Bannerman Resources Limited
(ASX:BMN) said it was going to focus on discussions with other parties, after its board decided it was unlikely to know if Hanlong would enter into a binding acquisition agreement within a reasonable timeframe.
Hanlong has sought additional due diligence after it made a conditional offer of $144 million in July, so it can gain certainty about conditions like timing and financing.
Bannerman said Hanlong had not yet confirmed the time it needed to gain approval from banks and the Chinese government.
Bannerman reported a net loss of $13 million for the six months to June.
