ERD公司CEO，Peter Akerley最新访谈（2025.11.18）
25年11月18日，ERD公司CEO在商业节目Gold Newsletter上接受了采访。采访全文附后，管理层以前未提及过的重要内容摘要如下：
—“Zuun Mod 含有约 8 亿磅钼，相当于 250 亿美元金属价值。我们未来可能会把它拆分出去，但目前继续推进以提升价值。我们在做资源更新，之后会做 PEA（初步经济评估），再决定下一步策略。” （公司市值5亿美元，目前还有250亿美元的钼矿待评估和开发。具体要等PEA出来之后，再定如何运作，也有分拆出去的选项）
—”接下来有哪些催化剂？ ——年底前我们会正式宣布商业生产。此外，多个钻探项目将在未来数月持续有结果更新。”（未来的催化剂）
节目源因为审核原因不再显示，请自行到油管搜索（关键词:Gold Newsletter ERD)
《Erdene Resource Launches High-Grade Mongolia Gold Mine & Expands Multi-Project Pipeline》访谈全文翻译
本次采访是一则付费广告。它是代表公司制作的，并且在加拿大证券法下被视为投资者关系活动。所有陈述和观点均由嘉宾提供，不应被视为投资建议。请自行尽职调查或咨询注册投资顾问。
（00:17) 大家好，欢迎来到 Gold Newsletter 频道。我们现在位于新奥尔良投资大会现场，该会议由我们的老朋友 Brian London 主持。他和我都是本频道的共同主持人。今天我非常高兴邀请到 Peter Akerley，他是 Erdene Resource Development Corporation 的总裁兼 CEO。 名字很长，但我真的很高兴 Peter 能来到新奥尔良。 ——很高兴来到这里，也期待接下来的讨论。 ——当然。我这些年一直有在关注你们公司在蒙古的项目。在我们深入细节前，请先介绍一下公司整体情况。
(00:45) 好的。我本身是地质学家，大约 30 年前去到蒙古，所以我的职业生涯有一半时间都在蒙古度过。我们从一开始的目标就是在世界级金矿带——中亚造山带里，寻找大型、高品位、独特的铜金矿床。我们是真正的“第一批拓荒者”。我们去的是从未有人探索过的区域。快进到今天，我们已经成功找到了当初想找的东西，并且我们的第一个高品位露天金矿已经进入生产阶段。现在有了现金流和资源，我们也开始逐步释放我们所看到的多矿种、多项目、潜力巨大的矿业区。
(01:23) ——太好了，我很喜欢这个介绍。通常我第二个会问股本结构，因为很多被访者是勘探公司，而你们已经是生产企业，但我们还是聊一下吧。目前的资本结构如何？我知道你们市值大约是 5 亿美元。 ——没错。
(01:37) 我们最近完成了股份合并。之前我们流通股有 3.6 亿股，今年 9 月初我们做了 6:1 的合股，现在流通股是 6100 万股。期权大概有 300 万股，所以全面摊薄后是 6400 万左右。自合股以来，股价大概在 8–10 美元之间波动。这次合股非常成功，吸引了更大的机构客户、高净值投资者以及 ETF。我们的成交量大约提高了 5 倍。 ——太棒了。那现金和债务情况呢？
(02:23) 我们的金矿是在 Erdene Mongol（子公司）里面开发的。我们总共获得了 1.3 亿美元的项目融资，其中大概 1500 万未动用，所以子公司层面目前有大约 1.15 亿美元债务。按现在的现金流水平，我们计划在未来 12 个月左右全部偿还。 母公司层面，我们大概有 600 万美元现金，这些大部分尚未分配。
(02:45) 目前所有支出主要还是在子公司，不过我之后也可以谈谈几个可能使用母公司资金的新项目。 (03:05) ——有没有重要股东需要我们注意的？ ——当然。我们最大的股东是 Eric Sprott，他持股约 23%。此外美国机构投资者正在增加，包括纽约的 Donald Smith、Aegis、Mercerium，还有之前见到的 Goehring & Rozencwajg。欧洲复兴开发银行（EBRD）也是主要股东之一。 另外，我们在加拿大东部拥有强大的散户基础，大约 30% 股票由当地投资者持有。管理层与董事会合计持股约 5%。
(03:51) ——非常好，有“利益共同体”总是好事。我们聊聊主力项目吧，我努力正确发音：Bayan Khundii。 ——发得不错，其实应该念 “Bayan Hundii”，不读“K”。
(04:07) ——好的，说说它吧，从发现到现在的生产情况。 ——这是一个极其优秀的发现。我们 2015 年去到那里，在地表捡到含金 4000 克/吨的岩石。那片区域不仅没有地质学家来过，感觉像是完全没人走过，因为满地都是含金岩块。 这是我 38 年职业生涯中见过最震撼的金矿化现象。
