Clark acquired 100,000 shares valued at $10,000 on May 1 and now holds more than 2.021 million in an indirect interest.
The company has completed an open pit scoping study at its flagship Kharmagtai Copper-Gold Project in Mongolia, which confirmed the viability of near-surface copper and gold mineralisation.
The study confirms the company’s strategy to explore for high-value large copper porphyry systems in the area.
It has identified opportunities for further upside from extending the life of the planned open pit mine, assessing higher-grade underground options and evaluating oxide gold potential near-surface at several locations.
In a subsequent research report Bell Potter Securities has retains speculative buy recommendation and raised the price target by 6% to 55 cents per share.
Bell Potter believes the positive study is only an interim one with more significant findings expected to progressively enhance Kharmagtai’s standing and advantages over its peers.
To present at CEO Sessions
The company’s managing director and CEO Andrew Stewart will outline Xanadu’s story to investors at this month’s Proactive CEO Sessions in Sydney and Melbourne.
He will address the Sydney CEO Session on Monday, May 13, and the Melbourne CEO Session the following day, Tuesday, May 14.
Register for the CEO Sessions today