Xanadu Mines (ASX:XAM) said it was unable to finalize a control transaction with its joint venture partner, Zijin Mining Group, within the agreed exclusivity period, according to a Monday filing with the Australian bourse.
The company's independent board committee is now reviewing other options, including the potential exercise of a 25% put option, and XAM has scheduled an extraordinary general meeting on 4 June for shareholders to vote on the option, the filing said.
If the put option does not proceed and no superior transaction emerges, Xanadu will seek alternative funding to retain its 50% stake at its Kharmagtai project in Mongolia through to a final investment decision.
The company said it will continue discussions with Zijin and other parties to secure the funding required to progress the project.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.