# Erdene Announces Preliminary Economic Assessment Results for Zuun Mod Molybdenum-Copper Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6 Original source: https://orestocks.com/company/ERD.TO/press-releases/7578129379302889 Publisher: orestocks Original announcement: 2026-10-14T21:30:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T22:44:01.565Z Atlas analysis updated: 2026-10-14T22:44:01.565Z - Company: Erdene Resource Development Corp. - Ticker: ERD.TO - Exchange: Unavailable - Region: Mongolia - Primary commodity: Molybdenum - Secondary commodities: Copper - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-14 22:44:02 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Erdene announced positive Preliminary Economic Assessment \(PEA\) results for its wholly-owned Zuun Mod Molybdenum-Copper Project in Mongolia, outlining an after-tax NPV8% of US$745 million and an IRR of 16.1% over a 34-year mine life. The study, based on an updated Mineral Resource Estimate, projects significant molybdenum and copper production with an All-in Sustaining Cost of US$13.89/lb molybdenum. The PEA highlights the project's compelling economics and strategic importance as a potential major molybdenum producer. Reasoning: The Preliminary Economic Assessment for the Zuun Mod Molybdenum-Copper Project demonstrates robust economics with a substantial NPV and IRR over a long mine life, supported by high recoveries and strategic commodity importance, although it is a preliminary study with a significant portion of inferred resources in the mine plan and the metallurgical test scale is not explicitly detailed. - Positive factor: High NPV and IRR - Positive factor: Long mine life - Positive factor: Significant contained metal - Positive factor: Low strip ratio - Positive factor: High recoveries - Positive factor: Strategic location and critical minerals - Positive factor: Potential for resource expansion - Positive factor: Low deleterious elements in concentrate - Negative factor: Preliminary Economic Assessment \(PEA\) level study - Negative factor: Significant portion of Inferred resources in mine plan - Negative factor: High upfront capital costs - Negative factor: Economic impact of NSR royalty excluded - Negative factor: Metallurgical test scale not explicitly stated Facts used in scoring: 18 ## Classification and evidence **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The document announces the results of a Preliminary Economic Assessment \(PEA\) for the project. Evidence · text > Erdene Announces Preliminary Economic Assessment Results for Zuun Mod Molybdenum-Copper Project **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. Evidence · text > The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects \(“NI 43-101”\) **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The scientific and technical information for the mine design and economic analysis has been reviewed and approved by Julien Lawrence, FAusIMM, a Qualified Person as defined by NI 43-101. Evidence · text > The scientific and technical information in this press release relating to the mine design and schedule, mining and mineral-waste management, site-infrastructure and TSF/water-supply integration, project cost estimates and economic analysis has been reviewed and approved by Julien Lawrence, FAusIMM, Director of O2 Mining Limited, a Qualified Person as defined by NI 43-101. **Long Mine Life** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The PEA outlines a 34-year mine life for the project. Evidence · text > 34-year mine life **High NPV** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project has a Base Case after-tax Net Present Value of US$745 million \(NPV8%\). Evidence · text > Base Case after-tax Net Present Value of US$745 million \(NPV8%\) **Strong IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The project has a Base Case Internal Rate of Return \(IRR\) of 16.1%. Evidence · text > 16.1% Internal Rate of Return \(IRR\) **High Upfront Capex** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The upfront capital costs are estimated at US$687 million. Evidence · text > Upfront capital costs of US$687 million **Inferred Resource in Mine Plan** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Approximately 74% of the PEA forecast plant feed is derived from Inferred Mineral Resources. Evidence · text > Approximately 74% of the PEA forecast plant feed... is derived from Inferred Mineral Resources. **Excludes NSR Royalty** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: The economic impact of the 1.5% NSR Royalty held by Versamet Royalties has been excluded from this PEA. Evidence · text > The economic impact of this royalty has been excluded from this PEA. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The PEA incorporates an updated mineral resource for the Zuun Mod deposit. Evidence · text > The technical report incorporates an updated mineral resource for the Zuun Mod deposit **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The Mineral Resource Estimate includes a Measured category of 67.2 Mt at 0.051% Mo and 0.061% Cu. Evidence · table > Measured Context: 67.2 **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The Mineral Resource Estimate includes an Indicated category of 339.9 Mt at 0.047% Mo and 0.062% Cu. Evidence · table > Indicated Context: 339.9 **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Mineral Resource Estimate includes a significant Inferred category of 596.2 Mt at 0.041% Mo and 0.056% Cu. Evidence · table > Inferred Context: 596.2 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The mineral resource is reported above a Molybdenum \(Mo\) cut-off grade of 0.025%. Evidence · text > reported above Molybdenum \(Mo\) cut-off