Slide 1: The Emerging Khundii Minerals District
TSX:ERD | MSE:ERDN | OTC:ERDCF THE EMERGING KHUNDII MINERALS DISTRICT BAYAN KHUNDII GOLD MINE PROVIDES FOUNDATION FOR GROWTH CORPORATE PRESENTATION – Q3 2026 www.erdene.com
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains certain forward-looking information and statements, including without These risks include: reliance on key management and other personnel; potential downturns in economic limitation, statements regarding the Corporation's expectations in respect o
Slide 3: High-Grade Gold Producer in a New Minerals District
HIGH-GRADE GOLD PRODUCER IN A NEW MINERALS DISTRICT A Compelling Investment Proposition NEW MINERALS DISTRICT SUPPORTS LONG TERM GROWTH • Systematic regional exploration since 2009 has led to the discovery of the Khundii Minerals District – one of the most prospective new gold/copper regions in Asia
Slide 4: 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 50:50 partnership with Mongolian ERDENE RESOURCE DEVELOPMENT CORPORATE STRUCTURE – STRATEGIC ALLIANCE Mining Corporation (MMC) on gold projects TSX : ERD | MSE :
Slide 5: Strategic Partnership with Mongolian Mining Corporation
STRATEGIC PARTNERSHIP WITH MONGOLIAN MINING CORPORATION MCS Group, a Mongolian conglomerate – MMC’s largest shareholder MMC is Mongolia’s largest publicly traded miner MCS is one of Mongolia’s largest conglomerates • Listed on the Hong Kong Stock Exchange main board (HKEX: 975) • 30-year history ope
Slide 6: Multiple Growth Opportunities – Five-Year Exploration and Development Plan
MULTIPLE GROWTH OPPORTUNITIES – FIVE-YEAR EXPLORATION AND DEVELOPMENT PLAN Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets Bayan Khundii Gold Mine Khundii Gold Investment Steady State Production Expansion Programs Decisions >75,000 oz Au/yr Develop additional reserves
Slide 7: A Window of Opportunity: Limited Exploration in a World Class Gold-Copper Terrane
A WINDOW OF OPPORTUNITY: LIMITED EXPLORATION IN A WORLD CLASS GOLD – COPPER TERRANE Khundii Minerals District Relative to Global Distribution of Giant Arc Related Gold and Copper Deposits FIRST MOVER Erdene’s exploration team has been exploring southwestern Mongolia for the past 20 years leading to
Slide 8: Erdene's Discovery of the Khundii Minerals District
ERDENE’S DISCOVERY OF THE KHUNDII MINERALS DISTRICT-CENTRAL ASIAN OROGENIC BELT Focused on The Under-explored Trans Altai Terrane In Southwestern Mongolia Central Asian Orogenic Belt: One of the worlds most prolific gold and copper producers Highly prospective terrane First movers in unexplored regi
Slide 9: 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 Rapidly growing mining hub less than 200 km from the Chinese border MONGOLIA Ulaanbaatar Efficient access to key markets Bayankhongor Trans Altai Terrane Strong governm
Slide 10: Khundii Minerals District – Multiple High-Quality Deposits and Prospects
KHUNDII MINERALS DISTRICT – MULTIPLE HIGH-QUALITY DEPOSITS AND PROSPECTS Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets Landsat 8 True Colour Discovered and defined multiple The Khundii Minerals District Arc deposits & prospects since 2010 Related Mineral Systems N Th
Slide 11: Bayan Khundii Gold Mine, Fast Tracked to Production
BAYAN KHUNDII GOLD MINE, FAST TRACKED TO PRODUCTION A Rapid, Low-cost, Discovery-to-Production Timeline Establishing a Repeatable Pathway For Future Projects Years 5 7 9 11 13 15 17 19 21 • The lead time to build a mine in Mongolia is amongst the fastest AVERAGE TIME TO BUILD A MINE globally, half t
Slide 12: Bayan Khundii Gold Mine
BAYAN KHUNDII GOLD MINE Open-pit Mine, Carbon in Pulp Leach Plant, Dry Tailings Facility, New Overhead Transmission Line ECONOMIC PIT (FS-US$1,800/oz Au) • Average BK Reserve Grade 3.8 g/t Au RUN OF MINE (ROM) PAD • Average Strip Ratio 11:1 • Low, medium and high grade stockpiles • Maximum depth ~15
Slide 13: Bayan Khundii Gold Mine – Operating Performance Highlights
