Alkane Resources — Capital/Financing Update 2017

Jan 19, 2017

ASX and MEDIA RELEASE

20 January 2017

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SIGNIFICANT DRILL INTERCEPTS AT DEPTH AT TGO

TOMINGLEY GOLD OPERATIONS (TGO) – ALK 100%

Summary

• RC and core drilling programs totalling 6,837 metres tested mineralisation adjacent to and below the Wyoming One and Caloma open pits

• The drilling was designed to extend known mineralisation and define continuity within the ore zones previously identified

• Wyoming One results include:

• WY944D 8.7m @ 5.09g/t Au from 399 metres incl 1.2m @ 19.05g/t Au from 402.8 metres

• WY945D 20.0m @ 4.19g/t Au from 311 metres incl 8.0m @ 5.53g/t Au from 316 metres and 2.0m @ 11.03g/t Au from 327 metres

• WY950D 11.0m @ 4.21g/t Au from 196 metres incl 2.0m @ 8.73g/t Au from 205 metres and 19.7m @ 5.36g/t Au from 271 metres incl 8.1m @ 9.34g/t Au from 282.6 metres incl 2.75m @ 19.69g/t Au from 282.6 metres and 0.7m @ 20.5g/t Au from 290 metres

 Caloma results include:

• TGC3986 20.0m @ 2.71g/t Au from 97 metres incl 2.0m @ 11.7g/t Au from 100 metres and 5.0m @ 3.45g/t Au from 103

• TGC3989 15.0m @ 4.84g/t Au from 80 metres incl 3.0m @ 18.7g/t Au from 89 metres

• TGC3992 15.0m @ 2.79g/t Au from 104 metres incl 1.0m @ 5.03g/t Au from 104 metres incl 4.0m @ 4.40g/t Au from 107 metres and 15.0m @ 2.44g/t Au from 135 metres incl 2.0m @ 8.04g/t Au from 148 metres

CONTACT : IAN CHALMERS, MANAGING DIRECTOR, ALKANE RESOURCES LTD, TEL +61 8 9227 5677 INVESTORS : NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556 MEDIA : HILL KNOWLTON STRATEGIES, CONTACT: IAN WESTBROOK, TEL +61 2 9286 1225 OR +61 407 958 137

Ground Floor, 89 Burswood Road, Burswood WA 6100, AUSTRALIA (PO Box 4384, Victoria Park WA 6979, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178

www.alkane.com.au mail@alkane.com.au

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Underground Mining Study

As part of the feasibility to develop an underground mining operation at the Tomingley Gold Operations (TGO), a program of 9 core holes totalling 3,659.4 metres tested targets below the Wyoming One open pit and 18 RC holes tested mineralisation at the Caloma pit. The drilling was designed to extend known mineralisation and improve continuity within the ore zones previously identified.

The TGO deposits are classified as Orogenic Style gold mineralisation that is focused on structural zones generated by a competency contrast between porphyritic andesite volcanic sills and intrusives, and the host volcanoclastic sediments. Numerous quartz-carbonate-sulphide veins with differing orientations form the core of the economic open pit mining operations. Four deposits Wyoming One, Wyoming Three, Caloma and Caloma Two have been developed, but other zones of mineralisation identified during the exploratory drilling phase, such as Wyoming Two and Wyoming One South, have not been evaluated due to thick overburden cover or perceived narrow ore widths but which may present underground opportunities to be investigated in the future.

At Wyoming One the porphyritic andesite forms the core of a narrow antiform structure with strong mineralisation developed near the nose and eastern contact of the andesite porphyry and with a separate linear lithology controlled hangingwall zone located immediately to the east. The hangingwall-porphyry contact mineralisation has a strike length of over 300 metres and is open to the south. Most of the mineralisation has a near vertical or steep east dipping orientation. The historic underground mine of Myalls United is located about 800 metres further to the south in a similar lithological position. Much of this target zone remains untested.

Mineralisation at Caloma is largely confined to near north-south trending, shallow west dipping structures within the steep west dipping host porphyry. To the south the porphyry is folded into a broad synform with a shallow west plunging axis which is the focus of the Caloma Two mineralisation. Late stage, cross cutting dolerite dykes dislocate the mineralised zones.

As a result of earlier drilling, resource blocks were assigned according to geological boundaries and grade. Within the broad mineralised envelope, high grade blocks of >2.5g/t gold were identified which could support an underground mining operation. The data from this current program will be incorporated into the resource model to form a basis for the underground mining study. Previously defined sub-pit Ore Reserves and Mineral Resources at Wyoming One were based upon a feasibility study reported ASX 9 December 2015 and 22 September 2016.

