Xanadu Mines (ASX:XAM) Announces Bastion Mining Takeover
Takeover Bid and Acquisition
Bastion Mining Pty Ltd has acquired over 90% of Xanadu Mines’ shares and issued a Notice of Compulsory Acquisition for the remaining shares. The takeover offer, priced at A$0.08 per share, reflected a 57% premium to Xanadu’s closing price on 16 May 2025.
Financial Highlights
Xanadu reported holding A$18.532 million in cash as of 30 June 2025. Additionally, Bastion subscribed to 286,829,633 Xanadu shares at A$0.06 each, raising A$17.2 million to provide interim funding.
Executive Comments
Executive Chairman & Managing Director Colin Moorhead stated, “The transaction with Bastion is an important milestone on the journey for both the Kharmagtai Project and for Xanadu. This event also successfully concludes the company strategy to deliver a liquidity event for Xanadu shareholders to unlock value from the Kharmagtai discovery. Given the scale and complexity of the project, the challenging jurisdiction, and the added complexity of a 50:50 JV with a Chinese partner, I am very proud of this achievement and thank the team for their efforts, and shareholders for their support. Looking forward, I expect Kharmagtai to be the next major mine to be built in Mongolia and an important producer of copper to the world. We wish Bastion and Zijin both success in moving this project rapidly to production.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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