Xanadu Mines (XAM) AGM 2025 Presentation summary

Strategic progress and project development

• Kharmagtai copper-gold project advanced to PFS stage, confirming large-scale, long-life, low-cost potential with a 2.2Bt resource and 730Mt probable ore reserve.

• PFS highlights include average annual output of 75kt copper and 165koz gold over 29 years, post-tax NPV of US$930M, IRR of 21%, and a 4-year payback on US$890M pre-production capex.

• Zijin Mining partnership de-risks funding and operations, with Zijin holding a 50% JV interest and operatorship post-PFS.

• Feasibility study and permitting underway, with construction targeted for 2026 pending FID and approvals.

• Additional exploration at Red Mountain and Sant Tolgoi projects continues, with JV discussions and new copper-nickel targets identified.

Corporate transaction and shareholder value

• Bastion Mining (a Boroo-led consortium) launched an all-cash takeover at $0.08/share, valuing Xanadu at A$160M, a 57% premium to last close.

• Takeover Board Committee and major shareholders support the offer, subject to independent expert confirmation and no superior proposal.

• Bastion's portfolio includes producing and development-stage gold assets in Mongolia and Peru, aiming to build a global mid-tier metals producer.

• Subscription agreement provides $17.2M in interim funding at $0.06/share to support Xanadu's JV obligations during the offer period.

• The 25% Put Option resolution will be withdrawn in favor of the Bastion transaction, providing a liquidity event and minimizing dilution risk.

Governance, resolutions, and meeting outcomes

• AGM formally opened with quorum, director introductions, and receipt of 2024 financial report.

• Michele Muscillo re-elected as director with 64.3% support; remuneration report adopted with 88.3% support.

• Resolutions conducted by poll, with open proxies cast in favor; general questions addressed post-formal business.

• Meeting closed by executive leadership, with contact details provided for further inquiries.