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Erdene Resource Development Corp

www: www.erdene.com   email: info@erdene.com
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:ERD CAD
OTCMKTS:ERDCF USD

Description

Erdene Resource Development Corp are a gold focused junior, emerging mid-tier producer with one mine in development in Mongolia and three exploration properties. They have approximately 0.8Moz. of gold in the reserves and resources category of which 0.5Moz. are in the measured and indicated category. They have a market capitalisation of ~C$599.55M which is a rise of roughly 62% over the last five months. As of 08/31/2025 they have ~C$96M debt and ~C$3.7M cash. They have 91M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 08/31/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $369.60M $599.55M 01/27/2026
MCap (OS): $340.65M $567.70M 01/27/2026
Total Assets: $12.36M $12.57M 08/31/2025
Total Liabilities: $98.19M $99.84M 08/31/2025
Current Assets: $3.64M $3.70M 08/31/2025
Current Liabilities: $0.34M $0.35M 08/31/2025
Total Debt: $94.55M $96.14M 08/31/2025
Cash: $3.64M $3.70M 08/31/2025
Debt (Net): $90.92M $92.44M
Enterprise Value: $460.52M $691.99M
Cash Flow: $35.84M $66.94M never
Cash Flow Multiple: 10.31 8.96 never
Net Debt to
Cash Flow Ratio:		 2.54 1.38 never
Finance within 1 year: 08/31/2025
Misc 08/31/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 365,901,958 91,058,659 01/27/2026
Shares (FD): 397,000,000 96,166,666 01/27/2026
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a 01/27/2026
Company Type: Mostly Gold Mostly Gold never
Group: Developer Producer never
Production ETA: n/a 02/01/2030 08/31/2025
Production (Gold Eq Oz.): (guess) 
20,000		 (guess) 
20,000		 08/31/2025
Production (Silver Eq Oz.): (guess) 
1,730,402		 (guess) 
1,040,566		 08/31/2025
Development Phase: none Producer (Single Mine) 10/18/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Developer: Near-term Producer
 20
Producer: Growth Potential
 10/18/2025
Cash Flow Multiple: 10 10 08/31/2025

Resource Data

GOLD 08/31/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.25M 0.25M 08/31/2025
Measured & Indicated: 0.50M 0.50M 08/31/2025
Inferred: 0.30M 0.30M 08/31/2025
Reserves & Resources: 0.80M 0.80M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.23M 0.23M 08/31/2025
Measured & Indicated: 0.41M 0.41M 08/31/2025
Inferred: 0.14M 0.14M 08/31/2025
Reserves & Resources: 0.54M 0.54M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
20,000oz.		 (guess) 
20,000oz.		 08/31/2025
Cash Cost: $900 $900 08/31/2025
Extra Operating Cost: $750 $750 08/31/2025
Total: $1,650 $1,650 08/31/2025
Margin (Free Cash Flow): $1,792 (52%) $3,347 (67%)
MCap / Production (AuEq): $18,480.15 $29,977.32
EV / Production (AuEq): $23,026.00 $34,599.54
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2025
Open Pit (Avg): n/a 3.00 g/t 08/31/2025
Recovery Rate: (CG)  90.00% (CG)  90.00% 01/27/2026
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 08/31/2025
Annual Production: 50,000oz. 50,000oz. 08/31/2025
Cash Cost: $1,100 $1,100 08/31/2025
Extra Operating Cost: $750 $750 08/31/2025
SILVER 08/31/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/31/2025
Measured & Indicated: n/a n/a 08/31/2025
Inferred: n/a n/a 08/31/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/31/2025
Measured & Indicated: n/a n/a 08/31/2025
Inferred: n/a n/a 08/31/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 08/31/2025
Extra Operating Cost: n/a n/a 08/31/2025
Total: n/a n/a 08/31/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $213.59 $576.17
EV / Production (AgEq): $266.13 $665.01
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2025
Open Pit (Avg): n/a n/a 02/10/2024
Recovery Rate: n/a n/a 08/31/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/31/2025
Annual Production: n/a n/a 08/31/2025
Cash Cost: n/a n/a 08/31/2025
Extra Operating Cost: n/a n/a 08/31/2025

Property

Last Analysis Data  (08/31/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Altan Nar
50 show
500,000 oz at 2 gpt

PEA in 2019
2nd mine.
Exp Khundii (Bayan and Dark Horse)
50 show
500,000 oz at 3 gpt

PFS in 2019
50,000 oz annual production
$1000 all-in costs
$40 million
production in 2024

Size: 750 ha
Exp Ulaan
50 n/a
Exp Zuun Mod
100 show
Large copper and moly deposit. Close to a feasibility study decision.
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Altan Nar
50 show
500,000 oz at 2 gpt

PEA in 2019
2nd mine.
Exp Khundii (Bayan and Dark Horse)
50 show
500,000 oz at 3 gpt

PFS in 2019
50,000 oz annual production
$1000 all-in costs
$40 million
production in 2024

Size: 750 ha
Exp Ulaan
50 n/a
Exp Zuun Mod
100 show
Large copper and moly deposit. Close to a feasibility study decision.

Profitability (by resource)

Proven &
Probable		 08/31/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.25M 0.25M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.23M 0.23M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $403.15M $753.03M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $403.15M $753.03M n/a
Max Profit / Current MCap: 1.091 1.256 n/a
Max Profit Per Share (Gold): $1.02 $7.83 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.02 $7.83 n/a
Total Free Profit Per Share: $0.00 $0.00 n/a
FD MCap / Gold Eq.: $1,642.68 $2,664.65 n/a
FD MCap / Silver Eq.: $18.99 $51.22 n/a
FD MCap / Per Metal
as % Spot Price:		 47.73% 53.33% n/a
EV / Gold Eq.: $2,046.76 $3,075.51 n/a
EV / Silver Eq.: $23.66 $59.11 n/a
EV / Per Metal
as % Spot Price:		 59.47% 61.55% n/a
Measured &
Indicated		 08/31/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.50M 0.50M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.41M 0.41M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $725.67M $1,355.45M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $725.67M $1,355.45M n/a
Max Profit / Current MCap: 1.963 2.261 n/a
Max Profit Per Share (Gold): $1.83 $14.09 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.83 $14.09 n/a
Total Free Profit Per Share: $0.55 $5.66 n/a
FD MCap / Gold Eq.: $912.60 $1,480.36 n/a
FD MCap / Silver Eq.: $10.55 $28.45 n/a
FD MCap / Per Metal
as % Spot Price:		 26.52% 29.63% n/a
EV / Gold Eq.: $1,137.09 $1,708.62 n/a
EV / Silver Eq.: $13.14 $32.84 n/a
EV / Per Metal
as % Spot Price:		 33.04% 34.19% n/a

Reserves &
Resources		 08/31/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 0.80M 0.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.54M 0.54M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $967.56M $1,807.27M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $967.56M $1,807.27M n/a
Max Profit / Current MCap: 2.618 3.014 n/a
Max Profit Per Share (Gold): $2.44 $18.79 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.44 $18.79 n/a
Total Free Profit Per Share: $1.16 $10.36 n/a
FD MCap / Gold Eq.: $684.45 $1,110.27 n/a
FD MCap / Silver Eq.: $7.91 $21.34 n/a
FD MCap / Per Metal
as % Spot Price:		 19.89% 22.22% n/a
EV / Gold Eq.: $852.81 $1,281.46 n/a
EV / Silver Eq.: $9.86 $24.63 n/a
EV / Per Metal
as % Spot Price:		 24.78% 25.65% n/a

Future Valuation (Cash Flow & Totals)

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