Mr. Colin Moorhead reports

COMPLETION OF PLACEMENT TO ZIJIN MINING

Xanadu Mines Ltd. has completed the placement of 15,185,328 fully paid ordinary shares to Jinping (Singapore) Mining Pte. Ltd., a wholly owned indirect subsidiary of Zijin Mining Group Co. Ltd., at an issue price of 5.5 Australian cents per share. Details of the proposed placement to Zijin were announced to on Nov. 20, 2023, and Dec. 8, 2023.

The completion follows the satisfaction of all conditions precedent under the share subscription agreement with Zijin, including shareholder approval on Feb. 6, 2024, and approval by the Foreign Investment Review Board (FIRB) last week.

About Xanadu Mines Ltd.

Xanadu is an exploration company operating in Mongolia. The company gives investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the Australian Securities Exchange or the Toronto Stock Exchange that jointly control a globally significant copper-gold deposit in its flagship Kharmagtai project. Xanadu is the operator of a 50-50 joint venture with Zijin Mining Group in Khuiten Metals Pte. Ltd., which controls 76.5 per cent of the Kharmagtai project.