Latest news with #FrazerBourchier
Hamilton Spectator
14 hours ago
- Business
- Hamilton Spectator
Mandalay Shareholders Overwhelmingly Approve Transaction with Alkane Resources
TORONTO, July 28, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) is pleased to announce that Mandalay shareholders (the 'Mandalay Shareholders') have overwhelmingly approved a special resolution (the 'Arrangement Resolution') authorizing an arrangement under the Business Corporations Act (British Columbia) (the 'Arrangement') pursuant to which Alkane Resources Limited ('Alkane') (ASX: ALK, OTC: ALKEF) will indirectly acquire all of the issued and outstanding common shares of Mandalay (the 'Mandalay Shares') at a special meeting (the 'Meeting') of Mandalay Shareholders held earlier today on July 28, 2025. The Arrangement Resolution required the approval of at least two-thirds of the votes cast at the Meeting in person or by proxy by Mandalay Shareholders. The voting results from the Meeting are as follows: Full voting results will be filed under Mandalay's profile on SEDAR+ at . Alkane announced earlier today that its shareholders approved the issuance of the Alkane ordinary shares as consideration to Mandalay Shareholders under the Arrangement. Mandalay will seek a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing to be held on August 1, 2025. The Arrangement is expected to be completed on or about August 5, 2025. In conjunction with the Arrangement, Alkane has applied to upgrade its current U.S. over-the-counter (OTC) listing from the Pink Limited Market to the OTCQX Market around the time of closing of the Arrangement. This uplisting is expected to provide enhanced visibility, improved liquidity, and greater accessibility for U.S.-based investors who will receive Alkane shares in exchange for their Mandalay Shares. Frazer Bourchier, President and CEO of Mandalay, commented: 'We are pleased with the overwhelming support our shareholders have shown for the combination with Alkane. This transformative transaction will create a powerful, dual ASX and TSX listed gold and antimony producer operating in tier-one jurisdictions and poised for growth. We look forward to delivering the full benefits of the merger to all shareholders as we work toward a closing and integration.' Further information regarding the Arrangement is available in the management information circular dated June 24, 2025, which is available on Mandalay's website at and under Mandalay's profile on SEDAR+. For Further Information: Frazer Bourchier President and Chief Executive Officer Edison Nguyen Director, Business Valuations and IR Contact: 647.258.9722 About Mandalay Resources: Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements: This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively 'Forward-looking Information'). Forward-looking Information may relate to future outlook and anticipated events, such as the consummation and timing of the Arrangement. Forward-looking Information is generally identified by the use of words like 'will', 'create', 'enhance', 'improve', 'potential', 'expect', 'upside', 'growth' and similar expressions and phrases or statements that certain actions, events or results 'may', 'could', or 'should', or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Mandalay believes that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Mandalay as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Arrangement; risks relating to changes in the gold and antimony price and the factors identified in the section titled 'Risk Factors' in Mandalay's most recently filed Annual Information Form which is available on SEDAR+ at . Forward-looking Information is designed to help readers understand Mandalay's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Mandalay assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Mandalay updates any one or more forward-looking statements, no inference should be drawn that either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement.
Hamilton Spectator
21-07-2025
- Business
- Hamilton Spectator
Mandalay Extends High-Grade True Blue Discovery and Deploys Additional Drill Rigs at Costerfield Gold-Antimony Mine
TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) announces an exploration update on the True Blue discovery near the operating Costerfield gold-antimony mine in Australia. Highlights: Note: Further intercept details including significant intercepts within composite intervals and AuEq assumptions can be found in the Appendix. ETW refers to the Estimated True Width of the intercept. Frazer Bourchier, President and CEO of Mandalay, commented: 'Given Costerfield's ability to efficiently mine narrow 1.5-metre widths, the high-grade results from True Blue are incredibly exciting and offer potential to extend the mine's life. Beyond True Blue, we're also seeing encouraging results across other parts of the operation, underscoring the depth of opportunity within the Costerfield district. As I prepare to join the Alkane Board, I'm especially enthusiastic about showcasing Costerfield's exceptional exploration success to the broader Australian investment community.' Chris Davis, VP of Exploration and Operational Geology, commented: 'True Blue remains the primary focus of regional exploration at Costerfield. Building on the encouraging results in January of this year (see January 28 th press release ), drilling has ramped up with three diamond drill rigs now turning on two programs with plans to source additional rigs. The first is aimed at extending the high-grade central area and defining its structural framework. Encouragingly, this program intersected a new parallel vein approximately 40 metres from the target and identified apparent offset extensions to the current mineral resource, highlighting additional growth potential while adding credibility to our initial exploration extent and formation hypothesis. 