The notice was lodged on behalf of 1832 Asset Management L.P, manager of the Dynamic/Scotia Funds.
Xanadu has been a strong performer in recent months, last trading at $0.30, or around 50% higher than two months ago.
The company's flagship Kharmagtai project is located in Mongolia, and currently hosts three porphyry deposits in close proximity to each other, Stockwork Hill, White Hill and Copper Hill.
The three deposits have a combined JORC resource of 203 million tonnes at 0.34% copper and 0.33 g/t gold for circa 1.1 million tonnes of copper equivalent.
The project continues to emerge as one of the premier undeveloped copper-gold assets globally.