Development

The Kharmagtai Copper-Gold Project is an advanced-stage exploration and development asset located in the Omnogovi Province of Mongolia's South Gobi region, approximately 420 kilometres southeast of Ulaanbaatar and approximately 120 kilometres north of Rio Tinto's Oyu Tolgoi copper-gold operation. The project sits within the same prolific South Gobi porphyry copper belt that hosts Oyu Tolgoi and Tsagaan Suvarga, and is one of the largest undeveloped gold-rich copper resources globally.

Geology and Deposit Characteristics

Mineralisation at Kharmagtai is hosted in porphyritic intrusive stocks and comprises a cluster of copper-gold porphyry deposits. A Pre-Feasibility Study completed in October 2024 confirmed Kharmagtai as a world-class copper-gold asset, supported by nearby rail, road and power infrastructure, with development based on conventional open-pit mining and sulphide flotation processing.

Boroo's Interest

Boroo holds its interest to Kharmagtai through its subsidiary Xanadu Mines Limited, which was acquired via an unconditional general offer by Boroo's 75%-owned subsidiary Bastion Mining Pte. Ltd. in 2024 and compulsorily acquired to 100% on 4 September 2025. Xanadu holds a 38.3% effective interest in the Kharmagtai Project, through a 50/50 joint-venture entity with Zijin Mining Group that owns 76.5% of the project, with Zijin serving as operator.

Development Plan

Boroo, through Xanadu, has committed approximately US$30 million to Kharmagtai-related feasibility studies and engineering over 2026–2027, of which approximately US$10 million is budgeted for 2026. The investment will support completion of feasibility-level technical work and preparatory engineering required to advance the project toward a development decision, leveraging Kharmagtai's strategic location in an established mining jurisdiction with supporting infrastructure.