Latest news with #Xanadu
Business Insider
02-08-2025
- Business
- Business Insider
Quantum Computing News: Japan's $335 Million Bet and New Milestones Signal Sector Growth
It's time for another recap of the Quantum computing developments from the last week. We continue to witness grand efforts in expanding quantum systems across public and private sectors, with Japan, Canada, Israel, and Singapore making new moves in hardware, software, and ecosystem development. For investors following companies like International Business Machines (IBM), Alphabet (GOOG), IonQ (IONQ), and other players in cloud, semiconductors, and AI infrastructure, this week's headway shows how the field is shifting from lab-based projects to commercial platforms. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Japan Names 2025 as Quantum Industrialization Year Japan's Ministry of Economy, Trade, and Industry will invest $335 million to scale its domestic quantum ecosystem. The program will fund more than 10 companies, including Fujitsu (FJTSY) and KDDI (KDDIY). The goal is to back both hardware and software, with support for superconducting and optical-based quantum systems. Fujitsu is developing superconducting qubits, while the University of Tokyo is advancing optical architectures with lower power demands. The government aims to position Japan as a global standard-setter in quantum software, where no dominant player has emerged yet. Also, a new facility, G-QuAT, will serve as a business and research hub to support collaboration and workforce training. Xanadu and HyperLight Advance Low-Loss Quantum Photonics Xanadu, a Canada-based quantum computing hardware and software company, and HyperLight reported a hardware milestone in photonic quantum computing. The two companies have demonstrated thin-film lithium niobate chips with waveguide losses below 2 dB/m and switch losses around 20 millidecibels. These metrics are among the lowest ever reported and support Xanadu's roadmap toward utility-scale quantum systems. The chips were fabricated in a high-volume semiconductor plant and will be used in future versions of Xanadu's Aurora system. Xanadu's platform is based on fiber-networked photonic qubits and does not rely on cryogenic cooling. Quantum Art Hits 200-Ion Milestone in Trapped-Ion Chain Quantum Art, an Israeli startup focused on trapped-ion quantum systems, has achieved a 200-ion linear chain using precision trap engineering and cryogenic controls. The result enables stable operation across long ion registers, which are needed for scalable quantum logic. The company is developing a 50-qubit system for commercial launch and a 1,000-qubit platform expected in 2027. The system design avoids shuttling or photonic interconnects by using optically segmented cores that run in parallel. Classiq Secures Funding from SoftBank and CDP Venture Capital Classiq, another quantum software company based in Israel, expanded its Series C round with new investments from SoftBank Vision Fund 2 (SFTBY) and CDP Venture Capital. SoftBank's R&D team validated the company's ability to optimize high-performance quantum circuits. The capital will support product development and expansion into finance, energy, and life sciences. Classiq's platform enables enterprise developers to create and run complex quantum algorithms without needing to manage hardware-specific code. Horizon Quantum Joins QuEra Alliance for Software-Hardware Integration Singapore-based Horizon Quantum Computing has joined the QuEra Quantum Alliance to improve software tools for neutral-atom quantum systems. While QuEra is one of the notable players in neutral-atom quantum computing, Horizon develops automated algorithm synthesis and compilation tools that let users write quantum programs using conventional programming methods. QuEra's platform uses arrays of neutral atoms for scalable quantum processing and does not require ion traps or photonic links. The alliance now includes over 25 members and continues to grow across North America, Europe, and Asia-Pacific. We used the TipRanks' Comparison Tool to line up some of the top quantum stocks with a few names mentioned in this piece. It's an easy way to see how they compare and get a feel for where the space might be going.
Toronto Star
31-07-2025
- Business
- Toronto Star
Voluntary TSX delisting application
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX:XAM, TSX:XAM) ACN 114 249 026 (Xanadu or the Company) refers to its previous announcement released on 29 July 2025 (Announcement) regarding the Compulsory Acquisition Notice provided by Bastion Mining Pte. Ltd. UEN 202512367N (Bastion) on 25 July 2025, pursuant to which Bastion will exercise its right to compulsorily acquire the remaining Xanadu Shares under the Corporations Act 2001 (Cth) (Compulsory Acquisition). Further to the Announcement, Xanadu provides the following update in relation to its listing on the Toronto Stock Exchange (TSX).
