The market yesterday, and I wanted to give shareholders an opportunity to fully understand the context and to ask questions. I'd like to start by acknowledging that, yes, we've been here before, with a notice of meeting announced ahead of the vote on the 25% put option on Kharmagtai. The reason we pulled the resolution last month was due to receipt of a non-binding indicative offer from Zijin, which the board judged at that time to be superior to the put option. This included a deferral of the put option expiry period and an exclusivity, which preserved the put option as a backup and gave us time for further discussion. On Monday, the exclusivity period with Zijin was completed, and we haven't yet firmed up a corporate transaction with Zijin, nor have we agreed to a second extension to the 25% put option exercise period. As a result, we've had no choice but to call an EGM with a shareholder vote, which preserved our optionality for another 30 days. We'll use this time to see if we can solidify a superior transaction aimed at controlling Xanadu's share of the project. To that end, we've already recommenced discussions with interested third parties and are still talking to Zijin, of course. In an absence of a superior transaction, there will be a shareholder vote on the 4th of June to execute the 25% put option and carry forward at 25% ownership without having to put any more cash into Kharmagtai. With this brief introduction, I'd like to open the webinar to questions. Anna will read the questions that you have submitted, and I'll give you as much color as I can on each topic. Over to you, Anna. Okay. First question. What went wrong with the non-binding indicative offer? Why was there no deal? There is no deal yet. I think the short answer to that is that Zijin do not move very fast. They are a big, cumbersome, slow-moving organization. I do note that they have just announced a spin-out of their gold assets, so I suspect they are at their full bandwidth and were unable to give this the attention it needed in the timeframe required. Okay. Thanks for that. I have got another question that's just come through. Shouldn't management commit to dividend out majority of the put option proceeds rather than use those funds for further exploration? If after tens of millions of dollars spent on exploration, the company is required to accept the put option, doesn't that prove that further investment in exploration doesn't drive shareholder value? Shouldn't Xanadu instead sell all of its remaining exploration assets and just become a holding company for any proceeds generated from the Zijin joint venture? Sorry for the long-winded question. That's an interesting question. In the event of a positive vote for the 25% put option, and I'm not sure there will be, it's a difficult question. Xanadu would receive $25 million and a loan carry-through production. We don't know how long that period would be. It's totally in the hands of Zijin at that point. Assuming the project is not in commercial production until 2028 or 2029, that means we continue to need to operate as a company for three to four years. A significant portion of that AUD 25 million would be needed to run the company. I suspect if you did run the company without any active exploration, it would be difficult to raise any more capital because you've got no news and you've got no activity. You're just sitting there waiting, really. The cost of waiting is not zero. It's an option. I wouldn't rule out returning part of that money as a dividend to the shareholders, but we have to fully flesh out that strategy at a board level. Okay. Thanks for that. I disagree with the point that expiration has no value. That's fundamentally not what we're about. Good stuff. Okay. We've just had another question. To confirm, Colin, is Zijin's non-binding indicative offer still open for acceptance, or has it been rescinded? No, Zijin has not rescinded this offer. In fact, we're continuing to work with them. They were just unable to complete what they needed to do in the time available. Okay. Is Zijin looking to sell and exit the project? I haven't seen any evidence of that, and I can't see why they would. I mean, they've spent a lot of money on it to date. The strategic fit of Kharmagtai to their overall strategy is very strong. They're in this. They own half of it, and I can't see why they would be exiting Kharmagtai. You have to ask them ultimately. What sort of other parties could be interested in the project if Zijin is not? It's fair to say we've had quite a bit of interest. The whole copper world's aware of this project. I would say that there's been stronger interest from Eastern companies rather than Western companies. Obviously, there are Western companies in Mongolia, in particular Rio Tinto. I suspect this project's not big enough for Western companies to step in at this point in time. You know what I say, Anna? The best way to find a 200,000-ton per annum copper producer is to buy a 100,000-ton per annum copper producer and explore. This system is wide open and has that potential. To answer the question, there is relatively strong interest from Eastern companies in this project. Okay. Following on from that, this is an interesting one. Why do you keep playing into Zijin's hands and doing what they want? Why not walk on the option and engage properly with these interested third parties? Only way they will come to the table is if they don't get a cheap extra 25%. Yeah. I mean, that's an opinion that I don't share. I think without these options, they've undoubtedly created a line in the sand that's created these M&A conversations to happen. In the absence of them, why would anybody act? At some stage, and at this point, it's 30 days away, those options expire, right? We are going to, in the absence of a superior bid, and make no mistake, we are continuing to work with Zijin and others on that. We'll give the shareholders a vote on it. If the top, if there's a significant volume of shareholders who are of the opinion of the person who asked the question, then we'll go with that direction. Yep. I just want to. Are you able to provide some further color on the terms of the NBIO, or is it something