Alkane and Mandalay Announce Closing of Merger

Core Viewpoint - Alkane Resources Limited and Mandalay Resources Corporation have successfully completed their merger, creating a dual-listed gold and antimony producer with enhanced operational scale and financial flexibility [1][3]. Transaction Details - The merger was executed through a statutory plan of arrangement, with Mandalay shareholders receiving 7.875 Alkane Shares for each Mandalay Share held [1][4]. - The Mandalay Shares are expected to be delisted from the TSX on or about August 6, 2025, and Mandalay has applied to cease being a reporting issuer in Canada [4]. Strategic Positioning - The combined company will operate in premier mining jurisdictions, including Costerfield (Victoria, Australia), Tomingley (New South Wales, Australia), and Björkdal (Skelleftea, Sweden [3]. - The merger is expected to create a stronger platform for sustainable growth, with a diversified production base and broader exploration pipeline [3][7]. Financial Highlights - The combined company is projected to produce 160,000 AuEq ounces in FY2025, increasing to over 180,000 AuEq ounces in FY2026 [7][21]. - Pro forma cash is estimated at A$218 million, positioning the company to advance growth priorities [7]. Management and Governance - The new board of directors includes three former Mandalay directors and two existing Alkane directors, along with a new independent Chair [8]. - The management team will be led by Nic Earner as Managing Director and CEO, with key former Mandalay executives joining to ensure continuity [9]. Reporting and Compliance - Following the merger, Alkane became a reporting issuer in all Canadian provinces and territories except Québec and intends to file several technical reports in compliance with NI 43-101 [10].