Mr. Colin Moorhead reports

WITHDRAWAL OF PUT OPTION RESOLUTION AND CANCELLATION OF EGM

Xanadu Mines Ltd. refers to the announcement dated May 5, 2025, in relation to an extraordinary general meeting (EGM) to be held on June 4, 2025; the announcement dated May 19, 2025, in relation to the entry into a bid implementation agreement (BIA) with Bastion Mining Pte. Ltd. in respect of a recommended off-market takeover offer; and the announcement earlier today in respect of the completion of the $17.2-million (Australian) placement to Bastion.

In accordance with the BIA, the company announces the withdrawal of Resolution 1 from the agenda of the EGM. Further, as Resolution 1 was the sole resolution to be considered at the EGM and there is no longer any business to be conducted at the EGM, the board has resolved and notice is hereby given by the company to shareholders that the EGM scheduled for June 4, 2025, is cancelled.

Shareholders are not required to take any action in relation to the EGM.

About Xanadu Mines Ltd.

Xanadu is an Australian Securities Exchange- and Toronto Stock Exchange-listed exploration company operating in Mongolia. The company gives investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth. Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX that jointly controls a globally significant copper-gold deposit in its flagship Kharmagtai project together with its 50/50 joint venture partner, Zijin Mining Group.

We seek Safe Harbor.