that might not be able to be disclosed? Yeah, not really. What I can say is we were after three things. One was value, so a premium to where we are today. Two was solid financing through the bid period, which can be quite long. We would need enough money at the corporate level to cover transaction costs and G&A through a bid period that could be 6-12 months long. Also, sufficient money to keep funding the project. It is not a small amount of money. We were also after an extension of the put option exercise period to take the time pressure off to have those discussions. Okay. Thanks for that. How does Zijin's decision to spin out off its gold assets affect its interest in Kharmagtai, given that our project contains gold? Yeah. I think Zijin started as a gold company. They were one of the largest gold companies in China and have gone on to be a diversified global miner. You'd have to ask them, but I suspect they're seeking to take advantage of the shine on gold and spin off their gold assets, their pure gold assets, and they have quite a few into a vehicle that would be attractive to pure gold investors. Make no mistake, Kharmagtai is a copper mine. It's still, I mean, Spencer could probably tell me the number, it's 70-30 or 60-40 copper to gold revenue, depending on the price at the time. And it's that strong gold credit that gives us a low cost of production of copper. I think it fits more neatly in their copper portfolio. At the end of the day, I've only read what you've read, and they've made that decision. I do think, however, that that corporate activity has sucked up a lot of their bandwidth to work on other things. Okay. Thanks for that. What is the potential interest? This is leading on from the you mentioned earlier about the Eastern interest. What is the potential interest from Mongolian parties for this asset? Yeah. Obviously, Mongolians are very nationalistic people. It's the times of Genghis Khan. They like to control territory and their mineral wealth. There is a reasonable interest from Mongolian parties who would like to play a major role in the development of Kharmagtai. Obviously, Zijin is the other half. It is not insignificant, the Mongolian interest. Also elsewhere in Central Asia, there is strong interest. I think Central Asia is an emerging region for major base and precious metals. We will see it increase in importance globally over the next little while. Okay. Thanks for that. What is the white elephant in the room in regards to the Mongolian government eyeing 34%? The Mongolian government have a classification of deposits referred to as a strategic deposit or a deposit of strategic national importance. There are 16 of those on the list that was created about 20 years ago. There are another 39 deposits that broadly meet the criteria of strategic that are being considered. Someone came out the other day and said he wanted to add another eight to that list, which included us, and that was not helpful. I have been hearing that stuff for the six years I have been involved in Xanadu now. The bottom line is back when OT was a thing, the government effectively had an obligation to take 34% of a deposit classified as strategic. The trouble is they could not finance that 34%, so had to do a deal with Rio, which proved to be unsustainable for both parties. The recent Orano-French uranium deal is probably a better precedent with that investment agreement. Being uranium, it was automatically a strategic deposit. The government changed the laws from an obligation of having 34% to the right to negotiate anywhere from 0-34% equity, plus a package of royalties, taxes, and other things that would target an overall economic benefit for the country. The logic's sound. In that case, the government swapped its up to 34% equity right, which is not free carried, for a 10% free carry and a much more moderate royalty package. In fact, I was quite encouraged by that because it did show the government's moving towards a more pragmatic commercial approach to these things. The myth out there is strategic deposit equals the government will have 34%, and some people even say that that's for free. That's just not right. If you are strategic, they have a right to negotiate up to 34%. They are not going to put conditions in place that kill the investment. There is a balance there. What I can say is we are not a strategic deposit at this point in time. The government has not said anything official to that regard. I have been hearing it for a long time. Yes, that sort of stuff is not helpful, but it is not real either. Okay. Great. Thanks for that. Xanadu has been extremely successful with exploration at Kharmagtai. What steps are required to test some more targets of the project, potentially finding a helios dumit deposit? One hole could triple the value. That's a great question. As I said, the way to find a 200,000-ton per annum producer is to buy a 100,000-ton producer and explore. As the guy who was the first chief geo at Cadia, we started with a small open pit, and that project, 30 years later, is running at 30 million ton per annum, which was founded off the back of good near-mine exploration. That potential absolutely still exists in Kharmagtai. You have to have the courage and the conviction to drill deep holes. If I was not constrained by capital, that's exactly what I'd be doing right now because I think that potential for a Heliadomite-style discovery at depth is real. Not assured, but real. Great. Thanks for that. Assuming a satisfactory bid is not ultimately forthcoming and we end up exercising our put option, are we adequately prepared to press ahead with the project with our resulting interest? What sort of preparations are being put in place for that, if you could enlighten us? It's a bit like asking Albo what he's going to do if he loses the election. He said, "Well, I'm not going to lose the election," and he didn't. Yeah, listen, there are two ways we can go on if a deal's not done. One is the 25% put, which the independent expert report outlines the value of, or the range of values of. We're sort of your one third of the JV. One quarter of the JV committee says Zijin can basically do what it wants, speed things