Mr. Colin Moorhead reports

COMPLETION OF PLACEMENT TO ZIJIN MINING

The placement of 26,515,543 fully paid ordinary shares of Xanadu Mines Ltd. 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. 14, 2024, and Nov. 5, 2024. Completion follows the satisfaction of all conditions precedent under the share subscription agreement with Zijin, including shareholder approval, on Dec. 20, 2024.

About Xanadu Mines Ltd.

Xanadu is an ASX- and Toronto Stock Exchange-listed 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 ASX or TSX that jointly control a globally significant copper-gold deposit in the flagship Kharmagtai project, together with its 50-50 JV (joint venture) partner, Zijin Mining Group.