Erdene Files Updated Feasibility Study FOR the Bayan Khundii GOLD Project

TSX: ERD | MSE: ERDN

www.erdene.com [email protected]

ERDENE FILES UPDATED FEASIBILITY STUDY

FOR THE BAYAN KHUNDII GOLD PROJECT

Press Release

Halifax, Nova Scotia

2023.09.26

Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company")

is pleased to announce that further to its announcement of an updated independent Feasibility

Study (“FS”) for the high-grade, open-pit Bayan Khundii Gold Project (“BK” or "Project”) in

southwest Mongolia, on August 15, 2023, the Company has now filed the Tech nical Report

entitled “Bayan Khundii Gold Project, Feasibility Study Update, NI 43-101 Technical Report" with

an effective date of August 15, 2023, signed September 25, 2023 (the "Technical Report" or

"FS").

The updated FS has been prepared by a consortium of International and Mongolian firms with

significant experience operating in Mongolia and internationally, led by O2 Mining Ltd and Roma

Group Ltd. The FS was prepared in accordance with National Instrument 43-101 Standards of

Disclosure for Mineral Projects and incorporate s updated mineral resources and reserves,

including maiden resources and reserves from the high-grade Dark Horse Mane deposit, as well

as current capital and operating cost estimates and metals prices.

For additional information and the most current technical information, please refer to the Technical

Report available on the Erdene website (www.erdene.com) and filed on SEDAR+ under the

Company's profile at www.sedarplus.ca.

Qualified Person

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 has reviewed and approved the technical

information contained in this news release.

About Erdene

Erdene Resource Development Corp. is a Canada-based resource company focused on the

acquisition, exploration, and development of precious and base metals in underexplored and

highly prospective Mongolia. The Company has interests in three mining licenses a nd an

exploration license in Southwest Mongolia, where exploration success has led to the discovery

and definition of the Khundii Minerals District. Erdene Resource Development Corp. is listed on

the Toronto and the Mongolian stock exchanges. Further infor mation is available

at www.erdene.com. Important information may be disseminated exclusively via the website;

investors should consult the site to access this information.

Forward-Looking Statements

Certain information regarding Erdene contained herein may constitute forward-looking statements

within the meaning of applicable securities laws. Forward -looking statements may include

estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that

are not statements of fact. Although Erdene believes that the expectations reflected in such

forward-looking statements are reasonable, it can give no assurance that such expectations will

TSX: ERD | MSE: ERDN

www.erdene.com [email protected]

prove to have been correct. Erdene cautions that actual performance will be affected by a number

of factors, most of which are beyond its control, and that future events and results may vary

substantially from what Erdene currently foresees. Factors that could cause actual results to differ

materially from those in forward-looking statements include the ability to obtain required third party

approvals, market prices, exploitation and exploration results, continued availability of capital and

financing and general economic, market or business conditions. The forward-looking statements

are expressly qualified in their entirety by this cautionary statement. The information contained

herein is stated as of the current date and is subject to change after that date. The Company does

not assume the obligation to revise or update these forward-looking statements, except as may

be required under applicable securities laws.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE

CONTENTS OF THIS RELEASE

Erdene Contact Information

Peter C. Akerley, President and CEO, or

Robert Jenkins, CFO

Phone: (902) 423-6419

Email: [email protected]

Twitter: https://twitter.com/ErdeneRes

Facebook: https://www.facebook.com/ErdeneResource

LinkedIn: https://www.linkedin.com/company/erdene-resource-development-corp-/

YouTube: https://www.youtube.com/channel/UCILs5s9j3SLmya9vo2-KXoA