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TSX:ERD | MSE:ERDN | OTCQX:ERDCF www.erdene.com Q2 2026 RESULTS CONFERENCE CALL & WEBCAST AUGUST 17, 2026
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This presentation contains certain forward-looking information and statements, including without limitation, statements regarding the Corporation's expectations in respect of its future financial position, business strategy, production at Bayan Khundii, construction and commissioning timelines and expectations that address reserve potential, exploration drilling, exploitation activities, budgeted financial results, and events or developments that the Corporation expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words "believe", "expect", "anticipate", "contemplate", 'target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes forward-looking statements that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Corporation to comply with environmental, safety and other regulatory requirements; future prices of precious metals; and the ability to obtain and maintain all necessary approvals and permits in connection with operation of the Bayan Khundii Gold Project . Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions relate to, among other things: there being no material adverse changes in commodity prices; that general business and economic conditions will not change in a material adverse manner; that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Corporation's planned activities will be available on reasonable terms and in a timely manner; the continuance of the Corporation and its subsidiaries and associates as a going concern; the accuracy of mineral resources and mineral reserve statements; and the other estimates and assumptions contained in the Bankable Feasibility Study . Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. These risks include: reliance on key management and other personnel; potential downturns in economic conditions; actual results of exploration and development activities being worse than anticipated; competition from others; adverse market factors, including lower demand for and prices realized from the sale of minerals; the Corporation’s expectations in connection with the exploration, development and expansion plans at the Corporation’s projects not being met; adverse changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; fluctuating metal prices; adverse movements in currency exchange rates; higher than expected inflation; general risks of the mining industry; failure of plant, equipment or processes to operate as anticipated; unanticipated results of future studies; seasonality and unanticipated weather changes; longer than planned permitting timelines; environmental risks; unanticipated reclamation expenses; title disputes or claims; as well as those risk factors discussed or referred to in the Corporation’s most recent annual information form and other public disclosure documents filed by the Corporation available on the Corporation's website at www.erdene.com or on the Corporation's SEDAR+ profile at www.sedarplus.ca. The lists of risk factors set out in this presentation or in the Corporation’s other public disclosure documents are not exhaustive of the factors that may affect any forward-looking information of the Corporation. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. The Corporation has included certain non-IFRS financial measures in this presentation which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Jon Lyons, FAusIMM, Chief Development Officer for Erdene, is the Qualified Person as that term is defined in National Instrument 43-101 and oversees the Bayan Khundii Mine operations for the Corporation and has reviewed and approved the technical information related to the BK Mine contained in this presentation. Peter Dalton, P.Geo. (Nova Scotia), Senior Geologist for Erdene, is the Qualified Person as that term is defined in National Instrument 43-101 and oversees the Corporation’s exploration programs and has reviewed and approved the technical information related to exploration contained in this presentation. FORWARD LOOKING STATEMENT