BAYAN KHUNDII GOLD MINE Operating Performance Highlights Since First Pour • 650,000 tpa CIP plant constructed in 22 months for US$120M, commenced gold production in September 2025 • Targeting >75,000 ounces per annum over 6 year reserve life • Run of Mine ore averaging 2 g/t during ramp-up now gradu
Slide 14: Bayan Khundii Open Pit and Dark Horse Satellite Pit Reserve of 513,700oz
BAYAN KHUNDII OPEN PIT AND DARK HORSE SATELLITE PIT RESERVE OF 513,700OZ Reserves for Initial Six Years of Production - Incorporating Dark Horse in Year 3 N DH Reserves Tonnage Au Grade Cont. Au Classification (Mt) (g/t) (koz) Probable 0.2 7.0 48.8 Total 0.2 7.0 48.8 Grade Contained Grade Contained
Slide 15: Bayan Khundii Epithermal System
BAYAN KHUNDII EPITHERMAL SYSTEM Significant Opportunity To Extend Mine Life – Over 10km of Mineralized Structure with Multiple Expansion Targets Khundii Mining License Bayan Khundii hydrothermal complex remains under-explored N Ulaan Exploration License Exploration has focused on Dark Horse and Khun
Slide 16: Dark Horse & Altan Arrow – Recent Drill Results
DARK HORSE & ALTAN ARROW – RECENT DRILL RESULTS Exploration of Oxide Zones Focused Along Three Kilometres of Strike Viewing Oblique Northwest Dark Horse South Intersections Dark Horse North Intersections Altan Arrow Intersections AAD-259 AAD-264 AAD-265 AAD-243 AAD-251 AAD-255 AAD-276 (from 70m) (fr
Slide 17: Khundii West – Extension of Bayan Khundii Gold Deposit
KHUNDII WEST – EXTENSION OF BAYAN KHUNDII GOLD DEPOSIT Opportunity for Significant Expansion of Open-pit and Underground ULAAN DEPOSIT STRIKER WEST BAYAN KHUNDII DEPOSIT Top Gold Intersections Top Gold Intersections Top Gold Intersections Drill Hole From To M Au g/t G*M Drill Hole From To M Au g/t G
Slide 18: Altan Nar – High-Grade Polymetallic Deposit 16km North of Bayan Khundii
ALTAN NAR – HIGH-GRADE POLYMETALLIC DEPOSIT 16KM NORTH OF BAYAN KHUNDII 5.6km Long Under-explored Mineralized System Potential to materially increase resources: • Resources are focused in two zones: Discovery Zone and Union North within a 5.6km x 1.5km mineralized corridor • +20 mineralized target a
Slide 19: Altan Nar Regional Targets
ALTAN NAR REGIONAL TARGETS Exploration Trenching and Drilling Nomin Tal Drill Collar Cu-Au Occurrence Defined Resource Zone Minimal drilling completed 3.2 g/t Exploration Target 11.9 g/t Scout Drilling Only Gold in Rock chip Target ANT-19 TND-02 4m of 1.4 g/t Gold 1m of 4.2 g/t ANT-18 3m of 6.4 g/t
Slide 20: Zuun Mod – One of Asia's Largest Undeveloped Molybdenum Deposits
ZUUN MOD – ONE OF ASIA’S LARGEST UNDEVELOPED MOLYBDENUM DEPOSITS 35km East of the Bayan Khundii Gold Project Landsat 8 True Colour 100% owned by The Khundii Minerals District Arc OWNERSHIP Erdene Related Mineral Systems N 30+ year Mining License secured AN 50% INTEREST + ROYALTY 100% INTEREST 180km
Slide 21: Zuun Mod – Advancing to PEA
ZUUN MOD – ADVANCING TO PEA – LARGE-SCALE MOLYBDENUM-COPPER PROJECT Several Opportunities to Increase Project Value • An updated resource and preliminary economic assessment will be completed for Zuun Mod in mid 2026 • PEA plan: target annual production of ~20Mlbs of Mo • Low strip, open-pit deposit
Slide 22: Molybdenum Market
MOLYBDENUM MARKET Strong Demand Growth Driven by Infrastructure, Energy Transition and Technology 30 30 SURPLUS / DEFICIT (KT MO) LME / Platts Mo Price 20 25 @US$31.40/lb MO PRICE ($/LB) 10 20 0 15 >50% Mo Concentrate (Chinese) -10 10 @ US$30.60/lb -20 5 -30 0 • Primary Use of Mo is in Specialty 201
Slide 23: Khuvyn Khar – Porphyry Copper, Molybdenum, Silver System
KHUVYN KHAR – PORPHYRY COPPER, MOLYBDENUM, SILVER SYSTEM 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 is a molybdenum domina
Slide 24: Khuvyn Khar Copper Porphyry Discovery – Q1 2026
KHUVYN KHAR COPPER PORPHYRY DISCOVERY – Q1 2026 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
Slide 25: Tereg Uul Copper-Gold Porphyry Prospect
Ulaan Khud TEREG UUL COPPER-GOLD PORPHYRY PROSPECT 10 kms Southwest of Oyu Tolgoi Along Trend N OYU TOLGOI • Entered an Option Agreement for Hugo Dummet Tereg Uul to acquire up to 80% Ulaanbaatar ownership in Q2 2025 • Exploration License (>6,600 Khundii District Kharmagtai Heruga North hectares) lo