2/16

Alkane Resources Ltd – TGO Drilling 20 January 2017

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Competent Person

Unless otherwise advised above, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Chalmers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears

Disclaimer

This report contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

ABOUT ALKANE - www.alkane.com.au - ASX: ALK and OTCQX: ANLKY

Alkane is a multi-commodity company focused in the Central West region of NSW, Australia. Currently Alkane has two advanced projects - the Tomingley Gold Operations (TGO) and the nearby Dubbo Project (DP). Tomingley commenced production early 2014. Cash flow from the TGO has provided the funding to maintain the project development pipeline and will assist with the pre-construction development of the DP.

The NSW Planning Assessment Commission granted development approval for the DP on 28 May 2015 and on 24 August 2015 the Company received notification that the federal Department of the Environment gave its approval for the development. Mining Lease 1724 was granted on 18 December 2015 and the Environment Protection Licence was approved on 14 March 2016. Financing is in progress and this project will make Alkane a strategic and significant world producer of zirconium, hafnium and rare earth products when it commences production in 2019.

Alkane’s most advanced gold copper exploration projects are at the 100% Alkane owned Wellington, Bodangora pand Elsienora prospects Wellington has a small copper-gold deposit which can be expanded, while at Bodangora a large monzonite intrusive complex has been identified with porphyry style gold copper mineralisation. Encouraging gold mineralisation was recently drilled at Elsienora.

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3/16

Alkane Resources Ltd – TGO Drilling 20 January 2017

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----- Start of picture text -----

614000m E 148° 13'S 615000m E
W y o m i n g
T h r e e C a l o m a
TGC3989
32° 35'S
Wyoming
Two
6394000m N
W y o m i n g
O n e
C a l o m a
T w o
Dolerite
6393000m N
Cotton Formation siltstone
Feldspar porphyry
Volcaniclastic sandstones,
siltstones & minor conglomerates
Wyoming Andesite
One South
Chlorite-talc schist
Fault, inferred
M yalls U n ited Geological boundary, inferred
G o ld M ine
No.2N (H isto ric) 2016 DDH - Wyoming
M ain 2016 Deep RC hole - Caloma
Shaft
0 500
Reedys Shaft Alkane Resources Ltd
T O M IN G L E Y G O L D M IN E
G e o l o g y w i t h
2 0 1 6 U n d e r g r o u n d
T a r g e t D r i l l i n g
Projection ‐ M G A Zone 55
PLAN No. : ALK TOM 1GA-028 Datum (horizontal) ‐ G DA94
W Y948D
E L 5 6 7 5
E L 5 8 3 0
E L 5 6 7 5
ML 1684
TG C4047
TG C3992
W Y949D
TG C4044
TG C3995
TG C3994
TG C3988TG C3987TGC3986
W Y950D
W Y942DW Y943D
W Y944D
W Y946DW Y947D
W Y945D
W Y950D
TG C3996
TGC3985TGC3984TGC3983
TG C4045
TGC4042
TG C4046
TGC3996
TG C3990TGC3991
----- End of picture text -----

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----- Start of picture text -----

WY943D WY945D
WY942D WY946D
WY944D
WY947D
WY950D
WY949D
WY948D
Wyoming One
(Looking North East)
WY950D
WY949D
WY947D
Legend WY948D
+2.5Au g/t model (June 2016) WY944D
WY946D
Down Hole Results (Au g/t) WY943D
0.5 to 1.0
WY945D
1.0 to 2.5
WY942D
> 2.5
TGC4042 TGC4044
TGC4045 TGC4047
TGC4046
TGC4046
TGC3983 TGC4042 TGC4047
TGC4044
TGC3984
TGC3985
TGC3994 TGC3986 TGC4045
TGC3996 TGC3995 TGC3987TGC3988
TGC3989
TGC3990
TGC3991
TGC3992
TGC3986 Caloma
TGC3990
83 (Looking South West)
TGC3995 TGC3991
TGC3987
TGC3989
TGC3984
TGC3994
TGC3988
TGC3992 TGC3985 Alkane Resources Ltd
TGC3996 Tomingley Gold Opera�ons
Underground Target Drilling
December 2016
RL
RL
200mRL
200 mRL
0mRL
200 mRL
East
0 mRL
-200mRL
61 5000 mE
-200 mRL
0 mRL
North
-200 mRL
639 4000 mN
61 4500 mE
East
61 5200 mE
North
mN
3500
639
61
4000
mE
mE
5000
61
mN 4000 639
mN 3800 639
----- End of picture text -----

