Alkane, Mandalay Complete Merger Creating Dual-Listed Gold Producer

Alkane Resources Ltd and Mandalay Resources Corporation have completed a merger to form a dual-listed gold and antimony producer operating on both the ASX and TSX. The combined company, retaining the Alkane name and headquartered in Perth, aims to increase gold-equivalent production from 160,000 ounces in 2025 to over 180,000 ounces by 2026, with operations spanning Australia and Sweden. The merger, structured under British Columbia law, involved an exchange of 7.875 Alkane shares for each Mandalay share, with Mandalay shares expected to be delisted from the TSX on August 6, 2025, and the new Alkane shares to begin trading on the TSX around August 8 under the ticker “ALK”. The transaction creates a stronger and more resilient platform with enhanced scale, financial flexibility, and a portfolio of three cash-generating assets: Costerfield, Tomingley, and Björkdal. The new board includes former Mandalay directors and is focused on sustainable growth and shareholder value, supported by a robust cash position of approximately A$218 million. Analysts have rated the merged entity favorably, with a Buy rating and positive outlook reflecting its strong financial position and growth potential.