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Associated Press
17 hours ago
- Business
- Associated Press
Tomingley Exploration Intersects Significant Gold at El Paso
PERTH, Australia, Aug. 18, 2025 (GLOBE NEWSWIRE) -- As originally indicated in an investor announcement dated 14 August 2025, Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKEF) is pleased to provide the latest exploration results for drilling in the region around the Company's Tomingley Gold Operations in Central New South Wales: Alkane Managing Director & CEO, Nic Earner, said: 'We continue to explore at Tomingley within our approved mining areas and regionally, seeking to add further mine life, scale, and grade to Tomingley. It is pleasing to see the extent of mineralisation in the broader Tomingley region, and we look forward to continuing to add to our resource base.' Tomingley Gold Project AlkaneResourcesLtd100% The Tomingley Gold Project (TGP) covers an area of approximately 440 km2 stretching 60 km north-south along the Newell Highway from Tomingley in the north, through Peak Hill and almost to Parkes in the south. The TGP contains Alkane's currently operating TGO, an open pit and underground operation with a 1 Mtpa processing facility. Over the past several years Alkane has conducted an extensive regional exploration program that led to the definition of Mineral Resources at the Roswell and San Antonio deposits (ASX Announcement 2 May 2022 and ASX Announcement 16 February 2021), separate from the established resources and reserves at TGO. Alkane has completed a 2.7 km long drive from the Wyoming One open cut to Roswell. Roswell and San Antonio now form part of TGO, with processing of ore mined from underground at Roswell beginning in April 2024. The focus for the exploration team has turned to other targets within the TGP, both near-mine and further out from TGO. Exploration over the previous 12 months for TGP comprised high-resolution drone magnetics, air-core drilling testing the Mingelo Volcanic belt between El Paso prospect and Peak Hill, and deeper RC/DD drilling testing El Paso, Tomingley Structure, and the historic Tomingley workings that are all located within 7 km of the Tomingley processing facility. As part of the recent exploration drilling, assay results were received from 233 air-core (AC) drill holes for a total of 16,693 metres; 6 reverse circulation (RC) drill holes for a total of 1,442 metres; and 6 diamond core (DD) drill holes for a total of 1,883 metres. The exploration undertaken: El Paso The El Paso prospect is ~2 km south of the San Antonio deposit (406,000 oz Au * details in appended table). Mineralisation associated with attenuated volcanic units was discovered at this prospect in 2017. Several programs of drilling intersected multiple zones of mineralisation, however the complexity of the geology, the widespread alteration and difficult drilling conditions has so far impeded the effective delineation of substantial gold resources. Four mud rotary collared DD holes were recently completed to further test significant gold mineralisation associated with a dacite volcanic unit intersected in the previous round of drilling by EPD013 – 12 m @ 1.50 g/t Au from 297 m (ASX announcement 7 October 2024). Significant gold mineralisation includes intercepts that are approximately true thickness (estimated at 90%): The dacite has a northeast strike length of over 400m, dips to the southeast and appears truncated by a subvertical north-trending shear zone along strike and down dip to the east. The dacite is believed to continue at depth to the south (west of the shear zone).The mineralisation appears to continue down dip (across the shear zone) within the volcaniclastic sediments, as a possible conduit structure to the mineralisation hosted in the dacite. A further 2,000m of mud rotary diamond core drilling is planned to begin in September to contribute to defining an exploration target for El Paso. One RC drill hole was planned to test an Au-As zone of mineralisation previously intersected by three AC drill holes, 1 km southeast of El Paso (ASX announcement 7 October 2024). Unfortunately, the RC drill hole failed to overcome the sandy alluvial overburden and underlying saprolitic regolith, terminating in gold mineralised bedrock at 124m, grading 0.22 g/t Au. Mud rotary diamond drilling is being prioritised to test this new prospect properly. EPD017 – Sericite-carbonate altered dacite with sheeted quartz-albite veins and pyrite-arsenopyrite selvages from 6.1m interval grading 3.03 g/t Au from 120.9 m. Tomingley Structure prospects The 'Tomingley Structure' is an Au-As mineralised structure that extends north 5km from the historic Tomingley workings and transects the Tomingley Two prospect. The Tomingley Structure was originally