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3 ERDENE’S SPEAKERS Peter Akerley President & Chief Executive Officer Robert Jenkins Chief Financial Officer
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CHINA MONGOLIA Ulaanbaatar Tavan Tolgoi Oyu Tolgoi Jiayuguan Steel making industrial centre Yinchuan Taiyuan Shijiazhuang Jinquan Industrial cent re Baotou Steel making industrialcent re 0 250kilometre Trans Altai Terrane Bayankhongor Shinejinst Dongfeng Space City Xinjiang Hami Naomaohu (Tianrun) wind farm Khan Altai Khundii Minerals District Beishan Underground Research Laboratory ERDENE Projects Mines & Major Projects Major Paved Road Unpaved Road Existing Railway Planned Railway International Airport Regional Airport City Legend Under Construction Road BK Powerline (110kW) KHUNDII MINERALS DISTRICT Emerging Mining District less than 200km from Chinese Border • Rapidly growing mining hub less than 200 km from the Chinese border • Efficient access to key markets • Strong government investment in infrastructure • Khundii Minerals District, a key driver of regional development 4
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5 Q2 2026 HIGHLIGHTS Production 11.7 koz gold 37% increase Grade 2.4 g/t gold 25% increase Throughput & Recoveries Strong performance H2 Exploration Focused on BK & DH expansion Ample liquidity in EM and at ERD Zuun Mod PEA On-track for mid-H2 in strong moly market Quarter of Improved Operations and Growth 5
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• Fed 153 kt ore to the plant, averaging 1,682 t/d • Gold recoveries of 96%, above forecast of 93% • Produced 11,709 oz gold and 3,317 oz silver – 37% and 6% increase from Q1 2026 • Average realized prices of US$4,493 gold and US$72 silver Q2 2026 HIGHLIGHTS Bayan Khundii – Processing Plant 96% 96% 96% 80% 85% 90% 95% 100% Q4-2025 Q1-2026 Q2-2026 Recoveries 1,501 1,675 1,682 - 500 1,000 1,500 2,000 Q4-2025 Q1-2026 Q2-2026 Throughput 7,434 8,527 11,709 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Q4-2025 Q1-2026 Q2-2026 Gold production 2,634 3,135 3,317 - 500 1,000 1,500 2,000 2,500 3,000 3,500 Q4-2025 Q1-2026 Q2-2026 Silver production 6
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©️ 2021 Erdene Resource Development Corp. All rights reserved Q2 2026 HIGHLIGHTS Bayan Khundii – Mining Operations Gold Hill Zone Striker Zone Midfield Zone Looking West 7 • Significant improvement in mining and drill and blast performance • Moved 3.8Mt of material • Mined 247Kt ore @ 1.4 g/t Au, almost 60% increase from Q1 • Fleet of 18 trucks, 5 excavators and 3 dozers 25% increase
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©️ 2021 Erdene Resource Development Corp. All rights reserved KHUNDII GOLD DISTRICT Exploration Focused on Expansion – 12,000 metre Drill Program Commencing in Q3 8 Dark Horse Target Area Ulaan Exploration License Khundii Mining License Dark Horse Fault Bayan Khundii Gold Mine Ulaan Alteration Zone (Intrusive Centre) Dark Horse Gold Deposit Khundii West Target Area Q4 2025 Drilling Resource Expansion Targets N Section Lines 1 km • Bayan Khundii hydrothermal complex remains under-explored • Exploration beyond BK has focused on Khundii West and Dark Horse • Immediately west of the Bayan Khundii open pit has returned high- grade intervals up to 42 m of 7.27 g/t Au • Limited deep drilling – deepest hole returned 335 meters of over 1 g/t Au at Ulaan
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Section Viewing East KHUNDII WEST EXPLORATION 9,000m Drill Program Commencing in August 2026 – Opportunity for Significant Expansion 9 A A B B 0.3g/t Gold Outline US$3,900/oz Au Pit Outline Planned Drilling 2024 Drilling Hole From To Interval g/t Au BKD-333 130 178 48 0.3 BDK-339 129 183 54 1.1 BDK-377 106 148 42 7.3 Incl 117 118 1 50.7 Incl 121 125 4 35.8 BKD-378 103 134 31 0.4 And 178 200 22 6.1 Incl 186 187 1 106.8 Striker West
