If You Invested in Mandalay Res Corp (MNDJF)

MNDJF was the over-the-counter (OTCQB) ticker symbol in the United States for Mandalay Resources Corporation, a Canadian-based natural resource company. According to multiple company news releases, Mandalay Resources operated producing mining assets in Australia and Sweden and was listed on the Toronto Stock Exchange under the symbol MND. Its business focused on gold and antimony production, exploration, and mine development.

Company disclosures describe Mandalay Resources as having producing assets at the Costerfield gold-antimony mine in Australia and the Björkdal gold mine in Sweden. Mandalay stated that it was focused on growing production and reducing costs to generate cash flow, with an emphasis on operating safely, in an environmentally responsible manner, and with a high level of community and employee engagement.

Corporate transformation and merger with Alkane Resources

Based on a joint news release from Alkane Resources Limited and Mandalay Resources Corporation dated August 5, 2025, Mandalay completed a merger with Alkane Resources Limited. The transaction was implemented by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia), under which Alkane acquired all of the issued and outstanding common shares of Mandalay. Mandalay shareholders became entitled to receive Alkane ordinary shares in exchange for each Mandalay share held, as set out in the arrangement agreement and related circular.

The same announcement states that the combined company continues to operate as Alkane Resources Limited, remains listed on the ASX, and is headquartered in Perth, Australia. Subject to final approvals, Alkane shares of the combined company were expected to begin trading on the Toronto Stock Exchange under the ticker symbol ALK. The release also notes that the Mandalay shares were expected to be delisted from the TSX around August 6, 2025, and that Mandalay applied to cease to be a reporting issuer under applicable Canadian securities laws.

Operations and assets prior to the merger

In its news releases, Mandalay describes itself as a natural resource company with producing assets in two key operations:

• Costerfield gold-antimony mine (Australia) – An underground operation producing gold and antimony. Company updates highlight areas such as the Youle vein, Shepherd veins, the Brunswick and Brunswick South areas, and the True Blue discovery near the operating mine. Mandalay reports that Costerfield has been an important cash-flow generator and a focus for near-mine and regional exploration.
• Björkdal gold mine (Sweden) – A gold operation where Mandalay has reported ongoing infill and extension drilling at zones including the Main Zone (Eastern Extension), North Zone below marble, and Lake Zone Skarn. Company releases describe discoveries of high-grade skarn and continued near-mine exploration aimed at expanding mining inventory and targeting higher-grade margins for processing.

Across these operations, Mandalay’s public communications emphasize exploration programs designed to extend mine life, define new high-grade zones, and convert mineralization into resources and reserves. Examples include the True Blue discovery and Brunswick South extension at Costerfield, and the Lake Zone Skarn and deeper Main and North Zone drilling at Björkdal.

Status of the MNDJF ticker

The August 5, 2025 joint news release explicitly states that Alkane acquired all Mandalay shares and that Mandalay shares were expected to be delisted from the TSX, with Mandalay applying to cease to be a reporting issuer. In that context, MNDJF represents a historical over-the-counter symbol for Mandalay Resources prior to its acquisition by Alkane Resources Limited. After completion of the arrangement, ongoing public-market exposure for the combined business is described as occurring through Alkane’s listings, including on the ASX and, subject to approvals, on the TSX under the symbol ALK.

Business focus and strategy as described by Mandalay

In multiple releases, Mandalay states that its mission is to create shareholder value through the profitable operation of its mines and continuing regional exploration programs at both Costerfield and Björkdal. The company highlights objectives such as:

• Continuing to mine high-grade zones at Costerfield, including the Youle and Shepherd veins, and extending mineral reserves.
• Advancing exploration and drilling campaigns at discoveries such as True Blue and Brunswick South to support potential mine life extensions.
• At Björkdal, producing from zones such as Aurora and other higher-grade areas, while expanding resources in Main Zone, North Zone below marble, Lake Zone Skarn, and nearby prospects like Storheden.
• Maintaining a focus on safety, environmental responsibility, and engagement with local communities and employees.

Use of this page for historical research

Because Mandalay has been acquired by Alkane Resources Limited and Mandalay shares were expected to be delisted, information associated with the MNDJF symbol is best understood as historical context for investors and researchers. For current information about the combined company, the joint news releases indicate that users should look to Alkane Resources Limited and its ASX and TSX listings.