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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 producing mine in Mongolia, two mines in development in Mongolia and one exploration property. Currently they produce roughly 30koz. of gold per year. 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$322.37M which is a fall of roughly 2% over the last two weeks. As of 08/31/2026 they have ~C$65M debt and ~C$33.93M cash. They have 65M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 08/31/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $328.76M $322.37M 08/31/2026 $-6.38M
MCap (OS): $306.46M $300.51M 08/31/2026 $-5.95M
Total Assets: $43.22M $43.31M 08/31/2026 $0.09M
Total Liabilities: $97.24M $97.45M 08/31/2026 $0.20M
Current Assets: $33.86M $33.93M 08/31/2026 $0.07M
Current Liabilities: $0.34M $0.34M 08/31/2026 $0.00M
Total Debt: $64.83M $64.97M 08/31/2026 $0.14M
Cash: $33.86M $33.93M 08/31/2026 $0.07M
Debt (Net): $30.97M $31.04M $0.06M
Enterprise Value: $359.73M $353.41M $-6.32M
Cash Flow: $73.57M $70.34M never $-3.24M
Cash Flow Multiple: 4.47 4.58 never 0.11
Net Debt to
Cash Flow Ratio:		 0.42 0.44 never 0.02
Finance within 1 year: 08/31/2026 n/a
Misc 08/31/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 65,252,554 65,252,554 08/31/2026 0
Shares (FD): 70,000,000 70,000,000 08/31/2026 0
Insider Ownership: 30% 30% 08/31/2026 n/a
Dividend (Annual): n/a n/a 08/31/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 02/01/2030 08/31/2026 n/a
Production (Gold Eq Oz.): (guess) 
30,000		 (guess) 
30,000		 08/31/2026 0
Production (Silver Eq Oz.): (guess) 
2,002,005		 (guess) 
2,033,321		 08/31/2026 31,316
Development Phase: Producer (Single Mine) Producer (Single Mine) 08/31/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 08/31/2026 0
Cash Flow Multiple: 10 10 08/31/2026 0.00

Resource Data

GOLD 08/31/2026
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 08/31/2026 0.00M
Measured & Indicated: 0.50M 0.50M 08/31/2026 0.00M
Inferred: 0.30M 0.30M 08/31/2026 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 08/31/2026 0.00M
Measured & Indicated: 0.41M 0.41M 08/31/2026 0.00M
Inferred: 0.14M 0.14M 08/31/2026 0.00M
Reserves & Resources: 0.54M 0.54M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
30,000oz.		 (guess) 
30,000oz.		 08/31/2026 0oz.
Cash Cost: $1,000 $1,000 08/31/2026 $0.00
Extra Operating Cost: $1,000 $1,000 08/31/2026 $0.00
Total: $2,000 $2,000 08/31/2026 $0.00
Margin (Free Cash Flow): $2,452 (55%) $2,345 (54%) $-107.93
MCap / Production (AuEq): $10,958.53 $10,745.71 $-212.82
EV / Production (AuEq): $11,990.99 $11,780.34 $-210.65
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2026 n/a
Open Pit (Avg): n/a 3.00 g/t 08/31/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 08/31/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 1.00M 1.00M 08/31/2026 0.00M
Annual Production: 50,000oz. 50,000oz. 08/31/2026 0oz.
Cash Cost: $1,200 $1,200 08/31/2026 $0
Extra Operating Cost: $1,000 $1,000 08/31/2026 $0
SILVER 08/31/2026
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 08/31/2026 0.00M
Measured & Indicated: n/a n/a 08/31/2026 0.00M
Inferred: n/a n/a 08/31/2026 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 08/31/2026 0.00M
Measured & Indicated: n/a n/a 08/31/2026 0.00M
Inferred: n/a n/a 08/31/2026 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 08/31/2026 $0.00
Extra Operating Cost: n/a n/a 08/31/2026 $0.00
Total: n/a n/a 08/31/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $164.21 $158.54 $-5.67
EV / Production (AgEq): $179.68 $173.81 $-5.88
G
R
A
D
E		 Underground (Avg): n/a n/a 08/31/2026 n/a
Open Pit (Avg): n/a n/a 08/31/2026 n/a
Recovery Rate: n/a n/a 08/31/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 08/31/2026 0.00M
Annual Production: n/a n/a 08/31/2026 n/a
Cash Cost: n/a n/a 08/31/2026 n/a
Extra Operating Cost: n/a n/a 08/31/2026 n/a

