold recoveries of 96% were superior to the forecast average of 93%
Quarterly average feed grade ...
