Erdene Resource Development : Developing the High-grade Khundii Gold District, Q1 2023

TSX:ERD MSE:ERDN OTC:ERDCF

DEVELOPING

THE HIGH-GRADE

KHUNDII GOLD DISTRICT

Unlocking treasures - sharing benefits

Q1 2023

FORWARD LOOKING STATEMENTS

This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company's expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital, events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will" and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of precious metals; the ability of the Company to obtain all necessary approvals and permits in connection with the development of the Bayan Khundii Gold Project.

Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions relate to, among other things, the continuance of the Company and its subsidiaries as a going concern, general economic and market conditions, gold prices, the accuracy of mineral resources and mineral reserve statements, and the other estimates and assumptions contained in the Bankable Feasibility Study.

Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of gold, uncertainty of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements, commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability to retain key executives and personnel, the impact of COVID-19, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of environmental expenditures and potential environmental liabilities, accidents and labour disputes. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. Please see the Company's Annual Information Form dated March 8, 2022 available on the Company's website at www.erdene.com or on the Company's SEDAR profile at www.sedar.com, for details of other risks facing the Company. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

The Company has included certain non-IFRS financial measures in this presentation, such as Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), Initial Capital Costs, Total Cash Cost, All-In Sustaining Cost, and Effective Cash Tax Rate which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. As a result, these measures may not be comparable to similar measures reported by other corporations. Each of these measures used are intended to provide additional information to the user and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Peter Dalton, P.Geo. (Nova Scotia), Senior Geologist for Erdene and a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this presentation. All currencies are reported in Canadian dollars unless otherwise specified.

DEVELOPING THE KHUNDII MINERALS DISTRICT

Investment Highlights

First mover in an unexplored portion of one of the world's most prolific copper and gold belts

Discovered multiple high-grade,open-pitable gold deposits and prospects

Two high-gradegold discoveries in 2021 within 2.4 km of Bayan Khundii Gold Project

Shovel ready, high-grade (>3 g/t Au), open-pit Bayan Khundii gold project moving rapidly to First Gold

Significant free cash flow from Bayan Khundii will fund anti-dilutiveexploration and continued development

Deep-rootedin-country relationships, strong social license to operate and recognized ESG practices

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FOCUSED ON A WORLD CLASS GOLD AND COPPER BELT

The Unexplored Trans Altai Terrane in Southwestern Mongolia

MAJOR GOLD-COPPER DEPOSITS OF THE EASTERN CENTRAL ASIAN OROGENIC BELT

USGS Study Identifies Trans Altai as

Highest Potential for

Porphyry/Epithermal Copper-Gold

Discovery in CAOB

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THE KHUNDII MINERALS DISTRICT - MULTI-MILLION OUNCE POTENTIAL

Four Gold Discoveries, Molybdenum Copper Deposit and Multiple High-Priority Targets

Shallow, High-Grade, Gold and Polymetallic Deposits and Prospects

N	Altan Nar Gold Deposit	Landsat 8 True Colour

Discovered: 2012

Gold Polymetallic Deposit >500koz Au Resource ~ 2g/t

Zuun Mod Moly & Copper Deposit

Largest advanced, undeveloped

Molybdenum-copper project in Asia;

>400Mlbs Molybdenum

Dark Horse Gold Discovery

Discovered: 2021

High-grade,near-surface Discovery

Ulaan SE Gold Discovery

Discovered: 2021

Blind-top Discovery

20 km

Khundii Gold Project production and economics based on July 2020 Bankable Feasibility Study

Bayan Khundii Gold Deposit

Discovered: 2015

Shovel Ready High-grade,Open-Pit

gold Project; >600koz >2g/t Au

Resource

Exploration License

Mining License	Au
Prospect
Cu
Deposit
Mo

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