Mr. Frazer Bourchier reports

MANDALAY SHAREHOLDERS OVERWHELMINGLY APPROVE TRANSACTION WITH ALKANE RESOURCES

Mandalay Resources Corp. shareholders have overwhelmingly approved a special resolution, authorizing an arrangement under the Business Corporations Act (British Columbia), pursuant to which Alkane Resources Ltd. will indirectly acquire all of the issued and outstanding common shares of Mandalay at a special meeting of Mandalay shareholders, held earlier today on July 28, 2025.

The arrangement resolution required the approval of at least two-thirds of the votes cast at the meeting in person or by proxy by Mandalay shareholders. The voting results from the meeting are detailed in the attached table.

Full voting results will be filed under Mandalay's profile on SEDAR+.

Alkane announced earlier today that its shareholders approved the issuance of the Alkane ordinary shares as consideration to Mandalay shareholders under the arrangement.

Mandalay will seek a final order of the Supreme Court of British Columbia to approve the arrangement at a hearing to be held on Aug. 1, 2025. The arrangement is expected to be completed on or about Aug. 5, 2025.

In conjunction with the arrangement, Alkane has applied to upgrade its current U.S. over-the-counter (OTC) listing from the Pink Limited Market to the OTCQX Market around the time of closing of the arrangement. This uplisting is expected to provide enhanced visibility, improved liquidity and greater accessibility for United States-based investors who will receive Alkane shares in exchange for their Mandalay shares.

Frazer Bourchier, president and chief executive officer of Mandalay, commented:

"We are pleased with the overwhelming support our shareholders have shown for the combination with Alkane. This transformative transaction will create a powerful, dual-ASX-and-TSX-listed gold and antimony producer operating in Tier 1 jurisdictions and poised for growth. We look forward to delivering the full benefits of the merger to all shareholders as we work toward a closing and integration."

Further information regarding the arrangement is available in the management information circular dated June 24, 2025, which is available on Mandalay's website and under Mandalay's profile on SEDAR+.

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.