1.Company Overview

Mandalay Resources Corporation (TSX: MND) is a Canadian-based natural resource Corporation with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile and Canada. The Company focuses on growing its production and reducing costs at its gold-antimony operation in Australia, and its gold mine in Sweden, to generate near-term sustainable positive cash flow.

As per the previous Report published on “MND” as on 22^nd July 2025, Kalkine provided a “Speculative Buy” stance on the stock at CAD 4.64.

Noted below are the details of support and resistance levels provided in the previous report:

2. Merger Update

Alkane Resources and Mandalay Resources have completed their merger as on 5^th August, 2025, creating a dual-listed gold and antimony producer on the ASX and TSX. Mandalay shareholders received 7.875 Alkane shares for each Mandalay share, and the combined company will operate under Alkane’s name, with a decent asset base across Australia and Sweden. This merger boosts production, cash reserves, and positions the company for sustainable growth.

3. Transaction details

• Share Exchange Ratio- For every 1 Mandalay share, shareholders received 7.875 shares of Alkane Resources (ALK).
• ALK Listing Price- Alkane shares began trading on the TSX at approximately CAD 80 per share on August 7, 2025.
• Therefore, each Mandalay Resources Corporation (TSX: MND) share was effectively converted into CAD 30 worth of Alkane Resources Ltd (TSX: ALK) shares at the time of listing.

4. Technical Chart

ALK's Daily Technical Price Chart, Data Source: REFNITIV

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.