Hamilton Spectator
31-07-2025
- Business
- Hamilton Spectator
Voluntary TSX delisting application
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Xanadu Mines Ltd (ASX:XAM, TSX:XAM) ACN 114 249 026 (Xanadu or the Company) refers to its previous announcement released on 29 July 2025 (Announcement) regarding the Compulsory Acquisition Notice provided by Bastion Mining Pte. Ltd. UEN 202512367N (Bastion) on 25 July 2025, pursuant to which Bastion will exercise its right to compulsorily acquire the remaining Xanadu Shares under the Corporations Act 2001 (Cth) (Compulsory Acquisition). Further to the Announcement, Xanadu provides the following update in relation to its listing on the Toronto Stock Exchange (TSX). As a result of the pending Compulsory Acquisition, Xanadu has applied to voluntarily delist the Xanadu Shares from the Toronto Stock Exchange (TSX). The Compulsory Acquisition qualifies as a near-term liquidity event for which all material conditions have been satisfied, and the likelihood of non-completion of the Compulsory Acquisition is remote. As a result, there is no requirement for Xanadu to obtain securityholder approval of the voluntary delisting from the TSX. The Xanadu Shares will be delisted from the TSX at the close of trading on 1 August 2025. About Xanadu Mines 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 together with our 50-50 JV partner Zijin Mining Group. For further information on Xanadu, please visit: or contact: This Announcement was authorised for release by Xanadu's Takeover Board Committee.1 Forward-Looking Statements Certain statements contained in this Announcement, including information as to the future financial or operating performance of Xanadu and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xanadu, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements. Xanadu disclaims any intent or obligation to update publicly 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, other than required by the 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', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements. All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein. For further information please visit the Xanadu Mines' Website at . 1 The Takeover Board Committee comprises all Xanadu Directors as at the date of this announcement other than Ganbayar Lkhagvasuren.
Cision Canada
30-07-2025
- Science
- Cision Canada
Xanadu Selected for Prestigious Canadian Defence Program to Pioneer Next-Generation Battery R&D
TORONTO, July 30, 2025 /CNW/ - Xanadu, a global leader in quantum computing hardware and software, today announced its selection for Round 1 of the highly-competitive "IDEaS NORAD Modernization S&T Contest," an initiative by Innovation for Defence Excellence and Security (IDEaS) within Canada's Department of National Defence (DND). This selection underscores Xanadu's innovative capabilities in pioneering quantum algorithms for advanced battery design, a crucial step towards strengthening North America's defences against evolving aerospace and maritime threats, particularly in extreme environments. The IDEaS NORAD Modernization S&T Contest aims to foster groundbreaking solutions to modernize the science and technology portfolio of NORAD, the North American Aerospace Defense Command. Xanadu will receive an initial grant of $1,000,000 CAD to design quantum computing algorithms and methodologies for next-generation battery development. The goal is to advance the methods needed to design new batteries that are highly resilient to extreme conditions, including dramatic temperature changes, strong mechanical pressures, and radiation exposure. "We are honoured to be chosen for this groundbreaking program," said Juan Miguel Arrazola, Director of Quantum Algorithms. "Our work will focus on developing quantum algorithms to simulate battery mechanisms that lead to degradation performance under extreme conditions, such as ultra-low temperatures. The goal is to identify how quantum computers can lead to the development of more resilient batteries, unlocking new capabilities across defence, industry, and science." Xanadu's proposed project directly addresses two key IDEaS challenge topics: enhancing Arctic mobility and navigation of military platforms, and accelerating the development of quantum technologies. The Arctic is an increasingly important geostrategic region for North American defence, and current battery technologies struggle in its remote and extreme weather conditions, limiting the effectiveness of autonomous and remotely piloted systems. Xanadu's quantum-enabled simulations will help overcome the limitations of classical computing methods, enabling the design of batteries that can withstand these harsh environments. This project builds on Xanadu's extensive expertise and prior work in using quantum algorithms to simulate the design of new materials. This commitment to innovation will not only strengthen Canada's defence capabilities, but also enable breakthroughs with far-reaching implications for clean energy, transportation, and scientific exploration, demonstrating the transformative potential of quantum computing for a safer and more sustainable future. About Xanadu: Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit or follow us on X @XanaduAI. About the IDEaS NORAD Modernization S&T Contest: The Innovation for Defence Excellence and Security (IDEaS) program supports the ongoing evolution of continental defense capabilities by investing in researchers, innovators, and entrepreneurs. The NORAD Modernization S&T Contest specifically aims to assess new threats, evolve research and development, and co-develop technological solutions in immediate priority areas for North American defence. SOURCE Xanadu Quantum Technologies Inc.