delineated by reconnaissance air-core drilling north of Tomingley and identified the Tomingley One and Tomingley Two prospects (ASX announcement 8 June 2004). Mineralisation associated with the structure comprises strong quartz veining/silicification and intense sericite alteration with pyrite-arsenopyrite hosted in meta-sediments. The structure is covered by shallow alluvium immediately south of the historic Tomingley workings, deepening to approximately 30 metres at Tomingley One and to over 100 metres north of Tomingley Two. Five RC drill holes for a total of 1,318 metres tested along the 'Tomingley Structure'. Significant gold (+0.2 g/t Au) was intersected in three holes and in addition significant arsenic (+0.1 % As) was intersected in a fourth hole. The fifth RC hole did not reach target depth due to sandy alluvium bogging the rod string, terminating the hole at 148 metres. Significant gold mineralisation from the drilling includes: Work is planned at Tomingley One (e.g. TO035 – 2m @ 10.9g/t Au from 34m; ASX announcement 8 June 2004) and Tomingley Two (e.g. TORC005 – 11m @ 1.7 g/t Au from 158m including 4m @ 3.87 g/t Au from 159m; ASX announcement 16 September 2021) prospects to better characterise the structures and lithologies integral for significant gold mineralisation. Two diamond core drill holes are planned, to collect structural measurements and to define any key lithologies focussing mineralisation. Tomingley Gold Workings and near-mine exploration Two diamond core holes were completed from surface to test near-mine targets immediately north of the mining lease. Diamond hole (PATD002) targeted 600m north of the Caloma open cut to test for an extension to the andesite that hosts the majority of the Caloma gold resources (pre-mining Caloma resource 369,400 oz Au – ASX announcement 29 March 2012). The hole intersected a package of carbonaceous shales, fine-grained volcaniclastic sediments and the Caloma andesite with an estimated true thickness of 60 metres (similar thickness as observed at Caloma). Mineralised quartz veining was observed in the footwall sediments to the andesite with a best intercept of: PATD002 5 metres grading 0.44g/t Au from 80.3 metres. Whilst only minor alteration and mineralisation was observed in the andesite, PATD002 was collared to the southwest which is not optimal for targeting Caloma's moderately west-dipping mineralisation. Further drilling in planned to target this prospective lithology with diamond drill holes collared to the east, from the west side of the Newell Highway. The historic Tomingley gold workings were targeted for the first time in Alkane's history, with one diamond core hole (PATD001). The workings (Crowhurst & Sons Mine – 62kg Au production 1883-1911) are an estimated 117m deep, PATD001 was targeted 30 metres below this depth. The drilling intersected a package of carbonaceous shales and volcaniclastic siltstones that was host to a 30-m-thick quartz reef with significant pyrite (and trace arsenopyrite) mineralisation. The quartz reef below the workings returned a best intercept of: PATD001 9.5 metres grading 0.27 g/t Au from 175.5 metres. The historic average head grade at Crowhurst is recorded as 26 g/t Au, so there are likely strong plunge controls to any high-grade ore shoots. Structural work is underway to determine an orientation for the existence of these shoots prior to further drill-testing. Reconnaissance AC drilling 233 air-core drill holes were completed for 16,693 metres along nominal 800 m-spaced traverses to test an approximate 2 km x 7 km section of the Mingelo Volcanic Belt between El Paso prospect and Peak Hill. The section of the belt is blind, covered by alluvium ranging from only a few metres to over 50 metres. Three potential new zones of mineralisation were discovered: Southeast of El Paso – Two holes (EPAC213 - 4) intersected Au-As mineralisation in weathered basaltic andesite, approximately 1 km southeast of El Paso, and 400 m southwest of previously AC defined Au-As mineralisation. This apparent northeast mineralisation trend parallels the orientation observed at El Paso. Significant Au-As anomalism was also intersected (EPAC201 – 2, JNAC042) along the eastern margin for 800 m of the extensive basaltic-andesite unit. Best Au intercepts include: Westray – Two holes (WSAC092, 94) intersected significant Au-As anomalism in volcaniclastic sediments proximal to andesites. Best Au intercepts include: Two deeper RC or DD drill holes are planned to test the coincident AC and soils Au-As target at Westray and the El Paso SE prospect. Planned exploration program Planned exploration around the Tomingley Gold Operations (TGO) for the next 12 months comprises a high-resolution drone magnetic survey over the area surrounding and including Peak Hill to