Erdene Resource Development Corp said on Monday its second-quarter mineral output rose year-over-year, while the company outlined plans to expand production in the coming quarters.
The Vancouver-based explorer, which focuses on gold and copper projects in Mongolia, reported a 15% increase in quarterly output compared with the same period last year. The company did not disclose specific production volumes in its statement.
Erdene attributed the rise to improved operational efficiency at its Altan Arrow gold project and steady progress at its Zuun Mod copper-gold deposit. Management highlighted ongoing drilling campaigns aimed at delineating additional mineral resources at both sites.
Chief Executive Officer Peter Akerley said the company remains on track to meet its annual production guidance, reaffirming a target of approximately 50,000 ounces of gold equivalent for 2024. The executive added that Erdene is evaluating financing options to fund near-term growth initiatives, including potential expansions at Altan Arrow.
Shares of Erdene Resource Development rose 4.2% in Toronto trading following the update, closing at C$0.36. The stock has gained 12% over the past month amid rising investor interest in junior mining equities.
Erdene plans to provide further operational updates alongside its next quarterly financial results, scheduled for release in late August.
