37 slides from Erdene Resource Development's shareholder meeting presentation, May 28, 2026
Slide 1: The Emerging Khundii Minerals District
TSX:ERD | MSE:ERDN | OTCQX:ERDCF THE EMERGING KHUNDII MINERALS DISTRICT THE BAYAN KHUNDII GOLD MINE PROVIDES FOUNDATION FOR GROWTH ANNUAL & SPECIAL MEETING OF SHAREHOLDERS – MAY 28, 2026 www.erdene.com
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT This presentation contains certain forward-looking information and statements, including without limitation, statements regarding the Corporation's expectations in respect of its future financial position, business strategy, production at Bayan Khundii, construction and com
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 SUPPORTS LONG TERM GROWTH • HIGH-GRADE, OPEN-PIT GOLD PRODUCTION AT BAYAN KHUNDII • HIGH POTENTIAL TO EXTEND BAYAN KHUNDII MINE LIFE • EXCELLENT GROWTH PROSPECTS WITHIN THE DISTRI
Slide 4: Uniting Mongolia's Leading Explorer and Miner
UNITING MONGOLIA’S LEADING EXPLORER AND MINER WHILE MAINTAINING LONG TERM UPSIDE Strategic Partner with Capital and Operational Experience • 50:50 PARTNERSHIP WITH Erdene Resource Development Corporate Structure – Strategic Alliance MONGOLIAN 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: Five-Year Exploration and Development Plan
FIVE-YEAR EXPLORATION AND DEVELOPMENT 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 From 2026 Through 2030 • 2026-2028
Slide 7: Strong Returns & Shareholder Base
STRONG RETURNS & SHAREHOLDER BASE Majority of Shares Held by Institutions, Family Offices and Cornerstone Investor CAPITAL STRUCTURE* /as of May 25, 2026/ Retail Shares issued and outstanding 65 M Institutions & Family Offices 38% 31% Options 3M DSUs 2M Fully diluted 70 M Market capitalization (C$M)
Slide 8: 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 9: 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 over 30 years of global experience Char
Slide 10: Safety, Environment & Communities
SAFETY, ENVIRONMENT & COMMUNITIES Making a Positive Impact in our Host Communities Job Creation Support Health Services for Local Community • On-site staff and • +1000 Direct and indirect job creation • Preventive screening and diagnosis for local community • +300 New jobs for province residents • P
Slide 11: 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 UNEXPLORE
Slide 12: 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 Ulaanbaatar HUB LESS THAN 200 KM FROM THE CHINESE BORDER Bayankhongor Trans Altai Terrane • EFFICIENT ACCESS TO KEY Shinejinst MARKETS
Slide 13: Khundii Minerals District – Multiple 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 The Khundii Minerals District Arc • DISCOVERED AND DEFINED Related Mineral Systems MULTIPLE DEPOSITS & N PROSPECTS SINCE 2010
Slide 14: Bayan Khundii Gold Mine Overview
BAYAN KHUNDII GOLD MINE OVERVIEW High-grade, Open-pit Gold Mine • Jointly owned by Erdene and Mongolian Mining Corporation • 650,000 tpa open-pit mine and CIP plant, 33 buildings and facilities and accommodation village constructed in 22 months • Project delivered for low cost – total capital expend
Slide 15: 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
Slide 16: Bayan Khundii Gold Mine
BAYAN KHUNDII GOLD MINE Operating Performance Highlights Since First Pour • Processed 296kt of run of mine (“RoM”) ore averaging 2.0 g/t gold during this start-up phase, announcing commercial production in Q1 2026 • Sold 15,961 ounces gold and 5,769 ounces silver, realizing US$73M in gross project r
Slide 17: 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 BK Reserve Grade 3.8 g/t Au • Average Strip Ratio 11:1 • Maximum depth ~15
Slide 18: 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 18
Slide 19: Bayan Khundii Open Pit and Dark Horse Satellite Pit Reserve
