Mandalay Shareholders Overwhelmingly Approve Transaction with Alkane Resources

Core Points - Mandalay Resources Corporation shareholders have approved a special resolution for an arrangement with Alkane Resources Limited, allowing Alkane to acquire all issued and outstanding common shares of Mandalay [1][3] - The approval required at least two-thirds of the votes, with 99.85% voting in favor of the arrangement [2] - Alkane's shareholders also approved the issuance of ordinary shares as consideration for Mandalay shareholders [3] Voting Results - Total votes for the approval of the Arrangement Resolution: 73,442,195, representing 99.85% - Votes against the resolution: 109,035, representing 0.15% [2] Next Steps - Mandalay will seek a final order from the Supreme Court of British Columbia to approve the arrangement on August 1, 2025 - The arrangement is expected to be completed around August 5, 2025 [3] Market Impact - Alkane plans to upgrade its U.S. OTC listing from the Pink Limited Market to the OTCQX Market, enhancing visibility and liquidity for U.S.-based investors [4] - The merger is anticipated to create a dual ASX and TSX listed gold and antimony producer, positioned for growth in tier-one jurisdictions [4] Company Overview - Mandalay Resources is a Canadian natural resource company with producing assets in Australia and Sweden, focused on increasing production and reducing costs [5]