Mr. Frazer Bourchier reports

MANDALAY ANNOUNCES RECEIPT OF SWEDISH REGULATORY APPROVAL FOR PROPOSED MERGER OF EQUALS

Regulatory approval in Sweden has been obtained in connection with Mandalay Resources Corp.'s previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Alkane Resources Ltd. has agreed to indirectly acquire all of the issued and outstanding common shares of Mandalay.

The regulatory approval received by the Swedish Inspectorate of Strategic Products under the Swedish FDI Act means that the authority has decided to take no further action in response to the FDI filing and will not initiate a review of the transaction, thereby allowing the transaction to proceed under Swedish law.

The transaction remains subject to receipt of the approval of the Supreme Court of British Columbia and certain other regulatory approvals, the approval of Mandalay shareholders, and Alkane shareholders, and the satisfaction or waiver of other customary closing conditions. Alkane and Mandalay currently expect their respective shareholder meetings to occur in late July, 2025.

About Mandalay Resources Corp.

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Bjorkdal gold mine). The company is focused on growing its production and reducing costs to generate significant positive cash flow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

We seek Safe Harbor.