Slide 1: The Emerging High-Grade Khundii Minerals District
TSX:ERD | MSE:ERDN | OTC:ERDCF THE EMERGING HIGH-GRADE KHUNDII MINERALS DISTRICT GREENFIELD DISCOVERY TO FIRST PRODUCING GOLD MINE IN 10 YEARS JANUARY 2026 www.erdene.com
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its future financial position, business strategy, timing of production a
Slide 3: Emerging High-Grade Gold Producer in a New Minerals District
EMERGING HIGH-GRADE GOLD PRODUCER IN A NEW MINERALS DISTRICT A Compelling Investment Proposition New Minerals District Provides Long Term Growth • Systematic regional exploration since 2009 has led to the discovery of the Khundii Minerals District – one of the most exciting new gold-copper regions i
Slide 4: Focused on the Under-Explored Trans Altai Terrane in Southwestern Mongolia
FOCUSED ON THE UNDER-EXPLORED TRANS ALTAI TERRANE IN SOUTHWESTERN MONGOLIA Discovery of the Khundii Minerals District FERTILE TERRANE Trans Altai characterized by fertile, highly Cu and Au enriched Paleozoic intrusives and major deep- seated structures FIRST MOVERS Erdene exploration team carried ou
Slide 5: Khundii Minerals District – Located in a Growing Mining Region
KHUNDII MINERALS DISTRICT – LOCATED IN A GROWING MINING REGION Less than 200 km from the Chinese Border, Multiple Mines in Vicinity MONGOLIA RAPIDLY GROWING MINING HUB Bayan Khundii and the Khundii Minerals Ulaanbaatar District lie in a rapidly growing mining hub, less than 200 km from the Chinese b
Slide 6: The Pipeline – Multiple High-Quality Deposits and Prospects
THE PIPELINE – MULTIPLE HIGH-QUALITY DEPOSITS AND PROSPECTS Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets Landsat 8 True Colour • Erdene geologists discovered and defined The Khundii Minerals District Arc multiple deposits and prospects since 2010 in what is now know
Slide 7: Bayan Khundii Gold Mine Overview
BAYAN KHUNDII GOLD MINE OVERVIEW High-Grade, Open Pit Gold Mine • First gold poured in September 2025 • One of the highest-grade, open-pit gold mines globally: Gold reserves of 513,700 oz @ 4 g/t Au including Dark Horse satellite pit; 150m maximum depth at BK • Excellent economics, top-quartile AISC
Slide 8: Bayan Khundii Gold Mine Q4 2025 Results – Ramp-up Phase
BAYAN KHUNDII GOLD MINE Q4 2025 Results – Ramp-up Phase • Sold 7,434 ounces gold and 2,634 ounces silver, at average prices of US$4,153 and US$53, respectively, for US$31M in gross project revenues • Processed 144,845 tonnes of run of mine (“RoM”) ore averaging 2 g/t gold during this start-up phase
Slide 9: Bayan Khundii Gold Mine
BAYAN KHUNDII GOLD MINE Open-pit Mine, Carbon in Pulp Leach Plant, Dry Tailings Facility, New Overhead Transmission Line RUN OF MINE (ROM) PAD • Low, medium and high grade stockpiles ECONOMIC PIT (FS-US$1,800/oz Au) • Average Grade 4 g/t Au • Average Strip Ratio 11:1 • Maximum depth ~150m CARBON IN
Slide 10: Bayan Khundii Process Plant: Conventional Crush, Grind & Leach, CIP
BAYAN KHUNDII PROCESS PLANT: CONVENTIAL CRUSH, GRIND & LEACH, CARBON IN PULP PLANT Capacity of 1950 tpd; 650,000 tpa @ 91.3%; Grind to 80% p 75 micron, 0.5g/t NaCn consumption, 36 hr retention, 93 to 95% recovery 10
Slide 11: Bayan Khundii Open Pit and Dark Horse Satellite Pit Reserve