'The second phase narrows focus to the upper portion of the high-grade core where infill drilling is building confidence in structure and grade continuity. While still ongoing, every single exploration drill hole has intersected veining on target with grades in line with expectations. These results will guide a decision on advancing an exploration drive to support deeper drilling. 'Infill drilling is expected to be complete in Q3 while broader mineral extent drilling will continue for the full year. While economic evaluation is ongoing from the infill drilling, exploration will continue across the parallel and offset panels identified in the 2025 program, supporting the broader case for growth across the Costerfield district.' True Blue Drilling Update The True Blue prospect is located approximately 2 km west of the Central Corridor (historic and current mining at Costerfield) and is defined at surface by a 4 km-long soil geochemical anomaly, comparable to the surface signature of the main production areas. To date, drill testing has been conducted in only a limited portion of the anomaly, with the focus on an area 600 m in strike length (Figure 1). Figure 1. Geological Map, Plan View, showing True Blue and Central Corridor surface geochemical anomalism with diamond drilling on True Blue since February 2025. In January 2025, Mandalay issued an exploration update announcing several very high-grade drill intercepts at True Blue, the best of which was 578.0 g/t gold and 20.5% antimony over 0.47 m (ETW 0.33 m) in drillhole TB031 (see January 28 th release ). Mandalay further released a Mineral Resources update in February 2025 integrating these results into an Inferred Resource of 145,000 tonnes at 13.1g/t gold and 3.1% antimony (see February 20 th release ). Since January's drilling update, an additional nineteen diamond drill holes have been completed at True Blue with the overall program ongoing. Eleven of these have been targeted towards defining the structural framework of True Blue and the rest have been dedicated to infill with the intent of gaining confidence on grade continuity within the dominant veins of the deposit. Structural Definition Drilling The initial phase of follow-up drilling at True Blue focused on delineating the upper bound of the high-grade domain and defining structural offsets and mineralization characteristics along strike. The first northern extension hole (TB034A) intersected a wide zone of antimony and gold-rich veining (Figure 2), approximately 30 metres east of the anticipated target position. This intersection was correlated with a nearby, well-developed mineralized vein intercept in drillhole TB017, drilled in 2023. Over the course of the program it became clear that the high-grade mineralization encountered in TB034 did not align with the previously drilled high-grade domain but instead sat on a sub-parallel structure approximately 30 metres to the east. It was also observed that the main True Blue structure persisted further to the north, indicating that the intercept in TB034 is not part of a flexure in the main vein, but rather an additional vein altogether. The segmentation of grade between parallel structures along strike is a common feature of other Costerfield lodes most prominently seen in the Shepherd vein system below Youle. Figure 2. Additional parallel vein intercept in drillhole TB034A grading 11.7g/t gold and 6.5% antimony over 4.88 m (ETW 2.06 m). In addition to identifying a secondary vein, the program has also revealed that the apparent upper limit of the targeted panel is defined by its interaction with a west-dipping thrust fault. This newly named Wombat Fault exploits an early, bedding-parallel structure with distinct characteristics that can be easily correlated across the deposit. While veining has been observed above this structure, it occurs further to the east. Drillhole TB038 intersected a wide zone of poorly mineralized veining approximately 100m above and to the east of the main target zone, situated between the new discovery and the historic True Blue workings—under which mineralization was initially confirmed in 2021. The base of the panel is interpreted to be the Komodo Fault , also a west-dipping thrust fault. Unlike the Wombat Fault, however, mineralization has been observed both below and to the west—as reported in January—and now also to the east. Drillhole TB037 was extended to the east and into the footwall of the Komodo Fault, where it intersected a 22-metre (drilled width) array of mineralized vertical veining (Figure 4). If the typical westward progression of veining seen within Costerfield's Central Corridor can be applied to True Blue, this suggests further potential exists above the Komodo Fault and to the east of current exploration efforts. Figure 3. Cross section through 7450N of the True Blue deposit showing the relationship between the main and eastern structures, the position of panel-bounding thrust faults; and the relative position of other mineralized vein systems intersected including the veining observed below the Komodo Fault in TB037. To the north of the high-grade domain and the newly discovered secondary vein, a fault—interpreted to be a northeast-trending