Erdene Provides Q3 2026 Update and Notice of Conference Call and Webcast

HALIFAX, Nova Scotia, Oct. 19, 2026 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN; OTCQX: ERDCF) ("Erdene" or the "Company") is pleased to provide an update on operations, including Bayan Khundii Gold Mine (“BK”) production for Q3 2026, operated by Erdene Mongol LLC (“EM”), the Company’s joint venture with Mongolian Mining Corporation (“MMC”). All dollars are US dollars, unless otherwise noted.

Peter Akerley, Erdene’s President and CEO stated, “Gold production in Q3 was slightly ahead of production from the second quarter as operating performance continues to improve. Continued strong cashflow from operations allowed EM to repay a further US$20 million of debt. Looking ahead to the fourth quarter, pit expansion will allow mining to move into higher grade zones in the deposit, supporting a projection of stronger gold production during the quarter.”

Mr. Akerley continued, “Just after the end of the quarter we delivered the Preliminary Economic Assessment (“PEA”) for the Zuun Mod Project. The PEA confirmed the project as one of Asia’s largest undeveloped molybdenum deposits with compelling economics at current metal prices. With the PEA complete, we have moved into value-add work programs, including drilling to confirm and expand the near-surface resources that drive the early years of the mine plan and a deep 3D geophysical survey to define further molybdenum and copper potential.”

Mr. Akerley concluded, “We are entering a very active exploration period across the Khundii Minerals District. Three rigs will complete approximately 16,000 metres of drilling during the fourth quarter on gold, copper and molybdenum targets. Many of these targets were refined during recent site visits as part of the Canada-Mongolia GeoSymposium. The programs are designed to grow resources at Bayan Khundii, Dark Horse–Altan Arrow and Zuun Mod and to test new copper potential at Khuvyn Khar.”

Bayan Khundii Gold Mine – Q3 2026 Update

Bayan Khundii processed 164 thousand tonnes of ore, averaging 1,788 tonnes per day, during the quarter ended September 30, 2026. The processed grade averaged 2.3 g/t gold for the quarter and quarterly gold recoveries averaged 96%.

EM sold 11,853 ounces of gold and 3,046 ounces of silver at average prices of $4,315/oz and $62/oz, gold and silver, respectively, generating gross revenues of $51 million (C$71 million) during the quarter ended September 30, 2026.

During the quarter ended September 30, 2026, EM repaid a further $20 million (C$28 million) of debt, reducing the total balance outstanding to $93 million (C$132 million).

Mining at Bayan Khundii is expected to advance into higher-grade zones during the fourth quarter, and EM anticipates a strong Q4.

Images – clockwise from top left: Bayan Khundii Aerial View, Bayan Khundii Open-Pit, Canada-Mongolia GeoSymposium Site Visit, Bayan Khundii Mill

Zuun Mod Molybdenum-Copper Update

On October 14, 2026, Erdene announced results of a Preliminary Economic Assessment (“PEA”) for the wholly-owned Zuun Mod Molybdenum-Copper Project (“Zuun Mod” or “ZM”) in southwest Mongolia. The PEA outlines a long-life, large-scale project, that is forecast to produce 672 million pounds (305 kt) of molybdenum and 947 million pounds (430 kt) copper over a 34-year mine life, confirming the project as one of Asia’s largest undeveloped primarily molybdenum deposits.

Under the PEA’s base case commodity price assumptions of US$25.00/lb molybdenum and US$5.00/lb copper, the project’s after-tax Net Present Value is US$745 million using an 8% discount rate (NPV8%) and the internal rate of return is 16.1%. The project’s After-tax NPV8% rises to US$2.0 billion and the internal rate of return increases to 27.8% at spot prices of US$33.00/lb molybdenum and US$6.50/lb copper. Further details can be found in the following press release.

Following the PEA, Erdene has commenced value-add work programs to de-risk and enhance the project. This work includes approximately 4,000 metres of drilling to confirm and expand near-surface resources that support the early years of the mine plan, and a deep, 3D DCIP and magnetotelluric survey to refine the geological model and identify extensions to the deposit and copper targets at the adjacent Khuvyn Khar prospect (see Exploration Update – Gold, Copper and Molybdenum Targets below).