(04:24) 我们在 2015 年开了第一口钻孔，前 7 米平均近 1 盎司/吨，这让我们马上意识到这里绝对不一般。后来我们钻到过 100 多米长度、平均 5 g/t 的高品位矿段，非常惊人。
(04:46) 那几年（2015–2019）资金非常难筹，所以我们决定：既然这是高品位、近地表、露天矿，那就直接推进建矿，尽快产生现金流。用现金流去推动整个矿区的价值释放。
(05:08) 后来虽然疫情有些扰动，但我们找到了完美的合作伙伴——蒙古矿业公司 MMC（蒙古最大私营矿企，港股上市，市值 20 亿美元）。他们不仅有运营经验，还有建筑公司、矿山施工、电力工程、运输物流等资源，所以我们与他们 50/50 合作，并保留 5% NSR 的特许权利金。
(05:52) 他们开始施工后，仅用了 22 个月就在预算的 10% 范围内顺利建成，现在我们已经成为全球品位最高的露天金矿之一。
(06:19) ——说说产量吧。你们有发布过指引吗？ ——有，我们基本遵循可研报告的数据：年产约 8.7 万盎司。在达到满产后会维持约 4 年。储量是 6 年，但资源量可以支撑 10 年以上。我们目标是每月约 7000 盎司。
(06:37) 我们在 9 月中浇出了第一块金锭，现在正在爬坡，预计年底达到 90% 产能，也就是开始商业生产。
(07:01) 现在主要是调试，在爆破、磨矿粒度、氰化剂用量等方面优化。但到目前为止进展非常好，设备利用率达到 70%，氰化剂用量低于预期，回收率高于预期。
(07:16) ——什么会让你夜不能寐？ ——蒙古的冬天会到 -30°C，所以在寒冷地区建矿总会有一些挑战。但总体来说我们对工艺非常有信心。
(07:46) ——你们在周边的勘探投入如何？ ——我们计划用现金流扩大矿坑边界。一个月后会在北方 2.5 公里处的 Dark Horse（7 g/t 地表新发现）展开扩展钻探。另外我们还有 Zuun Mod 钼矿，以及靠近 Oyu Tolgoi 的一个新签铜金斑岩项目。
(08:50) ——钼矿在一家金矿公司体系中合理吗？ ——从投资回报角度看完全合理。Zuun Mod 含有约 8 亿磅钼，相当于 250 亿美元金属价值。我们未来可能会把它拆分出去，但目前继续推进以提升价值。
(09:15) 我们在做资源更新，之后会做 PEA（初步经济评估），再决定下一步策略。
(09:52) 至于靠近 Oyu Tolgoi 的项目，这是全球第四大铜金矿的邻居，价值极高。我们将获得最高 80% 权益，明年上半年就会开始钻探。
(10:30) ——这些“第二梯队”项目你们会投入多少预算？ ——Terreg Uul 地表工作约 50 万美元，钻探 50–100 万美元。Zuun Mod 今年约 60 万美元。加上母公司的 600 万现金，我们资金充裕。
(11:13) ——子公司未来会向母公司分红吗？ ——按当前金价，我们预计矿山能产生 2 亿美元自由现金流，优先用于偿还 1.15 亿美元债务。债务在明年年底前可全部还清。从那之后将进入分红阶段（母公司与 MMC 各 50%），然后再决定是向股东分红还是回购，或投入新矿山建设。 (12:06) 当前金价 4000 美元我们当然很满意（笑）。
(12:32) ——很多人不熟悉蒙古，请你谈谈。 ——我在蒙古近 30 年了，蒙古并不适合“短线玩家”。像力拓在 Oyu Tolgoi 用了 15 年谈判，但现在他们已经投了 150 亿美元，项目顺利投产。近年来紫金、法国 Orano 等大型企业都进入了蒙古。我们从 115 个探矿权中成功建成 3 个矿，没有遇到严重风险。
(13:56) ——接下来有哪些催化剂？ ——年底前我们会正式宣布商业生产。此外，多个钻探项目将在未来数月持续有结果更新。
(14:37) ——非常感谢你来到这里，也期待看到更多来自蒙古的生产更新。 ——谢谢，也感谢各位观看。
英文原稿
Erdene Resource Launches High-Grade Mongolia Gold Mine & Expands Multi-Project Pipeline
Transcript:
(00:00) This interview is a paid advertisement. It was produced on behalf of the company and is considered investor relations activity under Canadian securities law. All statements and opinions are those of the guests and should not be construed as investment advice. Please do your own due diligence or consult a registered investment adviser.
