Amended and Restated Technical Report to Support the Preliminary Economic Assessment of Kharmagtai

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TORONTO, May 7, 2024 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX:XAM, TSX:XAM) (The cage, XAM or the Pursue) announces that the Company has filed an amended and restated independent technical report pursuant to National Instrument 43-101 entitled National Instrument 43-101, Amended and Restated Technical Report on Preliminary Economic Assessment, Kharmagtai Copper-Gold Project, South Gobi, Mongolia (PEA), valid from April 4, 2022.

As a result of a review by Ontario Securities Commission staff, we are issuing the following press release regarding our disclosure of the Kharmagtai Project. The PEA is amended and restated to include additional clarifications and confirmatory information, in particular with regard to:

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• Replacing Andrew Stewart with Julien Lawrence as the independent qualified person for the amended and restated PEA.
• Inclusion of further details of the site visit carried out by Robert Spiers of SGC in his role as Qualified Person for the Mineral Resource Statement and other relevant sections of the PEA.
• Addition of a draft budget to complete the pre-feasibility study recommendations (PFS).
• Minor further clarifications.
• The effective date of the Mineral Resource in the PEA remains December 8, 2021, as reflected in the technical report filed on SEDAR+ on February 28, 2022, and the effective date of the PEA remains April 4, 2022, as reported on SEDAR+ and ASX Technical report submitted June 23, 2022.
• There were no changes to the technical or economic results reported in the original PEA filed on SEDAR+ and ASX on June 23, 2022.
• The Company expects to replace this PEA with a technical PFS report in the third quarter of fiscal 2024, following the completion of the PFS currently underway with Xanadu’s JV partner Zijin Mining Group.

The amended and restated PEA has been classified in accordance with the Canadian Institute of Mining Metallurgy and Petroleum (CIM) Definition Standards (CIM, 2014), National Instrument NI43-101 – Mineral Project Disclosure Standards and with the 2012 edition of the Australasian code for reporting exploration results, mineral resources and ore reserves (JORC code 2012 edition).

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The amended and restated PEA, dated May 7, 2024, can be found on the Company’s profile on SEDAR+ at https://www.sedarplus.ca and at www.xanadumines.com.

About Xanadu Mines

Xanadu is an ASX and TSX listed exploration company operating in Mongolia. We offer investors access to globally significant, large-scale copper-gold discoveries and cost-effective inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX that collectively control a globally significant copper-gold deposit at our flagship Kharmagtai project. Xanadu operates a 50:50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project.

For further information please contact:

This announcement has been approved for publication by Xanadu’s Chairman and CEO.

Forward-Looking Statements

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Certain statements contained in this release, including information regarding the future financial or operating performance of Xanadu and its projects, may also contain statements that are “forward-looking statements”, which include, among other things, statements regarding objectives, estimates and assumptions may be based on mineral reserves and mineral resources, as well as expected grades and recovery rates, production and prices, extraction costs and results, capital expenditures and or may be based on assumptions and estimates relating to future technical, economic, market, political, social and other conditions. These “forward-looking statements” are necessarily based on a number of estimates and assumptions that, while Xanadu believes to be reasonable, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties , which could cause actual events or results to differ materially from the estimated or anticipated events or results reflected in such forward-looking statements.

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Xanadu disclaims any intention or obligation to publicly update or release any revisions to any forward-looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this announcement or to reflect the occurrence of unanticipated events that are not by which are prescribed Corporations Act 2001 (Cth) and the Listing Rules of the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX). The words “believe,” “expect,” “anticipate,” “indicate,” “consider,” “goal,” “plan,” “intend,” “continue,” “budget,” “estimate,” “may,” “will,” “plan,” and similar expressions identify forward-looking statements.

All “forward-looking statements” made in this communication are qualified by the foregoing cautionary statements. Investors are cautioned that “forward-looking statements” are not guarantees of future performance and should not place undue reliance on “forward-looking statements” due to the uncertainty involved.

For more information, visit the Xanadu Mines website at www.xanadumines.com.

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