Hamilton Spectator
30-07-2025
- Business
- Hamilton Spectator
Quarterly Activities Report
for the three months ended 30 June 2025 (figures are unaudited and in A$ except where stated) TORONTO, July 29, 2025 (GLOBE NEWSWIRE) — June 2025 Quarter During the Quarter ending 30 June 2025 (June Quarter), Xanadu Mines Ltd (Xanadu or the Company) focused on strategic funding options to progress the Kharmagtai Copper and Gold Project (Kharmagtai). This resulted in an off-market takeover bid from Bastion Mining Pty Ltd (Bastion), which the Board recommended to shareholders. At the time of this report, Bastion has acquired a relevant interest exceeding 90% of Xanadu shares and issued a Notice of Compulsory Acquisition for all remaining shares outstanding1. Key Highlights: Executive Chairman & Managing Director, Colin Moorhead, said: 'The transaction with Bastion is an important milestone on the journey for both the Kharmagtai Project and for Xanadu. This event also successfully concludes the company strategy to deliver a liquidity event for Xanadu shareholders to unlock value from the Kharmagtai discovery. Given the scale and complexity of the project, the challenging jurisdiction, and the added complexity of a 50:50 JV with a Chinese partner, I am very proud of this achievement and thank the team for their efforts, and shareholders for their support. Looking forward, I expect Kharmagtai to be the next major mine to be built in Mongolia and an important producer of copper to the world. We wish Bastion and Zijin both success in moving this project rapidly to production.' Corporate Transaction On 7 April 2025, the Company undertook an exclusivity arrangement with its major shareholder and joint venture partner Zijin Mining Group Co. Ltd (Zijin), to allow the parties to discuss a range of potential corporate transactions11. This arrangement also extended the term of the potential option to allow the Company to dispose of a 25% interest in Khuiten Metals Pte Ltd (25% Put Option). Following substantive discussions with Zijin, on 5 May 2025 Xanadu reported that the parties had been unable to finalise a control transaction within the exclusivity period and that the Company would recommence discussions with other interested parties12. The 25% Put Option was subsequently withdrawn from the resolutions at the proposed Extraordinary General Meeting (EGM) scheduled for 4 June 2025 and the meeting was cancelled13. On 19 May 2025, the Company announced that it had entered into a Bid Implementation Agreement with Bastion Mining Pte Ltd (Bastion) under which Bastion made an off-market takeover offer to acquire all the fully paid, ordinary shares issued in Xanadu (Xanadu Shares) which Bastion did not already own, at a price of A$0.08 cash per Xanadu Share (Offer) 14 15 16 17 18 19. The Offer was made by Bastion, which represents a consortium of Boroo Pte Ltd (Boroo) and Xanadu Director Ganbayar Lkhagvasuren (together, the Bid Sponsors). Boroo is a private Singapore-incorporated entity which invests in major gold projects internationally. Boroo key assets include Lagunas Norte, a producing gold mine in Peru and a portfolio of development-stage projects in South America. Boroo has guaranteed Bastion's obligations as bidder under the Bid Implementation Agreement. In the Bastion Bidders Statement20, the bidder cited the significant premium to historic market prices for Xanadu shares and the substantial value of the offer at A$160 million for Xanadu Mines, at the high end of the valuation prepared by BDO. The Bidders Statement also noted the removal of exposure to risks associated to being invested in a Company with a non-operating minority join partner, and associated development risks. Xanadu's Takeover Board Committee21, together with Xanadu's legal and financial advisers, carefully considered the Offer. The Takeover Board Committee Directors unanimously recommended that Xanadu shareholders ACCEPT the Offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Offer is fair and reasonable. The Board noted in its Target's Statement22 that Bastion's Offer has been made following the hard work and success of the Xanadu team in advancing the Kharmagtai Copper-Gold Project (Kharmagtai) over the last 5 years. The release of the Pre-Feasibility Study (PFS) in October 2024 and declaration of a maiden ore reserve was a significant milestone for the Company and confirmed the