(00:17) Hello and welcome to the Golden Newsletter channel here from the floor of the New Orleans Investment Conference hosted by our good friend Brian London. He and myself are both the hosts of this YouTube channel and I'm really excited to introduce you to Peter Akley. He's the president CEO over at Ardine Resource Development Corporation.
(00:30) Long name, but really excited for Peter here to join us in in New Orleans and happy to be here. Yeah, look forward to our discussion. Yeah, absolutely. I I've been loosely following the story for years now uh in in Mongolia, but before we get into some of the details where you are right now, give us an overview of the company.
(00:45) Sure. Well, I'm a geologist that went to Mongolia 30 years ago. So about half of my career has been spent in Mongolia. And we really set out at the very beginning to explore for large high-grade unique copper and gold deposits in one of the great gold belts of the world, the Central Asian origenic belt. And so we're truly first movers.
(01:05) I mean, we're out there in an area that nobody's ever explored before. To fast forward to today, we've been successful in finding what we went looking for and have our first high-grade open pit gold mine now in production. and with that the cash flow and the wherewithal to now start to unlock what we see as a multi-y multicommodity district.
(01:23) Fantastic. I really appreciate that overview. Usually the second question I ask is about cap structure because we often have explorers on the program bit different with producers but maybe to catch us up where do you stand cap structure because I know market cap is like $500 million. That's right. Yeah.
(01:37) So we recently went through a consolidation. We uh had 360 million shares standing out until early September and we did a 6:1 consolidation. So today we have 61 million shares outstanding. I think we have 3 million options outstanding. So fully diluted around 64 million. Our share price has ranged from sort of 8 to 10 since uh since that consolidation.
(01:58) That consolidation was very successful by the way in attracting larger institutional clients, larger high net worth and ETFs. We've seen our volumes increase by about five times since consolidation. So fantastic. Yeah, they're really good to see like cash debt maybe. Sure. Um, so the gold mine has been developed in a subsidiary company called Erdin Mongol.
(02:23) Within that, we secured uh 130 million in total funding, debt funding. Uh, we have ondrawn about 15 million of that. So within the subsidiary there's uh about 115 million in debt that we plan to pay off over the next uh 12 months or so at these current cash flow levels. um parent company, we have approximately $6 million in cash that's unallocated.
(02:45) Effectively, all of our spending currently is in the subsidiary company. There are a couple projects I can touch on with you that we'll start to see some of those monies deployed, but generally 6 million parent co and um on 15 million in subco. Gotcha. Okay. No, sounds interesting. Any major shareholders we should be aware of? Yeah, absolutely.
(03:05) Uh so Eric Sprat's our largest shareholder. Eric sitting at about 23%. Uh we've seen increasing interest from US institutions. Uh so a number of groups out of New York, Donald Smith, Aegis, uh Mercium, which I saw here earlier today. So in Goring and Associates, um the European Bank of Reconstruction and Development was one of the early supporters of our company and a major shareholder today.
(03:28) The other thing I'd mention is we're a bit unique in that we're based in Eastern Canada and we've built a very strong retail shareholder base in that area. Probably 30% of our outstanding shares are held by retail investors in Eastern Canada who've been very supportive of the company for the last uh 10 years and so a very tight structure and um directors and management own about 5% of the company as well.
(03:51) Oh no, fantastic. Always staying good good have skin in the game there. Exactly. Um let's talk about the the flat jet project. I hope I say it correctly. Bayan Kundi. That's That's good. Yeah. Bayan Hundi. Okay. Close. You don't say the Kundi. Okay. Um tell us about it. Like tell us first maybe the history and now production profile.
(04:07) You know, an exceptional discovery. We went out there in 2015 and picked up samples that were running 4,000 g per ton at surface. Uh just a place that not only had geologists not walked across before, but I'm thinking nobody's walked across before because you're picking up samples that are just riddled with gold.
(04:24) Spectacular. the best I've seen in my 38 years in this business. So, picked those rocks up 2015, drilled the first hole. The first hole 7 m from surface was about 7 m of almost an ounce of gold. And with that, it really just kind of launched us into we've got something unique here. We've drilled holes that are over 100 meters of 5 g in this deposit, just exceptionally high grade.
(04:46) Um with that in hand and you'll remember this during that 2015 2019 period it was very very challenging to raise money for our business. So we thought high-grade open pit good metal energy let's go ahead move this to production and get the cash flow and with that cash flow we can unlock what we see as a brand new district in southwestern Mongolia.
