Alkane Resources and Mandalay Resources Proposed Merger

The transaction will create a diversified Australian-centric gold and antimony producer with a portfolio of three operating mines and a strong balance sheet

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CAD $167M
(AUD $188M) in Cash as of March 31, 2025
180koz AuEq
forecasted for 2026
Increased
scale and trading liquidity anticipated to drive valuation re-rate

Creation of a Gold & Antimony Producer

This merger of equals increases scale and benefits all shareholders

Diversified production of 160koz AuEq in 2025, growing to 180koz AuEq in 2026

  • Two mines, Costerfield and Tomingley in Australia and one mine, Björkdal, in Sweden
  • Diverse production from premier jurisdictions

Improved capital market positioning anticipated to drive valuation re-rate

  • Expected valuation re-rate driven by GDXJ and ASX 300 index inclusion
  • Further value uplift expected through greater trading liquidity driven and a more diversified shareholder base

Creates a powerful platform with a shared vision for growth

  • Robust balance sheet: combined cash balance of A$188 / C$167million at 31 March 2025
  • Continue to invest in organic growth through exploration at all three of its producing mines
  • Large, long-life Boda-Kaiser copper-gold project adding further long-term growth

Merged leadership focused on delivering re-rate and driving growth

  • Combined board with deep markets, operational and industry experience
  • New independent Chair, Andy Quinn:highly credentialed banking and mining veteran with extensive gold industry experience
  • Management led by Alkane’s Nic Earner: an experienced operator

Benefits for Mandalay shareholders

Diversified

production and cashflow in premier jurisdictions reduce overall risk

Reduced

shareholder concentration leading to increased float and liquidity

Increased

capital markets scale and liquidity unlocks value of passive and institutional investment

Opportunity

for valuation uplift from higher ASX-listed mining companies multiplies

Exposure

to growth via the highly prospective Boda-Kaiser copper-gold project

Highly

credentialed, internationally experienced Board to deliver vision of building a leading mid-tier gold producer

Benefits for Alkane shareholders

  • Strengthened balance sheet with combined cash position of A$188m / C$167m at 31 March 2025
  • Greater corporate scale with reduced risk from increased production and diversified revenue
  • Exposure to highly strategic antimony revenue from Costerfield
  • Anticipated increase in institutional investment from larger free-float and greater liquidity
  • Well-capitalised platform to fund exploration, development and inorganic growth
  • Highly credentialed, internationally experienced Board to deliver vision of building a leading mid-tier gold producer

Mandalay Resources Yearly Stock Price Movement:
Month-by-Month Overview

Read The ASX Announcement

Click Here

Mandalay Resources CEO Frazer Bourchier
interview with Crux Investor

Download Merger Presentation

Click Here

Alkane Resources Yearly Stock Price Movement:
Month-by-Month Overview

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