Erdene Resource Development Corporation · TSX:ERD
Erdene Resource Development — Technical Presentation (October 2026)
24 slides from Erdene Resource Development's technical presentation, Oct 15, 2026
Slide 1: Zuun Mod Molybdenum-Copper Project
TSX:ERD | MSE:ERDN | OTC:ERDCF www.erdene.com ZUUN MOD MOLYBDENUM-COPPER PROJECT Preliminary Economic Assessment – Conference Call & Webcast October 15, 2026
Slide 2: Cautionary Note
CAUTIONARY NOTE Regarding the Preliminary Economic Assessment, Forward-Looking Information and Non-IFRS Measures This presentation contains the results of the Preliminary Economic Assessment (“PEA”) of the Zuun Mod These risks include: reliance on key management and other personnel; potential downtu
Slide 3: Erdene's Speakers
ERDENE’S SPEAKERS Today’s Presenters Peter Akerley Jon Lyons Robert Jenkins President & CEO Chief Development Officer Chief Financial Officer 3
Slide 4: Zuun Mod: Right Place at the Right Time
ZUUN MOD: RIGHT PLACE AT THE RIGHT TIME Regional Moly Consumption(2025-IMOA) & Steel Production Local infrastructure growth Western Europe 114 Mlbs Mo Close to markets Growing need for molybdenum 20+ years experience in the region China 338 Mlbs Mo World’s Largest Japan, Korea & Taiwan Steel Produci
Slide 5: Preliminary Economic Assessment Highlights
ONE OF ASIAS’S LARGEST UNDEVELOPED MOLY-COPPER PROJECTS Preliminary Economic Assessment Highlights Robust Economics Large-Scale, Long-Life LOM Production After Tax NPV(8%) = $745M Throughput = 25 Mtpa Molybdenum = 672.1 Mlbs IRR = 16.1% Mine life = 34 years Copper = 947.2 Mlbs Base case = $25/lb Mo
Slide 6: Strongly Levered to Molybdenum and Copper Prices
STRONGLY LEVERED TO MOLYBDENUM AND COPPER PRICES After-Tax NPV8% Increases Almost 3X at Spot After Tax NPV8% $M (all US$) IRR% Base Case Spot Price* $2,500.0 30.0% 27.8% Moly price $25.00/lb $33.00/lb Copper price $5.00/lb $6.50/lb $1,980.7 $2,000.0 24.0% LOM Revenue $21.4 B $28.2 B LOM Free Cash fl
Slide 7: Khundii Minerals District
KHUNDII MINERALS DISTRICT Interests in Three Large Mineralized Systems Bearing Molybdenum, Copper, Gold and Silver Landsat 8 True Colour 35 km east of Bayan Khundii Gold The Khundii Minerals District Arc Mine Related Mineral Systems N 6,000-hectare Khuvyn Khar mining 50% INTEREST + ROYALTY licence >
Slide 8: Located in a Growing Mining Region
LOCATED IN A GROWING MINING REGION Multiple Mines in Vicinity and Growing Infrastructure Networks Growing mining hub with gold, silver MONGOLIA and coal mines nearby Ulaanbaatar Government and private infrastructure Bayankhongor investments in transportation and power networks Trans Altai Terrane Sh
Slide 9: Long-Life Resource
LONG-LIFE RESOURCE Well Over One Billion Pounds MoEq Across All Categories Zuun Mod Tonnage Mo Grade Cu Grade MoEq Contained Mo Contained Cu MoEq Resources Classification (Mt) (%) (%) (%) (Mlbs) (Mlbs) (Mlbs) Measured 67.2 0.051 0.061 0.067 75.0 90.5 99.9 Indicated 339.9 0.047 0.062 0.064 352.0 463.
