Xanadu Mines (XAM) H2 2024 earnings summary

Executive summary

• Advanced Kharmagtai Copper-Gold Project with significant exploration, resource expansion, and completion of Pre-Feasibility Study (PFS).

• Strategic joint venture with Zijin Mining Group progressed, with operatorship transitioned to Zijin for final engineering and construction.

• Raised A$7.5 million in November 2024 to fund Red Mountain and Sant Tolgoi projects; Zijin maintained pro-rata shareholding.

• Published fourth annual Sustainability Report, reinforcing ESG commitment.

Financial highlights

• Loss after income tax for 2024 was $6.98 million, down from $7.58 million in 2023.

• Cash and cash equivalents at year-end were $6.16 million (2023: $7.32 million).

• Total assets increased to $71.3 million (2023: $66.1 million); net assets at $69.9 million.

• No dividends declared or paid.

Outlook and guidance

• Planning for Bankable Feasibility Study (BFS) at Kharmagtai underway, with funding options including debt, equity, or asset sale.

• Extraordinary General Meeting scheduled for April 2025 to approve potential sale of half of Khuiten Metals JV interest for US$25 million.

• Additional funding required in 2025 for Kharmagtai BFS participation.