06:34 AM EDT, 06/27/2025 (MT Newswires) -- Mandalay Resources ( MNDJF ) late on Thursday said the Australian Foreign Investment Review Board granted approval for the company's proposed merger with Alkane Resources.

In the deal, Alkane will indirectly acquire all of Mandalay's issued and outstanding common shares.

FIRB on Thursday provided written confirmation that the Australian Commonwealth Government has no objection to the transaction, satisfying the last outstanding regulatory approval required under the agreement.

On June 23, the Supreme Court of British Columbia granted an interim order authorizing the calling and holding of the special meeting of Mandalay shareholders to vote on the transaction. The meeting has been scheduled for July 28.

The deal, which has the unanimous approval of Mandalay's board, remains subject to receipt of the final order from the court, the approval of Mandalay and Alkane shareholders and the satisfaction or waiver of other customary closing conditions.

The transaction is expected to close in early August.