In late 2021, Xanadu Mines (XAM) reported an updated Mineral Resource Estimate (MRE) for the flagship Kharmagtai Project, Mongolia. The Resource contains ~4.2Mt of contained copper equivalent modelled across six deposits. The improved Resource provides a starting point for negotiations with potential development partners. We have completed detailed analysis of the Resource and compared with its 2018 predecessor. Our transactional valuation is based on analysis of comparable historical deals.
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