Combined forecast production of ~160,000 gold-equivalent ounces in 2025, growing to over ~180,000 gold-equivalent ounces in 2026.  

The combined company will operate three producing mines in premier jurisdictions - Costerfield and Tomingley in Australia and Björkdal in Sweden. The combined company’s margins are expected to expand with 2025 AISC of ~A$2,750 / ~US$1,760 per ounce reducing to approximately ~A$2,160 / ~US$1,420 per ounce in 2026.  

Improved capital market positioning anticipated to drive valuation re-rate. 

The combined company is expected to benefit from a primary ASX listing valuation re-rate driven by GDXJ and potential ASX 300 index inclusion. Further value should be unlocked through greater trading liquidity, a larger free-float and a more diverse shareholder base as the combined company continues to grow. 

Creates a powerful platform with a shared vision for continued growth

Robust balance sheet with a proforma cash balance of A$188 / C$167 million at 31 March 2025 to pursue organic and inorganic growth. The combined company plans to continue to invest in exploration at all three of its producing mines and pursue other growth opportunities in addition to the Boda-Kaiser copper-gold project which adds future production potential with its significant scale. 

Merged leadership focused on delivering re-rate and driving growth

The combined company’s Board of Directors will consist of three Mandalay nominees (Brad Mills, Frazer Bourchier and Dominic Duffy), two Alkane nominees (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. Management, led by Nic Earner, and including Mandalay’s operating team, provides operational continuity and foundation to unlock portfolio value.