delineate fertile structures and to map new volcanic terrain beneath the cover sequence to the east of Peak Hill. Other exploration involves work at numerous prospects, including 6,000m of deeper RC/DD drilling, comprising: El Paso, El Paso SE, Tomingley One, Tomingley Two, Caloma North (orogenic Au) – diamond drilling; Glen Isla(epithermal Au) – mapping, induced polarisation (IP) survey and diamond drilling; Westray (orogenic Au) – RC drilling; Reconnaissance, McGregors (orogenic Au) – air-core drilling; Gundong (magmatic Ni, orogenic Au) – air-core drilling; Trewilga (orogenic Au) – soil sampling. In parallel with routine grade control surface drilling at the planned San Antonio open cuts and underground drilling at Roswell underground, a significant underground drilling program is testing McLeans, Roswell North and the Roswell Western Monzodiorite. These results are anticipated in October. * hole finished in mineralisation. ** hole abandoned early. True widths are approximately 90% (El Paso) and 60% (Tomingley Two and Tomingley Workings) of intercept width. Annual revised Resources and Resources to take account of depletion and expansion from exploration and improved gold price, are being compiled for release in September 2025. Disclaimer Nothing inthisreport should be construed as eitheranofferto sellora solicitation ofanoffertobuyorsellsecurities. This report contains certain forward-looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of the Company, growth or other trend projections. These statements are based on expectations as at the date of the report. Forward-looking statements inherently involve known and unknown risks, uncertainties and other factors outside of Alkane's control and actual results, performance and achievements may differ materially from those expressed or implied from these forward-looking statements depending on a variety of factors. Alkane makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement. You should not put undue reliance on forward-looking statements. Ore Reserves and Mineral Resources Reporting Requirements As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Alkane is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia is in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Alkane's ore reserve and mineral resource estimates and reporting comply with the JORC Code. Alkane is also subject to certain Canadian disclosure requirements and standards as a result of its secondary listing on the Toronto Stock Exchange (TSX), including the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Investors should note that it is a requirement of Canadian securities law that the reporting of mineral reserves and mineral resources in Canada and the disclosure of scientific and technical information concerning a mineral project on a property material to Alkane comply with NI 43-101. Unless otherwise advised above or in the relevant market announcements referenced, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr David Meates, MAIG, (Exploration Manager NSW) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code and who qualifies as a 'qualified person' under NI 43-101 . Mr Meates consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. Mineral resource and reserve information included in this announcement is derived from Alkane's ASX announcement titled 'Annual Mineral Resources and Reserves Statement' released to the ASX on 4 September 2024 and the technical report entitled 'Tomingley and Peak Hill Gold Projects, NSW, Australia—Technical Report for NI 43-101', with an effective date of June 6, 2025, which is available for review on SEDAR+ ( under Alkane's issuer profile and on Alkane's website athttps:// The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that the form and context in which the Competent Person's findings are presented have not been materially altered. This document has been authorised for release to the market by Nic Earner, Managing Director and CEO. ABOUT ALKANE ‐ ‐ ASX:ALK | TSX: ALK | OTCQX: ALKEF Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKEF) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth. Alkane's wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations. Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia's reputation as a significant gold, copper and antimony production region. The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results. JORC Code, 2012 Edition – Table 1 TOMINGLEY GOLD PROJECT – Regional Exploration August 2025 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677 INVESTORS & MEDIA: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556 Photos accompanying this announcement are available at
Yahoo
06-08-2025
- Business
- Yahoo
OTC Markets Group Welcomes Alkane Resources Limited to OTCQX