cross-cutting splay from the Wombat Fault—has been found to disrupt the continuity of the modelled veining. This has led to a reinterpretation of the area. While low-grade intercepts do exist further north, the apparent offset positions remain under-tested and open. Figure 4. Longitudinal section of the True Blue drilling. Note that additional mineralized intercepts have been observed offset from the main vein, both above the Wombat and below the Komodo Faults as well as within parallel structures. These associated intercepts are denoted with a triangle. Drill intercepts not previously announced are annotated with composites over 2.0 g/t AuEq when diluted to 1.8 m. Infill Drilling Following the deposit framework drilling program and positive results of the mineral resource estimation released in February, infill drilling commenced within the upper portion of the high grade pannel. This drilling aims to provide further confidence around structural and grade continuity and ultimately provide the basis of a decision develop an exploration drive from the current Costerfield infrastructure. To date eight holes have been drilled in this program (figure 4). Encouragingly, this drilling has demonstrated clear structural continuity, with veining successfully intersected at the targeted depths in each hole. Mineralization of the main True Blue veining is dominated by stibnite, with relatively low amounts of quartz compared to Youle and Shepherd. Gold grades remain high, with visible gold observed within the stibnite veining. Below is the intercept from TB044, where a series of gold-bearing stibnite veins can be seen alongside corresponding high gold values (figure 5). Figure 5. Main True Blue intercept in drillhole TB044 grading 19.9g/t gold and 2.0% antimony over 3.10 m (ETW 2.37 m). Geological Modeling Continued drilling at True Blue is reinforcing Mandalay's geological model of the deposit and its similarity to existing deposits to the east in the Costerfield Main Corridor. Mineralization at True Blue is hosted primarily within subvertical veins that exploit faulting and cleavage developed within a large anticline, which has been truncated and progressively offset westward by a series of regional-scale thrust faults. From the drilling conducted to date, the structural continuity of mineralization at True Blue appears remarkably consistent across the drill-tested area. This consistency is also a defining feature of the Costerfield Main Corridor and is currently attributed to the rheological homogeneity of the Costerfield Siltstone, which is present in both areas. The truncating west-dipping thrust faults, prominent at both True Blue and within the Costerfield Main Corridor, are recognized for forming grade panels. These faults have repeatedly been shown not to bound the deposits and, in some cases—most notably at Youle—can host high-grade mineralization themselves when conditions are favourable. This understanding, along with observed continuation of mineralization above the Wombat Fault and below the Komodo Fault, strongly suggests the potential for additional high-grade panels adjacent to those currently known. In September 2024 a 2D active seismic survey was conducted at Costerfield. This survey extended two lines that were part of a previous 2022 seismic program over Mandalay's tenements. In addition to providing resolution on the Costerfield Main Corridor's structural architecture at depth, the survey was also able to provide significant additional context around the True Blue Corridor. The survey showed the True Blue deposit to be located in the immediate footwall of a regional-scale thrust that is traceable to a depth of at least two kilometres, with additional footwall splays passing below the known mineralization. This large fault is interpreted to correlate to the Wombat Fault observed in drilling, with the Komodo Fault joining it at depth west of the deposit. The seismic survey currently supports Mandalay's interpretation derived from surface mapping and drilling. The proximity to this structure may, by way of providing a conduit for high-volume fluid flow from depth, give some explanation for the well-developed white mica and carbonate alteration surrounding the deposit, which appears to be more intense than around the Costerfield Main Corridor deposits (figure 6). Figure 6. Perspective section looking northeast showing an interpolation of the recent seismic data and regional geological model. Next Steps With encouraging results coming from the central panel, infill drilling will continue into Q3. Upon completion, these data will form the basis of an internal economic modelling exercise that will inform a decision to extend an exploration drive from the current underground infrastructure. This drive will allow for more detailed and cost-effective deep drilling, as well as provide a potential future extraction point from True Blue. In Q3, Mandalay expects to refocus its exploration efforts on extending True Blue, following promising intercepts and the potential for untested offset panels along strike and up-dip of the main panel. Mandalay anticipates providing a further update in Q4 based on economic modeling outcomes and continued drilling progress. Drilling and Assaying All diamond drill core was logged and sampled by Costerfield geologists or contracted geologists with significant industry experience who worked under Costerfield geologist's oversight. All samples were sent to On Site Laboratory Services (OSLS) in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by