Mandalay Resources obtains Swedish regulatory approval for Alkane deal

TORONTO - Mandalay Resources Corporation (TSX: MND, OTCQB: MNDJF), currently valued at $1.13 billion and trading near its 52-week high of $11.57, has secured regulatory approval in Sweden for its previously announced acquisition by Alkane Resources Limited, the company stated in a press release. According to InvestingPro data, the company’s stock has delivered an impressive 40.66% return over the past year.

The Swedish Inspectorate of Strategic Products has decided not to initiate a review of the transaction under the Swedish FDI Act, allowing the deal to proceed under Swedish law.

The transaction, structured as a plan of arrangement under the Business Corporations Act (British Columbia), still requires approval from the Supreme Court of British Columbia, Mandalay and Alkane shareholders, and certain other regulatory clearances before completion.

Both companies expect to hold their respective shareholder meetings in late July 2025.

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The company focuses on production growth and cost reduction to generate positive cash flow.

The transaction announcement follows Mandalay’s ongoing operations in both Australia and Sweden, where the company has established mining operations producing gold and antimony.

The press release did not disclose financial terms of the acquisition agreement between the two mining companies.

In other recent news, RBC Capital Markets has initiated coverage on Monadelphous Group Limited with a "Sector Perform" rating, setting a price target of AUD15.75. The firm highlighted Monadelphous’s strong financial health, emphasizing its robust balance sheet and positive working capital. This financial stability, coupled with a consistent record of successful project execution, positions Monadelphous advantageously in the competitive contracting industry. RBC Capital Markets noted that the current market valuation of Monadelphous reflects the opportunities available in the Resources and Energy sectors. The "Sector Perform" rating suggests that the stock is expected to perform in line with its peers in the industry. Monadelphous’s ability to maintain its competitive edge is attributed to its financial strength and track record, which are crucial for securing major projects. The price target set by RBC Capital Markets reflects their assessment of Monadelphous’s prospects and industry standing. These recent developments provide investors with insights into the company’s market position and future potential.

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