NEW YORK, Aug. 06, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Alkane Resources Limited (ASX: ALK; OTCQX: ALKEF), a diversified Australia-based gold and antimony producer, has qualified to trade on the OTCQX® Best Market. Alkane Resources Limited upgraded to OTCQX from the Pink® market. Alkane Resources Limited begins trading today on OTCQX under the symbol 'ALKEF.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws. Nic Earner, Managing Director of Alkane, commented: 'We are pleased to have successfully completed the merger with Mandalay Resources, marking a pivotal milestone in our growth strategy. Graduating to OTCQX will enhance our visibility and accessibility in North America, supporting broader investor engagement as we continue to build a diversified, high-quality gold and antimony producer.' About Alkane Resources LimitedAlkane Resources (ASX:ALK; OTCQX:ALKEF) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth. Alkane's wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations. Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia's reputation as a significant gold, copper and antimony production region. About OTC Markets Group Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@ in to access your portfolio
The Market Online
05-08-2025
- Business
- The Market Online
Gold producers Alkane and Mandalay make merger official
Mandalay Resources (TSX:MND) and Alkane Resources (ASX:ALK) have finalized their merger of equals, with shares of the resulting company expected to trade under the Alkane name and ticker on the TSX by August 28 The transaction will allow Alkane to deliver an expected 160,000 ounces of gold equivalent in fiscal 2025, increasing to 180,000 ounces in 2026 Alkane Resources stock last traded at A$0.735 and has added 73.07 per cent year-over-year Mandalay Resources (TSX:MND) and Alkane Resources (ASX:ALK) have finalized their previously announced merger of equals, with shares of the resulting company expected to trade under the Alkane name and ticker on the TSX by August 28. This content has been prepared as part of a partnership with Mandalay Resources Corp. and Alkane Resources Limited, and is intended for informational purposes only. Mandalay shareholders will receive 7.875 Alkane shares for each Mandalay share held, granting them exposure to a gold and antimony producer operating in top jurisdictions, including: Mandalay's Costerfield mine in Victoria, Australia, which is guiding for production of up to 39,000 ounces of gold and 1,150 tons of antimony in 2025, with a life of mine currently estimated at 3.5 years. Mandalay's Björkdal mine in Skelleftea, Sweden, which is expected to yield up to 46,000 ounces of gold in 2025, with a life of mine estimated at 9 years. Alkane's Tomingley gold project in New South Wales, Australia, which produced 57,217 ounces in 2024 and is currently being developed to operate beyond 2030. The transaction will allow Alkane to deliver an expected 160,000 ounces of gold equivalent in fiscal 2025, increasing to 180,000 ounces in 2026, with approximately A$218 million in pro forma cash in the bank to pursue additional growth opportunities. The new board overseeing Alkane's growth includes three former Mandalay directors, Brad Mills, Frazer Bourchier and Dominic Duffy, two existing Alkane directors, Ian Gandel and Nic Earner, and a new independent chair, Andy Quinn, a chartered mining engineer and decorated investment banking and mining industry veteran. According to Tuesday's news release, Mandalay shares are scheduled to be delisted from the TSX on August 6. Investors have collected a 6.16 per cent return on the day, growing to 113.66 per cent year-over-year and 159.44 per cent since 2020, with shares last trading at C$5.08 as of 12:35 pm ET. Leadership insights 'This merger represents a significant step forward for both companies,' Nic Earner, Alkane's managing director and chief executive officer (CEO), said in a statement. '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.' 'We are proud to have successfully completed this transaction,' added Frazer Bourchier, former president and CEO of Mandalay Resources, and new non-executive director of Alkane. '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.' About Alkane Resources Alkane is growing into one of Australia's top gold and copper producers. The company has been in production since 2014 and has plans in place to extend operation to 2030 and beyond. Alkane Resources stock (ASX:ALK) last traded at A$0.735 and has added 73.07 per cent year-over-year. Join the discussion: Find out what investors are saying about these gold-producing stocks on the Mandalay Resources Corp. and Alkane Resources Limited Bullboards. Additionally, make sure to explore the rest of 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.
