Canadian-Mongolian miner Erdene Resource Development Corp., which operates the Bayan Khundii gold project in Bayankhongor Province through a joint venture with Energy Resources, has become Mongolia’s third most valuable publicly listed company by market capitalization.
The company, nearing full completion of construction at Bayan Khundii, delivered its first gold shipment to the Bank of Mongolia this week — a major milestone marking the transition from development to production.
Erdene’s stock price has surged to its highest level since 2011, reaching CAD $8.68 per share on the Toronto Stock Exchange as of September 16, reflecting renewed investor confidence amid rising gold prices and strong early production results.
In Mongolia, the company’s shares are also traded on the Mongolian Stock Exchange (MSE), where prices climbed to ₮20,500 per share, lifting Erdene’s domestic market valuation to third place — behind Khan Bank and Tavan Tolgoi JSC.
The Bayan Khundii mine, located across Shinejinst and Bayan-Öndör soums of Bayankhongor Province, is designed to produce up to 85,000 ounces of gold per year, positioning it among the country’s most promising new gold operations.
With the project now entering full production, Erdene Resource’s performance underscores growing investor interest in Mongolia’s precious metals sector, supported by favorable market conditions and increased confidence in domestic mining infrastructure.
