Erdene Resource Development Corporation JSC (Erdene Resource) has entered into a loan agreement of up to USD 50 million with the Trade and Development Bank of Mongolia to fund commissioning and ramp up of the high-grade, open-pit Bayan Khundii Gold Project (“Bayan Khundii”, “BK” or "Project”), under development with Mongolian Mining Corporation (“MMC”).

Peter Akerley, Erdene’s President and CEO stated, “We are very pleased to announce the working capital financing from TDB, one of Mongolia’s leading financial institutions. Proceeds will fund pre-mining and commissioning for the Bayan Khundii Gold Project as we work toward first gold in mid-2025 and commercial production in Q3 2025. This financing will provide liquidity during ramp up. We have begun to close in the process plant and complete critical non-process infrastructure buildings, in advance of mechanical and electrical works completion in Q1 and commissioning beginning in Q2 2025. In addition, the 13,700 metre grade control drilling program and the first phase of the project’s integrated waste facility construction, supporting year one mining, are on track to be complete this month positioning the project to commence preproduction mining in Q2 2025.”

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