Alkane Resources to merge with Mandalay Resources in a $648m deal.

Alkane Resources, a mining company primarily engaged in the exploration and production of gold and other precious metals, agreed to merge with Mandalay Resources, a resource company, in a $648m deal. “The Transaction presents a compelling opportunity for Mandalay shareholders to accelerate value creation through increased capital markets scale, liquidity and a growing diversified asset base. We are excited to have found a like-minded partner committed to the same principles. The Transaction aligns with our vision to create a mid-tier gold and antimony producer with mines in premier operating jurisdictions and with our strategy for continued growth. I am also pleased to have gained support of our major shareholders, as we believe the combined company will be extremely well positioned for a valuation re-rate in line with ASX-listed peers, and for subsequent growth," Frazer Bourchier, Mandalay President and CEO.