Xanadu Mines Ltd — M&A Activity 2025

Jul 25, 2025

Allens

Mia Yellagonga Tower 2

5 Spring Street

Perth WA 6000 Australia

GPO Box Z5313

Perth WA 6831 Australia

T +61 8 9488 3700

F +61 8 9488 3701

www.allens.com.au

ABN 47 702 595 758

Allens>>

24 July 2025

Market Announcements Office

ASX Limited

Exchange Centre

20 Bridge Street

Sydney NSW 2000

Online lodgement

Dear Sir / Madam

Takeover Offer by Bastion in relation to Xanadu Mines Limited (ASX:XAM) – Notice of Extension of the Offer

We act for Bastion Mining Pte. Ltd. (UEN 202512367N) (Bastion) in relation to its off-market takeover bid under Chapter 6 of the Corporations Act 2001 (Cth) (Corporations Act) for all of the fully paid ordinary shares in the capital of Xanadu Mines Limited (ACN 114 249 026) (ASX:XAM) (Xanadu) (Offer) on the terms set out in its bidder's statement dated 27 May 2025 (as varied) (Bidder's Statement).

On behalf of Bastion, we enclose a copy of the formal notice of variation of the Offer (the Notice), stating that Bastion has today varied the Offer by extending the Offer Period contained in section 8.2 (Offer Period) of the Bidder's Statement.

The Offer Period will now close at 7.00pm (Sydney time) on 5 August 2025 (unless further extended or withdrawn).

A copy of the Notice was lodged with ASIC on 24 July 2025.

Yours sincerely

Bryn Hardcastle

Partner

Allens

Bryn.Hardcastle@allens.com.au

T +61 8 9488 3904

Encl

Chris Bailey

Senior Associate

Allens

Chris.Bailey@allens.com.au

T +61 8 9488 3830

Our Ref #:121353383

CIRM 816198231v2 121353383 23.7.2025

In alliance with

Linklaters

---

Bastion Mining Pte. Ltd. (UEN 202512367N)

Notice of variation of Offer – extension of offer period

To: Australian Securities & Investments Commission
ASX Limited
Xanadu Mines Limited (ACN 114 249 026)

Each Xanadu shareholder and other person referred to in sections 650D(1)(c) and 650D(2) of the Corporations Act 2001 (Cth) (as modified by ASIC Corporations (Takeover Bids) Instrument 2023/683)

Bastion Mining Pte. Ltd. (UEN 202512367N) (Bastion) gives notice for the purposes of section 650D of the Corporations Act 2001 (Cth) (Corporations Act) that its takeover offer (Offer) for all of the fully paid ordinary shares in Xanadu contained in its bidder's statement dated 27 May 2025, as varied by way of notices of extension dated 24 June 2025 and 8 July 2025 (Bidder's Statement) is varied by extending the period during which the Offer will remain open so that the Offer will now close at 7:00pm (Sydney time) on 5 August 2025 (unless further extended or withdrawn).

Capitalised terms in this notice have the same meaning given in the Bidder's Statement, unless the context requires otherwise.

Bastion gives notice that it has extended its Offer to now close at 7.00pm (Sydney time) on 5 August 2025.

In accordance with section 650C of the Corporations Act, Bastion varies the Offer by:

1. extending the Offer Period so that the Offer will remain open for acceptance until 7:00pm (Sydney time) on 5 August 2025 (unless further extended or withdrawn); and
2. replacing "29 July 2025" with "5 August 2025" in each place the closing date of the Offer is referred to in the Bidder's Statement (including the acceptance forms).

All announcements in relation to the Offer are available on the ASX website.

A copy of this notice was lodged with ASIC on 24 July 2025. ASIC takes no responsibility for the contents of this notice.

This notice has been approved by a resolution passed by the sole director of Bastion.

Dated 24 July 2025

Tan Ling Kwok, Philip
Director, Bastion Mining Pte. Ltd.