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 $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) Probable 0.2
Slide 20: Bayan Khundii Gold Mine – Target Production Profile
BAYAN KHUNDII GOLD MINE – TARGET PRODUCTION PROFILE Based on Bayan Khundii Gold Project Feasibility Study • Six-month ramp-up phase Bayan Khundii Dark Horse Total projected to average 50% of full Ore - 3.8Mt Ore - 0.2Mt Ore - 4.0Mt production Grade - 3.8 g/t Au Grade - 7.0 g/t Au Grade - 4.0 g/t Rec
Slide 21: 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 22: Bayan Khundii Epithermal System
BAYAN KHUNDII EPITHERMAL SYSTEM Significant Opportunity To Extend Mine Life – Over 10km of Mineralized Structure with Multiple Targets Khundii Mining License • Bayan Khundii hydrothermal complex remains under-explored N Ulaan Exploration License • Exploration has focused on Khundii Resource Expansio
Slide 23: Dark Horse – Gold Enriched Supergene at Surface
Khundii Mining License DARK HORSE – GOLD ENRICHED SUPERGENE AT SURFACE Extensive Underexplored Targets N Altan Arrow • The Dark Horse area covers ~ 6 km2 • High-grade satellite deposit, Dark Horse South (DHS), DHN scheduled to be mined beginning in late 2027– 48.8 koz @ 7 3 km Dark Horse g/t Au • Da
Slide 24: Dark Horse & Altan Arrow – Recent Drill Results
DARK HORSE & ALTAN ARROW – RECENT DRILL RESULTS Exploration of Oxide Zones Focused Along 3 Kilometres of Strike-length 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)
Slide 25: 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-264 1.0 11.0 10.0 9.58 AA
Slide 26: 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 27: Altan Nar – High-Grade Polymetallic Deposit
ALTAN NAR – HIGH-GRADE POLYMETALLIC DEPOSIT 16KM NORTH OF BAYAN KHUNDII 5.6km Long Under-explored Mineralized System 1430ppb Potential to materially increase resources: Gold in Soil • Resources are focused in two zones: Discovery Zone and Union North within a 5.6km x 1.5km mineralized corridor • +20
Slide 28: 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 The Khundii Minerals District Arc • 100% owned by Related Mineral Systems Erdene N OWNERSHIP AN • 30+ year Mining 50% INTEREST + ROYALTY License secured 100% INTEREST Al
Slide 29: Zuun Mod – Advancing to PEA
ZUUN MOD – ADVANCING TO PEA – LARGE-SCALE MOLYBDENUM-COPPER PROJECT Several Opportunities to Increase Project Value Zuun Mod • An updated resource and Resources* Tonnage Mo Grade Cu Grade MoEq Contained Mo Contained Cu MoEq preliminary economic assessment Classification (Mt) (%) (%) (%) (Mlbs) (Mlbs
Slide 30: Molybdenum Market
MOLYBDENUM MARKET Strong Demand Growth Driven by Infrastructure, Energy Transition and Technology MO PRICE FORECAST LME / Platts Mo Price 30 30 SURPLUS / DEFICIT (KT MO) 20 25 MO PRICE ($/LB) >50% Mo ME/Platts (implied) 10 20 @ US$29.89/lb 0 15 -10 10 -20 5 • Primary Use of Mo is in Specialty -30 0
Slide 31: 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 32: 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 33: Tereg Uul Copper-Gold Porphyry Prospect
Ulaan Khud TEREG UUL COPPER-GOLD PORPHYRY PROSPECT N 10 kms Southwest of Oyu Tolgoi Along Trend OYU TOLGOI • Entered an Option Agreement for Tereg Uul to acquire up to 80% Ulaanbaatar Hugo Dummet ownership in Q2 2025 Khundii District • Exploration License (>6,600 Kharmagtai Heruga North hectares) lo
Slide 34: Near Term Catalysts – 2026
NEAR TERM CATALYSTS – 2026 Executing Across Production, Expansion and District Scale Growth 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 KHUNDI
Slide 35: 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
Slide 36: Appendix
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Slide 37: Altan Nar Resources – High Grade Deposit
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)