Alkane Resources Secures Court Approval for Mandalay Acquisition

• Alkane Resources Limited receives court approval to acquire all Mandalay Resources common shares 
• Supreme Court of British Columbia issued final order under Business Corporations Act 
• Alkane will issue 7.875 ordinary shares for each Mandalay share acquired 
• Transaction closes August 5, 2025, with all conditions satisfied 
• Acquisition adds Australian and Swedish gold mining operations to Alkane's portfolio

Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF) is a Canadian natural resource company with two producing assets. The company owns the Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden. Mandalay focuses on growing production and reducing costs to generate positive cash flow whilst operating with safety and environmental responsibility standards.

Court Approval Finalises Alkane's Acquisition

The Supreme Court of British Columbia's final order enables Alkane Resources Limited to acquire all Mandalay Resources common shares. The court approved the plan of arrangement under the Business Corporations Act, satisfying all regulatory requirements. Under the arrangement, Alkane will issue 7.875 fully paid ordinary shares for each Mandalay share acquired.

The receipt of the final order removes all remaining conditions to completion. The arrangement closes on August 5, 2025, following standard procedures for court-approved arrangements. This approval represents the last milestone required for Alkane to proceed with the transaction.

Alkane gains immediate access to two producing mining operations upon completion. The acquisition adds diversified geographic exposure through operations in established mining jurisdictions with existing infrastructure and regulatory frameworks.

Portfolio Expansion and Integration

The transaction expands Alkane's asset portfolio with the addition of Mandalay's Costerfield gold-antimony mine in Australia and Björkdal gold mine in Sweden. Both operations will continue under Alkane's ownership following completion. The acquisition strengthens Alkane's Australian presence whilst providing new geographic diversification through Swedish operations.

Alkane's shareholder base will expand to include all current Mandalay investors at the established 7.875-to-1 exchange ratio. Former Mandalay shareholders become Alkane shareholders automatically upon completion without requiring individual action. The arrangement eliminates Mandalay as a separate entity.

The integration adds established mining operations to Alkane's existing portfolio. Both acquired mines operate in jurisdictions with developed infrastructure, providing operational continuity during the ownership transition.

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