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DARK HORSE & ALTAN ARROW EXPLORATION 3,000m Drill Program Focused on Expansion of Shallow Resource for CIP and Potential Heap Leach Dark Horse Altan Arrow Drill Plan 2026 10
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11 Untested Drill Target 1430ppbGold in Soil • Hosts 313 koz indicated (2.16 g/t Au, 15.7 g/t Ag) and 210 koz inferred (1.44 g/t Au, 6.8 g/t Ag) • 14% of the gold inventory is oxide-hosted –potential source for the proposed Bayan Khundii heap leach • Shallow deposit with ~90% of resources within 150 m of surface, open at depth • Over 20 mineralized targets along a 5.6 km x 1.5 km corridor • Development flexibility – can truck ore to the Bayan Khundii plant and/or build a flotation facility producing concentrate • Expansion potential —2026 metallurgical program complete with excellent results; AI-based evaluation underway and drilling planned for 2027 ALTAN NAR – HIGH-GRADE GOLD-SILVER DEPOSIT Development Optionality 16km north of Bayan Khundii – CIP , Heap Leach or Flotation
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Within each mineral resource estimated for the three Projects are zones of higher average grade material at a 0.7 g/t gold cut-off grade, as follows: • Current resources provide potential for >10 years of CIP operations • 0.7g/t is the current reserve cut - off for Bayan Khundii ore feed to CIP plant –reserve conversions will vary by resource estimate • Mineral production beyond 400,000 ounces of gold are subject to a 5% Net Smelter Royalty in Favour of Erdene 12 KHUNDII GOLD DISTRICT – MINE LIFE EXTENSION POTENTIAL Combined Gold Resources Provide Clear Path for Longer Life Operations at Bayan Khundii Resource Classification Deposit Quantity Grade Contained Metal Au Ag Au Ag Kt g/t g/t Koz Koz Measured BK 1,208 4.49 2.0 174 76 Measured (total) 1,208 4.49 2.0 174 76 Indicated BK 1,416 4.46 2.0 203 101 Indicated DH 430 4.83 2.4 67 33 Indicated AN 4,508 2.16 15.7 313 2,275 Indicated UL 1,286 1.88 1.2 78 50 Indicated (total) 7,460 2.69 10.0 661 2,459 Measured + Indicated 8,848 2.94 9.0 835 2,535 Inferred BK 151 1.56 1.6 8 8 Inferred DH 174 1.68 1.5 9 8 Inferred AN 4,559 1.44 6.8 210 1,000 Inferred UL 607 1.95 0.9 38 18 Inferred (total) 5,492 1.50 5.9 265 1,034
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Advancing Preliminary Economic Assessment (mid H2 2026) • Low strip, large-scale, open-pit deposit delivering Mo and Cu concentrate to the Asian market • Leverage infrastructure in Khundii Minerals District to benefit Project • Significant demand as Chinese Moly mines approach end of life • Moly supply deficit and growing demand supports historically strong Moly price • Opportunity to surface value for Erdene shareholders 13 Zuun Mod Resources Tonnage Mo Grade Cu Grade MoEq Contained Mo Contained Cu MoEq Classification (Mt) (%) (%) (%) (Mlbs) (Mlbs) (Mlbs) Measured 45.8 0.057 0.062 0.074 57.7 62.2 74.8 Indicated 225.3 0.056 0.065 0.073 275.9 322.0 364.4 M&I 271.1 0.056 0.064 0.073 333.5 384.2 439.2 Inferred 269.1 0.051 0.059 0.070 300.0 350.7 416.3 ZUUN MOD One of Asia’s Largest Undeveloped Mo-Cu Deposits
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>50% Mo Concentrate (Chinese) @ US$30.60/lb LME / Platts Mo Price @US$33.42/lb Source: ERD complied, based on IMOA (2024), SMR (2021), USGS, CPM, WRI, Scotia Bank GBM, company reports MO DEMAND • Primary Use of Mo is in Specialty and Stainless Steels • Speciality Steel demand is driving Mo price due to its use in Defence and Hi-Tech • China dominates the market, and as the country transitions from low to high quality steel, demand is rapidly rising • South Korea and Japan are significant markets 0 5 10 15 20 25 30 -30 -20 -10 0 10 20 30 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 2030e MO PRICE ($/LB) SURPLUS / DEFICIT (KT MO) Surplus/Deficit Pricing $/lb Projected Pricing $/lb 0 100000 200000 300000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 MO PRODUCTION BY COUNTRY China USA Argentina Armenia Australia Canada Chile Iran Kazakhstan Korea (North) Korea (South) Kyrgyztan Mexico Mongolia Peru Russia Turkey Uzbekistan STRONG DEMAND & TIGHT SUPPLY SUPPORT MOLYBDENUM MARKET Driven by Infrastructure, Energy Transition and Technology 14
