Xanadu Mines Ltd — M&A Activity 2025

Jul 30, 2025

Allens

Mia Yellagonga Tower 2

5 Spring Street

Perth WA 6000 Australia

GPO Box Z5313

Perth WA 6831 Australia

Allens

T +61 8 9488 3700

F +61 8 9488 3701

www.allens.com.au

ABN 47 702 595 758

29 July 2025

The Manager

ASX 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 Status of Defeating Conditions

We act for Bastion Mining Pte. Ltd. (UEN 202512367N) (Bastion) in connection with Bastion's off-market takeover bid to acquire all of the fully paid ordinary shares in Xanadu Mines Limited (ACN 114 249 026) (ASX:XAM) (Xanadu) it does not already own (Offer).

On behalf of Bastion, we enclose a notice pursuant to sections 630(3) and 630(5)(b) of the Corporations Act 2001 (Cth) confirming the status of the defeating conditions in respect of the Offer.

Yours sincerely

Bryn Hardcastle

Partner

Allens

Bryn.Hardcastle@allens.com.au

T +61 8 9488 3904

Chris Bailey

Senior Associate

Allens

Chris.Bailey@allens.com.au

T +61 8 9488 3830

Encl

Our Ref #:121353383

FRBP 816238055v2 121353383 28.7.2025

In alliance with

Linklaters

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Bastion Mining Pte. Ltd. (UEN 202512367N)

Notice under subsection 630(3) of the Corporations Act

To: Xanadu Mines Limited (ACN 114 249 026)

ASX Limited

Bastion Mining Pte. Ltd. (UEN 202512367N) (Bastion) gives notice in accordance with section 630(3) of the Corporations Act 2001 (Cth) (Corporations Act) in relation to the offers made by Bastion under its off-market takeover bid for all of the ordinary shares it does not already own in Xanadu Mines Limited (ACN 114 249 026) (ASX:XAM) (Xanadu) (the Offer) as set out in the Bidder's Statement dated 27 May 2025 (Bidder's Statement).

Bastion gives notice under section 630(3) of the Corporations Act that:

1. as announced on 24 July 2025, the Offer has freed from all of the defeating conditions in section 8.6 of the Bidder's Statement;
2. the Offer is unconditional and has been unconditional since 24 June 2025; and
3. Bastion's voting power in Xanadu as at the date of this notice is 92.12%.

Dated: 29 July 2025

Tan Ling Kwok, Philip

Sole Director, Bastion Mining Pte Ltd.