Quarterly Activities Report – Press Release

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for the three months ended 30 June 2023
(figures are unaudited and in A$ except where stated)

TORONTO, July 31, 2023 (GLOBE NEWSWIRE) —

June 2023 Quarter Highlights

During the quarter ending 30 June 2023 (June Quarter), Xanadu Mines Ltd (Xanadu or the Company) ramped up to full scale the Pre-Feasibility (PFS) programme and Discovery Exploration activities at our flagship Kharmagtai copper-gold project, funded by US$35 million cash from the Joint Venture (JV or Khuiten JV) with Zijin Mining Group Co., Ltd. (Zijin). Significant progress was made in both PFS and Exploration, on schedule and budget, building tangible value at Kharmagtai. The Company released its third annual Sustainability Report for 2022 and held a successful Annual General Meeting (AGM). Importantly Xanadu’s share price saw a material positive rerating during the period which the Company considers reflects market recognition of Kharmagtai de-risking, and the significance of the positive steps taken thus far to both enhance the project and to move the project further along the path to production.

PFS Infill Drilling Programme

  • Excellent results delivered from a 4 diamond drill rig program, with grades on the most part better or in line with the 2021 Mineral Resource Estimate (MRE).
    • Significant extensions to high-grade mineralisation identified at Stockwork Hill.1
    • New high-grade copper-gold zone (core) emerging at White Hill.2  
  • New >1% CuEq cores at Stockwork Hill and White Hill demonstrate potential to enhance the 2021 MRE (3Mt copper and 8Moz gold [1.98Mt CuEq Indicated, 2.33Mt CuEq Inferred]). 3
  • Approximately 27,000m of Phase One infill drilling completed (out of 30,000m total) at both the Stockwork Hill and White Hill deposits, putting Xanadu on track for MRE upgrade by Q4 CY2023.

PFS Data Acquisition and Studies

  • Sulphide (main orebody) metallurgical test-work is rapidly advancing at ALS laboratories in Perth and TruTRC laboratories in Ulaanbaatar; both flotation and comminution testing is well…

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