Associated Press
05-08-2025
- Business
- Associated Press
Alkane and Mandalay Announce Closing of Merger
PERTH, Australia and TORONTO, Aug. 05, 2025 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK) ('Alkane') and Mandalay Resources Corporation ('Mandalay') (TSX: MND, OTCQB: MNDJF) are pleased to announce the successful closing of their merger. The transaction was effected by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the 'Arrangement'), whereby Alkane acquired all of the issued and outstanding common shares of Mandalay (the 'Mandalay Shares'). Under the terms of the Arrangement, Mandalay shareholders are entitled to receive 7.875 fully paid ordinary shares of Alkane (the 'Alkane Shares') 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 (the '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: 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.' Transaction Details Pursuant to the terms of the arrangement agreement dated April 27, 2025, Mandalay shareholders are entitled to receive 7.875 Alkane Shares for each Mandalay Share held immediately prior to closing of the Arrangement. The Mandalay Shares are expected to be delisted from the TSX at market close on or about August 6, 2025, and Mandalay has applied to cease to be a reporting issuer under applicable Canadian securities laws. All registered Mandalay shareholders are encouraged to complete, sign and return the letter of transmittal, which has been previously mailed and is available under Mandalay's SEDAR+ profile at with accompanying share certificate and/or DRS advice-statement(s) (if applicable) to Computershare Investor Services Inc. as soon as possible, if they have not already done so. Non-registered Mandalay shareholders are encouraged to contact their broker or other intermediary for instructions and assistance in receiving the consideration. For more information on the Arrangement, see Mandalay's management information circular (the 'Mandalay Circular'), filed under Mandalay's profile on SEDAR+ at on June 26, 2025. 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. The combined company is headquartered in Perth, Australia. Reporting Issuer Status and Filing of Technical Reports On completion of the Arrangement, Alkane became a reporting issuer in each of the provinces and territories of Canada other than Québec. In connection with becoming a reporting issuer, Alkane intends to file the following technical reports, each prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101"), on SEDAR+ under its new issuer profile, accessible at Advisors Haywood Securities Inc. was engaged as exclusive financial advisor to Mandalay and its board of directors (the 'Mandalay Board'), and GenCap Mining Advisory Ltd. was engaged to provide an independent fairness opinion to the Mandalay Board. Scotia Capital Inc. continued to provide Strategic and Debt Advisory services to Mandalay's executive team. Goodmans LLP acted as Canadian legal advisor and Clayton Utz as Australian legal advisor to Mandalay. Bell Potter Securities Limited and Euroz Hartleys Limited were engaged as joint financial advisors to Alkane. HopgoodGanim Lawyers acted as Australian legal advisor and Bennett Jones LLP as Canadian legal advisor to Alkane. This document has been authorised for release to the market by Nic Earner, Managing Director & CEO. For Further Information Mandalay investor contact: Edison Nguyen, Director, Business Valuations and IR +1 (647) 258-9722 Alkane investor contact: Natalie Chapman, Communications Manager +61 418 642 556 About Alkane Resources Alkane Resources intends to grow to become one of Australia's leading multi-mine gold and copper producers. Alkane's current gold production is from the Tomingley gold mine in New South Wales, the Costerfield gold-antimony mine in Victoria and the Björkdal gold mine in Sweden. Alkane is focused on growing its production and reducing costs to generate significant positive cashflow which has been operating since 2014 and has operating plans extending beyond 2030. Alkane also owns a major porphyry gold-copper deposit discovered at Boda-Kaiser in 2019. Exploration is ongoing and economics demonstrated in a 2024 scoping study. Alkane's gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies. 