Material Update on Off-Market Takeover by Bastion Mining

Core Viewpoint - Xanadu Mines Ltd is currently facing an off-market takeover offer from Bastion Mining Pte. Ltd, with significant developments following the acceptance of the offer by its largest shareholder, Zijin Mining Group [1][2][3]. Group 1: Takeover Offer Details - Bastion Mining has made an offer to acquire all fully paid ordinary shares in Xanadu, with the offer closing at 7.00pm (Sydney time) on 1 July 2025 [1][4]. - As of 16 June 2025, Bastion holds a relevant interest of 29.67% in Xanadu, which includes shares accepted from Zijin Mining [2]. - The Takeover Board Committee of Xanadu recommends that shareholders accept the Bastion Offer, citing the unlikelihood of a superior offer from third parties [3]. Group 2: Company Background - Xanadu Mines is an exploration company listed on ASX and TSX, focusing on large-scale copper-gold discoveries and low-cost inventory growth, particularly through its flagship Kharmagtai project [5].