Alkane Resources Ltd · ASX:ALK
Alkane Resources — Merger or Acquisition (April 2025)
42 slides from Alkane Resources's merger presentation, Apr 28, 2025
Slide 1: Alkane and Mandalay Combine to Create Growing Gold & Antimony Producer
APRIL 2025 Alkane and Mandalay Combine to Create Growing Gold & and Antimony Producer MERGER OF EQUALS INCREASES SCALE AND BENEFITS ALL SHAREHOLDERS
Slide 2: Important Notices and Disclaimer
Important Notices and Disclaimer Investor Presentation This investor presentation is dated 28 April 2025 and has been prepared jointly Alkane Resources Limited (ASX: ALK) (Alkane) and Mandalay Resources Inc. (TSX:MND) (Mandalay) based on information available to them at the time of preparing this pr
Slide 3: Forward-looking Statements
Important Notices and Disclaimer Forward-looking Statements These materials prepared by Alkane and Mandalay include forward-looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”,
Slide 4: Ore Reserves and Mineral Resources
Important Notices and Disclaimer Ore Reserves and Mineral Resources This presentation refers to the combined Ore Reserve and Mineral Resource estimate of Alkane and Mandalay and refers to the individual Ore Reserve (or Mineral Reserve for Mandalay) and Mineral Resource estimate of each of Alkane and
Slide 5: Proposed Merger of Equals Creates a growing gold and antimony producer
Proposed Merger of Equals Creates a growing gold and antimony producer ASX: ALK TSX: MND 1 Diversified production of 2 Improved capital market 160koz AuEq in 2025, growing to positioning anticipated to Merger of Equals 180koz AuEq in 20261 drive valuation re-rate Increases Scale and Two mines, Coste
Slide 6: Transaction Summary
Transaction Summary ASX: ALK TSX: MND • Merger of Alkane and Mandalay via plan of arrangement under the Business Corporations Act (British Columbia) in an all-share Transaction transaction (the “Transaction”) Structure • Pro forma basic ownership 45% Alkane and 55% Mandalay shareholders • Mandalay s
Slide 7: Benefits for Shareholders
Benefits for Shareholders ASX: ALK TSX: MND …for Alkane Resources shareholders …for Mandalay Resources shareholders Strengthened balance sheet with combined cash position of Diversified production and cashflow in premier jurisdictions A$188m / C$167m at 31 March 20251 reduce overall risk Greater cor
Slide 8: A Strong Base to Grow a Mid-Tier Gold Company: Operations in Premier Jurisdictions
A Strong Base to Grow a Mid-Tier Gold Company: 3 Operations in Premier Jurisdictions ASX: ALK TSX: MND 2025E PRODUCTION GUIDANCE1 2026E PRODUCTION CONSENSUS 2 koz AuEq koz AuEq 70 160 89 182 90 93 TOMINGLEY NSW, Australia RESERVES3,4 RESOURCES4 2025 Production Guidance Moz AuEq Moz AuEq 70 – 80koz A
Slide 9: Pro Forma Capital Structure: Snapshot of Combined Company
Pro Forma Capital Structure: Snapshot of Combined Company ASX: ALK TSX: MND Units Alkane Mandalay Combined Company Offer Price 1,2 A$ | C$ 0.750 | 0.665 5.786 | 5.130 0.750 | 0.665 Shares Outstanding 3 M 606 95 1,351 Market Capitalization 2 A$M | C$M 454 | 403 548 | 486 1,013 | 898 Pro Forma Basic O
Slide 10: Built for Growth with an Aligned Vision: Organic Growth Options
Built for Growth with an Aligned Vision: Organic Growth Options ASX: ALK TSX: MND Boda-Kaiser Tomingley True Blue 20M tpa Development Project Expand Mill to 1.5M tpa Costerfield Exploration Discovery 2024 Scoping Study Completed1 Fully permitted / approved High grade intercepts 578.0 g/t Au and 20.5
Slide 11: Stronger Capital Markets Profile: Poised to Catalyze Valuation Re-Rate
Stronger Capital Markets Profile: Poised to Catalyze Valuation Re-Rate ASX: ALK TSX: MND ASX TSX 2025E Production koz AuEq1,4 Market Cap (A$M)22,4 Mineral Resources (Moz AuEq)3,4 Aris 253 G Mining 4,792 Aris 20 10 Genesis 200 Genesis 4,391 McEwen 8 15 Wesdome 200 Capricorn 3,985 K92 4 15 G Mining 18
Slide 12: New Board Focused on Value Creation and Growth Acceleration
New Board Focused on: Value Creation and Growth Acceleration ASX: ALK TSX: MND Proposed Board of Directors Bradford Mills Director Ian Gandel Director Andy Quinn will become the new Non-Executive Chairman Dominic Duffy Chartered mining engineer with almost 50 years in the mining industry in technica
Slide 13: Strengthened Leadership Focused on Driving Growth
