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.