07:22 AM EDT, 06/17/2025 (MT Newswires) -- Xanadu Mines Ltd ( XANAF ) on Tuesday provided an update in relation to the off-market takeover offer by Bastion Mining to acquire all the fully paid, ordinary shares in Xanadu.

According to a statement, the Takeover Board Committee of Xanadu noted that Zijin Mining Group, the company's largest shareholder and joint venture partner has accepted the Bastion offer for all shares that it holds in Xanadu. Together with Bastion's existing direct equity interest and acceptances received as of June 16, 2025, Bastion now holds a relevant interest of 29.67% of Xanadu, the statement said.

In light of Zijin's decision to accept the Offer, the statement added, the Takeover Board Committee believes it is "now unlikely that a superior offer from an alternative third party will be made" and reiterates its recommendation that shareholders accept the Bastion Offer as soon as practicable (in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Offer is fair and reasonable). All members of the Takeover Board Committee intend to accept the Bastion Offer in respect of all Xanadu shares which they own or control by the close of the Offer (in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Offer is fair and reasonable).

The Offer is due to close at 7.00pm (Sydney time) on July 1, 2025. While the Offer currently remains subject to a number of conditions, Bastion has committed to declaring the Offer unconditional when it acquires a relevant interest of 50.1% of the Xanadu shares.