MMC Announces First Gold Pour Completed at the Bayan Khundii Mine in Mongolia

Rhea-AI Summary

Mongolian Mining Corporation (OTCQX: MOGLF) has achieved a significant milestone with its first gold pour at the Bayan Khundii (BKH) gold mine in Mongolia. The mine, completed in just 22 months, holds total gold reserves of 513,700 ounces at an average grade of 4.0 g/t gold.

The project, representing MMC's US$40 million investment for a 50% equity stake in Erdene Mongol LLC, is expected to produce 85,000 ounces of gold annually at a low quartile all-in sustaining cost. The mine is scheduled to reach nameplate capacity production in Q4 2025, with gold being sold to Mongolia's Central Bank at spot prices to support the country's foreign currency reserves.

Positive

• Gold reserves of 513,700 ounces at high-grade 4.0 g/t gold
• Expected annual production of 85,000 ounces at low quartile all-in sustaining cost
• Rapid project completion in just 22 months from greenfield to operation
• Guaranteed buyer (Mongolia's Central Bank) at spot gold prices
• Strategic portfolio diversification from coal into precious metals

Negative

• Significant capital investment of US$40 million for only 50% ownership stake

News Market Reaction

+15.44%

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+15.44% News Effect

On the day this news was published, MOGLF gained 15.44%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

On Track for Nameplate Capacity Production in Q4 2025

HONG KONG, Sept. 14, 2025 (GLOBE NEWSWIRE) -- Mongolian Mining Corporation (“MMC” or the “Company”, or together with its subsidiaries, the “Group”; HKEx: 975; OTCQX: MOGLF), the largest internationally listed private mining company with operations focused on and located in Mongolia, is pleased to announce the successful completion of the first gold pour at the Bayan Khundii (“BKH”) gold mine in Mongolia on 14 September 2025.

The BKH gold mine has a total gold reserve of 513,700 ounces at an average head grade of 4.0 g/t gold, the mine is expected to produce approximately 85,000 ounces of gold per annum at a low quartile all-in sustaining cost.

The Group announced its investment of US$40 million for 50% equity interest in Erdene Mongol LLC (“EM”), under a Strategic Alliance and Investment Agreement which became effective on 25 January 2024. At the time of MMC's entry, the project was still in its early stages as a greenfield site. Since construction commenced, progress has been rapid, with completion achieved in just 22 months – turning the project from a greenfield to a full-fledged operation.

Gold from the BKH mine will be sold to Mongolia’s Central Bank at spot gold prices, contributing to the country's foreign currency reserves and playing a vital role in Mongolia’s economic stability. With established operating systems and procedures, the mine is well positioned to achieve nameplate capacity production in late Q4 2025.

Photo Caption: (from left to right) Mr. Baasandorj Tsogoo, Chief Operating Officer of EM, Mr. Bilguun Ankhbayar, Chief Executive Officer of EM, Mr. Damdinnyam Gongor, Minister of Industry and Mineral Resources, and Mr. Enkhtaivan Ganbold, Deputy Governor of the Bank of Mongolia with the inaugural gold doré bar from BKH mine.

Dr. Battsengel Gotov, Chief Executive Officer of MMC, stated: “We are proud to see the Bayan Khundii mine reach this significant milestone and extend our sincere congratulations to our employees, contractors, and strategic partner whose dedication made this milestone possible, transforming this project into a fully operational gold mine. The team involved deserves tremendous credit for their hard work and dedication. The Group also takes pride in advancing its strategic objective of diversifying its business portfolio, ensuring sustainable growth and long-term value creation. Moving forward, MMC will work closely with our strategic partner to support their continued focus on exploration efforts aimed at extending the mine life and bringing additional deposits into production covered under the Strategic Alliance Agreement.”

About Mongolian Mining Corporation (HKEx: 975; OTCQX: MOGLF)

MMC is the largest internationally listed private mining company with operations focused on and located in Mongolia. The Group has consolidated a diversified business portfolio to develop and operate coking (metallurgical) coal, gold, copper, and other non-ferrous metals mining assets in southern and western regions of Mongolia.

The Group is the largest producer and exporter of washed hard coking coal in Mongolia. It owns and operates two open-pit coking coal mines, namely, the Ukhaa Khudag mine located within the Tavan Tolgoi coal formation, as well as the Baruun Naran mine, both located in Umnugobi aimag (province), Mongolia.

The Group operates the Bayan Khundii gold mine, located in Bayankhongor aimag (province), Mongolia.

MMC was listed on The Stock Exchange of Hong Kong Limited in October 2010. To learn more about the Group, please visit MMC’s website at: www.mmc.mn.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8a2ddbd-ad7b-44b8-be4f-64323e1cdb2e

Enquiries:
Strategic Financial Relations Limited
Cindy Lung  +852 2864 4867  cindy.lung@sprg.com.hk
Rachel Ko  +852 2114 2370  rachel.ko@sprg.com.hk
Carlos Chen  +852 2864 4847  carlos.chen@sprg.com.hk

FAQ

What is the expected annual gold production at MOGLF's Bayan Khundii mine?

The Bayan Khundii mine is expected to produce 85,000 ounces of gold per annum at a low quartile all-in sustaining cost.

How much did MMC invest in the Bayan Khundii gold mine project?

MMC invested US$40 million for a 50% equity interest in Erdene Mongol LLC, which operates the Bayan Khundii mine.

What are the total gold reserves at MOGLF's Bayan Khundii mine?

The Bayan Khundii mine has total gold reserves of 513,700 ounces at an average head grade of 4.0 g/t gold.

When will the Bayan Khundii mine reach full production capacity?

The mine is expected to achieve nameplate capacity production in late Q4 2025.

Who will purchase the gold produced at MOGLF's Bayan Khundii mine?

The gold will be sold to Mongolia's Central Bank at spot gold prices, contributing to the country's foreign currency reserves.