Completion of Placement to Zijin Mining

TORONTO, March 04, 2024 - Xanadu Mines Ltd. (ASX:XAM, TSX:XAM) (Xanadu or the Company) is pleased to announce that the 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. (Zijin), at an issue price of A$0.055 per share, completed today. Details of the proposed placement to Zijin were announced to ASX on 20 November 2023 and 8 December 2023.

Completion follows the satisfaction of all Conditions Precedent under the Share Subscription Agreement with Zijin, including shareholder approval on 6 February 2024, and approval by the Foreign Investment Review Board (FIRB) last week.

The Company has relied upon the exemption in section 602.1 of the TSX Company Manual in respect of the placement as an Eligible Interlisted Issuer.

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About Xanadu Mines Ltd:

Xanadu is an ASX and TSX listed Exploration company operating in Mongolia. We give 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 who jointly control a globally significant copper-gold deposit in our flagship Kharmagtai project. Xanadu is the Operator of a 50-50 JV with Zijin Mining Group in Khuiten Metals Pte Ltd, which controls 76.5% of the Kharmagtai project: www.xanadumines.com.

This Announcement was authorised for release by Xanadu's Executive Chairman and Managing Director.