up, slow things down, etc., etc. You're effectively a passenger there, not without influence, but you don't have the control. The other way to do it is to maintain our share of control by funding our 50% through, which is a much bigger commitment, obviously, of not only money but time and resources to guide the project in the right direction. Now, we are formulating plans for both of those scenarios. We've been focusing on the financing side of it, but there's a significant management and strategy component to each of those scenarios, which Spencer and I will flesh out in a bit more detail over the coming weeks. Okay. Great. What are the barriers to a third party, not Zijin, buying out Xanadu? Is it something that's realistic and something that you think could be pursued, or there's not a chance? There's an absolute chance. I mean, you could argue that in a bid situation that Zijin has 18%, therefore, a blocking stake, but you only need 51% of Xanadu to control 50% of Wheaton, which controls the project. In that scenario, I would expect that a third-party bidder could get towards 80%. Under a scheme, what is it, 75% of 80%? It's a bit of a harder task. I suspect whatever happens, you would eventually have to talk to Zijin about how to take things forward. Sure. Do you have a specific Zijin individual that is handling the deal discussions? Are they transparent, or are you getting ghosted? I have got an active relationship and discussion with the head of BD at Zijin. He is the person that does their deal. So every deal you have heard about Zijin doing, this guy has done, which is part of the problem. There is only one of them. He reports directly to the chairman, and he is totally empowered to do this. I can clearly say that he is also on our board, so I have a very good relationship with that person. I just feel that they are extraordinarily busy right now. If the put option is supported—oh, actually, I'm sorry that we've already had that. With extension of the put option proposed, could this continue to keep occurring into perpetuity? What do you hope to achieve from such a strategy, which effectively means chewing into the dwindling cash reserves and losing shareholder support? I'm not sure that that's what it means. I'll take that piece at a time. No, we won't go on into perpetuity. Why would Zijin do that? I think given that they're the ones dragging their heels, extending it a little longer would only be fair. That's the point I'm making to them at this point in time. I think they're sympathetic to that. I can't guarantee that they'll give it to us, but it would only be for a little while. It won't be forever. There's no reason for them to do that, no reason for us to do it. We need to bring this thing to a head. We are focused entirely on getting a deal done here that takes the project forward. I would like to see Kharmagtai get to FID and go into development. I would like to see those rigs drilling those deep holes we spoke about earlier. I'd like to get some money out of this, some value out of this for the shareholders. We are working pretty hard on those things. Okay. Will the independent expert report be updated to reflect the current circumstances, including the increases in gold and copper prices? That's a good question. I don't think at this point in time we have made that decision to ask the independent expert to update it. They tend to use fairly a range of metal prices and everything. I don't think things have changed materially enough since that report was drafted to warrant that. It's a good question. I'll certainly ask Spencer to look at that. What is happening at the Kharmagtai project as we speak? We're coming out of winter, and the weather's warming up. I would like to see things moving. However, we're currently pretty much on care and maintenance. We've got security there and a presence and maintaining our environmental baseline monitoring and all the things we should be doing. The JV is really waiting for resolution of the funding solution to take it forward. What that means is Zijin are putting a big budget onto us and saying, "Any up, we'll dilute you." That's not happening. We're having a friendly discussion about how to fund this at a sensible rate. I wouldn't like to see 2025's sort of summer or warmer months disappear without any work happening up there. This is more of a statement than a question, but feel free to elaborate further on it. While the inability to reach a satisfactory deal with Zijin might seem like a setback, is it really more the case that it is a better outcome in that it enables Xanadu to deal with other interested parties at a time of increasing interest in high-quality copper-gold assets such as Kharmagtai? Yeah, I actually agree with that. It's an excellent opportunity. Really, exclusivity was the cost of, well, the price we paid for the extension to the put period now. Zijin's allowed that to expire without a deal on the table, which absolutely means we can re-engage with third parties and have open conversations. As I said, the copper world's alive to this project and see it for what it is. It's a real opportunity to build a serious copper mine. Yeah, I don't see it as a big negative thing at all. I think it's an opportunity to get some competition into this space. Now, more touching back onto Zijin and their sort of potential motives. With Ivanhoe's Kamoa failing to meet production expectations of 600 kilotons per annum for its contracted copper offtake with Zijin, how do you expect Zijin will deal with the shortfall? Buying 100% of Kharmagtai must be close to the top of their list, given they already own 50%. Why do you think they had cold feet with the MBO? It might be a chicken and the egg question that one. Listen, as I said before, clearly, Kharmagtai is a mine that has a good strategic fit for Zijin. It's very similar in terms of operating parameters to other mines that Zijin operates. I think, yes, it fits neatly. The fact that there's struggles elsewhere, you think they're this huge company with huge resources, but their bandwidth isn't that great at the top. I think they're dealing with a bigger fish to fry right now. This thing absolutely fits neatly into