potential of Kharmagtai as a globally significant, long life, low cost and low risk future copper-gold mine. As the next step for Xanadu, through its Bidder's Statement, Bastion indicated an intent to delist Xanadu from both ASX and TSX exchanges should it reach a relevant interest of more than 75%. Bastion further indicated its intent to acquire all remaining shares in Xanadu via compulsory acquisition, should it reach an interest of more than 90%. As the next phase for Kharmagtai is to secure the project's permitting and Mongolian investment agreement pathway. In that regard, Boroo's considerable in-country experience will be invaluable for driving the engagement process, making Bastion a natural choice as the new owner of Xanadu and partner to Zijin Mining Group Co. Ltd (Zijin). With Zijin now responsible for the operatorship of Kharmagtai and, recognising Xanadu's profile as an exploration-focused company with limited balance sheet strength to fund its share of the very significant capital required to progress development of the project, the Takeover Board Committee noted that it considers that now is the appropriate time to provide a liquidity event for Xanadu Shareholders. Subsequent to the quarter, Bastion gave notice that it had extended its Offer23 to now close at 7pm Sydney time on 5 August 2025 (unless further extended or withdrawn). The Takeover Board Committee reiterated its unanimous recommendation that Xanadu Shareholders ACCEPT the Offer as soon as practicable (in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Offer is fair and reasonable). This recommendation outlined the potential risks to liquidity and value of shares held if the Offer closes and Bastion is not entitled to proceed to the compulsory acquisition. On 25 July, Bastion announced that following acceptances of its Offer to date, it held relevant interest greater than 90% of Xanadu shares and issued a Notice of Compulsory Acquisition for the remaining shares outstanding24. Operations During the quarter, Xanadu maintained its three projects at operational care & maintenance status, which included Kharmagtai (operated by Zijin), the Red Mountain Copper-Gold Project, and the Sant Tolgoi Copper-Nickel Project. At Kharmagtai, technical discussions continued in preparation for the Bankable Feasibility Study (BFS), and both local community and regulatory engagement programs continued as planned. No exploration activity was undertaken during the quarter. Figure 1: Location of Xanadu Projects in Mongolia Financial and Corporate Capital Structure On 30 June 2025, the Company had 2,291,211,189 fully paid ordinary shares on issue and approximately A$18.532 million in cash. During the Quarter, the Company advised that 92,184,000 fully paid ordinary shares were issued to exercising option holders or their nominees following a Change of Control event which resulted in the waiving of all Vesting and Restriction conditions in accordance with the terms of the options issue25. Equity Funding Arrangements To assist Xanadu in meeting its corporate and joint venture funding obligations during the Offer period, Bastion and Xanadu entered into a share subscription agreement under which Bastion agreed to subscribe for 286,829,633 Xanadu Shares at an issue price of A$0.06 per share.26 The issue of the Subscription Shares took place on 26 May 2025 and were issued under Xanadu's available placement capacity pursuant to ASX Listing Rule 7.1.27 Xanadu received a cash sum of A$17.2 million for the Subscription Shares; and immediately following settlement, Bastion held a relevant interest in 13.04% of Xanadu Shares. Shareholder Meetings An Extraordinary General Meeting (EGM) was scheduled for 11 April 2025 to vote on the exercise of the 25% put option in respect of Khuiten Metals Pte Ltd and to ratify prior issue of shares. The put option resolution was withdrawn after announcement of exclusivity arrangements with Zijin and extension of the put option exercise period.28 The Annual General Meeting (AGM) was held on 22 May 2025, with all resolutions approved by shareholders.29 A second EGM was scheduled for 4 June 2025 to vote on the 25% put option, after conclusion of the exclusivity period with Zijin. This resolution was withdrawn and the EGM was cancelled after completion of the equity placement to Bastion and commencement of the off-market takeover bid period.30 Director