Xanadu Mines (XAM) Q2 2025 TU earnings summary

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.