# 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46 Original source: https://www.globenewswire.com/news-release/2026/10/14/3381199/0/en/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum-copper-project.html Publisher: globenewswire Original announcement: 2026-10-14T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T23:01:51.289Z Atlas analysis updated: 2026-10-14T23:01:51.289Z - Company: Erdene Resource Development Corp. - Ticker: ERD - Exchange: Unavailable - Region: Unavailable - Primary commodity: Molybdenum - Secondary commodities: Copper - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-14 23:01:51 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Erdene Resource Development Corp. announced positive Preliminary Economic Assessment \(PEA\) results for its Zuun Mod Molybdenum-Copper Project, outlining a 34-year mine life with an after-tax NPV of US$745.1 million and an IRR of 16.1% at base case prices. The PEA incorporates an updated NI 43-101 compliant Mineral Resource Estimate, showing significant Measured, Indicated, and Inferred resources, and projects high metallurgical recoveries for both molybdenum and copper. While the study highlights compelling economics, a substantial portion of the mine plan relies on Inferred resources, indicating early-stage project confidence. Reasoning: Erdene's PEA for the Zuun Mod Molybdenum-Copper Project demonstrates robust economics with a strong NPV and IRR, a long mine life, and high recoveries. The updated NI 43-101 compliant MRE provides a solid foundation, though the reliance on Inferred resources for a significant portion of the mine plan introduces a degree of risk typical for a PEA-stage project. - Positive factor: Strong after-tax NPV and IRR in base case and spot price scenarios - Positive factor: Long mine life of 34 years with significant metal production - Positive factor: Low strip ratio for open-pit mining - Positive factor: High metallurgical recoveries for both molybdenum and copper - Positive factor: High-grade concentrates with low deleterious elements - Positive factor: Updated Mineral Resource Estimate \(MRE\) prepared to NI 43-101 standards - Positive factor: Potential for resource expansion and conversion of Inferred to higher confidence categories - Negative factor: Preliminary Economic Assessment \(PEA\) is a Class 5 estimate with lower accuracy - Negative factor: Approximately 74% of the PEA plant feed is derived from Inferred Mineral Resources, which are speculative - Negative factor: Project-specific contractor tenders and equipment quotations not yet obtained for cost estimates Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 14 ## 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 presents 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 **Positive NPV** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The PEA reports an after-tax Net Present Value \(NPV\) of US$745.1 million at an 8% discount rate. Evidence · table > 745.1 Context: NPV 8% **Positive IRR** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The PEA reports an Internal Rate of Return \(IRR\) of 16.1% for the base case. Evidence · table > 16.1% Context: IRR **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 **Low Capex** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The pre-production capital costs are estimated at US$687 million, which is favorable relative to the project's NPV. Evidence · table > 686.8 Context: Pre-Production Capex **Low AISC** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The All-in Sustaining Cost \(AISC\) is estimated at US$13.89/lb molybdenum, which is competitive. Evidence · table > 13.89 Context: All-in Sustaining Cost \(AISC\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The PEA includes an updated mineral resource estimate for the Zuun Mod deposit. Evidence · text > The technical report incorporates an updated mineral resource for the Zuun Mod deposit **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: Approximately 74% of the PEA forecast plant feed is derived from Inferred Mineral Resources, which are considered speculative. Evidence · text > Approximately 74% of the PEA forecast plant feed, including approximately 16% of the plant feed scheduled during the six-year undiscounted payback period, is derived from Inferred Mineral Resources. **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 mineral resource estimate was compiled by Mr. Oyunbat Bat-Ochir, a Member of the Australian Institute of Geoscientists and a Qualified Person. Evidence · text > The Statement of Estimates of Mineral Resources has been compiled by Mr. Oyunbat Bat-Ochir who is a full-time employee of SLR and a Member of the Australian Institute of Geoscientists. **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 \(“NI 43-101”\) **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 estimate is reported at a cut-off grade of 0.025% Mo. Evidence · text > at a cut-off grade of 0.025% Mo **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Molybdenum recovery is estimated at 88.4% and copper recovery at 89.6% to concentrate, which are strong for a flotation route. Evidence · table > 88.4% Context: Molybdenum **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 crushing, grinding, and flotation. Evidence · text > The PEA contemplates a conventional copper–molybdenum concentrator processing 25 Mtpa over a 34-year mine life. **Free Milling** Polarity: positive Definition: Simple, clean ore amenable to standard processing without oxidation. Why it applies: Metallurgical testwork indicates the potential to produce high-grade concentrates with low levels of deleterious elements. 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: 13. Some facts used in scoring do not have a stored record. ## Resource Estimates (11) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-0) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:550e8b3b09ff7d8fd38c - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Grade: 0.051 - Grade Unit: % - Contained Metal: 75 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured molybdenum resource provides a high-confidence base for the project, contributing to the overall economic assessment. - Positive factor: High confidence resource category \(Measured\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-1) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:550e8b3b09ff7d8fd38c - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Grade: 0.061 - Grade Unit: % - Contained Metal: 90.5 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Measured copper resource provides a high-confidence base for the project, contributing to the overall economic assessment. - Positive factor: High confidence resource category \(Measured\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-2) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:550e8b3b09ff7d8fd38c - Mining method: open\_pit #### Resource Data - Category: measured - Tonnes: 67200000 - Contained Metal: 99.9 - Contained Unit: mlbs - 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 molybdenum equivalent resource