Mandalay Resources (Mandalay), a Toronto-based gold miner, and Australia’s Alkane Resources (Alkane) are looking to join forces.
In a joint news release, the two companies announced that they’ve agreed to combine in a “merger of equals” valued at more than $357 million CAD.
“[This all-stock transaction] will take Alkane to a new level, bringing together two companies with complementary assets and a shared vision for growth,” Nic Earner, managing director of Alkane, said in the release.
“Mandalay’s two high-quality mines match the attributes of Tomingley: a proven history of consistent production, cash generation and exploration upside. The combination of assets, leadership, and supportive long-term shareholders enhances our scale and financial strength, and positions us well to continue to pursue additional growth opportunities.”
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Following the completion of the merger, which is currently expected to take place in the third quarter of 2025, the combined entity will operate as “Alkane Resources.”
As the two companies become one, here are a few things that non-unionized employees in Canada need to be aware of.
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