BAYAN KHUNDII OPEN PIT AND DARK HORSE SATELLITE PIT RESERVE OF 513,700OZ @ ~4G/T GOLD Reserves for Initial Six Years of Production bringing in Dark Horse in Year 3 N $1,800 Gold Economic Pit: Gold reserves 464,900 oz @ 3.8 g/t DH Reserves Tonnage Au Grade Cont. Au Classification (Mt) (g/t) (koz) Pro
Slide 12: Bayan Khundii: 476,000 Ounces Recovered Gold in First Six Years
BAYAN KHUNDII: 476,000 OUNCES RECOVERED GOLD IN FIRST SIX YEARS Based on Bayan Khundii Gold Project Feasibility Study • Production commenced in September Bayan Khundii Dark Horse Total 2025 and based on FS is projected to Ore - 3.8Mt Ore - 0.2Mt Ore - 4.0Mt average 50% over the first six months Grad
Slide 13: Significant Leverage to Gold Price
SIGNIFICANT LEVERAGE TO GOLD PRICE Top Decile Grade, Low Capex, and Lowest Quartile AISC Drive Exceptional Economics NPV (6 Year Mine Life) SENSITIVITY TO GOLD PRICE IRR SENSITIVITY TO GOLD PRICE 5% Discount 109% $995M 99% $865M 90% $731M 78% $601M 66% $471M 53% 35% $340M $170M $1,800 $2,500 $3,000
Slide 14: Bayan Khundii System – Exceptionally High-Grade Discoveries
BAYAN KHUNDII SYSTEM – EXCEPTIONALLY HIGH-GRADE DISCOVERIES Over 10km of Mineralized Structures with Limited Exploration • The Bayan Khundii Hydrothermal Complex hosts multiple gold deposits and prospects N within structures covering ~ 10 kilometers in length Gold ≥ 0.1 g/t* Exploration upside* DARK
Slide 15: Ulaan: Excellent Grades 500 Metres West of Bayan Khundii Pit
ULAAN: EXCELLENT GRADES 500 METRES WEST OF BAYAN KHUNDII PIT High-grade Structure Traced over 300 Metres Deep UDH-53 UDH-52 ▪ The Ulaan Gold Prospect was discovered in B B’ Section B Looking NE late 2021 following testing of a geophysical Highlighted Average Grade Intervals target UDH-21 335m of 1.1
Slide 16: Dark Horse: Gold Enriched Supergene at Surface & Extensive Underexplored Targets
DARK HORSE: GOLD ENRICHED SUPERGENE AT SURFACE & EXTENSIVE UNDEREXPLORED TARGETS Ultra High-grade Satellite Deposit to be Mined from Year Three – 48.8koz @ 7 g/t Au • The Greater Dark Horse area covers ~ 6 sq km hosting the main N-S gold mineralized structures and N multiple subsidiary structures •
Slide 17: Development of Dark Horse: Gold Enriched Supergene Deposit - Year 3
DEVELOPMENT OF DARK HORSE: GOLD ENRICHED SUPERGENE DEPOSIT - YEAR 3 Ultra High-grade Satellite Deposit to be Mined from Year Three – 48.8koz @ 7 g/t Au Interpolated Gold Grade Shells AAD-176 / Q1 2022 AAD-177 / Q1 2022 AAD-178 / Q1 2022 New Collar ≥ 2.0 g/t 18m of 6.4 g/t 23m of 11.4 g/t 15m of 42.8
Slide 18: Altan Nar Deposit – 5 Kilometre Trend of Gold-Polymetallic Mineralization
ALTAN NAR DEPOSIT – 5 KILOMETRE TREND OF GOLD-POLYMETALLIC MINERALIZATION Intermediate sulfidation epithermal gold-silver-lead-zinc deposit • The Altan Nar gold deposit is a carbonate, base metal-intermediate Altan Nar Drill Targets & Prospects, Overlain on Gold in Soil and Topography sulfidation ep
Slide 19: Altan Nar Resources – High Grade Deposit Just 16km North of Bayan Khundii
ALTAN NAR RESOURCES – HIGH GRADE DEPOSIT JUST 16KM NORTH OF BAYAN KHUNDII 5.6km Long Under-explored Mineralized System • Detailed exploration focussed on the Indicated Tonnage Au Ag Zn Pb AuEq Au Ag Zn Pb AuEq Discovery and Union North zones which Classification (Mt) (g/t) (g/t) (%) (%) (g/t) (koz)
