Mr. Edison Nguyen reports

MANDALAY OBTAINS FINAL ORDER APPROVING ARRANGEMENT WITH ALKANE

The Supreme Court of British Columbia has issued a final order to approving Mandalay Resources Corp.'s previously announced plan of arrangement under the Business Corporations Act (British Columbia), pursuant to which Alkane Resources Ltd. will acquire all of the issued and outstanding common shares of Mandalay. Under the arrangement, shareholders of Mandalay will be entitled to receive, for each Mandalay share held, 7.875 fully paid ordinary shares in the capital of Alkane.

The receipt of the final order was the final substantive condition to closing the arrangement. The arrangement is expected to close on Aug. 5, 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.