Slide 10: Mineralization from Surface
MINERALIZATION FROM SURFACE Conventional Bulk Open-Pit Mining with a Low Strip Ratio Pit Development Stages Four staged shells | Isometric view STAGE LEGENDS Shells shown in sequence OVERALL PIT SIZE Reported dimensions 10
Slide 11: Multi-Decade Production
MULTI-DECADE PRODUCTION Thirty-Four Year Mine Producing ~20 Mlbs Mo and ~28 Mlbs Cu per Year on Average Operating Metrics Avg. Annual1 LOM Total Recoverable Production Avg. Annual1 LOM Total Mine Life years - 34 Molybdenum Mlbs Mo 19.8 672.1 Copper Mlbs Cu 27.9 947.2 Milled Mineralized Material Mt 2
Slide 12: Efficient Site Layout
EFFICIENT SITE LAYOUT Open-Pit, Processing Plant and Tailings Storage Facility in Close Proximity PIT • Ulimate pit contains both South and North Racetrack zones PROCESS PLANT • 25 Mtpa nominal throughput • One-stage primary crushing to stockpile • SABC Grinding circuit (P80 200 microns) • Bulk-flot
Slide 13: Value Engineering Opportunities
VALUE ENGINEERING OPPORTUNITIES Optimization in the Next Phase of Study 01 Improve mining productivity and optimize haul distances 02 Optimize power and reagent use in processing 03 Test dynamic thickening to enhance water recycling and shrink TSF footprint 04 Advance design of process plant, infras
Slide 14: Strong Base Case Economics and Significant Upside at Spot Prices
STRONG BASE CASE ECONOMICS AND SIGNIFICANT UPSIDE AT SPOT PRICES Financial Highlights After-Tax Economic Metrics Base Case Spot Prices NPV 8% US$M 745.1 1,980.7 IRR % 16.1% 27.8% Payback Period production year 6 4 Pre-Production Capex US$M 686.8 NPV / Capex x 1.1x Capex / Total Production US$/lb MoE
Slide 15: Manageable Capex and Solid Operating Margins
MANAGABLE CAPEX AND SOLID OPERATING MARGINS $687M Initial Capex and AISC of $13.89/lb Mo +1.28 −7.05 +1.75 +7.09 +2.95 +0.69 $13.89 26% Processing Capex Infrastructure $7.16 4% $686.8 M 54% TSF Contingency 16% Mining Processing G&A TC/RC Cu credit Royalties Sust. capex AISC Initial Capital US$M All-
Slide 16: Robust Cash Flows for Over 30 Years
ROBUST CASH FLOWS FOR OVER 30 YEARS Averaging Almost $300M of Operating Cash Flow Per Annum at Spot Annual & Cumulative Cash Flow – Base Case and Spot Prices 500 10,000 400 8,000 300 6,000 200 4,000 Cumulative (US$M) Annual (US$M) 100 2,000 0 0 (100) (2,000) (200) (4,000) (300) (6,000) (400) (8,000)
Slide 17: Multiple Options to Finance Development
MULTIPLE OPTIONS TO FINANCE DEVELOPMENT Potential Capital Sources Identified CONSUMERS FINANCING PARTNERSHIP • Purchase agreements • International Financial • Strategic operating with downstream Institutions in the partners to manage customers provide region provide capital project execution support
Slide 18: Strong Demand Growth Forecast with Few New Mines in the Pipeline
STRONG DEMAND GROWTH FORECAST WITH FEW NEW MINES IN THE PIPELINE Molybdenum Market Dynamics • Molybdenum is designated a critical or +40% year over year price increase LME / Platts Mo Price strategic mineral by Canada, @US$33.45/lb Australia, Japan, Korea, China and 13 kt (est) supply deficit in 202
Slide 19: Molybdenum Market - China
MOLYBDENUM MARKET - CHINA Strong Demand Growth Driven by Infrastructure, Energy Transition and Technology • Significant demand increase just as some long-running Chinese Moly mines begin to age • China dominates the consumer market, and as the country transitions from low- quality to high-quality st
Slide 20: Resource Expansion Opportunities
RESOURCE EXPANSION OPPORTUNITIES 5000-Metre Drill Program Underway to Increase Confidence and Expand Resources • Drilling near-surface targets in areas previously modelled as waste. Converting that material could meaningfully impact economics in the Khuvyn Khar Copper early years. Zone (3km * 1.5km)
Slide 21: Khuvyn Khar Copper Porphyry
KHUVYN KHAR COPPER PORPHYRY 65 Metres of 0.63% Copper ZMD-162 ZMD-121 ZMD-127 KKMD-13 ZMD-128 Zuun Mod Mo/Cu Deposit Volcanic Roof Pendant Looking NE ZMD-128* 0.12% Cu over 278m ZMD-121* 1.3% Cu and 9.25g/t KKMD-13* 0.14% Cu over 198m Ag over 34m 500m ZMD-127* 0.11% Cu over 298m ZMD-162 0.63% Cu ove
Slide 22: Near-Term Workplan
NEAR-TERM WORKPLAN Advancing the Zuun Mod Project 2026 2027 H2 H1 H2 Technical Drilling & Geophysics Hydrogeological Metallurgical testing Mining and Power Studies Geotechnical Environmental Commercial Partnership & Marketing Project Finance 22
Slide 23: Summary
SUMMARY One of Asia’s Largest Undeveloped Molybdenum-Copper Projects Robust Economics* LOM Production Large, long-life NPV(8%) = $2.0B IRR = 27.8% Moly = 672.1 Mlbs Throughput = 25 Mtpa Copper = 947.2 Mlbs Mine life = 34 years Spot case = $33/lb Mo & $6.50/lb Cu Strategic Location Experienced Team S
Slide 24: Questions
QUESTIONS CONTACT US FOR MORE INFORMATION FOLLOW US ON SOCIAL MEDIA Phone (Canada): +1–902–423–6419 ErdeneRes Phone (Mongolia): +976 –7777–8534 Erdene Resource Development Corp. Website: www.erdene.com Email: info@erdene.com TSX:ERD | MSE:ERDN | OTCQX:ERDCF
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