Erdene Announces Q1 2025 Results and Provides Bayan Khundii Project Update

Core Viewpoint - Erdene Resource Development Corp. reported significant progress in the Bayan Khundii Gold Project, with expectations to achieve first gold production in late Q3 2025, as the project nears completion with 92% overall progress as of March 31, 2025 [2][5]. Financial Performance - The company recorded a net loss of CAD 4,500,861 for Q1 2025, compared to a net loss of CAD 2,678,373 in Q1 2024 [9]. - Exploration and evaluation expenses increased to CAD 973,590 in Q1 2025 from CAD 783,156 in the prior year, attributed to higher incentive payments and staff transfers [9]. - Corporate and administrative expenses decreased to CAD 1,500,855 in Q1 2025 from CAD 2,777,588 in Q1 2024, mainly due to the prior year's write-off of deferred project finance costs [9]. Project Development - The Bayan Khundii Gold Project achieved 87% construction progress by March 31, 2025, with the process plant also at 87% completion [5]. - The project has incurred expenditures of USD 96 million by the end of Q1 2025, with potential cost increases expected to remain within available funding [5]. - The commissioning of nine facilities was completed in Q1 2025, with the remaining facilities planned for progressive commissioning throughout Q2 2025 [5]. Operational Readiness - The company has advanced operational readiness for the Bayan Khundii project, with hiring and training of the mine equipment operator and maintenance team completed ahead of pre-production [9]. - Approximately 29% of site personnel are local residents, with 23% of the project's total direct employees being female [9]. - The recruitment and training of the mine workforce continued, with over 160 local residents having undergone equipment operator training [9]. Exploration Activities - Infill drilling confirmed the high-grade nature of the Bayan Khundii deposit, with further drilling of 200 shallow holes underway to expand mineralization [2]. - The company plans to incorporate updated resource estimates into a preliminary economic assessment by late 2025 [9].