Mr. Peter Akerley reports

ERDENE ANNOUNCES RESULTS OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS AND APPOINTMENT OF MONGOLIAN EXECUTIVES

Erdene Resource Development Corp.'s shareholders voted in favour of all items of business brought before them at the company's annual and special meeting of shareholders held on June 22, 2023, in Halifax, N.S. Details of the meeting are provided below.

Additionally, the company is pleased to announce the appointment of executives to its primary Mongolian subsidiary, Erdene Mongol LLC.

Appointment of board and executive

At the meeting, shareholders voted in favour of Erdene management's nominees to the board of directors, with details of the proxy voting results as noted herein.

Following the meeting, Erdene's board of directors appointed its officers for the coming year, namely: president and chief executive officer -- Peter Akerley; chairman of the board -- T. Layton Croft; chief financial officer -- Robert Jenkins; and corporate secretary -- Suzan Frazer.

Additionally, Erdene Mongol has appointed Bilguun Ankhbayar as chief executive officer and Jon M.L. Lyons as chief development officer.

Having served as Erdene's vice-president, business development, since 2015, Mr. Ankhbayar is a seasoned executive with North American and Mongolian experience. Since returning to Mongolia from Canada in 2010, Mr. Ankhbayar has held the roles of CEO of Monrud LLC, a full-service logistics and mine support management firm, and CEO of Mongolian Investment Banking Group, a domestic investment dealer, assisting Toronto Stock Exchange- and Australian Securities Exchange-listed companies in financing and in a general advisory capacity. Earlier in his career, Mr. Ankhbayar was employed in the investment banking division of Toll Cross Securities, a Toronto-based boutique investment bank. Mr. Ankhbayar graduated from Saint Mary's University, Canada, with bachelor of commerce specializing in finance, and is a CFA charterholder.

Prior to his appointment as chief development officer, Mr. Lyons has been employed as Erdene's vice-president, projects, since 2021, with responsibility for the overall delivery of the company's projects within scope, budget and schedule aligned to the business case and the company's vision for safety and sustainability. Previously, he led the government permitting processes required to advance Erdene's mineral exploration and mining projects and maintained oversight of health, safety, environment and community relations performance for the company. Mr. Lyons has lived and worked in Mongolia and the region, including a previous posting with Erdene, since 2001. Mr. Lyons holds an MBA from Maastricht University and the EuroMBA consortium and a BA (summa cum laude) in physics and anthropology from Wheaton College, Massachusetts. Mr. Lyons is fluent in Mongolian and Russian languages.

Auditor reappointed

KPMG LLP was reappointed auditor of the company to hold office until the next meeting or until its successor is duly appointed, and the directors were authorized to fix the auditor's remuneration.

Approval of omnibus equity incentive plan

Shareholders approved the omnibus equity incentive plan, subject to final approval of the Toronto Stock Exchange. The omnibus plan, if approved by the TSX, will replace the legacy incentive stock option plan and the legacy deferred share unit plan, and no further awards will be granted under the legacy plans.

Approval of continuance of the shareholder rights plan

At the meeting, shareholders approved the continuance of the shareholder rights plan. The rights plan was adopted by Erdene's board of directors to ensure the fair treatment of shareholders in connection with any takeover offer for the company. Under the terms of the rights plan, the shareholders of Erdene must affirm the rights plan every three years.

About Erdene Resource Development Corp.

Erdene 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 licences and an exploration licence in southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii minerals district. Erdene is listed on the Toronto and the Mongolian stock exchanges.

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