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Erdene Resource Development Corp

www: www.erdene.com   email: info@erdene.com
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
TSE:ERD CAD
OTCMKTS:ERDCF USD

Description

Erdene Resource Development Corp are a gold focused junior, late stage developer 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$357.9M which is a fall of roughly 3% over the last two weeks. As of 08/31/2025 they have ~C$94M debt and ~C$3.62M cash. They have 61M 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
Change
Item Value Value Updated Value
MCap (FD): $369.60M $357.90M 09/05/2025 $-11.70M
MCap (OS): $340.65M $330.27M 09/05/2025 $-10.38M
Total Assets: $12.36M $12.29M 08/31/2025 $-0.07M
Total Liabilities: $98.19M $97.62M 08/31/2025 $-0.57M
Current Assets: $3.64M $3.62M 08/31/2025 $-0.02M
Current Liabilities: $0.34M $0.34M 08/31/2025 $0.00M
Total Debt: $94.55M $94.01M 08/31/2025 $-0.55M
Cash: $3.64M $3.62M 08/31/2025 $-0.02M
Debt (Net): $90.92M $90.39M $-0.52M
Enterprise Value: $460.52M $448.29M 03/16/1984 $-12.23M
Cash Flow: $35.84M $40.50M never $4.67M
Cash Flow Multiple: 10.31 8.84 never -1.48
Net Debt to
Cash Flow Ratio:		 2.54 2.23 never -0.31
Finance within 1 year: 08/31/2025 n/a
Misc 08/31/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 365,901,958 61,058,659 09/05/2025 -304,843,299
Shares (FD): 397,000,000 66,166,666 09/05/2025 -330,833,334
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a n/a 09/05/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 02/01/2030 08/31/2025 n/a
Production (Gold Eq Oz.): (guess) 
20,000		 (guess) 
20,000		 08/31/2025 0
Production (Silver Eq Oz.): (guess) 
1,730,402		 (guess) 
1,722,221		 08/31/2025 -8,181
Development Phase: none none 08/31/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Developer: Near-term Producer
 20
Developer: Near-term Producer
 02/10/2024 0
Cash Flow Multiple: 10 10 08/31/2025 0.00

Resource Data

GOLD 08/31/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 0.25M 0.25M 08/31/2025 0.00M
Measured & Indicated: 0.50M 0.50M 08/31/2025 0.00M
Inferred: 0.30M 0.30M 08/31/2025 0.00M
Reserves & Resources: 0.80M 0.80M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 0.23M 0.23M 08/31/2025 0.00M
Measured & Indicated: 0.41M 0.41M 08/31/2025 0.00M
Inferred: 0.14M 0.14M 08/31/2025 0.00M
Reserves & Resources: 0.54M 0.54M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
20,000oz.		 (guess) 
20,000oz.		 08/31/2025 0oz.
Cash Cost: $900 $900 08/31/2025 $0.00
Extra Operating Cost: $750 $750 08/31/2025 $0.00
Total: $1,650 $1,650 08/31/2025 $0.00
Margin (Free Cash Flow): $1,792 (52%) $2,025 (55%) $233.45
MCap / Production (AuEq): $18,480.15 $17,895.00 $-585.15
EV / Production (AuEq): $23,026.00 $22,414.61 $-611.38
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2025 n/a
Open Pit (Avg): n/a 3.00 g/t 08/31/2025 3.00 g/t
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/05/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 08/31/2025 0.00M
Annual Production: 50,000oz. 50,000oz. 08/31/2025 0oz.
Cash Cost: $1,100 $1,100 08/31/2025 $0
Extra Operating Cost: $750 $750 08/31/2025 $0
SILVER 08/31/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 08/31/2025 0.00M
Measured & Indicated: n/a n/a 08/31/2025 0.00M
Inferred: n/a n/a 08/31/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 08/31/2025 0.00M
Measured & Indicated: n/a n/a 08/31/2025 0.00M
Inferred: n/a n/a 08/31/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 08/31/2025 $0.00
Extra Operating Cost: n/a n/a 08/31/2025 $0.00
Total: n/a n/a 08/31/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $213.59 $207.81 $-5.78
EV / Production (AgEq): $266.13 $260.30 $-5.84
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2025 n/a
Open Pit (Avg): n/a n/a 02/10/2024 n/a
Recovery Rate: n/a n/a 08/31/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/31/2025 0.00M
Annual Production: n/a n/a 08/31/2025 n/a
Cash Cost: n/a n/a 08/31/2025 n/a
Extra Operating Cost: n/a n/a 08/31/2025 n/a

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
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.25M 0.25M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.10M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.23M 0.23M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.09M
Maximum Profit (Gold): $403.15M $455.67M n/a $52.53M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $403.15M $455.67M n/a $52.53M
Max Profit / Current MCap: 1.091 1.273 n/a 0.182
Max Profit Per Share (Gold): $1.02 $6.89 n/a $5.87
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.02 $6.89 n/a $5.87
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,642.68 $1,590.67 n/a $-52.01
FD MCap / Silver Eq.: $18.99 $18.47 n/a $-0.51
FD MCap / Per Metal
as % Spot Price:		 47.73% 43.28% n/a -4.45%
EV / Gold Eq.: $2,046.76 $1,992.41 n/a $-54.35
EV / Silver Eq.: $23.66 $23.14 n/a $-0.52
EV / Per Metal
as % Spot Price:		 59.47% 54.21% n/a -5.26%
Measured &
Indicated		 08/31/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.50M 0.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.20M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.41M 0.41M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.17M
Maximum Profit (Gold): $725.67M $820.21M n/a $94.55M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $725.67M $820.21M n/a $94.55M
Max Profit / Current MCap: 1.963 2.292 n/a 0.328
Max Profit Per Share (Gold): $1.83 $12.40 n/a $10.57
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.83 $12.40 n/a $10.57
Total Free Profit Per Share: $0.55 $4.92 n/a $4.37
FD MCap / Gold Eq.: $912.60 $883.70 n/a $-28.90
FD MCap / Silver Eq.: $10.55 $10.26 n/a $-0.29
FD MCap / Per Metal
as % Spot Price:		 26.52% 24.04% n/a -2.47%
EV / Gold Eq.: $1,137.09 $1,106.89 n/a $-30.19
EV / Silver Eq.: $13.14 $12.85 n/a $-0.29
EV / Per Metal
as % Spot Price:		 33.04% 30.12% n/a -2.92%

Reserves &
Resources		 08/31/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.80M 0.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -0.33M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.54M 0.54M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -0.22M
Maximum Profit (Gold): $967.56M $1,093.62M n/a $126.06M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $967.56M $1,093.62M n/a $126.06M
Max Profit / Current MCap: 2.618 3.056 n/a 0.438
Max Profit Per Share (Gold): $2.44 $16.53 n/a $14.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.44 $16.53 n/a $14.09
Total Free Profit Per Share: $1.16 $9.05 n/a $7.89
FD MCap / Gold Eq.: $684.45 $662.78 n/a $-21.67
FD MCap / Silver Eq.: $7.91 $7.70 n/a $-0.21
FD MCap / Per Metal
as % Spot Price:		 19.89% 18.03% n/a -1.85%
EV / Gold Eq.: $852.81 $830.17 n/a $-22.64
EV / Silver Eq.: $9.86 $9.64 n/a $-0.22
EV / Per Metal
as % Spot Price:		 24.78% 22.59% n/a -2.19%

Future Valuation (Cash Flow & Totals)

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