grade of 0.025% **Porphyry Deposit** Polarity: neutral Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Zuun Mod Molybdenum-Copper Project is described as a porphyry style deposit. Evidence · text > The Zuun Mod Molybdenum-Copper Project is a porphyry style deposit **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Molybdenum recovery to concentrate is estimated at 88.4%, which is strong for a flotation route. Evidence · table > 88.4% Context: Molybdenum **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Copper recovery to concentrate is estimated at 89.6%, which is strong for a flotation route. Evidence · table > 89.6% Context: Copper **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The PEA contemplates a conventional copper–molybdenum concentrator processing with flotation. Evidence · text > The PEA contemplates a conventional copper–molybdenum concentrator processing 25 Mtpa **No QA/QC Disclosure** Polarity: negative Story-specific tag Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: The document does not explicitly disclose the scale or type of metallurgical testwork \(e.g., bench, locked-cycle, pilot\) that led to the reported recoveries. Evidence · text > Metallurgical testwork and recovery estimates by Blue Coast Research indicate Zuun Mod has the potential to produce high-grade molybdenum and copper concentrates with low levels of deleterious elements. ## Extracted facts Stored fact records: 17. Some facts used in scoring do not have a stored record. ## Resource Estimates (15) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-3) Zuun Mod Molybdenum-Copper Project #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:71a63b49875cd8cbbaef - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Grade: 0.051 - Grade Unit: % - Contained Metal: 75000000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured resource for molybdenum provides a high level of confidence for a portion of the deposit, supporting the PEA. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.051 Context: 67.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-4) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:71a63b49875cd8cbbaef - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Grade: 0.061 - Grade Unit: % - Contained Metal: 90500000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured resource for copper, as a byproduct, adds confidence to the overall project economics. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.061 Context: 67.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-5) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:71a63b49875cd8cbbaef - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Contained Metal: 99900000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.067 - Metal Eq. Unit: % MoEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured MoEq resource provides a combined measure of value with disclosed assumptions, adding confidence to the estimate. - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 0.067 Context: 67.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-6) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2e30190294ba68246c96 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339900000 - Contained Metal: 479400000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.064 - Metal Eq. Unit: % MoEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated MoEq resource provides a combined measure of value with disclosed assumptions, adding confidence to the estimate. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed Evidence · table > 0.064 Context: 339.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-7) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2e30190294ba68246c96 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339900000 - Grade: 0.062 - Grade Unit: % - Contained Metal: 463200000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated resource for copper, as a significant byproduct, adds to the overall project value with good confidence. - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 0.062 Context: 339.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-8) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2dd1c6f0fc48675d4d72 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596200000 - Contained Metal: 783000000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.06 - Metal Eq. Unit: % MoEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: A large portion of the MoEq resource is in the Inferred category, which is speculative and carries lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Positive factor: Metal Equivalent Assumptions Disclosed - Negative factor: Inferred Resource - Negative factor: Significant portion of Inferred resources in mine plan Evidence · table > 0.060 Context: 596.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-9) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101, other - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2dd1c6f0fc48675d4d72 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596200000 - Grade: 0.056 - Grade Unit: % - Contained Metal: 733300000 - Contained Unit: lbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: A large portion of the copper resource is in the Inferred category, which is speculative and carries lower geological confidence. - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: Significant portion of Inferred resources in mine plan Evidence · table > 0.056 Context: 596.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-10) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2c0e1e4befead0213927 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67.2 - Grade: 75 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured resource for molybdenum provides a high level of confidence for a portion of the deposit, supporting the PEA. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 75.0 Context: 67.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-11) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:2c0e1e4befead0213927 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67.2 - Grade: 90.5 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured resource for molybdenum provides a high level of confidence for a portion of the deposit, supporting the PEA. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Measured Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 90.5 Context: 67.2 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-12) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:247848e699c43efcb65a - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339.9 - Grade: 352 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated resource for molybdenum provides a good level of geological confidence for a significant portion of the deposit. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 352.0 Context: 339.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-13) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:247848e699c43efcb65a - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339.9 - Grade: 463.2 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated resource for molybdenum provides a good level of geological confidence for a significant portion of the deposit. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 463.2 Context: 339.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-14) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:e32afb89f1e6c8b1bc73 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407.1 - Grade: 427 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated resource for molybdenum provides a good level of geological confidence for a significant portion of the deposit. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 427.0 Context: 407.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-15) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:e32afb89f1e6c8b1bc73 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407.1 - Grade: 553.7 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated resource for molybdenum provides a good level of geological confidence for a significant portion of the deposit. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Indicated Resource - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed Evidence · table > 553.7 Context: 407.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-16) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:221c923f5dd38bd4b5f9 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596.2 - Grade: 536.8 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: A large portion of the resource is in the Inferred category, which is speculative and carries lower geological confidence, impacting the overall PEA confidence. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: Significant portion of Inferred resources in mine plan Evidence · table > 536.8 Context: 596.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-resource-facts-17) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:221c923f5dd38bd4b5f9 - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596.2 - Grade: 733.3 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: A large portion of the resource is in the Inferred category, which is speculative and carries lower geological confidence, impacting the overall PEA confidence. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: QP/CP Signed - Positive factor: NI 43-101 Compliant - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: Significant portion of Inferred resources in mine plan Evidence · table > 733.3 Context: 596.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-metallurgical-facts-0) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional crushing and grinding, SABC, bulk flotation, regrinding, cleaning, separation through molybdenum flotation - Grind P80: 35 µm #### Recovery - Recovery: 88.4 % - Recovery Basis: to\_concentrate - Conc. Grade: 53.2 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research Ltd. - Consultant: Tetra Tech Coffey Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Molybdenum recovery of 88.4% to concentrate is strong for a flotation circuit, indicating good metallurgical performance with low impurities. - Positive factor: High Recovery - Positive factor: Mill Route - Positive factor: QP/CP Signed - Positive factor: Low deleterious elements in concentrate - Negative factor: Metallurgical test scale not explicitly stated Evidence · table > 88.4% Context: Molybdenum #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--3a763106-1def-4ff2-95b0-9f3510cda7c6#fact-metallurgical-facts-1) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD.TO #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional crushing and grinding, SABC, bulk flotation, regrinding, cleaning, separation through molybdenum flotation - Grind P80: 35 µm #### Recovery - Recovery: 89.6 % - Recovery Basis: to\_concentrate - Conc. Grade: 27.9 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research Ltd. - Consultant: Tetra Tech Coffey Pty Ltd #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: Copper recovery of 89.6% to concentrate is strong for a flotation circuit, indicating good metallurgical performance with low impurities. - Positive factor: High Recovery - Positive factor: Mill Route - Positive factor: QP/CP Signed - Positive factor: Low deleterious elements in concentrate - Negative factor: Metallurgical test scale not explicitly stated Evidence · table > 89.6% Context: Copper #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.