Slide 20: The Pipeline – Multiple High-Quality Deposits and Prospects
THE PIPELINE – MULTIPLE HIGH-QUALITY DEPOSITS AND PROSPECTS Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets Landsat 8 True Colour • Erdene geologists discovered and defined The Khundii Minerals District Arc multiple deposits and prospects since 2010 in what is now know
Slide 21: Uniting Mongolia's Leading Explorer and Miner While Maintaining Long Term Upside
UNITING MONGOLIA’S LEADING EXPLORER AND MINER WHILE MAINTAINING LONG TERM UPSIDE Strategic Partner with Capital and Operational Experience • Erdene entered into a 50:50 partnership Erdene Resource Development Corporate Structure –Strategic Alliance with Mongolian Mining Corporation (MMC) in Q1 2023
Slide 22: Khuvyn Khar Porphyry Copper, Molybdenum, Silver System
KHUVYN KHAR PORPHYRY COPPER, MOLYBDENUM, SILVER SYSTEM, 16KM IN CIRCUMFERENCE 35 km West of Bayan Khundii – Open at Depth with Multiple Prospects within and outside of Current Mineralized Envelope • The Khuvyn Khar complex is a multi-episodic intrusive copper porphyry system • The Zuun Mod deposit i
Slide 23: Zuun Mod Resources – Q3 2025
ZUUN MOD RESOURCES – Q3 2025 Porphyry complex measuring 16km in circumference Zuun Mod Resources Tonnage Mo Grade Cu Grade MoEq Contained Mo Contained Cu MoEq Classification (Mt) (%) (%) (%) (Mlbs) (Mlbs) (Mlbs) Measured 45.8 0.057 0.062 0.074 57.7 62.2 74.8 Indicated 225.3 0.056 0.065 0.073 275.9 3
Slide 24: Zuun Mod – Moly-Copper Project
ZUUN MOD – MOLY-COPPER PROJECT Several leverage to increase project value • PEA Plan: Based on current resources, establish a target annual production size of ~20Mlbs of Mo (ore production 15 to 25Mt pa) from a low strip open-pit deposit transporting Mo and Cu concentrate into the Asian steel market
Slide 25: Khuvyn Khar Copper Porphyry System
KHUVYN KHAR COPPER PORPHYRY SYSTEM Section 1 (Looking NE) ZMD-162 ZMD-121 ZMD-127 KKMD-13 ZMD-128 Zuun Mod Mo/Cu Deposit Volcanic Roof Pendant 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 Elevated Copper ZMD-162 0.6
Slide 26: Tereg Uul Copper-Gold Porphyry Prospect
Ulaan Khud TEREG UUL COPPER-GOLD PORPHYRY PROSPECT N 10 km Southwest of Oyu Tolgoi Along Trend OYU TOLGOI • In Q2 2025 Erdene Entered into Option Agreement for Tereg Uul to Ulaanbaatar Hugo Dummet acquire up to 80% ownership Khundii District Kharmagtai • Exploration License (>6,600 Oyu Tolgoi Mine H
Slide 27: Strong Returns & Shareholder Base
STRONG RETURNS & SHAREHOLDER BASE Majority of Shares Held by Institutions, Family Offices and Cornerstone Investor CAPITAL STRUCTURE* /as of January 15, 2026/ Shares issued and outstanding 62 M Institutions & Family Retail Options 3M Offices 38% 31% DSUs 2M Fully diluted 67 M Market capitalization (
Slide 28: The Future: Five-Year Exploration and Development Plan Objectives
FIVE-YEAR EXPLORATION AND DEVELOPMENT PLAN OBJECTIVES Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets THE FUTURE: GOLD, COPPER, MOLYBDENUM, SILVER, LEAD & ZINC PRODUCTION BAYAN KHUNDII • Producing >75,000 oz per Annum 2026 Through 2030 GOLD-SILVER PRODUCTION KHUNDII (B
Slide 29: Contact Us for More Information
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 | OTC:ERDCF