Bayan Khundii Gold Mine Ramp-Up Exceeds Expectations in Q4 2025
Event summary
- Erdene's Bayan Khundii Gold Mine processed 144,845 tonnes of ore in Q4 2025, averaging 77% of nameplate capacity (1,950 tpd) and achieving nameplate throughput in December.
- The mine sold 7,434 ounces of gold and 2,634 ounces of silver, generating $31 million in gross revenues at average prices of $4,153/oz for gold and $53/oz for silver.
- Completed 5,433 meters of drilling at Dark Horse and Altan Arrow prospects near Bayan Khundii, with results expected in Q1 2026.
- Gold recoveries consistently met or exceeded the forecast average of 93%, with processed ore averaging 2.0 g/t gold during the ramp-up phase.
The big picture
Erdene's successful ramp-up of the Bayan Khundii Gold Mine marks a critical milestone in Mongolia's emerging mineral region. The mine's performance aligns with feasibility study projections, positioning Erdene to leverage cash flows for further exploration and development within the Khundii Minerals District. The strategic focus on near-surface oxide gold and silver mineralization at adjacent prospects underscores the company's growth pipeline in one of Asia's most prospective mineral regions.
What we're watching
- Operational Optimization
- Whether Erdene can sustain nameplate throughput and improve grade control to meet feasibility study targets in Q1 2026.
- Exploration Potential
- The pace at which drilling results from Dark Horse and Altan Arrow prospects could expand resources and support mine expansion.
- Financial Guidance
- How updated production guidance in Q2 2026 will reflect the mine's performance during the initial start-up phase.
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