Xanadu has an enterprise value of less than A$30 million, meaning future strong scoping numbers would be particularly helpful.

Kharmagtai has 1.15Bt grading an average of about 0.23% copper and 0.2 grams per tonne gold.

That includes an "indicated" 487 million tonnes at 0.3% copper and 0.2gpt gold, and a high grade core of 100Mt at 0.8% copper equivalent.

While market interest in Xanadu currently remains modest at best, the company is adamant Kharmagtai enjoys "key advantages" including "cohesive higher grade zones … lower relative capital intensity … competitive timeframe to production … (and location) close to markets".

Xanadu had cash at the end of the September quarter of $7 million.

Shares in Xanadu were down 4% to 2.5c in midday trade, capitalising the company at $31.5 million.

Xanadu raised $10 million in April/May when it issued new shares priced at 6.2c each.