Xanadu Mines Limited report an updated Mineral Resource Estimate for its copper-gold project at Kharmagtai, in the South Gobi region of Mongolia. The Company has successfully delivered its stated aspirational target to grow the Kharmagtai Resource to >1.0Bt including a higher-grade component of >100Mt. This updated Resource positions Kharmagtai as a large undeveloped copper assets held by a listed junior globally. The Mineral Resource Estimate was prepared by independent consultants Spiers Geological Consultants (SGC) and is reported in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012) and National Instrument 43-101 Standards of Disclosure for Mineral Projects. Xanadu engaged independent consultants, Spiers Geological Consultants (SGC), to prepare an updated Resource for Kharmagtai. The Resource has been reported in accordance with the JORC Code 2012 and NI 43-101, is effective as of 8 December 2021. This Resource is the first update to the Resource announced on 31 October 20183 with 120 diamond drill holes and 69,479 metres of drilling completed since 2018. The open pit resources are reported above nominated meters Relative Level (mRL), which is unique to each deposit area. Levels are based on preliminary optimisation analysis and a 0.2% CuEq cut-off grade. The underground Resource is reported below the nominated mRL’s levels based on preliminary optimisation analysis and a 0.3% CuEq cut-off grade. Available quality assurance and quality control (QA/QC) data supports the use of the input data provided by Xanadu.