Exploration Update

Erdene is commencing a very active exploration period, with approximately 16,000 metres of drilling planned across the Khundii Minerals District during the fourth quarter to test gold, copper and molybdenum targets at the following prospects:

• Bayan Khundii West (gold): Approximately 9,000 metres of drilling in areas west of the Bayan Khundii pit to further define continuity of high-grade zones and to test expansion potential beyond the limits of the planned pit.
• Dark Horse-Altan Arrow (gold): Approximately 3,000 metres of drilling that will seek to extend the strike length of gold oxide resources within the upper 100 metres of the Dark Horse–Altan Arrow structure, supporting the company’s evaluation of heap leach viability, as well as testing of targets identified during the recent Canada-Mongolia GeoSymposium field visits.
• Zuun Mod-Khuvyn Khar (molybdenum-copper): Approximately 4,000 metres of drilling is planned to confirm mineralization within the upper 100 metres of the Zuun Mod deposit and test extensions adjacent to current resource blocks in high-priority areas, seeking to maximize resources in the early years of the mine plan. Drilling will also test shallow copper targets at Khuvyn Khar, and moving into 2027 deeper targets using the results of the geophysical survey described below.
  
  

Alongside these drill programs, Erdene has engaged Quantec Geoscience Ltd. to complete an ORION 3D DCIP and magnetotelluric (MT) survey over the Zuun Mod-Khuvyn Khar license. The survey comprises 17 lines, each 6 kilometres long and spaced 400 metres apart, for a total of 102 line-kilometres. The survey will provide high-resolution 3D resistivity and chargeability imaging to depths of more than 600 metres, mapping the geological structures that may control mineralization, such as faults, fractures and alteration zones. The survey will also delineate mineralized zones at depth beneath and adjacent to the Zuun Mod molybdenum-copper deposit and map lithology, refining the geological model. Results will be used to prioritize drill targets, particularly for copper at Khuvyn Khar and for extensions of the Zuun Mod deposit.

Q3 2026 Conference Call Details

Erdene will release its unaudited financial and operating results for the three months ended September 30, 2026 on Wednesday, November 4, 2026 after market close.

The Company will host a conference call and webcast to discuss the results on Thursday, November 5, 2026 at 9:00 AM Eastern Time. The webcast will be accessible at the following link: HERE

A replay of the webcast will be available at the same link for one year after the event.

The dial-in numbers for the conference call are as follows:

• North America (toll free): 1-800-717-1738
• Overseas or local (Toronto): 1-289-514-5100
  
  

Qualified Person

Jon Lyons, FAusIMM, Chief Development Officer for Erdene, is the Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. 

About Erdene

Erdene Resource Development Corp. is a Canada-based resource company producing gold at the high-grade, low-cost Bayan Khundii Gold Mine in underexplored and highly prospective Mongolia. The Company has interests in a highly prospective portfolio of precious and base metal projects in close proximity to the Bayan Khundii Gold Mine in the Khundii Minerals District, which provides a robust organic growth pipeline. Erdene Resource Development Corp. is listed on the Toronto (“ERD”) and the Mongolian stock (“ERDN”) exchanges and OTCQX Market (“ERDCF”). Further information is available at www.erdene.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. 

Forward-Looking and Cautionary Statements

Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include the ability to obtain required third party approvals, market prices, exploitation, and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

The results of the Zuun Mod Project PEA are preliminary in nature. The PEA is based on a Mineral Resource Estimate that has not been upgraded to a Mineral Reserve and the economic analysis does not have as high a level of certainty as a Pre-Feasibility Study or Feasibility Study. The PEA includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There is no certainty that the PEA will be realized. Actual capital costs, operating costs, production rates, metallurgical recoveries, and project economics may differ materially from those set out in the PEA. The PEA is subject to various risks and uncertainties, including those related to commodity prices, exchange rates, capital and operating costs, permitting timelines, and the availability of financing.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

Erdene Contact Information

Peter C. Akerley, President and CEO, or
Robert Jenkins, CFO

Phone:	(902) 423-6419
Email:	info@erdene.com
Twitter:	https://twitter.com/ErdeneRes
Facebook:	https://www.facebook.com/ErdeneResource
LinkedIn:	https://www.linkedin.com/company/erdene-resource-development-corp-/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bd91bcb3-8db0-4221-8804-843d0ac44e55