08:18 AM EDT, 03/25/2025 (MT Newswires) -- Erdene Resource Development ( ERDCF ) said Tuesday that it sank to a net loss in 2024.

The company posted a net loss of $8.2 million, swinging from a 2023 net income of $522,043.

The loss comes as Erdene's exploration and evaluation expenses increased to $1.9 million from $847,010 while corporate and administrative expenses rose to $5.0 million from $3.1 million.

Erdene said it continues to advance the Bayan Khundii gold project in Mongolia, where the second phase of an ore-control drill program was completed in the fourth quarter of 2024.

The company said results confirmed consistency of mineralization in the previously defined blocks and drilling in 10 areas intersected mineralization that has the potential to extend ore blocks.

Erdene said there are plans to drill over an additional 100 holes to verify these newly identified areas.

The output from the ore-control drilling will be incorporated into a Bayan Khundii mine plan update over the coming months, the company said.

"The Bayan Khundii gold mine is one of the highest grade, open-pit gold mines under development globally and will be Mongolia's largest primary gold producer when it reaches full production," said Peter Akerley, Erdene's president and CEO. "As of today, construction progress has exceeded 80% with most facilities scheduled for completion in Q1 and early Q2 2025."