Mandalay Resources (MND) Corporate Presentation summary

Transaction overview and structure

• Merger of equals between Alkane and Mandalay to form a diversified gold and antimony producer, executed via a plan of arrangement under Canadian law in an all-share transaction.

• Pro forma ownership will be 45% Alkane and 55% Mandalay shareholders, with Mandalay shareholders receiving 7.875 Alkane shares per Mandalay share.

• Implied market capitalization of A$1,013M / C$898M, with closing targeted for Q3 2025 pending shareholder and regulatory approvals.

• ASX will be the primary listing, with TSX as a proposed secondary listing; mutual break fee of A$17M applies under certain conditions.

• Support agreements in place from key directors and shareholders, with meetings expected in Q2 2025.

Strategic rationale and benefits

• Combined production forecast of 160,000 gold equivalent ounces in 2025, growing to 180,000 ounces in 2026 from three mines in Australia and Sweden.

• Enhanced capital markets profile with anticipated index inclusion (GDXJ, ASX 300) and greater trading liquidity.

• Strengthened balance sheet with A$188M/C$167M cash and A$60M debt as of March 2025, supporting organic and inorganic growth.

• Diversified production and revenue streams, including strategic antimony exposure and the large-scale Boda-Kaiser copper-gold project.

• Increased scale and reduced risk through diversified operations and jurisdictions, unlocking potential for valuation uplift.

Operations and growth projects

• Three producing mines: Tomingley (NSW, Australia), Costerfield (Victoria, Australia), and Björkdal (Sweden), with robust production and resource profiles.

• Tomingley: 2026E production of 89koz, resources of 1.68Moz Au, permitted for expansion to 1.75Mtpa.

• Costerfield: 2026E production of 49koz AuEq, significant antimony output, and cumulative production over 900koz AuEq.

• Björkdal: 2026E production of 44koz Au, 10-year mine life, and ongoing exploration for higher grades.

• Boda-Kaiser: 14.7Moz AuEq resource, 20Mtpa scoping study, 17+ year mine life, strong project economics, and significant copper by-product.