Alkane and Mandalay to join forces in gold-antimony production
Alkane Resources Ltd (ASX:ALK) has agreed to combine forces with Toronto-listed Mandalay Resources Corporation (TSX:MND) to create a new company which will focus on the production of gold and antimony from 3 mines, expecting to achieve an overall yield of 160,000 ounces in 2025.
The 2 companies have executed a definitive arrangement agreement which will see Alkane acquiring all of Mandalay’s issued and outstanding common shares pursuant to a court-approved plan of arrangement. This will result in a combined entity which will continue to trade on the ASX as ‘Alkane Resources’, while also seeking to list on the TSX.
Underpinning the decision is the strength of projects across both companies’ portfolios, with Alkane’s Tomingley gold operation in New South Wales set to complement Mandalay’s Costerfield antimony-gold mine in Victoria and the Björkdal gold mine in Sweden.
Looking ahead to 2026, production is anticipated to reach more than 180,000 ounces from all 3.
The implied market capitalization of the combined company is estimated at A$1,013, or C$898 million.
Alkane managing director Nic Earner said this was an important move for both companies.
“The Transaction will take Alkane to a new level, bringing together two companies with complementary assets and a shared vision for growth,” he said.
“Mandalay’s two high-quality mines match the attributes of Tomingley: a proven history of consistent production, cash generation and exploration upside.
“The combination of assets, leadership, and supportive long-term shareholders enhances our scale and financial strength, and positions us well to continue to pursue additional growth opportunities”.
Alkane has been trading at 75 cents.
Alkane and Mandalay to join forces in gold-antimony production
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