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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Xanadu Mines
Xanadu Mines (XAM) investor relations material
Xanadu Mines has been delisted
Xanadu Mines Q2 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 TU earnings summary28 Jul, 2025
Executive summary
Bastion Mining acquired over 90% of shares, triggering compulsory acquisition and delisting plans.
Board recommended shareholders accept Bastion's A$0.08/share offer, a 57% premium to prior close.
Kharmagtai Project remains the focus, with no exploration activity this quarter; operations in care & maintenance.
Zijin retains 50% of Khuiten Metals, which controls Kharmagtai; Zijin's board nominee resigned post-takeover.
Financial highlights
Cash balance at 30 June 2025 was A$18.532 million, up from A$3.726 million in the previous quarter.
Net cash from financing activities was A$17.192 million, mainly from Bastion's share subscription.
Net cash used in operating activities was A$2.321 million for the quarter.
Estimated 7.9 quarters of funding available at current burn rate.
Outlook and guidance
Kharmagtai Project expected to move toward permitting and investment agreement phases.
Bastion and Zijin to drive project toward production; delisting from ASX/TSX anticipated.
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Latest events from Xanadu Mines
- Kharmagtai PFS confirms robust economics; JV with Zijin advances, funding options under review.XAM
H2 2024 - Kharmagtai project advanced under Zijin, with funding and strategic options actively pursued.XAMQ1 2025 TU
- Kharmagtai PFS delivers robust economics as Xanadu shifts focus to exploration and cost control.XAMQ3 2024 TU
- Kharmagtai resource growth, new JV, and reduced loss highlight Xanadu's H1 2024 progress.XAMH1 2024
- Kharmagtai PFS nears completion as Xanadu reports strong exploration and maintains funding.XAMQ2 2024 TU
- Bastion Mining's takeover and Kharmagtai's PFS mark a pivotal value-creation phase for Xanadu.XAMAGM 2025 Presentation
- Bastion's AUD 0.08 bid offers a premium and funding certainty, with strong board support.XAMInvestor Update
- Negotiations reopen as exclusivity ends, with a key shareholder vote set for the Kharmagtai project.XAMInvestor Update
- Multiple funding options and a 25% put are in play as the project targets 75ktpa copper, 165kozpa gold.XAMInvestor Update
Xanadu Mines
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Frequently asked questions
Xanadu Mines Limited is a mineral exploration company focused on the discovery and development of copper and gold projects. The company conducts geological surveys, drilling programs, and resource evaluations to assess the potential of its exploration assets. Its primary operations are located in Mongolia, where it holds interests in porphyry copper-gold systems within highly prospective mineral regions. Xanadu Mines Limited aims to advance its projects through exploration and technical studies. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.