Erdene Resource Development Corp (TSX:ERD, OTC:ERDCF) announced its operating and financial results for the second quarter of 2024.
The company also provided an update on the progress of its Bayan Khundii Gold Project in Mongolia.
According to Peter Akerley, President and CEO: "The second quarter of 2024 was another productive period for Erdene as we made significant progress on both the exploration and development of our Khundii Minerals District projects in Southwestern Mongolia."
By the end of June 2024, construction of the Bayan Khundii Gold Project reached approximately 30% completion.
The process plant, a critical facility for the project, was nearly 40% complete, with all major mechanical equipment now on-site.
Despite some logistical and weather-related delays, the project remains largely on schedule, with first gold production expected in mid-2025.
Akerley noted: "Though we have seen modest logistical and weather-related delays, the project remains largely on schedule with first gold production projected in mid-2025."
Recent exploration activities have identified new gold targets on both the Khundii and Zuun Mod licenses.
Drilling is underway at Bayan Khundii to test targets west of the economic pit, aimed at expanding opportunities and increasing confidence in high-grade ore scheduled for the first year of production.
"Results of this work are expected in late Q3 2024," Akerley added.
Erdene recorded a net loss of $1.87 million for Q2 2024, against a $2.51 million loss in Q2 2023.
Exploration and evaluation expenses increased to $596,590, reflecting higher staffing and office costs.
Corporate and administrative expenses decreased to $667,030 due to the timing of annual performance bonuses and stock option grants.