Resignation Subsequent to the Quarter and following sale of Zijin shares into the Offer, Zijin's nominee Shaoyang Shen resigned from the Board of Xanadu.31 Note that Zijin retains its 50% shareholding in the Khuiten Metals Pte Ltd, the entity which controls Kharmagtai. ASX Announcements This June 2025 Quarterly Activities Report does not contain any information reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012). About Xanadu Mines 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. For further information on Xanadu, please visit: or contact: This Announcement was authorised for release by Xanadu's Board of Directors. APPENDIX 1: STATEMENTS AND DISCLAIMERS MINERAL RESOURCES AND ORE RESERVES REPORTING REQUIREMENTS The JORC Code, 2012 sets out minimum standards, recommendations and guidelines for Public Reporting in Australasia of Exploration Results, Mineral Resources and Ore Reserves. The Information contained in this Announcement has been presented in accordance with the JORC Code, 2012. MINERAL RESOURCES AND ORE RESERVES Mineral Resource Estimates for Kharmagtai were updated during the September 2024 Quarter – please refer to the relevant ASX/TSX Announcement for details32 A Maiden Ore Reserve Estimate was reported in the same Announcement. MINING ACTIVITIES There were no mine production or development activities during the June 2025 Quarter. LIST OF TENEMENTS Xanadu held licenses for the following tenements during the June 2025 Quarter. No new farm-in or farm-out agreements were entered into during the quarter. COMPETENT PERSON STATEMENTS The information in this announcement that relates to Mineral Resources is based on information compiled by Mr Robert Spiers, who is responsible for the Mineral Resource Estimate. Mr Spiers is a full time Principal Geologist employed by Spiers Geological Consultants (SGC) and is a Member of the Australian Institute of Geoscientists. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Qualified Person as defined in the CIM Guidelines and National Instrument 43-101 and as a Competent Person under JORC Code, 2012. Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. The information in this announcement that relates to exploration results is based on information compiled by Dr Andrew Stewart, who is responsible for the exploration data, comments on exploration target sizes, QA/QC and geological interpretation and information. Australasian Institute of Geoscientists and is a Member of the Australasian Institute of Geoscientists, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as the Competent Person as defined in the JORC Code, 2012 and the National Instrument 43-101 . Dr Stewart consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. RELATED PARTIES As set out in section 6.1 of the attached Appendix 5B, Mining exploration entity or oil and gas exploration entity quarterly cash flow report , payments made to related parties and their associates was approx. $844,173 in the June 2025 Quarter. The amounts relate to salary, superannuation and bonus payments to Directors; legal fees paid to HopgoodGanim Lawyers (a company associated with Xanadu Non-Executive Director Michele Muscillo) for legal services including support to the merger & acquisition activity; rent paid to Xanadu Executive Director Ganbayar Lkhagvasuren in relation to Xanadu's Ulaanbaatar office; and rent fees paid to Colin Moorhead & Associates (a company associated with Xanadu's Executive Chairman and Managing Director, Colin Moorhead) in relation to a share of Xanadu's Melbourne office. COPPER EQUIVALENT CALCULATIONS The copper equivalent (eCu, CuEq) calculation represents the total metal value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage with a metallurgical recovery factor applied. Copper equivalent grade values were calculated using the formula: CuEq = Cu + Au * 0.60049 * 0.86667. Where Cu - copper grade (%); Au - gold grade (g/t); 0.60049 - conversion factor (gold to copper); 0.86667 - relative recovery of gold to copper (86.67%). The copper equivalent formula was based on the following parameters (prices are in USD): Copper price 3.4 $/lb; Gold price 1400 $/oz; Copper recovery 90%; Gold recovery 78%; Relative recovery of gold to copper = 78% / 90% = 86.67%. FORWARD‐LOOKING STATEMENTS Certain statements contained in this Announcement, including information as to the future financial or operating performance