On April 27, 2025, Alkane Resources Limited (ASX: ALK) and Mandalay Resources Corporation (TSX: MND) announced a definitive agreement for a merger of equals, creating a diversified gold and antimony producer. Under the court-approved plan of arrangement, Alkane will acquire all outstanding Mandalay shares, with Mandalay shareholders receiving 7.875 Alkane shares per Mandalay share. The transaction carries an approximate value of A$559.1 million (US$357.8 million). Post-merger, Mandalay shareholders will own 55% and Alkane shareholders 45% of the new entity, which will operate as "Alkane Resources" and seek TSX listing.

The combined company will have an implied market capitalization of approximately A$1,013 million (C$898 million) and operate three mines across Australia and Sweden, with forecast production of ~160,000 gold-equivalent ounces in 2025, growing to ~180,000 ounces in 2026. Nic Earner, Alkane’s Managing Director, will lead the combined company headquartered in Perth, Australia.

Legal advisors include Goodmans LLP (Canadian) and Clayton Utz (Australian) for Mandalay, and HopgoodGanim (Australian) and Bennett Jones LLP (Canadian) for Alkane. Financial advisors are Haywood Securities Inc. for Mandalay and Bell Potter Securities Limited and Euroz Hartleys Limited for Alkane. GenCap Mining Advisory Ltd. and Haywood Securities Inc. provided fairness opinions to Mandalay’s board. The transaction is expected to close in Q3 2025, subject to shareholder, court, and regulatory approvals.