(05:08) So we set out to do that interrupted by co a little bit but uh we found a partner that brought the things that we didn't have in our arsenal if you will. Uh we weren't we're explorers. We're good at building uh the corporate side but we need an operator. We needed a construction company. So we sought out partners uh globally.
(05:27) We brought in some of the world's leading gold mining companies. But ultimately we selected as our partner Mongolia Mining Corporation who's Mongolia's largest private mining company listed on Hong Kong. two billion dollar market cap. They operate steel making coal mines in the southwestern part of the sorry southeastern part of the country but 2,000 miners sister companies that have all of the things that you want if you're going to build out a mining district.
(05:52) They had mining construction companies that worked with Riotinto power transmission line construction companies logistics transportation. So we said okay we'll put these two things together 50/50 partnership. We kept back a 5% uh royalty that kicks in in uh after 400,000 ounces of gold, but we put these guys to work and lo and behold, here we are 22 months after starting construction within 10% of capital costs in production with one of the highest grade gold mines globally.
(06:19) Fantastic. Yeah. Run us a bit through the production profile. What can we expect? I'm not sure if you put out guidance yet. Yeah, so the guidance that's out there is basically what we had in the feasibility study, which still holds largely true, which was uh how much was the production? Yeah, 87,000 ounces per year is what we're aiming for once we get to full production.
(06:37) There's four years at that level in reserve. We've got a six-year reserve life, but a pipeline of resources that'll have us operating well in excess of 10 years. Um, so we intend to do about 7,000 ounces a month. We effectively just produced the first gold bar in midseptember and we're now going up through that ramp up stage so that by year end we're at name plate which will be 90% of plan production.
(07:01) um four gram head as I mentioned. So yeah, we're going through the fits and spurts of getting things running. You know, you kind of trial and error on the blasting and the grinding size and the cyanide dosage, all those things, but so far so good. We're very happy with how anything that gives you sleepless night.
(07:16) It's a bit of a you know, um you know, I guess anytime you're building a mine in a cold weather climate, uh which is coming at us, you know, minus 30 in Mongolia, there will be some issues that come out of that. So from an operating perspective probably that as much as anything but this is a very uh conventional uh crush grind leech um you know gold dory and very impressed with how the plants operated today you know we're getting up into that 70% utilization of equipment uh the cyanide dosage is lower than we expected (07:46) recoveries are higher than expected so yeah so far so good as I mentioned fantastic how much are you spending on exploration around it are you focused on exploration at all interesting yeah so as I mentioned our strategy was let's heads down get to cash flow. So here we are at cash flow. We've already commenced drilling on an expansion of the Bay Hyundai pit.
(08:04) So expanding around that half a million ounces. In about a month's time we'll start to expand on our super gene discovery to the north 2 and a half km dark horse which has a satellite pit which is 7 g per ton at surface. It's about 50,000 ounces but we have a kilometer and a half of strike length to continue to explore there.
(08:23) And we're also uh working on two other projects. the Zuma Malibdinum project where we're doing some drilling and a newly acquired project copper gold in the vicinity of Oy Togoy. Maybe a bit of a cheeky question here, but Malipinum in a in a gold company. How how does that fit together? How does that fit maybe the overall business plan of the company? Well, you know, when you look at our business plan, we have a 5-year build plan to build out a new district and we're agnostic, I guess, when it comes to a commodity. It's whatever is going
(08:50) to give us the highest return. That's an 800 million pound MALI equivalent deposit that in the ground is $25 billion worth of malibdinum. So it's hard to say we should just be gold when you have that in front of you. Um I think you know to the root of your question though at some point it may make sense to spin that out into another vehicle uh and stick with the gold in a vehicle but we'll keep moving it forward adding value and we'll make that decision when the time is right.
(09:15) Where where do you see that position point or decision point to be like what what do you Yeah. So we've just established that updated resource. I want to do some drilling in the near surface to improve that early strip ratio which we're doing. We'll do a pea in Q1 and once we've delivered that then we'll make some decisions around the corporate direction of the Zoom mod project.
(09:34) Okay. No fair enough. And then we can sort of wrap ahead around it and understand it how it fits in. Fantastic. Um you you mentioned you have another project next to Oya Tolgoy. Ma massive success story there of course. Um give us an update there. Yeah. So, you know, as you would expect if you're in Mongolia, you always have your eyes on opportunities around Ogoy.