Strengthened Leadership Focused on Driving Growth: Continuity for All Operations ASX: ALK TSX: MND Bolstered Management Team Management from Alkane Management from Mandalay Over 30 years of operating Ian Chalmers 18+ years in technical Adam Self and leadership Technical Director roles, project GM, C
Slide 14: Unlocking Value Through Greater Index Inclusion and Capital Markets Presence
Unlocking Value Through Greater Index Inclusion and Capital Markets Presence ASX: ALK TSX: MND Expected Rebalance in the GDXJ (Alkane already included) Pro forma Company Would See an Improved Capital Markets and Addition to ASX 300 Presence and Value Proposition to a Broader Investor Base Requiremen
Slide 15: ESG & Sustainability
ESG & Sustainability Recent Examples of Shared Core Values ASX: ALK TSX: MND Alkane Mandalay Environmental • Reduced greenhouse gas emissions at Costerfield by 15% since • Integrated and mining agriculture for sustainable land management 2021 • Drawing less than 50% of water entitlement at Tomingley
Slide 16: Thank You
Thank You ALK Contact Information: MND Contact Information: ASX: ALK Natalie Chapman Corporate Communications Manager Edison Nguyen Director, Business Valuations and IR TSX: MND +61 418 642 556 +1 (647) 258 9722 natalie.chapman@alkane.com.au e.nguyen@mandalayresources.com @alkaneresources @MandalayA
Slide 17: Appendix
Appendix ADDITIONAL MATERIALS 17
Slide 18: Tomingley
Tomingley HIGH-PERFORMING GOLD MINE POSITIONED FOR GROWTH 18
Slide 19: Tomingley Gold Mine (100%) Reliable, Long-term Production in NSW
Tomingley Gold Mine (100%) Reliable, Long-term Production in NSW ASX: ALK TSX: MND • UG at Roswell, Caloma 1 and 2 Current Mining • Future OP at San Antonio, Roswell • Paste fill at Roswell Saleable Product Gold doré Mine Life Beyond 2030 • 1M tpa process plant, run-rate at 1.1M tpa Processing • Per
Slide 20: Costerfield
Costerfield ONE OF THE WORLD’S RICHEST GOLD AND ANTIMONY MINES 20
Slide 21: Costerfield Gold-Antimony Mine (100%)
Costerfield Gold-Antimony Mine (100%) High Grade Narrow Vein Mining in Victoria ASX: ALK TSX: MND Current UG at Youle and Shepherd Mining Saleable Gold gravity | Gold and antimony Product concentrate Mine Life 4 years Processing 140,000 tpa 0.168 Moz Au | 11 kt Sb | 0.253 Moz Reserves1 AuEq (0.6Mt @
Slide 22: Björkdal
Björkdal LONG LIFE UNDERGROUND AND OPEN CUT GOLD MINE 22 22
Slide 23: Björkdal (100%) Long-term Production in Sweden
Björkdal (100%) Long-term Production in Sweden ASX: ALK TSX: MND Current Underground Mining Saleable Gold concentrate Product Mine Life 10 years Processing 1.4M tpa Reserves 0.56 Moz Au (13.7Mt @ 1.28 g/t Au) Resources 1.42 Moz Au (20.8Mt @ 2.13 g/t Au) (MI) 1 2026E 44 koz Au Production2 (based on r
Slide 24: Boda-Kaiser
Boda-Kaiser LARGE SCALE DEVELOPMENT PROJECT 24
Slide 25: Boda-Kaiser (100%) A Significant Gold-Copper Project in a Premier Location
Boda-Kaiser (100%) A Significant Gold-Copper Project in a Premier Location ASX: ALK TSX: MND 14.7 Moz AuEq in Resources ~65% in Indicated Category July 2024 Scoping Study1 Key Outcomes - 20 Mtpa Scenario 20 Mtpa +17 years Throughput Life of mine 35 kt/annum ~159 koz Au/annum Copper (first 5 yrs) Gol
Slide 26: Appendix: Reserves and Resources Statements + Legal
Appendix RESERVES AND RESOURCES STATEMENTS + LEGAL 26
Slide 27: Alkane Resources Reserves and Resources Statement
Alkane Resources Reserves and Resources Statement ASX: ALK TSX: MND Tomingley Gold Operations – Mineral Resources (at 30 June 2024) Tomingley Gold Operations – Ore Reserves (at 30 June 2024) Measured Indicated Inferred Total Proved Probable Total Deposit Tonnes Grade Tonnes Grade Tonnes Grade Tonnes
Slide 28: Alkane Resources Reserves and Resources Statement
Alkane Resources Reserves and Resources Statement ASX: ALK TSX: MND Tomingley Gold Extension Project – Mineral Resources (at 30 June 2024) Tomingley Gold Extension Project – Ore Reserves (at 30 June 2024) Measured Indicated Inferred Total Proved Probable Total Deposit Tonnes Grade Tonnes Grade Tonne
Slide 29: Mandalay Resources Reserves and Resources Statement
Mandalay Resources Reserves and Resources Statement1 ASX: ALK TSX: MND Costerfield (as to Dec 31, 2024)2 1. The equivalency is calculated by multiplying the contained antimony by an antimony price of $19,000/t and dividing by a Category Tonnes (kt) Au (g/t) Sb (%) Au (koz) Sb (kt) gold price of $2,5
