The listing comes with the Canadian market relatively well-versed with the East Asian country given Robert Friedland and Ivanhoe Mines’ exploits over the years.
Xanadu has been active in the country since last decade, with an initial focus on coal when it listed on the ASX at the end of 2010.
Xanadu started 2018 with A$9 million cash and was expected to spend $3.4 million in the current quarter.
The Andrew Stewart-led company believes its mainstay Kharmagtai porphyry copper-gold project has the “potential to host a globally significant discovery”, with broad geological comparisons made to the Oyu Tolgoi, Cascabel and Wafi-Golpu deposits.
Xanadu said recent results point to its Stockwork Hill and White Hill beginning “to coalesce at depth”, the implication of which is “significantly increasing resource potential”.
Stockwork Hill, White Hill and Copper Hill occur over a 2.5km north-south stretch of ground in the South Gobi.
Recent drilling 1.5km west of White Hill is said to have confirmed a new shallow porphyry discovery, with results continuing “to confirm the Kharmagtai project as a district scale trend with potential to host further significant copper-gold discoveries”.
Shares in Xanadu were up 4% to 27c in morning trade, capitalising the company at $159 million.
The stock has been at similar levels over the past four years, having risen from around 18-20c in the eight months prior to October 2017.
