Ann: Strategic Partnership with Zijin Mining and Placement, page-35

To the former - only if Xanadu is paid the US$35 million cash. If this is tied up in the JV then not only do you halve it's value to XAM, this also halves the implied value of Kharmagtai.

To the latter, yes, I believe so. That is, if stages 2 & 3 were not approved then it would just be a garden variety cap raise at a premium. I believe this is why they raised under 10%, so that Zijin doesn't get a board seat without stages 2 & 3.

All IMO, please DYOR and GLTAH.