OREAS, a specialist laboratory quality control consultancy. See Technical Report entitled 'Costerfield Operation, Victoria, Australia NI 43-101 Report' dated March 30, 2025, available on SEDAR ( ) for a complete description of drilling, sampling, and assaying procedures. Qualified Person: Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), as well as a Member of the Australian Institute of Geoscientists (MAIG) and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release. For Further Information Frazer Bourchier Director, President and Chief Executive Officer Edison Nguyen Director, Business Valuations and Investor Relations Contact: 647.258.9722 About Mandalay Resources Corporation Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements: This news release contains 'forward-looking statements' within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the True Blue discover (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading 'Risk Factors' in Mandalay's annual information form dated March 30, 2025, a copy of which is available under Mandalay's profile at In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Appendix Table 1. Significant Intercepts from drilling program. Notes 1. The AuEq (gold equivalent) grade is calculated using the following formula: Prices and recoveries used: Au $/oz = 2,500; Sb $/t = 19,000; Au Recovery = 91% and; Sb Recovery = 92% 2. LLD signifies an undetectable amount of antimony. Detection limit for the analysis used is 0.01% Table 4. Drill Hole Collar Details Notes: Photos accompanying this announcement are available at
The Market Online
11-07-2025
- Business
- The Market Online
Mandalay Resources maintains steady output amid Q2 2025 market challenges
Mandalay Resources (TSX:MND) released its production and sales results for Q2 and first half of 2025 Total sales for the first half of the year amounted to 42,208 ounces of gold and 279 tonnes of antimony, representing 47,026 gold equivalent ounces (GEOs) In that time, the company produced 39,704 ounces of gold and 298 tonnes of antimony, totalling 44,896 GEOs Mandalay Resources stock (TSX:MND) last traded at C$4.54 Mandalay Resources (TSX:MND) released its production and sales results for Q2 and first half of 2025. This content has been prepared as part of a partnership with Mandalay Resources Corp. and is intended for informational purposes only. Q2 2025 highlights The company produced 19,328 ounces of gold and 137 tonnes of antimony , totaling 22,554 gold equivalent ounces (GEOs) . This marks a decrease from 26,372 GEOs in Q2 2024. and , totaling . This marks a decrease from in Q2 2024. Production at the Björkdal mine reached 11,183 ounces of gold , down from 12,599 ounces in the same period last year. reached , down from in the same period last year. The Costerfield operation produced 8,145 ounces of gold and 137 tonnes of antimony, compared to 11,027 ounces of gold and 359 tonnes of antimony in Q2 2024. Sales for the quarter Mandalay sold 18,822 ounces of gold and 83 tonnes of antimony , totaling 21,247 GEOs , a decline from 26,759 GEOs sold in Q2 2024. and , totaling , a decline from sold in Q2 2024. Sales from Björkdal totaled 11,460 ounces of gold, while Costerfield contributed 7,362 ounces of gold and 83 tonnes of antimony. For the six months ended June 30, 2025, the company produced 39,704 ounces of gold and 298 tonnes of antimony , totalling 44,896 GEOs , compared to 51,308 GEOs in the first half of 2024. and , totalling , compared to in the first half of 2024. Björkdal contributed 22,010 ounces of gold, while Costerfield produced 17,694 ounces of gold and 298 tonnes of antimony. Sales for the first half Total sales amounted to 42,208 ounces of gold and 279 tonnes of antimony , representing 47,026 GEOs , down from 52,036 GEOs in the first half of 2024. and , representing , down from in the first half of 2024. Björkdal sold 23,501 ounces of gold, and Costerfield sold 18,707 ounces of gold and 279 tonnes of antimony. Leadership insights 'With $101 million in cash and no debt, Mandalay brings a strong financial position and operational performance to the pending Alkane merger, which is expected to close in early August. The combined company will be nearly double the size of Mandalay and will be well positioned for a potential valuation re-rate. In addition, the 22,554 gold equivalent ounces produced in Q2 keeps Mandalay on track to achieve full-year production guidance of 85,000 – 95,000 gold equivalent ounces,' Frazer Bourchier, Mandalay's president and CEO, explained in a news release. 'Q2 was, as expected as a high cash expenditure quarter with its annual tax reconciliation payment of $7 million and final expenditures of $4 million for the completion of the tails dam build at Costerfield. We were pleased to complete a major milestone with the successful commissioning of this new seven-year capacity tailings storage facility, which opens the potential to again add mine life via exploration and unlock value beyond its current mineral reserves. About Mandaly Resources Mandalay Resources Corp. is a Canadian natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Bjorkdal gold mine). Mandalay Resources stock (TSX:MND) last traded at C$4.54 and has risen 15.23 per cent since the year began and 78.04 per cent since this time last year. Join the discussion: Find out what the Bullboards are saying about Mandalay Resources and check out Stockhouse's stock forums and message boards. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein. For full disclaimer information, please click here .