Slide 30: Mandalay Resources Reserves and Resources Statement
Mandalay Resources Reserves and Resources Statement ASX: ALK TSX: MND Björkdal (as to Dec 31, 2024)1 Resources Category Tonnes (kt) Au (g/t) Au (koz) 1. Björkdal Mineral Resources are estimated using drill hole and sample data as of September 30, 2024, and depleted for production through December 31
Slide 31: Boda-Kaiser Reserves and Resources Statement
Boda-Kaiser Reserves and Resources Statement ASX: ALK TSX: MND Indicated Inferred Total Metal Deposit Tonnes Au Cu Tonnes Au Cu Tonnes AuEq Au Cu AuEq Au Cu (Mt) (g/t) (%) (Mt) (g/t) (%) (Mt) (g/t) (g/t) (%) (Moz) (Moz) (Mt) Open Pittable Resources (cut-off 0.3g/t AuEq) Boda 191 0.36 0.17 42 0.29 0.
Slide 32: Schedule 1 – Mandalay – Foreign Estimate Disclosures
Schedule 1 – Mandalay – Foreign Estimate Disclosures (as required by ASX Listing Rule 5.12) The NI 43-101 Mineral Resources for Mandalay, as at December 31, 2024. The Mineral Reserves for Mandalay as at December 31, 2024. ASX: ALK TSX: MND The information in this announcement relating to the Mandala
Slide 33: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.1 The source and date of the The Mandalay Mineral Resource and Mineral Reserve estimates were prepared under the supervision of Qualified Persons (as defined in the historical estimates or foreign Canadian NI 43-101 Standards). The Q
Slide 34: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.4 The reliability of historical The foreign estimate is considered to be reliable by Alkane for the following reasons: estimates or foreign estimates, including by reference to any of • Key criteria, as defined in Table 1 of the JORC
Slide 35: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.5 To the extent known, a summary Costerfield Resource key assumptions of work programs on which the historical estimates or foreign • The Mineral Resource is estimated as of 31 December 2024 with depletion through to this date. estim
Slide 36: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.5 To the extent known, a summary Costerfield Reserve key assumptions of work programs on which the historical estimates or foreign • The Mineral Reserve is estimated as of 31 December 2024, and depleted for production through to 31 D
Slide 37: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.5 To the extent known, a summary Björkdal of work programs on which the historical estimates or foreign • The Björkdal property is located in Västerbotten County in northern Sweden. estimates are based and a • The deposit was origina
Slide 38: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.5 To the extent known, a summary Björkdal Reserve key assumptions of work programs on which the historical estimates or foreign • Björkdal Mineral Reserves are estimated using drill hole and sample data as of September 30, 2024, and
Slide 39: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.6 Any more recent estimates or As at the date of this announcement, the foreign estimates reported by Mandalay in the Report have not been superseded by any later estimates. No data relevant to the reported more recent estimates have
Slide 40: ASX Listing Rule
ASX Listing ASX Explanation Commentary ASX: ALK TSX: MND Rule 5.12.8 The proposed timing of any The evaluation work is planned to be completed during FY2026 and will be reported in Alkane’s Annual Mineral Resources and Ore Reserves evaluation and/or exploration Statement as at 30 June 2026. Funding
Slide 41: Peer Comparison: 2025 Production Guidance Support
Peer Comparison p.11 2025 Production Guidance Support ASX: ALK TSX: MND Company FY/CY 2025 Production Guidance (koz) Source Date FY / CY From To Midpoint Aris Mining Corp. 230 275 253 Production Year End Press Release 15-Jan-25 CY Capricorn Metals Ltd 110 120 115 December 2024 Half Year Report 06-Ma
Slide 42: Peer Comparison: Gold Reserves and Resources Support
Peer Comparison p.11 Gold Reserves and Resources Support ASX: ALK TSX: MND Company Stage Resources Reserves Source Release Date Gold (Moz) Gold (Moz) Aris Mining Corp. Producing 30 7 Mineral Reserves and Resource Statement 07-Oct-24 Capricorn Metals Ltd Producing 6 4 Investor Presentation - Bell Pot
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