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Alkane, Mandalay complete merger to form mid-tier gold and antimony producer

The Tomingley operation in New South Wales

The Tomingley operation in New South Wales

5th August 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Australia’s Alkane Resources has completed its merger with Canada-based Mandalay Resources, creating a dual-listed gold and antimony producer with operations in Australia and Sweden.

The transaction, structured as a statutory plan of arrangement under British Columbia law, saw Alkane acquire all outstanding Mandalay shares in exchange for 7.875 fully paid Alkane shares per Mandalay share. The combined entity will operate under the Alkane Resources name, remain headquartered in Perth, and continue trading on the ASX.

Alkane has also secured conditional approval from the TSX to list its shares, with trading expected to begin on or about August 8 under the ticker “ALK”.

The merged company will have a portfolio of three cash-generating operations – Costerfield in Victoria, Tomingley in New South Wales, and Björkdal in Sweden – with forecast production of 160 000 gold-equivalent ounces (GEO) in 2025, rising to more than 180 000 GEO in 2026.

“This merger represents a significant step forward for both companies. By combining our complementary portfolios, we have created a stronger, more resilient platform with the scale and financial flexibility to pursue long-term growth,” said Alkane MD and CEO Nic Earner. “I am pleased to welcome our new shareholders and the Mandalay team as we move forward together, focused on delivering sustainable production and long-term value.”

“We are proud to have successfully completed this transaction. With a diversified production base, broader exploration pipeline, and enhanced trading liquidity, the combined company is well positioned for a market re-rating," commented former Mandalay CEO Frazer Bourchier, now a nonexecutive director of Alkane.

The new board of Alkane comprises three former Mandalay directors – Bourchier, Brad Mills and Dominic Duffy – two Alkane directors, Ian Gandel and Earner, and new independent chair Andy Quinn.

The Mandalay shares are expected to be delisted from the TSX on August 6.

 

Edited by Creamer Media Reporter

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