Xanadu Mines Ltd (ASX: XAM), a gold and copper exploration company from Mongolia, announced on March 2019, the changes to the Board to reflect a renewed focus on the Australian retail market. After end of the Annual General Meeting on 30th April 2019, the changes to the Board will become effective.
The announcement highlighted that Kevin Tomlinson and Marcus Englebrecht, company’s London-based Directors would be resigning from the Board.
Dr. Andrew Stewart, MD and the CEO of Xanadu Mines Ltd currently based in Mongolia will be relocated to Australia in a short span of time and will take up the position of CEO. Darryl Clark based in Melbourne will assume the position of Executive Chairman. Ganbayar Lkagvasuren will be taking the position of Executive Director; Michele Muscillo will act as an Independent Non-Executive Director; and Hannah Badenach will remain to be positioned as a Non-Executive Director as well as the Nominee of Noble Resources International Pte. Ltd.
Kevin Tomlinson, an Independent Non-Executive Chairman of the company stated that Darryl Clark would redirect the efforts in the Southern Hemisphere. He also said that he feels proud of the team’s achievement during his two years tenure with the exciting copper-gold Zaraa discovery.
Dr. Darryl Clark elected Chairman stated that the company would be redoubling the efforts to connect with the Australian market. Further, they will continue gold discovery operations, a high-grade copper-gold at Stockwork Hill, as well as soliciting interest from renowned players from the industry.
For the period ended 31 December 2018, the company incurred a loss of A$6.327 million. The balance sheet of the company highlighted that the company had a net asset base of A$51.262 million. As compared to the previous corresponding period, there was an increase in the net asset base as a result of a fall in the total liabilities by the end of FY 2018. However, there was an increase in the accumulated losses as a result of operating losses during the period. The total shareholders’ equity during the period was A$51.262 million.
By the end of the period, there was a fall in the net cash and cash equivalent as a result of an increased cash outflow through the operating as well as the investing activities of the company. The net cash available with Xanadu Mines Ltd by the end of FY 2018 was A$5.225 million.
The stock of XAM gave a return of 14.29% in the past three months. At the time of the writing (AEST 2:02 PM on 27 March 2019) the price of the share was A$0.115, down by 4.17%. The company has a market capitalization of A$77.77 million and approximately 648.04 million outstanding shares.