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15 15 Khuvyn Khar (wholly owned) • 2026: 65 metres 0.63% copper (“Cu”) including 30 metres of 1.25% Cu • 16km porphyry copper, molybdenum, silver system – open at depth with multiple prospects • Q3: deep geophysics program to define drill targets Tereg Uul (earn-in) • Large licence in the Oyu Tolgoi trend: copper-gold • Q2: • Completed 2,710 m drill program testing gold and geophysical targets • Exercised $400k option • Q3 2026 Drilling: Traced new gold anomaly over 1.5km’s in shallow drilling • Geochemical and soil sample testing Q2 2026 HIGHLIGHTS Wholly-Controlled Exploration Projects 15
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16 Erdene Mongol* CAD million unless otherwise noted Q2-2026 Q1-2026 Revenue $75 $57 Price realized (US$ per oz) - Gold - Silver $4,493 $72 $4,872 $80 Sales - Gold (oz) - Silver (oz) 11,709 3,317 8,527 3,135 Cost of Revenue $33 $30 Cash $56 $30 Project Debt $175 $171 Erdene Resource Development CAD million unless otherwise noted Q2-2026 Q1-2026 Income from Associate – EM $11.2 $7.0 Operating Expenses - Exploration - Corporate $0.7 $1.6 $0.9 $1.4 Net income - per share $10.0 $0.15 $4.8 $0.07 Cash $27.8 $29.1 Normal Course Issuer Bid - 94,400 shares @ avg $5.20/share $0.5 - * Erdene Mongol is a 50/50 JV with MMC ** non-IFRS (see slide 2 for further notes) 16 Q2 2026 HIGHLIGHTS Financial Results
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17 Supporting SMEs Education & Training • Employment orientation & professional training • Heavy equipment operator training /+160 trainees 10 sessions/ • Vocational training Job Creation Support Health Services for Local Community Environmental Protection Support Infrastructure Development Protection of Cultural Heritage • +1000 Direct and indirect job creation • +300 New jobs for province residents • Preventive screening and diagnosis for local community • Programs to improve the quality and accessibility of healthcare • Startup business support program • Support programs for herders and farmers • Interest-free loan program • Cultural festivals and events • Cultural heritage preservations initiatives • Community inclusive environmental monitoring • Conservation of biodiversity • ”Billion Trees” Initiative • Water supply system of Shinejinst soum • Sanitary facilities for soum elementary school and kindergarten • Road repair and maintenance • Feasibility study for the Bayankhongor-Shinejinst highway SAFETY, ENVIRONMENT & COMMUNITIES Sharing Benefits with All Stakeholders
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• Transitioned to consistent operations and cash flow generation • Testing targets to unlock new potential • Maiden Resource Complete; mining licence process commenced • Resource Update, metallurgical Testing and Exploration Planning • Evaluating resource growth and mine life extension opportunities • Targeting expansion potential within the Greater Dark Horse Area • Delivering PEA and Defining Development Plan • Advancing a large-scale copper target through systematic exploration 2026 DELIVERABLES AND CATALYSTS 18 * Owned by Erdene Mongol (50/50 JV between Erdene & MMC) ** 100% owned by Erdene *** 80% earn-in GOLD/SILVER ALTAN NAR* – RESOURCE UPDATE GOLD BAYAN KHUNDII* – ACHIEVING STABLE PRODUCTION GOLD/COPPER TEREG UUL *** – DRILL PROGRAM GOLD ULAAN* – RESOURCE ESTIMATE & MINING LICENSE GOLD KHUNDII WEST* – EXPANSION TESTING GOLD DARK HORSE* – DRILLING PROGRAM MOLYBDENUM ZUUN MOD ** – PEA COPPER KHUVYN KHAR ** – GEOPHYSICS & DRILL CAMPAIGN
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CONTACTUS FOR MORE INFORMATION Phone (Canada): Phone (Mongolia): Website: Email: +1–902–423–6419 +976 –7777–8534 www.erdene.com info@erdene.com ErdeneRes ErdeneResource DevelopmentCorp. FOLLOW US ON SOCIAL MEDIA TSX:ERD | MSE:ERDN | OTCQX:ERDCF QUESTIONS?