Mandalay Announces Receipt of Australian FIRB Approval and Interim Order in connection with its Proposed Merger with Alkane

Core Viewpoint - Mandalay Resources Corporation has received approval from the Australian Foreign Investment Review Board for its planned arrangement with Alkane Resources Limited, marking a significant step towards the completion of the transaction [1][2]. Regulatory Approvals - The Australian Commonwealth Government has confirmed no objections to the transaction, fulfilling the last regulatory requirement [2]. - The Supreme Court of British Columbia granted an interim order allowing Mandalay to hold a special meeting for shareholders to vote on the transaction [3]. Transaction Details - The transaction has received unanimous approval from Mandalay's board of directors, who recommend shareholders vote in favor at the upcoming meeting [5]. - The meeting is scheduled for July 28, 2025, with related materials to be mailed to shareholders on July 7, 2025 [7]. Future Outlook - The transaction is expected to close in early August 2025, pending final court approval and shareholder votes from both Mandalay and Alkane [7]. - The combined company aims to enhance its scale and financial strength, potentially unlocking shareholder value and supporting a re-rating [5]. Company Background - Mandalay Resources is a Canadian natural resource company with producing assets in Australia and Sweden, focusing on increasing production and reducing costs for positive cash flow [6].