(09:52) It's not often you can pick up a project within 5 kilometers of one of the world's great discoveries. It's going to be the fourth largest copper gold producer on the planet by the end of this decade. So, there was largely closure around that area until two years ago. They began issuing tenders. Mongolian private company picked it up.
(10:09) We entered discussions and we've now earned the right to have an 80% interest over a number of years. And it's structured so we can get in there and do that early expiration. Can we get our teeth into something before we get into progressively higher option payments? And we have people on the ground right now establishing the geochemical geohysical targets that we will then drill in the first half of next year.
(10:30) Okay. How much money are you allocating to those let's say secondary projects? Yeah. So it's about a half a million dollars uh in Terraul surface works. So some deep geoysics and geochem. I would expect next year the drilling once it's planned will be in that half million to a million dollar for a first pass.
(10:48) And then on Zoom mod we have about $600,000 budgeted for drilling this year. So that comes out of that what I said on allocated 6 million which will leave us in um still a strong cash position going into next year. I'd add also that all of our options are at sort of pre-conolidation 3040 cents. So, we're seeing constant money coming in through the auctions like we're self-funded almost now.
(11:13) And I would expect even with those expenditures, we'll still be in that five million plus range this time well in first half of next year. Okay. Should we expect a dividend being paid from the Mongolian subsidiary to Ardan? Yeah. Well, let me how is that structured perhaps? Yeah, let me speak to that a little bit. So, you know, at current gold prices, we expect this mine to generate about 200 million US in free cash flow.
(11:35) uh that will obviously go as a priority to initially funding expiration which is small relative to that number say 10 million over the next 12 months but out outside of that we'll just deploy all of that into repaying the debt which is 115 million if gold prices remain where they are and we see that return then the debt's paid off by late next year and at that point dividends would flow back to the shareholders 50/50 MMC and ERD and then we would make a decision as to whether we want to have that deployed to shareholders as a dividend from
(12:06) corporate and or a share buyback to potentially interrupt that if we have another project to deploy those monies into another gold project development for instance that'll take priority but there's more than enough cash flow at these gold prices to do everything absolutely no fantastic yeah $4,000 gold is nothing to sneeze at no we're quite happy with that number we do have to quickly talk about Mongolia the jurisdiction itself give us an update I I don't think everybody's familiar with it we hear some success
(12:32) stories like oh you Bulgard coming out of it. But for juniors, it wasn't as easy in the past. Yeah, I've been there for almost 30 years. It'll be 30 years next winter, I believe. Um, Mongolia has proven to be uh a place that is, I guess, not for the fickle. Um, you know, there's been a number of companies, mainly Riotinto more than others, who went through a long protracted negotiation.
(12:56) But today you have the fourth largest copper gold mine on the planet with 15 billion invested by Rio now in steadystate production. But not only that, you now have Zjin that's come into the country, you know, China's largest uh mining company investing in early stage copper gold projects. You have the French government through Arano building the I think it'll be the sixth largest uranium project in the world.
(13:20) Uh you have MMC who's the largest coke and coal producer listed in Hong Kong and a number of private companies. So you're seeing more private than you are public. But the Ruben brothers out of uh the UK, you have uh the Quac family out of Hong Kong. Some of the richest families in the world are investing privately into mines being built.
(13:37) Not a lot of public companies, but our experience has been 115 licenses, three converted to mining now in production. Have never faced any significant issues with the jurisdiction. Fantastic. Awesome. Peter, near-term catalyst. Sorry. Um almost got you there. Um no, near-term catalyst for the company. What can we expect as investors? Yeah.
(13:56) Well, just to sort of kick back to that first production. So, we'll go through this uh initial startup phase by year and be able to be at commercial or name plate and announce that the name plate definition is 30 days at 90% plus uh name plate. So, that had come in end of December into January. Uh so that's a cornerstone that generates that cash flow I talked about.
(14:16) But we have multiple drill programs underway on each of those projects buying Hyundai Darkhor soon surface works at Terraul. All of that information will find its way into the market over the next several months. So plenty of catalysts coming up. Brilliant. Awesome. Now Peter, thank you so much for joining us. Really appreciate you sitting down with with me here in New Orleans and uh hope to catch up again soon.
(14:37) Looking forward to getting some production updates coming out of Mongolia there. Thank you so much. Great. And uh everybody else, thank you so much for tuning in. much appreciate you watching us here from the floor of the New Orleans Investment Conference. Go check out Ardin Resource Development Corp.
(14:50) What do you call it? Do you have a nickname for it? Uh, let's just go with erd and that's the ticker as well. So, fantastic, Peter. Thank you so much and uh yeah, stay tuned and hit that like and subscribe button. Much appreciated. Thank you.