07:47 AM EST, 01/21/2025 (MT Newswires) -- Xanadu Mines ( XANAF ) said Tuesday that it is reviewing all strategic options for the company as it continues to advance the Kharmagtai copper-gold project in Mongolia.

Xanadu said the company and its project partner Zijin Mining Group are now planning the next stage through to final investment decision.

According to Xanadu, the budget for this next stage cannot be approved without the company having a viable funding solution in place.

As a result, Xanadu said it is focused on reviewing all strategic options for the company to ensure that the project can move forward unconstrained, while ensuring value is maximized for shareholders.

"It has been pleasing to see Zijin push forward with preparations for the next phase through to final investment decision," said Colin Moorhead, Xanadu's executive chairman and managing director. "Xanadu is now working to determine a way forward that delivers best value to our shareholders".