Mr. Colin Moorhead reports

COMPLETION OF PLACEMENT TO ZIJIN MINING

Xanadu Mines Ltd.'s 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, was completed today. Details of the proposed placement to Zijin were announced to the Australian Securities Exchange on Nov. 20, 2023, and Dec. 8, 2023.

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 last week.

The company has relied upon the exemption in Section 602.1 of the Toronto Stock Exchange company manual in respect of the placement as an eligible interlisted issuer.

About Xanadu Mines Ltd.

Xanadu is an Australian Securities Exchange- and Toronto Stock Exchange-listed exploration company operating in Mongolia. It 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 ASX or TSX which jointly controls 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.