That's the price I expect either Zijin (or another party) to buy...

That's the price I expect either Zijin (or another party) to buy them out for over the next three months or so. In reality, I think Zijin is still the most likely outcome. The Management team is well aligned for an exit as well, they hold a fair bit of shares (>5%of shares outstanding) and options (another ~5%). Half of those options won't be triggered though I don't think. There's 92m outstanding:
1) 15m have a nil exercise price --> these will be triggered
2) 26m at 4c --> these will be triggered
3) 16m at 18c --> unlikely to be triggered
4) 35m at 28c --> very unlikely to be triggered

I would imagine Colin is quite stretched from a working perspective, so I think he's always had an exit from Xanadu in mind given its the role he's pretty much been involved in the longest (since Dec 2019):
1) Non Exec Director at Ramelius since Dec 2022
2) Non Exec Director at Coda Minerals since Nov 2019
3) Non Exec Director at Aeris Resources since Jul 2020
4) Chairman at Sihayo Gold since Jul 2020