Mr. William Hundy reports

XANADU MINES LTD (ASX CODE: XAM) NOTICE UNDER SECTION 708A(5)(E) OF THE CORPORATIONS ACT 2001 (CTH)

On March 4, 2024, Xanadu Mines Ltd. issued 15,185,328 fully paid ordinary shares at a price of 5.5 cents per share to Jinping (Singapore) Mining Pte. Ltd. (a wholly owned indirect subsidiary of Zijin Group Mining Co. Ltd.) pursuant to a share subscription agreement signed on Dec. 8, 2023. Xanadu advises that:

1. The new shares were issued without disclosure under Part 6D.2 of the act.
2. This notice is being given under Section 708A(5)(e) of the act.
3. As at the date of this notice, Xanadu has complied with:
   1. The provisions of Chapter 2M of the act as they apply to Xanadu;
   2. Sections 674 and 674A of the act as they apply to Xanadu.
4. As at the date of this notice, there is no excluded information of the type referred to in sections 708A(7) or 708A(8) of the act that is required to be set out in this notice.

Toronto Stock Exchange matters

The company intends to rely on the exemption in Section 602.1 of the TSX company manual in respect of the placement as an eligible interlisted issuer.