Yahoo
27-06-2025
- Business
- Yahoo
Mandalay Resources obtains FIRB approval for merger with Alkane Resources
Mandalay Resources has announced the receipt of Australian Foreign Investment Review Board (FIRB) approval for its proposed merger with Alkane Resources. The FIRB provided written confirmation on 26 June that the Australian Commonwealth Government has no objection to the merger. This fulfills the final regulatory approval needed under the arrangement agreement dated 27 April 2025. The estimated implied market capitalisation of the merged company is C$898m ($647.8m). Additionally, on 23 June 2025, the Supreme Court of British Columbia granted an interim order authorising the calling and holding of a special meeting of Mandalay shareholders to vote on the merger and other matters. The board of directors of Mandalay has unanimously approved the transaction and recommends that shareholders vote in favour of the merger at the upcoming meeting. The merger remains subject to the final order from the Court, approval from both Mandalay and Alkane shareholders, and other customary closing conditions. The transaction is expected to close in early August 2025. The merged entity will retain the name Alkane Resources, maintain its listing on the Australian Securities Exchange and aim for a listing on the Toronto Securities Exchange. Maldalay Resources president and CEO Frazer Bourchier said: 'This represents a key milestone in advancing and de-risking the merger. With all regulatory approvals in hand and the circular filed, we are looking forward to completing the transaction and forming a new, diversified mid-tier gold and antimony producer. 'We believe that the enhanced scale and financial strength of the combined company will provide a strong foundation to unlock shareholder value and support a meaningful re-rating.' "Mandalay Resources obtains FIRB approval for merger with Alkane Resources" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Business Upturn
27-06-2025
- Business
- Business Upturn
Mandalay Announces Receipt of Australian FIRB Approval and Interim Order in connection with its Proposed Merger with Alkane
TORONTO, June 26, 2025 (GLOBE NEWSWIRE) — Mandalay Resources Corporation ('Mandalay' or the 'Company') (TSX: MND, OTCQB: MNDJF) is pleased to announce that approval of the Australian Foreign Investment Review Board ('FIRB') has been obtained in connection with the Company's previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Alkane Resources Limited ('Alkane') has agreed to indirectly acquire all of the issued and outstanding common shares of Mandalay (the 'Transaction'). On June 26, 2025, FIRB provided written confirmation that the Australian Commonwealth Government has no objection to the Transaction. This satisfies the last outstanding regulatory approval required under the arrangement agreement dated April 27, 2025 in connection with the Transaction. In addition, on June 23, 2025, the Supreme Court of British Columbia (the 'Court') granted an interim order in connection with the Transaction, authorizing the calling and holding of the special meeting of Mandalay shareholders (the 'Meeting') to vote on the Transaction and certain other matters related to the conduct of the Meeting. Key Milestones Ahead: The Meeting has been scheduled for July 28, 2025. The management information circular of Mandalay (the ' Circular ') and the related meeting materials have been filed on SEDAR+ and will be mailed to beneficial shareholders on July 7, 2025. ') and the related meeting materials have been filed on SEDAR+ and will be mailed to beneficial shareholders on July 7, 2025. The Transaction remains subject to receipt of the final order from the Court, the approval of Mandalay shareholders and Alkane shareholders, and the satisfaction or waiver of other customary closing conditions. The Transaction is expected to close in early August 2025. The Transaction has been unanimously approved by the board of directors of Mandalay (the 'Board'), and accordingly the Board recommends that shareholders vote in favour of the Transaction at the Meeting. Frazer Bourchier, President, and CEO commented: 'This represents a key milestone in advancing and de-risking the merger. With all regulatory approvals in hand and the Circular filed, we're looking forward to completing the Transaction and forming a new, diversified mid-tier gold and antimony producer. We believe that the enhanced scale and financial strength of the combined company will provide a strong foundation to unlock shareholder value and support a meaningful re-rating.' For Further Information: Frazer Bourchier President and Chief Executive Officer Edison Nguyen Director, Business Valuations and IR Contact: 647.258.9722 About Mandalay Resources Corporation: Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement. Forward-Looking Statements This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively 'Forward-looking Information'). Forward-looking Information may relate to future outlook and anticipated events, such as the consummation and timing of the Transaction. Forward-looking Information is generally identified by the use of words like 'will', 'create', 'enhance', 'improve', 'potential', 'expect', 'upside', 'growth' and similar expressions and phrases or statements that certain actions, events or results 'may', 'could', or 'should', or the negative connotation of such terms, are intended to identify Forward-looking Information. Although Mandalay believes that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Mandalay as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks related to the closing of the Transaction; risks relating to changes in the gold and antimony price and the factors identified in the section titled 'Risks Related to the Business' in Mandalay's most recently filed Annual Information Form which is available on SEDAR+ at . Forward-looking Information is designed to help readers understand Alkane and Mandalay's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Mandalay assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Mandalay updates any one or more forward-looking statements, no inference should be drawn that either company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this news release is expressly qualified in its entirety by this cautionary statement. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
