Erdene Resource Development produced and sold 11,709 ounces of gold at the Bayan Khundii Gold Mine in Mongolia during the second quarter of 2026, generating US$53 million in gross revenues at a weighted average price of US$4,493 per ounce.

The operation, held through the Erdene Mongol joint venture with Mongolian Mining Corporation, marked a 37% production increase compared to the first quarter of 2026. The facility ran at 94% of target throughput and achieved a 96% gold recovery rate. The quarterly average feed grade rose 25% to 2.4 g/t gold, driven by enhanced ore control and mine-to-mill practices that reduced dilution and ore loss.

Financial results reflected the ramp-up. Erdene posted a net income of $9,993 thousand for the three months ended June 30, 2026, reversing a net loss of $4,122 thousand recorded in the prior-year period. Income from the company's investment in the joint venture associate totaled $11,201 thousand, compared to a loss of $2,995 thousand previously.

“We delivered another quarter of improved performance, achieving gold production of 11,709 ounces at Bayan Khundii, a 37% increase over the previous quarter, driven by stronger mining performance and continued steady operation of the process plant.” — Peter Akerley, President and CEO

Exploration programs also advanced across the portfolio. Work continued on the preliminary economic assessment for the Zuun Mod molybdenum-copper porphyry project, with results expected in mid-H2 2026. At the Tereg Uul property, an 11-hole maiden drill program totaling 2,710 metres intersected anomalous gold and silver along a 1.5-kilometre trend at the Web prospect, while deeper drilling encountered native copper. Erdene extended its property option agreement for another year following the results.

Read the full announcement: Erdene Announces Q2 2026 Results