wow, that's nuts! Here's an interesting part of...

wow, that's nuts! Here's an interesting part of Rat's Rant overnight re XAM:
XAM recently flagged an EGM (11th of April) to put the potential 25% put option exercise to a shareholder vote, to enable greater funding flexibility for Kharmagtai.

The 25% put option is regarded by Colin as the least-worst outcome (in the absence of superior deal); this involves selling 25% of Xanadu’s share to Zijin Mining and being debt funded by Zijin all the way to commercial production.

However, Colin stressed he’s actively & aggressively pursuing alternative deal and funding outcomes, which could come in many shapes & sizes (as per presentation released 18/3/25).

This could come through a material liquidity event, through a takeover by either Zijin or a third-party interloper (aka somebody looking to spoil Zijin’s party).

Jefferies has luckily been retained as Defence Advisor, if the games do begin don't worry, we will be reporting on it as it plays out.

XAM could also potentially secure funding for a BFS in the not too distant future.......

Term sheets for funding offers have been received and XAM are in advanced negotiations with various parties (concentrate offtakers, royalty and structured debt providers) and the data room which was opened post PFS delivery and has been now closed for several weeks - again as per last presso.

The right offer will only be publicly presented if its superior to the 25% put option (aka in the best interests of shareholders) and hence capable of being executed, or:

There could also be a partial or full sale of XAM's interest in the Kharmagtai project (question is what would be the price).

Colin also reminded me that the BFS won’t kick off until Xanadu has its funding, which hopefully isn't too far away given the BFS (bankable feasibility study) is meant to start soon.