provides a high-confidence base for the project, contributing to the overall economic assessment, with transparent assumptions. - Positive factor: High confidence resource category \(Measured\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant - 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-3) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:a8714ed1db66764e3782 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339900000 - Grade: 0.047 - Grade Unit: % - Contained Metal: 352 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated molybdenum resource adds significant tonnage and metal to the project, supporting the PEA's economic viability. - Positive factor: Good confidence resource category \(Indicated\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant Evidence · table > 0.047 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-4) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:a8714ed1db66764e3782 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339900000 - Grade: 0.062 - Grade Unit: % - Contained Metal: 463.2 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated copper resource adds significant tonnage and metal to the project, supporting the PEA's economic viability. - Positive factor: Good confidence resource category \(Indicated\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-5) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:a8714ed1db66764e3782 - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 339900000 - Contained Metal: 479.4 - Contained Unit: mlbs - 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 molybdenum equivalent resource adds significant tonnage and metal to the project, supporting the PEA's economic viability, with transparent assumptions. - Positive factor: Good confidence resource category \(Indicated\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant - 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-6) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:18b9924925e3bfa6e537 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596200000 - Grade: 0.041 - Grade Unit: % - Contained Metal: 536.8 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The large Inferred molybdenum resource provides significant future potential but carries lower confidence, impacting the overall certainty of the PEA. - Positive factor: Significant tonnage in Inferred category - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant - Negative factor: Inferred resource category has lower geological confidence - Negative factor: Significant portion of PEA mine plan derived from Inferred resources Evidence · table > 0.041 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-7) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:18b9924925e3bfa6e537 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596200000 - Grade: 0.056 - Grade Unit: % - Contained Metal: 733.3 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The large Inferred copper resource provides significant future potential but carries lower confidence, impacting the overall certainty of the PEA. - Positive factor: Significant tonnage in Inferred category - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant - Negative factor: Inferred resource category has lower geological confidence - Negative factor: Significant portion of PEA mine plan derived from Inferred resources 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-8) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:18b9924925e3bfa6e537 - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 596200000 - Contained Metal: 783 - Contained Unit: mlbs - 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: The large Inferred molybdenum equivalent resource provides significant future potential but carries lower confidence, impacting the overall certainty of the PEA, despite transparent assumptions. - Positive factor: Significant tonnage in Inferred category - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant - Positive factor: Metal equivalent assumptions disclosed - Negative factor: Inferred resource category has lower geological confidence - Negative factor: Significant portion of PEA mine plan derived from Inferred resources 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-12) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:0f464d5cbd5c56860fdd - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407100000 - Grade: 0.048 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated molybdenum resource adds significant tonnage and metal to the project, supporting the PEA's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Good confidence resource category \(Indicated\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant Evidence · table > 0.048 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-resource-facts-13) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Ticker: ERD #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Oyunbat Bat-Ochir - Resource group id: resource:0f464d5cbd5c56860fdd - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407100000 - Grade: 0.062 - Grade Unit: % - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The Indicated molybdenum resource adds significant tonnage and metal to the project, supporting the PEA's economic viability. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Good confidence resource category \(Indicated\) - Positive factor: Updated as part of a new PEA - Positive factor: QP/CP signed and NI 43-101 compliant Evidence · table > 0.062 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 ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-metallurgical-facts-10) Zuun Mod Molybdenum-Copper Project · molybdenum #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: molybdenum - Ticker: ERD #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing and grinding, SABC, bulk flotation, regrind, molybdenum flotation #### 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: The high molybdenum recovery and concentrate grade indicate favorable metallurgical characteristics for the project, supporting the PEA's economic assumptions. - Positive factor: High recovery for molybdenum - Positive factor: High concentrate grade - Positive factor: Low deleterious elements in concentrate 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--76f544c5-62a5-42a5-ad4c-e9538acf2d46#fact-metallurgical-facts-11) Zuun Mod Molybdenum-Copper Project · copper #### Identity - Project: Zuun Mod Molybdenum-Copper Project - Commodity: copper - Ticker: ERD #### Test Work - Program Status: preliminary - Test Type: flotation - Processing Route: conventional crushing and grinding, SABC, bulk flotation, regrind, molybdenum flotation #### 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: The high copper recovery and concentrate grade indicate favorable metallurgical characteristics for the project, supporting the PEA's economic assumptions. - Positive factor: High recovery for copper - Positive factor: High concentrate grade - Positive factor: Deleterious elements below smelter penalty thresholds 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.