of Xanadu and its projects may also include statements which are 'forward‐looking statements' that may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These 'forward-looking statements' are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Xanadu, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements. Xanadu disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether 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, other than required by the 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', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward‐looking statements. All 'forward‐looking statements' made in this Announcement are qualified by the foregoing cautionary statements. Investors are cautioned that 'forward‐looking statements' are not guarantee of future performance and accordingly investors are cautioned not to put undue reliance on 'forward‐looking statements' due to the inherent uncertainty therein. For further information, please visit the Xanadu Mines web site . Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 July 2025 Authorised by the Board (Name of body or officer authorising release – see note 4) 1 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 2 ASX/TSX Announcement 7 April 2025 – EGM Update, Exclusivity Arrangements with Zijin 3 ASX/TSX Announcement 5 May 2025 – Update to Zijin Put Option and Exclusivity Arrangements 4 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 Per Share Cash Offer 5 ASX/TSX Announcement 26 May 2025 – Withdrawal of Put Option and Cancellation of EGM 6 ASX/TSX Announcement 24 June 2025 – Takeover Offer for Xanadu Declared Unconditional 7 ASX/TSX Announcement 8 July 2025 – Acceptance Update 8 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 9 ASX/TSX Announcement 24 July 2025 – Takeover Offer for Xanadu – Extension of the Offer Period 10 ASX/TSX Announcement 11 July 2025 – Non-Executive Director Resignation Shaoyang Shen 11 ASX/TSX Announcement 7 April 2025 – EGM Update – Exclusivity Arrangements with Zijin 12 ASX/TSX Announcement 5 May 2025 – Update to Zijin Put Option and Exclusivity Arrangements 13 ASX/TSX Announcement 26 May 2025 - Withdrawal of Put Option Resolution and Cancellation of EGM 14 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 Per Share Cash Offer 15 ASX/TSX Announcement 27 May 2025 – Bidder's Statement – Bastion Mining Pte Ltd 16 ASX/TSX Announcement 27 May 2025 – Target's Statement – Accept Bastion Takeover Offer 17 ASX/TSX Announcement 17 June 2025 – Material Update on Off-Market Takeover Offer – Acceptance by Zijin Mining Group 18 ASX/TSX Announcement 24 June 2025 – Takeover Offer for Xanadu declared Unconditional 19 ASX/TSX Announcement 24 June 2025 – Supplementary Target's Statement 20 ASX/TSX Announcement 27 May 2025 – Bidder's Statement – Bstion Mining Pte Ltd 21 The Takeover Board Committee comprises all Xanadu Directors as at the date of this announcement other than Ganbayar Lkhagvasuren and Zijin's representative, Shaoyang Shen. 22 ASX/TSX Announcement 27 May 2025 – Target's Statement – Accept Bastion Takeover Offer 23 ASX/TSX Announcement 24 July 2025 – Takeover Offer for Xanadu – Extension of the Offer Period 24 ASX/TSX Announcement 25 July 2025 – Notice of Compulsory Acquisition 25 ASX/TSX Announcement 20 May 2025 – Cleansing Notice 26 ASX/TSX Announcement 19 May 2025 – Recommended A$0.08 per share cash offer 27 ASX/TSX Announcement 26 May 2025 – Application for Quotation of Securities 28 ASX/TSX Announcement 7 April 2025 – Update on Extraordinary General Meeting – Extension of Zijin Put Option and Exclusivity Arrangements 29 ASX/TSX Announcement 22 May 2025 – Results of Annual General Meeting 30 ASX/TSX Announcement 26 May 2025 – Withdrawal of Put Option Resolution and Cancellation of EGM 31 ASX/TSX Announcement 11 July 2025 – Non-Executive Director Resignation Shaoyang Shen 32 ASX/TSX Announcement 14 October 2024 – Kharmagtai Maiden Ore Reserve, Updated Mineral Resource 33 Currently earning into 51% equity in Sant Tolgoi project by spending US$1M over 24 months commencing 22 January 2024 34 ASX/TSX Announcement 22 January 2024 – Xanadu Enters into New Magmatic Copper and Nickel Sulphide Project 35 38.25% represents 50% of Khuiten Metals via the Khuiten JV with Zijin. Khuiten Metals controls Kharmagtai and holds 76.5% of the Kharmagtai mining lease. A photo accompanying this announcement is available at .