Property

Last Analysis Data  (08/31/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod 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
Dev Altan Nar
50 show
500,000 oz at 2 gpt

PEA in 2019
2nd mine.
Dev Zuun Mod
100 show
Large copper and moly deposit. Close to a feasibility study decision.
Exp Ulaan
50 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod 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
Dev Altan Nar
50 show
500,000 oz at 2 gpt

PEA in 2019
2nd mine.
Dev Zuun Mod
100 show
Large copper and moly deposit. Close to a feasibility study decision.
Exp Ulaan
50 n/a

Profitability (by resource)

Proven &
Probable		 08/31/2026
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 0.26M
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 0.23M
Maximum Profit (Gold): $551.80M $527.52M n/a $-24.28M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $551.80M $527.52M n/a $-24.28M
Max Profit / Current MCap: 1.678 1.636 n/a -0.042
Max Profit Per Share (Gold): $7.88 $7.54 n/a $-0.35
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $7.88 $7.54 n/a $-0.35
Total Free Profit Per Share: $1.36 $1.16 n/a $-0.21
FD MCap / Gold Eq.: $1,461.14 $1,432.76 n/a $-28.38
FD MCap / Silver Eq.: $21.90 $21.14 n/a $-0.76
FD MCap / Per Metal
as % Spot Price:		 32.82% 32.98% n/a 0.16%
EV / Gold Eq.: $1,598.80 $1,570.71 n/a $-28.09
EV / Silver Eq.: $23.96 $23.17 n/a $-0.78
EV / Per Metal
as % Spot Price:		 35.91% 36.15% n/a 0.25%
Measured &
Indicated		 08/31/2026
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 0.52M
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 0.42M
Maximum Profit (Gold): $993.25M $949.53M n/a $-43.71M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $993.25M $949.53M n/a $-43.71M
Max Profit / Current MCap: 3.021 2.945 n/a -0.076
Max Profit Per Share (Gold): $14.19 $13.56 n/a $-0.62
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $14.19 $13.56 n/a $-0.62
Total Free Profit Per Share: $7.67 $7.18 n/a $-0.48
FD MCap / Gold Eq.: $811.74 $795.98 n/a $-15.76
FD MCap / Silver Eq.: $12.16 $11.74 n/a $-0.42
FD MCap / Per Metal
as % Spot Price:		 18.23% 18.32% n/a 0.09%
EV / Gold Eq.: $888.22 $872.62 n/a $-15.60
EV / Silver Eq.: $13.31 $12.87 n/a $-0.44
EV / Per Metal
as % Spot Price:		 19.95% 20.09% n/a 0.14%

Reserves &
Resources		 08/31/2026
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 0.84M
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 0.56M
Maximum Profit (Gold): $1,324.33M $1,266.05M n/a $-58.28M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,324.33M $1,266.05M n/a $-58.28M
Max Profit / Current MCap: 4.028 3.927 n/a -0.101
Max Profit Per Share (Gold): $18.92 $18.09 n/a $-0.83
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $18.92 $18.09 n/a $-0.83
Total Free Profit Per Share: $12.40 $11.71 n/a $-0.69
FD MCap / Gold Eq.: $608.81 $596.98 n/a $-11.82
FD MCap / Silver Eq.: $9.12 $8.81 n/a $-0.31
FD MCap / Per Metal
as % Spot Price:		 13.67% 13.74% n/a 0.07%
EV / Gold Eq.: $666.17 $654.46 n/a $-11.70
EV / Silver Eq.: $9.98 $9.66 n/a $-0.33
EV / Per Metal
as % Spot Price:		 14.96% 15.06% n/a 0.10%

Future Valuation (Cash Flow & Totals)

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