Alkane Moves Closer to Merger with Mandalay After Swedish Clearance

Alkane Resources Ltd, an ASX 300 listed gold producer, and Mandalay Resources Corp have cleared a significant regulatory hurdle by receiving Swedish authorities' clearance for their proposed merger. The merger aims to create a diversified entity managing three gold-producing assets across Australia and Sweden. The Tomingley operations and Boda exploration by Alkane support their strategic expansion ambitions. The transaction, structured as a merger of equals, still requires approval from Australian and Canadian authorities and shareholder endorsement. Mandalay shareholders are expected to hold a majority in the combined entity. Leadership will be overseen by Alkane's current managing director, ensuring seamless stewardship. The integration of assets including the Tomingley and Costerfield sites in Australia and the Björkdal mine in Sweden, facilitates a broad geographic footprint and diversified production profile. The merger strengthens Alkane’s asset base, positioning them for sustained growth. Alkane also persists with exploration activities at the Boda discovery, aiming to enhance their resource potential in Central West New South Wales. The merger is expected to provide resources to bolster these ambitions, underpinning Alkane's growth-driven strategy.