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.