09:20 AM EDT, 07/30/2025 (MT Newswires) -- Xanadu Mines ( XANAF ) said overnight Tuesday that Bastion Mining agreed to extended its takeover offer for the company to Aug. 5.

So far, Bastion has acquired more than 90% of Xanadu's shares. Xanadu said it has issued a notice of compulsory acquisition for the remaining shares outstanding.

Bastion's offer values Xanadu at A$160 million or A$0.08 per share. Xanadu's takeover board committee unanimously recommended that Xanadu shareholders accept the offer.

Bastion plans to delist Xanadu, which operates the Kharmagtai copper-gold project in Mongolia, from the ASX and TSX exchanges.

"The transaction with Bastion is an important milestone on the journey for both the Kharmagtai Project and for Xanadu," said Colin Moorhead, executive chairman and managing director of Xanadu. "This event also successfully concludes the company strategy to deliver a liquidity event for Xanadu shareholders to unlock value from the Kharmagtai discovery."

Xanadu's share price fell 6.3% on Tuesday to $0.075 on the TSX.