Episode Details

In this episode, we chat with Spencer Cole, CDO and CFO of Xanadu Mines, a copper exploration company with projects in the South Gobi and Western Mongolia. They aim to develop porphyry and intrusion-related deposits and are committed to Mongolia and its potential as one of the last great copper frontiers.

Spencer has qualification in Mech and Material Eng (BS), Business & Finance (MBA), Finance (CPA) and has worked in various industries including mining, aerospace, Oil & Gas across the Americas, Australia, and SE Asia. He’s been with Xanadu for coming up to 5 years now and gives us an overview of the company, their flagship project Kharmagtai and will educate us more on the Lassonde Curve and how that has an impact on the company plus much more.

KEY TAKEAWAYS

• Xanadu Mines is an ASX and TSX-listed exploration company focused on copper and gold in Mongolia, with its flagship project, Kharmagtai, currently at the Pre-Feasibility Study (PFS) stage. The company has transitioned from coal exploration to copper and gold since 2013-2014.
• The Lassonde curve illustrates the typical life cycle of a junior mining company, showing how market capitalisation fluctuates through different stages of project development. Xanadu's journey reflects this curve, having experienced peaks and troughs as it moved from exploration to commercialisation.
• Hermagti faces challenges such as funding, permitting, and the need to identify high-grade zones to minimise negative cash flow. However, opportunities exist in the form of potential sequential heap leaching of weathered deposits and the possibility of expanding the resource through further drilling.
• Zijin Mining, a top global copper and gold miner, has partnered with Xanadu to advance the Kharmagtai project. This partnership is seen as beneficial due to Zijin's experience in advanced metallurgy and their aggressive growth model, which aligns with Xanadu's goals.
• Over the next 6 to 12 months, Xanadu aims to complete a bankable feasibility study for Kharmagtai and navigate the Mongolian permitting process. The company is also exploring funding options and planning further exploration activities for its other projects, Sant. Tolgoi and Red Mountain.

BEST MOMENTS

"Xanadu is an ASX and TSX, so dual listed exploration company... focused on copper and gold in Mongolia."

"The Lassonde curve illustrates the typical life cycle of a junior mining company, showing its market capitalisation over the different stages of development."

"Kharmagtai is a big, low-grade copper-gold porphyry. Its economics work on scale, low strip ratio, and byproduct credits."

"Zijin is a top five copper miner... they have a very aggressive growth model and are really experienced at building value through advanced metallurgy."

VALUABLE RESOURCES

Mail:        rob@mining-international.org

LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/

X:              https://twitter.com/MiningRobTyson 
YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast 

Web:        http://www.mining-international.org

This episode is sponsored by Hawcroft, leaders in property risk management since 1992. They offer:

• Insurance risk surveys recognised as an industry standard
• Construction risk reviews
• Asset criticality assessments and more

Working across over 600 sites globally, Hawcroft supports mining, processing, smelting, power, refi