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		WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)
	Ei	Nhi				Tl	Interval	Interval	Intercept
					Aith
Hole ID	astng	ortng	RL	Dip	zmu	ota	From			Au (g/t)	Target
	MGA	MGA			MGA	Dth		To (m)	(m)
	()	()			()	ep	(m)
WY942D	614176.0	6393847	268.9	-50.0	171	566.5	437.5	449.6	12.1	3.45	376/northern contact
incl							437.5	439.0	1.5	4.83
incl							444.0	446.0	2.0	4.25
incl							447.0	449.6	2.6	7.14
and							477.3	478.6	1.3	1.19	Porphyry
and							529	530.7	1.7	1.53
and							533	534	1	2.05
WY943D	614246.8	6393844	269.5	-51	182	510.0	269	270	1	1.25	Sed Host NthZne
and							441.0	452.0	11.0	2.42	376/northern contact
incl							443	446	3.0	6.04
and							454.6	471.0	16.4	2.64	Porphyry
incl							457.0	460.0	3.0	10.6
and							476.7	490.8	14.1	1.02
incl							476.7	478.0	1.3	4.73
and							503.0	505.5	2.5	1.73
and							508.0	510.0	2.0	1.03
WY944D	614081.7	6393832	269.3	-51	163	460.0	383.6	389.8	6.2	1.72	Sed Host NthZne
incl							384.0	387.0	3.0	2.47
and							399.0	407.7	8.7	5.09	?’376’/Northern Zone ?=HWZ (sed hosted)
incl							402.8	404.0	1.2	19.05
incl							406.0	407.0	1.0	5.09
incl							417.0	419.0	2.0	2.01	Porphyry
and							423.0	424.0	1.0	1.15
and							451.0	453.0	2.0	3.29
incl							452.0	453.0	1.0	5.54
WY945D	614466.8	6393415	267.4	-63	250	419.9	311.0	331.0	20.0	4.19	HWZ
incl							316.0	324.0	8.0	5.53
incl							316.0	320.0	4.0	7.40
incl							327.0	329.0	2.0	11.03
and							392.0	393.0	1.0	6.57
and							395.0	396.0	1.0	8.94
and							413.0	415.0	2.0	1.35	Porphyry
WY946D	614465.6	6393413	267.1	-62	267	400.0	294.0	298.0	4.0	1.11	HWZ
and							301.0	304.0	3.0	2.87
incl							301.0	303.0	2.0	4.06
and							310.0	318.0	8.0	2.23
incl							310.0	313.2	3.2	3.82
WY947D	614465.9	6393413	267.3	-54	269	353.5	251.0	354.0	3.0	1.47	Sediment Hosted
and							251.0	252.0	1.0	3.06
and							263.0	271.0	8.0	1.78
incl							264.0	265.0	1.0	5.34
and							274.0	275.0	1.0	4.76

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Alkane Resources Ltd – TGO Drilling 20 January 2017

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		WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)	WYOMING ONE CORE DRILLING –2016(>1.0g/t Au)
	Ei	Nhi				Tl	Interval	Interval	Intercept
					Aih
Hole ID	astng	ortng	RL	Dip	zmut	ota	From			Au (g/t)	Target
	MGA	MGA			MGA	Dth		To (m)	(m)
	()	()			()	ep	(m)
and							281.0	287.0	6.0	2.93	HWZ
incl							282.0	285.0	3.0	4.95
and							290.0	291.4	1.4	1.34
and							318.2	320.0	1.8	1.22	Contact
WY948D	614379.5	6393489	235.0	-60	248	304.0	211.1	217.0	5.9	2.96	HWZ
and							218.15	219.0	0.85	3.56
and							224.0	225.0	1.0	1.34
and							227.8	235.0	7.2	3.17
incl							231.0	235.0	4.0	5.09
and							247.0	263.0	16.0	1.99
incl							247.0	252.75	3.75	3.48
and							247.85	249.0	1.15	15.18
WY949D	614386.3	6393492	242.3	-57.8	273	330.0	177.0	180.3	3.3	3.86	HWZ
and							223.0	225.6	3.6	2.44	Porphyry
and							229.0	232.0	4.0	3.37
incl							229.0	229.5	0.5	23.5
and							242.0	253.0	11.0	1.12
incl							248.0	250.0	2.0	2.0
and							260.0	261.0	1.0	21.8
and							268.6	283.0	14.4	1.47
incl							272.0	276.0	4.0	2.43
WY950D	614357.6	6393366	232.6	-51	230	315.5	196.0	207.0	11.0	4.21	HWZ
incl							205.0	207.0	2.0	8.73
and							271.0	290.7	19.7	5.36	Porphyry
incl							276.0	290.7	11.7	6.27
incl							282.6	290.7	8.1	9.34
incl							282.6	285.35	2.75	19.69
and							287.0	290.7	3.7	5.61
incl							290.0	290.7	0.7	20.5
and							308.8	311.0	2.2	3.14

