Jade Gas Holdings has signed a non-binding gas offtake memorandum of understanding (MOU) with Xanadu Mines Ltd. for commercial gas sales from Jade's TTCBM Project. Jade and Xanadu have signed a non-binding gas offtake MOU, dated 21 December 2022, designed to secure a reliable, low cost and cleaner energy source for Xanadu's Kharmagtai Copper-Gold Project. The partnership demonstrates a clear pathway to market for gas produced by Jade, with a number of commercial customers on Jade's doorstep looking to secure future supplies of natural gas.

In addition to the securing of energy, this MOU aligns both Jade and Xanadu's shared ambition for improving Mongolia's energy independence, energy mix, and meeting climate change commitments that will ultimately improve the health and well-being of its people. The terms of the MOU include: Xanadu to have a non-exclusive option for gas supply from Jade's TTCBM Project; and The parties will work toward negotiating commercial terms for a binding gas sales agreement (expected after Jade's 2023 TTCBM Project pilot production program).