In today’s briefing:
- Xanadu (XAM AU): A Mongolian Face To A Mongolian Project
- [IO Technicals 2025/21] Bullish Momentum to Persist
Xanadu (XAM AU): A Mongolian Face To A Mongolian Project
- Back on the 21st May, Xanadu Mines (XAM AU), a Mongolian copper-gold mining play, inked an off-market deal with Bastion @A$0.08/share in cash.
- Bastion comprises Singapore-based Baroo (comprising board members from Mongolia) and Xanadu director Ganbayer Lkhagvasuren. Bastion is also subscribing for 286.8mn shares, at A$0.06/share, or 13% fully diluted.
- A follow-up Q&A session is worth listening to in full to gauge why Zijin (JV partner and 19.8% shareholder) may view Bastion taking control of XAM as a good thing.
[IO Technicals 2025/21] Bullish Momentum to Persist
- Disappointing industrial production and consumer spending data from China, along with stagnant new housing prices, dampened investor sentiment.
- Steel consumption remains robust even amid China’s property sector woes, as elevated mill activity and profitability at 60% of blast-furnace plants highlight the market’s core strength.
- On the technical front, current prices remain above the 21-day and 50-day moving averages, suggesting a positive short-to-mid-term trend.
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