Mr. Peter Akerley reports

ERDENE FILES UPDATED FEASIBILITY STUDY FOR THE BAYAN KHUNDII GOLD PROJECT

Further to the announcement of an updated independent feasibility study for the high-grade, open-pit Bayan Khundii gold project in southwestern Mongolia on Aug. 15, 2023, Erdene Resource Development Corp. has filed the technical report entitled "Bayan Khundii Gold Project, Feasibility Study Update, NI 43-101 Technical Report," with an effective date of Aug. 15, 2023, signed Sept. 25, 2023.

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 incorporates 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 metal prices.

For additional information and the most current technical information, please refer to the technical report available on the Erdene website and filed on SEDAR+ under the company's profile.

Qualified person

Peter Dalton, PGeo (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 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 southwestern 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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