their operating model. I think that if they are struggling to meet their objectives elsewhere, this could be part of the answer, not part of the problem. Okay. Great. How important have the option price hurdles been in the negotiations for a potential takeover at the company level? Oh, listen, the price hurdles, I do not think for a company the size of Zijin, they matter much at all. It is just a number. I mean, it is obviously an important number to us. What it does do when you read that IER report, it sort of sets a benchmark by which the board can judge what is superior and what is not, right? There are all sorts of different ways to value a project like this at a company like ours. I suppose that is why we have independent expert reports. I think the option, the actual AUD 25 million, is not really that important in the grand scheme of things. It is more the ability of us to put it to them. Should we find and get the loan carry? Should we wish to do that? Because you've got to remember, if we do do that, Zijin's never getting 100% of this project, right? Why would we sell after that, right? So if I was there, I'd be doing a deal, but I can't speak for it. Okay. Great. Now, there's an interesting question. What timeframe are you expecting a decision to be made? I'm assuming this comes with a board decision to be made on the go-ahead or this process that's now been opened, I guess. We have got ourselves 30 days from today to get a deal done or have that vote. If we get a superior deal, we will probably pull that resolution like we did last time. I would want it to be pretty well-binding before we do that. I mean, it is a big thing to give up this option. That is why I do think shareholders should get a say in whether we give it up or not. Okay. Great. During the March quarter, there was almost AUD 2 million spent on staff and admin costs with nothing on exploration. Can you please break down this spend? Is this the run rate going forward? Also, when will exploration recommence at all three assets? No. It's not the run rate going forward. There were some extraordinary payments in that quarter, including about $500,000 worth of project costs that the JV owed back to us. There was usually the annual staff bonuses and things that happened at that time. We've also put AUD 1.7 million in, just over $1 million, into the project for quarter one, which isn't in that number, but also impacted our cash position. Going forward, Spencer and I are working on models, depending on what happens, right-sizing our G&A to be appropriate for whatever direction we're going in the future. Recently, Mongolia's parliament ratified a deal with China to jointly construct a new cross-border rail connection. I can't say it. Something Gunshot Gantsmod. I won't even try it. To ramp up coal exports with completion targeted in 2027. Rail announcement timing seems to strangely coincide with the start of the exclusivity arrangement between Zijin and Xanadu. Please elaborate more on the continued strengthening in the China-Mongolia relations. Secondly, it seems that Xanadu's outcome for Kharmagtai could be played out between the two governments. How are you managing this risk? I don't know if I can manage a government-to-government China-Mongolia dynamic. Listen, I think due to the geopolitical situation, China is taking advantage of the whole Russian thing to get closer to Mongolia. I think Trump's tariff wars would only strengthen their resolve to have closer ties to Mongolia and supply chain in the region, not just for copper, but for coal and everything else. When you think about 65,000 tons of copper, it's at 300,000 tons of concentrate going down a railway line that's built to take 30 million tons of coal. It's a bit of a drop in the ocean. I don't think the coincidence of those infrastructure and border crossings have anything to do with the timing of our deal on Kharmagtai. What I can say is, as a bloke who's spent a lot of years working on development of porphyry projects in places that don't have any infrastructure, where you've got to build access roads and camps and power stations and pipelines and ports, this is a remarkably well-positioned project. We've got rail within 15 km. We've got grid power to the site. We've got the ability to bring in the water and power we need. It is a relatively civilised part of the world to be building a mine. I think that gives us a natural advantage in terms of capital intensity and time to production. Okay. Thank you for that. We've only got one final question. If anybody wants to ask any more questions, please feel free to type them in the box. Anyway, going on to this question, how do you conclude that Zijin won't get 100% of the company if and when the put option is exercised? What sort of logic drives this thinking? In my view, it'll be cheaper for them to buy. Why would I sell to them? If they need 25% of the remaining share of the project, why would I? It is only going to get more expensive, that share, as the project moves forward. I think the independent expert valued it that way. Obviously, the closer we get to production, the more valuable that percentage becomes. It is not going to get cheaper. It is going to get more expensive for them. I would think they should be motivated to do a deal now, but I cannot speak for them. Okay. Thanks for that, Colin. There are no further questions, so I guess that concludes the question-and-answer session. The replay of the webinar will be available on our website, hopefully sometime today. Thank you for joining. I'll pass over to Colin now for some closing remarks. Listen, I'd like to thank everybody for their time and interest today. I know we've got some long-term shareholders that have been on the journey with us. I think we're getting close to the end here. I'm not surprised. There's been some twists and turns in the story. We are in a complex jurisdiction and dealing with a Chinese partner on a big, complicated project. I'm actually pretty confident we're heading in the right direction to get this sorted out. I appreciate your support. Always happy to talk to shareholders. Watch this space the next three days. It's going to be an interesting time. Thank you.