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Alkane Resources Ltd – TGO Drilling 20 January 2017

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		CALOMA DEEP	CALOMA DEEP	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)
	Ei	Nhi				Tl	Interval	Interval	Intercept
					Aih
Hole ID	astng	ortng	RL	Dip	zmut	ota	From			Au (g/t)	Target
	MGA	MGA			MGA	Dth		To (m)	(m)
	()	()			()	ep	(m)
TGC3983	614928.9	6394276.8	170.4	-79	95	145	36	48	12	3.83	Zone “A” – Lode 4 – IN PIT
incl							36	37	1	13.8
and							65	66	1	2.19
and							80	82	2	3.69	Zone “B” – Lode 41
and							86	90	4	1.34
and							99	104	5	1.22
and							115	131	15	1.43
incl							115	117	2	2.70
TGC3984	614886.5	6394274.9	179.8	-69	87	203	55	58	3	1.45	Zone “A” – Lode 4
and							70	85	15	1.37
and							122	126	4	2.04
and							142	159	17	1.53
TGC3985	614885.4	6394275.1	179.9	-75	87	247	57	63	6	1.59	Zone “A” – Lode 4
and							70	93	23	1.38
incl							82	87	5	3.43
and							144	159	15	2.19	Zone “B” – Lode 41
incl							144	145	1	10.6
and							220	223	3	1.30
and							239	240	1	1.16
TGC3986	614885.0	6394301.0	175.6	-55	92	143	10	12	2	1.30
and							22	28	6	2.34	Zone “A” – Lode 4 – IN PIT
incl							26	28	2	4.66
and							46	49	3	1.74
and							60	62	2	2.56
and							90	91	1	4.51
and							97	117	20	2.71	Zone “B” – Lode 41
incl							100	102	2	11.7
incl							103	108	5	3.45
TGC3987	614883.2	6394301.2	175.8	-65	92	172	12	13	1	2.41
and							25	26	1	7.16	Zone “A” – Lode 4
and							33	34	1	1.59
and							49	51	2	1.30
and							63	68	5	1.86
and							101	105	4	2.24	Zone “B” – Lode 41
and							108	109	1	2.75
and							114	118	4	3.36
and							121	130	9	1.91
and							133	144	11	1.09
TGC3988	614880.9	6394301.3	175.9	-72	92	224	13	15	2	2.50
and							49	58	9	1.20	Zone “A” – Lode 4
and							67	73	6	2.01
incl							69	71	2	3.48

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Alkane Resources Ltd – TGO Drilling 20 January 2017

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		CALOMA DEEP	CALOMA DEEP	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)
	Ei	Nhi				Tl	Interval	Interval	Intercept
					Aih
Hole ID	astng	ortng	RL	Dip	zmut	ota	From			Au (g/t)	Target
	MGA	MGA			MGA	Dth		To (m)	(m)
	()	()			()	ep	(m)
and							102	103	1	3.55
and							123	149	26	2.29	Zone “B” – Lode 41
incl							124	126	2	8.05
and							210	213	3	1.23
TGC3989	614872.8	6394309.4	171.1	-90	360	133	58	62	4	2.80
and							80	95	15	4.84	Zone “A” – Lode 4
incl							89	92	3	18.7
and							103	107	4	2.00
TGC3990	614880.4	6394332.9	170.7	-57	97	157	41	45	4	2.33
incl							42	43	1	5.00
and							82	91	9	1.84	Zone “B” – Lode 41 – IN PIT
incl							83	85	2	5.73
and							97	106	9	1.98	Zone “B” – Lode 41
incl							102	104	2	6.52
TGC3991	614880.4	6394332.9	170.6	-66	96	158	22	24	2	2.64
and							32	41	9	1.87	Zone “A” – Lode 4 – IN PIT
incl							32	33	1	5.66
and							102	103	1	0.66
and							109	141	32	1.51	Zone “B” – Lode 41
TGC3992	614873.4	6394334.0	170.5	-71	100	213	37	41	4	2.34	Zone “A” – Lode 4
incl							38	39	1	6.19
and							48	56	8	2.15
and							88	89	1	1.25
and							104	119	15	2.79	Zone “B” – Lode 41?
incl							104	105	1	5.03
incl							107	111	4	4.40
and							135	150	15	2.44	Zone “B” – Lode 41
incl							148	150	2	8.04
and							152	153	1	1.82
and							155	156	1	1.07
TGC3994	614892.4	6394394.0	170.0	-62	90	162	140	143	3	1.90
incl							142	143	1	4.09
TGC3995	614892.8	6394420.1	170.2	-57	90	140	29	41	12	8.28	Zone “A” lode 2 – IN PIT
incl							30	35	5	18.2
and							44	46	2	16.57
incl							44	45	1	31.8
and							48	50	2	1.86
and							66	68	2	1.44
TGC3996	614910.7	6394441.8	170.0	-63	40	150	14	15	1	1.29
and							17	22	5	1.22
and							71	72	1	1.53
and							110	113	3	2.11	Zone “B” - Lode 10
incl							110	111	1	4.67

