On April 27, 2025, Alkane Resources Limited (ASX: ALK) and Mandalay Resources Corporation (TSX: MND) announced a definitive merger agreement, creating a diversified gold and antimony producer. The transaction closed on August 5, 2025, under a court-approved plan of arrangement, with Alkane acquiring all issued and outstanding Mandalay shares. Mandalay shareholders received 7.875 Alkane shares per Mandalay share, valuing the deal at approximately A$559.1 million (US$357.8 million or C$493.5 million). Post-merger, Mandalay shareholders hold 55% and Alkane shareholders 45% of the new entity, which continues to operate as Alkane Resources and is headquartered in Perth, Australia.

The combined company is expected to list on the Toronto Stock Exchange (TSX) under the symbol “ALK” on or around August 8, 2025, subject to final approval. With a pro forma market capitalization of about A$1.013 billion and cash of A$218 million, the company operates three mines in Australia and Sweden. Production is forecast at 160,000 gold-equivalent ounces in 2025, rising to over 180,000 ounces in 2026.

Legal advisors for Mandalay were Goodmans LLP (Canada) and Clayton Utz (Australia), while HopgoodGanim (Australia) and Bennett Jones LLP (Canada) advised Alkane. Financial advisors included Haywood Securities Inc. for Mandalay and Bell Potter Securities Limited and Euroz Hartleys Limited for Alkane.