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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$393.44M which is a rise of roughly 6% over the last two months. As of 08/31/2025 they have ~C$93M debt and ~C$3.58M 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 $393.44M 09/05/2025 $23.83M
MCap (OS): $340.65M $363.06M 09/05/2025 $22.41M
Total Assets: $12.36M $12.16M 08/31/2025 $-0.20M
Total Liabilities: $98.19M $96.60M 08/31/2025 $-1.59M
Current Assets: $3.64M $3.58M 08/31/2025 $-0.06M
Current Liabilities: $0.34M $0.34M 08/31/2025 $-0.01M
Total Debt: $94.55M $93.02M 08/31/2025 $-1.53M
Cash: $3.64M $3.58M 08/31/2025 $-0.06M
Debt (Net): $90.92M $89.44M $-1.47M
Enterprise Value: $460.52M $482.88M 04/20/1985 $22.36M
Cash Flow: $35.84M $46.79M never $10.95M
Cash Flow Multiple: 10.31 8.41 never -1.91
Net Debt to
Cash Flow Ratio:		 2.54 1.91 never -0.63
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 10/18/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Producer 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) 
1,639,400		 08/31/2025 -91,002
Development Phase: none Producer (Single Mine) 10/18/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Developer: Near-term Producer
 20
Producer: Growth Potential
 10/18/2025 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%) $2,339 (59%) $547.71
MCap / Production (AuEq): $18,480.15 $19,671.81 $1,191.66
EV / Production (AuEq): $23,026.00 $24,143.93 $1,117.93
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% 10/18/2025 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 $239.99 $26.39
EV / Production (AgEq): $266.13 $294.55 $28.41
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 -1.14M
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 -1.02M
Maximum Profit (Gold): $403.15M $526.38M n/a $123.23M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $403.15M $526.38M n/a $123.23M
Max Profit / Current MCap: 1.091 1.338 n/a 0.247
Max Profit Per Share (Gold): $1.02 $7.96 n/a $6.94
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.02 $7.96 n/a $6.94
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,642.68 $1,748.61 n/a $105.93
FD MCap / Silver Eq.: $18.99 $21.33 n/a $2.35
FD MCap / Per Metal
as % Spot Price:		 47.73% 43.83% n/a -3.90%
EV / Gold Eq.: $2,046.76 $2,146.13 n/a $99.37
EV / Silver Eq.: $23.66 $26.18 n/a $2.53
EV / Per Metal
as % Spot Price:		 59.47% 53.79% n/a -5.67%
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 -2.28M
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 -1.84M
Maximum Profit (Gold): $725.67M $947.49M n/a $221.82M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $725.67M $947.49M n/a $221.82M
Max Profit / Current MCap: 1.963 2.408 n/a 0.445
Max Profit Per Share (Gold): $1.83 $14.32 n/a $12.49
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.83 $14.32 n/a $12.49
Total Free Profit Per Share: $0.55 $6.01 n/a $5.46
FD MCap / Gold Eq.: $912.60 $971.45 n/a $58.85
FD MCap / Silver Eq.: $10.55 $11.85 n/a $1.30
FD MCap / Per Metal
as % Spot Price:		 26.52% 24.35% n/a -2.17%
EV / Gold Eq.: $1,137.09 $1,192.29 n/a $55.21
EV / Silver Eq.: $13.14 $14.55 n/a $1.40
EV / Per Metal
as % Spot Price:		 33.04% 29.89% n/a -3.15%

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 -3.64M
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 -2.46M
Maximum Profit (Gold): $967.56M $1,263.32M n/a $295.76M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $967.56M $1,263.32M n/a $295.76M
Max Profit / Current MCap: 2.618 3.211 n/a 0.593
Max Profit Per Share (Gold): $2.44 $19.09 n/a $16.66
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.44 $19.09 n/a $16.66
Total Free Profit Per Share: $1.16 $10.78 n/a $9.63
FD MCap / Gold Eq.: $684.45 $728.59 n/a $44.14
FD MCap / Silver Eq.: $7.91 $8.89 n/a $0.98
FD MCap / Per Metal
as % Spot Price:		 19.89% 18.26% n/a -1.62%
EV / Gold Eq.: $852.81 $894.22 n/a $41.40
EV / Silver Eq.: $9.86 $10.91 n/a $1.05
EV / Per Metal
as % Spot Price:		 24.78% 22.41% n/a -2.36%

Future Valuation (Cash Flow & Totals)

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