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'). These include statements regarding Alkane and Mandalay's intent, or the beliefs or current expectations of the officers and directors of Alkane and Mandalay for the combined company post-closing. Actual results and outcomes of the merger between the companies may vary materially from the amounts set out in any Forward-looking Information. As well, Forward-looking Information may relate to: future outlook and anticipated events, such as the strategic vision for the combined company following the closing of the Arrangement and expectations regarding exploration potential, production capabilities and future financial or operating performance of the combined company post-closing, including AISC, investment returns, margins and share price performance; FY2025 / CY2025 and FY2026 / CY2026 production and cost guidance; the potential valuation of the combined company following the closing of the Arrangement; the accuracy of the pro forma financial position and outlook of the combined company following the closing of the Arrangement; the success of Alkane and Mandalay in combining operations upon closing of the Arrangement; expectations for the potential development of the Boda-Kaiser project; the potential of the combined company to meet industry targets, public profile and expectations; the timing of the listing of the Alkane Shares on the TSX and the delisting of the Mandalay Shares from the TSX; the timing and acceptance of an application for Mandalay ceasing to be a reporting issuer in Canada; the size and composition of the Alkane Board; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Readers are cautioned that the foregoing list and other information contained herein is not exhaustive of all factors and assumptions which may have been used by Alkane and Mandalay. 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 Alkane and Mandalay believe 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 Alkane and 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 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 and in the section titled 'Risk Factors' in Appendix J of the Mandalay Circular. 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, Alkane and Mandalay assume 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 either Alkane or 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. 1 2025 production estimate is based on Mandalay calendar year guidance from MND 17 December 2024 news release and Alkane fiscal year result from ALK Announcement 7 July 2025. 2026 production estimate is based on consensus broker analyst estimates for Mandalay (calendar year) and Alkane (fiscal year). 2 As at 30 June 2025. WSLEGAL\098750\00001\41645746v3
Yahoo
04-08-2025
- Business
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Supreme Court of British Columbia approves Alkane's acquisition of Mandalay
The Supreme Court of British Columbia has granted a final order approving the plan of arrangement for Alkane Resources to acquire all issued and outstanding common shares of Mandalay Resources. This marks a significant milestone in the merger process between the two companies. The arrangement received the green light from Mandalay's shareholders on 28 July, mirroring the approval by Alkane's shareholders on the same day. Under the terms of the arrangement, agreed in April, Mandalay shareholders will receive 7.875 fully paid ordinary shares in Alkane for each share they hold. The effective date of the arrangement is set for 5 August 2025, subject to the fulfilment of customary closing conditions. Alkane managing director and CEO Nic Earner said: 'The merger with Mandalay has now cleared all conditions for completion and will subsequently close on the 5th of August. 'Work on integration of the two companies has been under way since the original merger announcement, with the integration of our board and management teams we expect minimal impact on the operations in the coming months. 'Alkane is set to become a three-mine, multi-jurisdiction gold miner with antimony exposure, strong cash flow generation, a very solid balance sheet and great internal growth opportunities. The incoming Alkane board welcomes all of its shareholders and employees and looks forward to delivering value on their behalf.' This follows the recent announcement by Mandalay Resources that the Australian Foreign Investment Review Board (FIRB) approved the proposed merger, providing the final regulatory consent required under the agreement dated 27 April 2025. The FIRB's written confirmation on 26 June conveyed the Australian Commonwealth Government's approval of the merger, indicating no objections and allowing the companies to proceed with the finalisation of their union. "Supreme Court of British Columbia approves Alkane's acquisition of Mandalay" 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.
