• Acquisition of Mandalay Resources Corporation completed
• Fair value adjustment of $52.9 million on Mandalay's work-in-progress and stockpile ore
• Unrealized fair value gain of $9 million on listed equity investments

Alkane Resources Ltd reported its Q1 FY2026 operating and financial results, including the completion of the acquisition of Mandalay Resources Corporation on August 5, 2025. The transaction has been accounted for as a business combination, with Alkane identified as the accounting acquirer. Since the acquisition date, Mandalay has contributed $68.2 million in revenue to the Group's results. A fair value adjustment of $52.9 million was made relating to Mandalay's work-in-progress and stockpile ore, of which $27.2 million has been expensed for the three months ending September 30, 2025. The Group also recorded an unrealized fair value gain of $8.9 million in other comprehensive income for the three months ended September 30, 2025 on its listed equity investments. Other key financial results include revenue of $147.2 million, a gross profit of $13 million, and a net loss of $2.7 million for the quarter. The Group incurred acquisition-related costs of $2.7 million on the Mandalay transaction.