Erdene Resource Development Corp (ERDCF) Q4 2025 Earnings Call Highlights: Strong Gold Recovery ...

Erdene's strong recovery rates tell the real story here. When smaller producers can pull decent grades despite operational hiccups, it signals the easy gold is long gone. These juniors are working harder deposits with better tech just to maintain output. The market's missing this supply dynamic while fixated on Fed noise. Physical gold demand from central banks hit 1,037 tonnes last year. Meanwhile, total mine supply barely budged above 3,000 tonnes. Every ounce these smaller operations can economically extract matters. The production challenges Erdene mentions aren't company-specific. They're industry-wide as miners chase deeper, lower-grade deposits. Stack accordingly.