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Mongolia
Kharmagtai Project

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 Location:
62 km NE from Tsogttsetsii, Mongolia

  Project Contacts:
Suite 23, Building 9B Olympic Street, Khoroo 1, Sukhbaatar District
Ulaanbaatar
Mongolia
14240
Phone  ...  Subscription required
Fax+97-6-7013-0211
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StagePreliminary Economic Assessment
Mine TypeOpen Pit
Commodities
  • Copper
  • Gold
Mining Method
  • Truck & Shovel / Loader
Mine Life30 years (as of Jan 1, 2022)
Pre-Feasibility Study expected to commence in Q3 CY2022 and complete in Q4 of CY2023.
Latest NewsJinping (Singapore) Mining Pte. Ltd. completes Transaction with Xanadu Mines Ltd.     March 10, 2023


Owners

Source:
CompanyInterestOwnership
Zijin Mining Group Co., Ltd 38.25 % Indirect
Xanadu Mines Ltd. 38.25 % Indirect
Khuiten Metals Pte. Ltd. effectively owns 76.5% of the Kharmagtai project, along with 13.5% minority holder Ganbayar Lkhagvasuren (an Executive Director at Xanadu), and 10.0% minority holder QGX Ltd.

On March 10, 2023, in addition to the Phase II Placement, Jinping (Singapore) Mining Pte. Ltd., an indirect wholly-owned subsidiary of Zijin Mining Group Co., Ltd. and Zijin also entered into a share subscription agreement with the Xanadu and Khuiten Metals Pte. Ltd., which indirectly holds 76.5% of the rights, title and interest in Xanadu’s flagship Kharmagtai Copper-Gold Project in Mongolia pursuant to which Jinping subscribed for 50% of the shares of Khuiten Metals in consideration of US$35 million. Jinping acquired the Khuiten Metals Shares on March 10, 2023.

Contractors

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Deposit Type

  • Epithermal
  • Breccia pipe / Stockwork
  • Vein / narrow vein
  • Porphyry


Summary:

Kharmagtai consists of multiple co-genetic goldrich porphyry copper centres and tourmaline breccia pipes occurring within the Carboniferous Kharmagtai Igneous Complex. The Kharmagtai Igneous Complex consists of a series of intrusive bodies ranging between diorite through monzodiorite, quartz-monzodiorite to monzonite and granodiorite compositions.

There are three styles of mineralisation at Kharmagtai; porphyry style stock work Cu-Au mineralisation, tourmaline breccia style Cu-Au mineralisation and epithermal gold associated with carbonate base metal veins.

The Resource models are well understood and there is substantial upside potential to be realised by better understanding the economics of the deposit. As demonstrated in the images, significant volumes of mineralisation have been modelled that fall outside of the constraining wire frames on figures.

These parts of the model will be targeted for further investigation through economic studies to assess if more of this material can be brought into the Mineral Resource.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The operation is configured as an open pit mine to achieve the highest value, lowest cost, lowest complexity, and most rapid development option. The Scoping Study assumes an owner-operator model for mining operations.

Mine planning is based on 10m benches consistent with the current resource model. Optimisation of the Selective Mining Unit including bench height will be addressed in the PFS. Grade control will be undertaken from sampling of blasthole cuttings assayed in the on-site laboratory.

The Scoping Study assumed mining will be a conventional drill, blast, load and haul operation. The primary mining fleet comprises 550t diesel hydraulic shovels loading 220t capacity haul trucks as a well-proven, flexible and efficient match suited to the planned scale of operations. Supplemental primary loading capacity and stockpile reclaim will be provided by 20m3 capacity wheel loaders.

For this Scoping Study assessment, no additional estimate was made for mining dilution and loss due to the gradational nature of the deposit. It was also assumed that with this style of mineralisation the geological model incorporates some level of dilution.

The mine would include open pits at the Stockwork Hill, White Hill, Copper Hill, Zephyr and Golden Eagle deposits. Most of the resource is in the White Hill and Stockwork Hill deposits and these two pits eventually merge into a super pit.


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Copper Metal in concentrate M lbs 1103,307
Gold Metal in conc./ doré koz  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Total tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
* According to 2022 study.
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Reserves at April 6, 2022:
The preliminary production target is based on the Mineral Resource for the Kharmagtai Project comprising Open Pit resources at a cut-off grade of 0.2% CuEqRec of 379Mt at 0.3% Cu and 0.2g/t Au in the Indicated category and 374Mt at 0.2% Cu and 0.2g/t Au in the Inferred category and additional Underground resources at a 0.3% CuEqRec cut-off grade of 76Mt at 0.3% Cu and 0.3g/t Au in the Indicated category and 290Mt at 0.3% Cu and 0.2g/t Au in the Inferred category.

CategoryOreTypeTonnage CommodityGradeContained Metal
Indicated In-Situ (OP) 379 Mt Copper 0.3 % 1,000 kt
Indicated In-Situ (UG) 76 Mt Copper 0.3 % 250 kt
Indicated In-Situ (OP) 379 Mt Gold 0.2 g/t 3,000 koz
Indicated In-Situ (UG) 76 Mt Gold 0.3 g/t 700 koz
Indicated In-Situ (OP) 379 Mt Copper Equivalent 0.4 % 1,480 kt
Indicated In-Situ (UG) 76 Mt Copper Equivalent 0.5 % 370 kt
Inferred In-Situ (OP) 374 Mt Copper 0.2 % 760 kt
Inferred In-Situ (UG) 290 Mt Copper 0.3 % 920 kt
Inferred In-Situ (OP) 374 Mt Gold 0.2 g/t 2,300 koz
Inferred In-Situ (UG) 290 Mt Gold 0.2 g/t 1,800 koz
Inferred In-Situ (OP) 374 Mt Copper Equivalent 0.3 % 1,110 kt
Inferred In-Situ (UG) 290 Mt Copper Equivalent 0.4 % 1,220 kt

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Copper USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Copper USD  ......  Subscription required&nbs
All-in sustaining costs (AISC) Copper USD  ......  Subscription required *†
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2022
OP mining costs ($/t mined) USD 2.09 *
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
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2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
EBITDA (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of April 6, 2022:
HME TypeSize
Loader 20 cu. m
....................... Subscription required ....................... Subscription required
....................... Subscription required ....................... Subscription required
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Mine Management:

Job TitleNamePhoneEmailProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required May 16, 2022
....................... Subscription required ....................... Subscription required Subscription required May 16, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required May 16, 2022
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
Corporate Presentation 2022
Preliminary Economic Assessment 2022
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News:

NewsDate
Jinping (Singapore) Mining Pte. Ltd. completes Transaction with Xanadu Mines Ltd. March 10, 2023
Final Regulatory Approval Funds Kharmagtai Pre-Feasibility Study and Exploration February 27, 2023

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