# Dr Andrew Stewart Executive Chair ## Career chronology - **Executive Chair effective 1 January 2026; current at cutoff. Previously Non-Executive Chairman from 4 November 2024 to 1 January 2026 and Non-Executive Director from 4 September 2023 to 4 November 2024.: Waratah Minerals Limited** — Executive Chair. [2025 Annual Report]() (Remuneration Report, printed page 23) - **CEO from 18 March 2015; appointed Managing Director and CEO in October 2016; CEO leadership continued through the 2019 board reorganisation; left after the 2025 takeover/delisting process. Exact employment end date not established.: Xanadu Mines Ltd** — Chief Executive Officer. [Appointment of Andrew Stewart as Managing Director]() (Appointment release, CEO start date and MD/CEO appointment); [Xanadu Mines Board Reorganisation]() (Board reorganisation, lines 58-63); [Quarterly Activities Report for quarter ended 30 June 2025]() (Quarterly Activities Report, lines 84-87) - **Named as Mongolia Manager and Chief Geologist in the 2010 prospectus.: Xanadu Mines Ltd** — Mongolia Manager and Chief Geologist. [Xanadu Mines Ltd Prospectus]() (Section 11.8(b), printed page 154) - **Issuer biography reports prior technical and management positions at these companies and involvement in greenfield discoveries; specific titles and dates were not independently reconstructed.: Ivanhoe Mines; Oxiana; Vale** — Technical and management positions. [Board and Management]() (Andrew Stewart biography, lines 35-39) ## Education and qualifications ### Education and professional memberships [wtm_andrew_education] As reported by issuer through 2026-10-09 · issuer reported · medium materiality Issuer biographies report BSc (Hons) from Macquarie University, PhD from the University of Tasmania’s Centre of Ore Deposits and Exploration Studies, Fellowship of the Society of Economic Geologists and AIG membership. These credentials were not independently verified against university or professional registers. **Attribution:** Responsibility not applicable. Credential details are issuer-reported; independent primary credential verification was not obtained. **Relevance:** Relevant technical background for an exploration-focused Executive Chair. [Board and Management]() (Andrew Stewart biography, education and memberships) ## Contributions and company outcomes ### Xanadu tenure: project advancement and shareholder exit [wtm_andrew_xanadu_delivery] 2015-03 to 2025-08 · documented · high materiality During Stewart’s executive tenure, Xanadu completed a Kharmagtai pre-feasibility study in 2024, expanded the reported resource and established an Ore Reserve. In 2025 shareholders received a recommended Bastion takeover offer of A$0.08 per share, a stated 57% premium to the 16 May closing price; Bastion passed 90% and began compulsory acquisition. The issuer’s 2025 biography describes the transaction as valuing Xanadu at A$160m. Project development remained pre-production: the PFS and takeover are delivered milestones, while the projected mine economics are study results, not operating delivery. **Attribution:** Role overlaps event; causation unproven. Stewart was CEO/MD for most of the period and served on Xanadu leadership, but the sources do not allocate the PFS, discovery or sale outcome specifically to him. **Relevance:** Material evidence of strategic project advancement and a realized liquidity event for shareholders; exploration results and study economics do not demonstrate operating production. [Appointment of Andrew Stewart as Managing Director]() (Appointment release, CEO start and MD/CEO leadership statements); [Xanadu Mines 2024 Annual Report]() (2024 Annual Report, Letter from Chair and Kharmagtai PFS/resource sections); [Quarterly Activities Report for quarter ended 30 June 2025]() (Quarterly Activities Report, takeover highlights, lines 76-87); [Board and Management]() (Andrew Stewart biography, Xanadu paragraph) ### WTM Spur drilling milestone during current tenure [wtm_andrew_wtm_drilling] 2026-09-22 · issuer reported · medium materiality WTM’s 22 September 2026 issuer update reported its best intercept to date at Spur: 46m at 7.27 g/t Au from 541m (SPD075), with extensions at Consols. The selected bundle notes no mineral resource estimate. Stewart had been Executive Chair since 1 January 2026, so the result overlaps his chair tenure but does not establish his individual contribution. **Attribution:** Role overlaps event; causation unproven. Stewart held the Executive Chair role during the reported result; technical execution and personal attribution are not established in the release. **Relevance:** Early exploration evidence relevant to the company’s growth strategy; not a discovery resource or commercial result. [Spur Gold Discovery Drilling Delivers Best Intercept To Date]() (Issuer ASXNews post dated 22 September 2026; SPD075 and Consols highlights); [2025 Annual Report]() (Remuneration report, printed page 23, title effective 1 January 2026) ## Suitability for the current role ### Technical and executive experience relevant to WTM [wtm_andrew_role_fit] Career reviewed through 2026-10-09 · analyst inference · medium materiality The issuer reports over 25 years in economic geology, including technical and management positions at Ivanhoe Mines, Oxiana and Vale, and former Xanadu CEO/Executive Director experience. A 2010 Xanadu prospectus identifies him as Mongolia Manager and Chief Geologist; contemporaneous Xanadu releases establish later CEO/MD roles. Specific dates for the Ivanhoe, Oxiana and Vale roles and individual greenfield discoveries remain unverified. This is an analyst inference about role fit, supported by the chronology and outcomes above. **Attribution:** Responsibility not applicable. This assessment infers fit from published roles and credentials; it does not infer personal causation for employer results. **Relevance:** Relevant to board-level technical oversight and strategy at an exploration company, with gaps in role dates and independent credential corroboration. [Board and Management]() (Andrew Stewart biography); [Xanadu Mines Ltd Prospectus]() (Section 11.8(b), printed page 154); [Appointment of Andrew Stewart as Managing Director]() (Appointment release, CEO start and prior Chief Geologist role); [Xanadu Mines Board Reorganisation]() (Board Reorganisation, lines 58-63); [Xanadu Mines 2024 Annual Report]() (2024 Annual Report, PFS and resource sections) ## Evidence gaps - Issuer-reported university qualifications and professional memberships were not independently checked against primary registers. - Exact dates, titles, concurrent interests and individual project contributions at Ivanhoe Mines, Oxiana and Vale were not established. - Xanadu’s Kharmagtai remained a development project at sale; the 2024 PFS did not establish construction, production or realized project economics. - Open-web adverse searches are scoped and are not exhaustive criminal, sanctions, court, litigation, credential, environmental or regulator checks.