• Successful closing of merger between Alkane Resources and Mandalay Resources
• Combined company to operate as Alkane Resources Limited and remain listed on ASX
• Strengthened corporate platform with three cash-generating assets in premier mining jurisdictions

Alkane Resources Limited (ASX: ALK) and Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) have announced the successful closing of their merger. The transaction was effected by way of a statutory plan of arrangement, with Mandalay shareholders receiving 7.875 fully paid ordinary shares of Alkane for each Mandalay share held. The combined company will continue operating as Alkane Resources Limited and will remain listed on the ASX and headquartered in Perth. The Toronto Stock Exchange has conditionally approved the listing of the Alkane shares, with trading expected to commence on or about August 8, 2025. The merger is expected to create a dual ASX and TSX listed gold and antimony producer operating in premier jurisdictions - Costerfield (Victoria, Australia), Tomingley (New South Wales, Australia), and Björkdal (Skelleftea, Sweden). The combined company is strategically positioned for sustainable growth, with a strengthened corporate platform, three cash-generating assets supported by robust organic growth opportunities, an established 160,000 AuEq ounces producer (FY2025) rising to over 180,000 AuEq ounces in 2026, pro forma cash of A$218 million, and enhanced corporate scale, trading liquidity and index qualification expected to support a valuation re-rating.

The combined company is expected to be an established 160,000 AuEq ounces producer in FY2025, rising to over 180,000 AuEq ounces in FY2026.

The combined company is strategically positioned for sustainable growth, with a strengthened corporate platform, three cash-generating assets supported by robust organic growth opportunities, and enhanced corporate scale, trading liquidity and index qualification expected to support a valuation re-rating.