Slide 26: Recognizing the Importance of Safety, Environment & Communities
RECOGNIZING THE IMPORTANCE OF SAFETY, ENVIRONMENT & COMMUNITIES Partnering with Local Stakeholders to Improve Livelihoods Job Creation Support Health Services for Local Community • +1000 Direct and indirect job creation • Preventive screening and diagnosis for local community • +300 New jobs for pro
Slide 27: Strong Financial Position, Returns & Shareholder Base
STRONG FINANCIAL POSITION, RETURNS & SHAREHOLDER BASE Majority of Shares Held by Institutions, Family Offices and Cornerstone Investor 38% CAPITAL STRUCTURE* /as of July 1, 2026/ Institutions & Family 31% Shares issued and outstanding 65 M Offices Retail Options 3M DSUs 2M Fully diluted 70 M Market
Slide 28: The Erdene Team
THE ERDENE TEAM Experienced in Mongolian Exploration and Development Geology Finance / Administrative Mining Operations / Erdene Mongol LLC Peter Akerley Robert Jenkins President & CEO; Director Bilguun Ankhbayar Chief Financial Officer CEO, Erdene Mongol LLC Mining executive and geologist with +35
Slide 29: Uniquely Qualified Board & Management
UNIQUELY QUALIFIED BOARD & MANAGEMENT Pioneers in Mongolia’s Modern Mining Era MONGOLIA CAPITAL MARKETS Dr. Anna Biolik 1,3 Layton Croft 1,3,5 Kenneth MacDonald 1,2,5 Director Chairman Director Diplomat with over 30 years of experience including Executive with 22 years of global mining experience wi
Slide 30: Value Creation Plan
VALUE CREATION PLAN Four Gold Discoveries, Molybdenum-copper Deposit and +20 High Priority Targets THE FUTURE: GOLD, COPPER, MOLYBDENUM, SILVER, LEAD & ZINC PRODUCTION ADVANCE BAYAN KHUNDII TO FULL PRODUCTION • Producing >75,000 oz per Annum 2026 Through 2030 • 2026-2028 Develop Additional Reserves
Slide 31: 2026 Catalysts
2026 CATALYSTS GOLD BAYAN KHUNDII* – ACHIEVING STABLE PRODUCTION • Transitioned to consistent operations and cash flow generation GOLD/COPPER TEREG UUL** – DRILL PROGRAM • Testing targets to unlock new potential GOLD KHUNDII WEST* – EXPANSION TESTING • Evaluating resource growth and mine life extens
Slide 32: Appendix
APPENDIX
Slide 33: A Setting for World Class Gold and Copper Deposits
A SETTING FOR WORLD CLASS GOLD AND COPPER DEPOSITS The Bayan Khundii Ulaan Hydrothermal Alteration Complex • The Bayan Khundii Gold Deposit is hosted within a very large hydrothermal alteration system • The epithermal gold deposits and prospects identified after the 2015 BK discovery are distal to a
Slide 34: Zuun Mod Resources – Q3 2025
ZUUN MOD RESOURCES – Q3 2025 – 50% INCREASE VERSUS PREVIOUS ESTIMATE 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 I
Slide 35: Dark Horse South (DHS)
S1 Looking North AAD-256 Khundii Mining License AAD-257 Hole From To Interval Au g/t N AAD-256 50.0 78.0 28.0 0.57 And 86.0 90.0 4.0 0.88 20m Altan Arrow DHN 3 km AAD-257 AAD-256 Dark Horse S1 S2 Looking North AAD-258 AAD-259 AAD-264 AAD-265 Hole From To Interval Au g/t AAD-260 AAD-264 1.0 11.0 10.0
Slide 36: Dark Horse
DARK HORSE ≥0.3g/t Au AAD-237 AAD-239 AAD-238 AAD-240 AAD-241 DARK HORSE AND ALTAN ARROW AAD-242 Q4 2025 DRILLING North Mane AAD-243 AAD-244 AAD-245 AAD-247 AAD-246 AAD-250 AAD-248 AAD-249 AAD-251 AAD-252 AAD-253 AAD-254 AAD-255 ALTAN ARROW AAD-301 ≥0.3g/t AuEq AAD-257 AAD-256 AAD-300 South Mane AAD
Slide 37: Dark Horse & Altan Arrow – Q4 2025 Drill Results
DARK HORSE & ALTAN ARROW – Q4 2025 DRILL RESULTS Table 1 - Highlighted Drill Intersections – Dark Horse North Table 2 - Highlighted Drill Intersections – Dark Horse South Hole From To Interval Au g/t Hole From To Interval* Au g/t Dark Horse North Dark Horse South AAD-240 147.0 152.0 5.0 0.37 AAD-256
Slide 38: 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 39: Bayan Khundii Process Plant
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 39
Slide 40: 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 | OTCQX:ERDCF ©️ 2021 Erdene Resource Development Corp. All rights