Alkane Resources and Mandalay Resources are pleased to announce the successful closing of their merger. Under the terms of the arrangement, Alkane acquired all of the issued and outstanding common shares of Mandalay, with Mandalay shareholders entitled to receive 7.875 fully paid ordinary shares of Alkane for each Mandalay share held.
The combined company will continue operating as “Alkane Resources Limited” and will remain listed on the ASX and headquartered in Perth. The Toronto Stock Exchange (TSX) has conditionally approved the listing of the Alkane Shares (i.e., the shares of the combined company). Listing is subject to Alkane fulfilling all of the customary requirements of the TSX. Subject to the final approval of the TSX, the Alkane Shares are expected to begin trading on the TSX under the ticker symbol “ALK” at market open on or about August 8, 2025.
This transformative transaction is expected to create a dual ASX and TSX-listed gold and antimony producer operating in premier jurisdictions – Costerfield (Victoria, Australia), Tomingley (New South Wales, Australia), and Björkdal (Skelleftea, Sweden).
The combined company is strategically positioned for sustainable growth, with the following highlights:
- A strengthened corporate platform built on a shared growth-focused vision for delivering shareholder value.
- Three cash-generating assets located in premier mining jurisdictions, each supported by robust organic growth opportunities.
- An established 160,000 AuEq ounces producer (FY2025), rising to over 180,000 AuEq ounces in 2026.
- Pro forma cash of A$218 million (as at 30 June 2025), positioning the company to advance organic and other growth priorities.
- Enhanced corporate scale, trading liquidity and index qualification expected to support a valuation re-rating.
Nic Earner, Managing Director and CEO of Alkane, commented: “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. 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.”
Frazer Bourchier, former President and CEO of Mandalay and new non-executive director of Alkane, added: “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. I sincerely thank our shareholders and the entire Mandalay team for their continued support, and I look forward to continuing to deliver shareholder value as a Director of Alkane.”
Alkane Board
Alkane’s new board of directors consists of three former directors of Mandalay, Brad Mills, Frazer Bourchier and Dominic Duffy, two existing directors of Alkane, Ian Gandel and Nic Earner, and a new independent Chair, Andy Quinn, a chartered mining engineer and highly credentialed investment banking and mining industry veteran.
The combined management team is led by Nic Earner (Managing Director and CEO) and James Carter (Chief Financial Officer). Former Mandalay executives Ryan Austerberry (Chief Operating Officer – Mandalay Assets) and Chris Davis (VP Exploration and Operational Geology – Mandalay Assets) have joined Alkane to provide critical continuity for the Costerfield and Björkdal mines.