08:29 AM EDT, 08/05/2025 (MT Newswires) -- Alkane Resources and Mandalay Resources ( MNDJF ) on Tuesday said they completed their merger.

Under the terms of the deal, Mandalay shareholders are entitled to receive 7.875 fully paid ordinary shares of Alkane for each Mandalay share held. The combined company will continue operating as "Alkane Resources Limited" and will remain listed on the Australian Securities Exchange and headquartered in Perth, Australia.

Subject to the final approval of the Toronto Stock Exchange, Alkane shares are expected to begin trading on the TSX under the ticker symbol "ALK" at market open on or about Aug. 8.

The combined management team is led by Nic Earner as chief executive and James Carter as chief financial officer. Alkane's new board consists of three former Mandalay directors, Brad Mills, Frazer Bourchier and Dominic Duffy, two existing Alkane directors, Ian Gandel and Nic Earner, and a new independent chair, Andy Quinn.