Alkane is pleased to announce that its previously announced plan of arrangement with Mandalay Resources Corporation under the Business Corporations Act (British Columbia), pursuant to which Alkane has agreed to indirectly acquire all of the issued and outstanding common shares of Mandalay (the “Transaction”) has received regulatory approval in Sweden. The regulatory approval received by the Swedish Inspectorate of Strategic Products under the Swedish FDI Act means that the authority has decided to take no further action in response to the FDI filing and will not initiate a review of the Transaction, thereby allowing the Transaction to proceed under Swedish law. The Transaction remains subject to receipt of the approval of the Supreme Court of British Columbia, the approval of the Foreign Investment Review Board of Australia, the approval of Mandalay shareholders and Alkane shareholders and the satisfaction or waiver of other customary closing conditions. Alkane and Mandalay currently expect their respective shareholder meetings will occur in late July 2025. | 
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