# Erdene Resource Announces Preliminary Economic Assessment Results for Zuun Mod Molybdenum-Copper Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1079-tsx/erd/212913-erdene-announces-preliminary-economic-assessment-results-for-zuun-mod-molybdenum-copper-project.html Publisher: jmn Original announcement: 2026-10-14T22:18:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-14T22:28:14.844Z Atlas analysis updated: 2026-10-14T22:28:14.844Z - Company: Erdene Resource Development Corp. - Ticker: ERD - Exchange: TSX - Region: Mongolia - Primary commodity: Molybdenum - Secondary commodities: Copper - Document categories: Other, Resource update, Metallurgy - Extracted: 2026-10-14 22:28:15 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Erdene Resource announced positive Preliminary Economic Assessment \(PEA\) results for its Zuun Mod Molybdenum-Copper Project in Mongolia, outlining a 34-year mine life with a base case after-tax NPV8% of US$745.1 million and an IRR of 16.1%. The PEA is supported by an updated NI 43-101 compliant mineral resource estimate, including 407.1 Mt Measured+Indicated at 0.048% Mo and 0.062% Cu, and positive metallurgical testwork indicating high recoveries for both molybdenum and copper. The company plans further drilling to upgrade and expand resources. Reasoning: The Preliminary Economic Assessment demonstrates robust economics for the Zuun Mod Molybdenum-Copper Project, supported by a substantial updated mineral resource estimate and strong metallurgical performance, despite the inherent preliminary nature of a PEA and reliance on inferred resources. - Positive factor: Strong NPV/IRR: Base case NPV8% US$745.1M, IRR 16.1%; Spot prices NPV8% US$1,980.7M, IRR 27.8%. - Positive factor: Long mine life: 34 years. - Positive factor: Significant contained metal: 672.1 Mlbs Mo and 947.2 Mlbs Cu LOM production. - Positive factor: Low strip ratio: 1.31 waste:feed. - Positive factor: High recoveries: 88.4% Mo, 89.6% Cu. - Positive factor: Updated MRE: NI 43-101 compliant, significant M+I resources. - Positive factor: QP/CP Signed: Multiple QPs for different sections. - Positive factor: Strategic location: Near Mongolia-China border, leveraging regional infrastructure. - Positive factor: Potential for resource expansion: Deposit remains open at depth and along strike, multiple targets. - Positive factor: High-grade concentrates: 53.2% Mo, 27.9% Cu. - Positive factor: Low deleterious elements: Concentrates appear clean. - Negative factor: PEA includes inferred resources: The PEA includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. - Negative factor: Preliminary nature of PEA: There is no certainty that the PEA will be realized, and mineral resources that are not mineral reserves do not have demonstrated economic viability. - Negative factor: Mining equipment capital excluded from upfront capex: Mining equipment capital is assumed to be incurred by the contract miner and is excluded from the capital costs below. - Negative factor: PEA accuracy range: expected accuracy range of -20% to -50% under-estimation and +30% to +100% over-estimation. - Negative factor: Inferred resources in mine plan: Approximately 74% of the PEA forecast plant feed... is derived from Inferred Mineral Resources. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 11 ## 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 is titled 'Preliminary Economic Assessment Results' and details the economic evaluation of the project. Evidence · text > Erdene Resource Announces Preliminary Economic Assessment Results for Zuun Mod Molybdenum-Copper Project **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document 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 **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 and updated MRE were 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 **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: Multiple Qualified Persons \(Julien Lawrence, Oyunbat Bat-Ochir, Andrew Carter\) are named and have reviewed and approved different sections of the technical information. 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. Information relating to the Zuun Mod Mineral Resource Estimate is based on information compiled and reviewed by Oyunbat Bat-Ochir who is a full-time employee of SLR and a Member of the Australian Institute of Geoscientists. Information in this press release that relates to the metallurgy, recovery methods and process design has been reviewed and approved by EUR ING Andrew Carter CEng, FIMMM QMR, MSAIMM, SME who is engaged through Tetra Tech. **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. Evidence · table > 67.2 Context: Measured **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. Evidence · table > 339.9 Context: Indicated **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 an Inferred category of 596.2 Mt, and approximately 74% of the PEA plant feed is derived from Inferred Mineral Resources. Evidence · table > 596.2 Context: 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: The mineral resource estimate is reported at a cut-off grade of 0.025% Mo. Evidence · text > reported above Molybdenum \(Mo\) cut-off grade of 0.025% **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Molybdenum recovery is 88.4% and copper recovery is 89.6%, which are strong for flotation processing. 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 concentrator processing plant utilizing crushing, grinding, and flotation. Evidence · text > The PEA contemplates a conventional copper–molybdenum concentrator processing 25 Mtpa over a 34-year mine life. The flowsheet comprises primary crushing, a covered coarse-ore stockpile and a conventional SABC to grind to P80 200 microns before the material is sent to bulk flotation. **Clean Ore** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Metallurgical testwork indicates low levels of deleterious elements in concentrates, with key penalty elements below indicative smelter thresholds. 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. In the molybdenum concentrate, Mo grade is estimated at 53.2%, with Cu and P impurities at 0.4% and 0.004% respectively. The copper concentrate is estimated to grade 27.9% Cu, with reported As, Bi, Pb, Sb, Zn, F, and Cl below indicative smelter penalty thresholds **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 10. Some facts used in scoring do not have a stored record. ## Resource Estimates (8) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-1) Zuun Mod · molybdenum #### Identity - Project: Zuun Mod - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - 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:c36e3fb8fd3c7660efa4 - Deposit or zone: Zuun Mod - 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 - 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: A significant Measured resource for molybdenum provides high confidence for project development, supported by compliant reporting and QP sign-off. - Positive factor: Measured Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - 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-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-2) Zuun Mod · copper #### Identity - Project: Zuun Mod - Commodity: copper - Region: mongolia - Reported Region: Mongolia - 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:c36e3fb8fd3c7660efa4 - Deposit or zone: Zuun Mod - 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 - 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: A significant Measured resource for copper, as a co-product, adds value and confidence to the project, supported by compliant reporting. - Positive factor: Measured Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-3) Zuun Mod · molybdenum #### Identity - Project: Zuun Mod - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - 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:c17814707e84c2827224 - Deposit or zone: Zuun Mod - 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 - 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: A substantial Indicated resource for molybdenum further de-risks the project, providing reasonable geological confidence for economic studies. - Positive factor: Indicated Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed 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-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-4) Zuun Mod · copper #### Identity - Project: Zuun Mod - Commodity: copper - Region: mongolia - Reported Region: Mongolia - 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:c17814707e84c2827224 - Deposit or zone: Zuun Mod - 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 - 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: A significant Indicated resource for copper contributes to the overall project value and confidence, supporting further economic evaluation. - Positive factor: Indicated Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-5) Zuun Mod · molybdenum #### Identity - Project: Zuun Mod - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - 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:8c0ddc62a6fe5f4d711b - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407100000 - Grade: 0.048 - Grade Unit: % - Contained Metal: 427 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.065 - Metal Eq. Unit: % MoEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The combined Measured and Indicated molybdenum resource provides a strong foundation for the project, indicating good geological confidence. - Positive factor: Indicated Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed 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 **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-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-6) Zuun Mod · copper #### Identity - Project: Zuun Mod - Commodity: copper - Region: mongolia - Reported Region: Mongolia - 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:8c0ddc62a6fe5f4d711b - Deposit or zone: Zuun Mod - Mining method: open\_pit #### Resource Data - Category: indicated - Tonnes: 407100000 - Grade: 0.062 - Grade Unit: % - Contained Metal: 553.7 - Contained Unit: mlbs - Cutoff Grade: 0.025 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-05-01 #### Metal Equivalent - Metal Eq. Grade: 0.065 - Metal Eq. Unit: % MoEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: The combined Measured and Indicated copper resource enhances the project's overall value and confidence, supporting further economic studies. - Positive factor: Indicated Resource - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed 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 **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-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-7) Zuun Mod · molybdenum #### Identity - Project: Zuun Mod - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - 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:922fbba59f5aab3b9097 - Deposit or zone: Zuun Mod - 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 - 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 Inferred molybdenum resource indicates significant potential but carries higher geological uncertainty, especially given its substantial contribution to the mine plan. - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: High reliance on inferred resources in mine plan 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-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-resource-facts-8) Zuun Mod · copper #### Identity - Project: Zuun Mod - Commodity: copper - Region: mongolia - Reported Region: Mongolia - 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:922fbba59f5aab3b9097 - Deposit or zone: Zuun Mod - 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 - 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 Inferred copper resource adds to the project's overall potential but is subject to the uncertainties associated with this resource category and its use in the mine plan. - Positive factor: NI 43-101 Compliant - Positive factor: QP/CP Signed - Positive factor: Cut-off Disclosed - Negative factor: Inferred Resource - Negative factor: High reliance on 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 ## Metallurgical Results (2) ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-metallurgical-facts-9) Zuun Mod · molybdenum #### Identity - Project: Zuun Mod - Commodity: molybdenum - Region: mongolia - Reported Region: Mongolia - Ticker: ERD #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional copper–molybdenum concentrator processing 25 Mtpa, bulk flotation, regrind, molybdenum flotation - Sample: Zuun Mod #### Recovery - Recovery: 88.4 % - Recovery Basis: actual\_test - Conc. Grade: 53.2 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research Ltd. - Consultant: Tetra Tech #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: High molybdenum recovery and concentrate grade with low deleterious elements indicate favorable metallurgical characteristics for the project. - Positive factor: High Recovery - Positive factor: Mill Route - Positive factor: Clean Ore - Positive factor: High concentrate grade 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 mill\_cil signal ### flotation [Link to this fact](https://atlas-staging.minestarters.com/news/erdene-resource-announces-preliminary-economic-assessment-results-for-zuun-mod-m--c245b1de-03dc-4ab4-a0b2-4423bb9ae7ef#fact-metallurgical-facts-10) Zuun Mod · copper #### Identity - Project: Zuun Mod - Commodity: copper - Region: mongolia - Reported Region: Mongolia - Ticker: ERD #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional copper–molybdenum concentrator processing 25 Mtpa, bulk flotation, regrind, molybdenum flotation - Sample: Zuun Mod #### Recovery - Recovery: 89.6 % - Recovery Basis: actual\_test - Conc. Grade: 27.9 - Conc. Grade Unit: % #### Lab - Laboratory: Blue Coast Research Ltd. - Consultant: Tetra Tech #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-14T00:00:00.000Z Reasoning: High copper recovery and concentrate grade with low deleterious elements demonstrate strong metallurgical performance for the co-product. - Positive factor: High Recovery - Positive factor: Mill Route - Positive factor: Clean Ore - Positive factor: High concentrate grade 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 mill\_cil 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.