Argonaut acted as a Joint Lead Manager to a $10.2 million Placement for Xanadu Mines Ltd in 2021 and a $12 million Placement in 2020. The Offers were underpinned by strong support from existing shareholders and new institutional and sophisticated investors. The Placements were also allocated as an available capital to the Kharmagtai exploration drilling and resource definition program per Xanadu Mines Ltd’s published strategy.

Xanadu Mines Ltd (ASX: XAM, TSX: XAM) is an exploration company focused on porphyry copper-gold deposits in Mongolia, specifically within the Middle Paleozoic South Gobi Porphyry belt in the Gurvansayhan terrane. With more than a decade in the mining industry, Xanadu Mines has fostered a healthy relationship to investors and the local community by delivering low cost and effective discovery and resource growth from explorations in Yellow Mountain (Copper) and Red Mountain (Copper Gold) in North and South Mongolia as well as from Tier 1 Copper-Gold deposits in the Kharmagtai Copper-Gold Project Project located in Omnogovi Province, approximately 420km southeast of Ulaanbaatar, Mongolia.