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Alkane Resources Ltd – TGO Drilling 20 January 2017

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		CALOMA DEEP	CALOMA DEEP	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)	RC DRILLING –2016(>1.0g/t Au)
	Ei	Nhi				Tl	Interval	Interval	Intercept
					Aih
Hole ID	astng	ortng	RL	Dip	zmut	ota	From			Au (g/t)	Target
	MGA	MGA			MGA	Dth		To (m)	(m)
	()	()			()	ep	(m)
and							122	124	2	1.94
and							135	136	1	1.93
TGC4044	614775.5	6393921.1	269.8	-50	51	220	14	15	1	1.43	Caloma 2 Linking Structure
and							20	21	1	1.84
and							31	32	1	1.00
and							184	185	1	1.96
TGC4045	614822.8	6394051.21	270.7	-71	119	204	135	138	3	3.54	Caloma 2 Linking Structure
and							144	145	1	1.59
and							184	185	1	1.40
TGC4047	614772.1	6393914.18	269.7	-52	68	209	50	57	7	2.17	Caloma 2
incl							50	51	1	5.98
and							176	183	7	1.76	Caloma 2 Linking Structure
incl							177	178	1	4.83

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Alkane Resources Ltd – TGO Drilling 20 January 2017

JORC Code, 2012 Edition – Table 1 report – Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	RC samples were collected at one metre intervals via a cyclone and cone splitter. DD sample intervals were defined by geologist during logging to honour geological boundaries.
	• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	RC drilling completed to industry standards. Core was laid out in suitably labelled core trays. A core marker (core block) was placed at the end of each drilled run (nominally 3 or 6m) and labelled with the hole number, down hole depth, length of drill run. Core was aligned and measured by tape, comparing back to this down hole depth consistent with industry standards.
	• Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	RC Drilling–the entire RC sample was collected at 1m intervals and delivered into a large plastic bag via a cyclone. DD Drilling – sample intervals were defined by geologists during logging to honour geological boundaries and cut in half with a saw. All samples sent to the laboratory were crushed and/or pulverised to produce a ~100g pulp for assay process. 1m RC samples and core samples were fire assayed using a 50g charge as well as a group of pathfinder elements by ICPMS. Visible gold was occasionally observed in core
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	RC techniques using a 130mm or 140mm diameter face sampling hammer. DD holes were pre-collared using un-oriented PQ3 (83mm diameter) core drilling. Pre-collars were completed to competent material, with holes cased off and completed to depth using HQ3 (61mm diameter) core. HQ3 core was oriented using the Ace’ (Reflex Act) core orientation tool.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed.	RC - sample recovery was visually estimated and was generally very good (>90%). Samples were even in size. Samples were rarely damp or wet. Sample quality was assessed by the sampler by visual approximation of sample recovery and if the sample was dry, damp or wet. A riffle splitter were used to ensure a representative sample was achieved for 1 metre samples. DD - core loss was identified by drillers and calculated by geologists when logging. Generally ≥95% was recovered and any loss was usually in portions of the oxide zone. Large diameter core, (PQ3) was used through the oxide material to ensure the greatest recovery.
	• Measures taken to maximise sample recovery and ensure representative nature of the samples.	RC drilling was completed using oversized shrouds to maintain sample return and all samples were split using riffle or cone splitters. Use of RC rigs with high air capacity assists in keeping samples dry. Triple tube coring was used at all times to maximise core recovery.
	• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	There is no known relationship between sample recovery and grade.

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Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	RC - each one metre interval was geologically logged for characteristics such as lithology, weathering, veining (type, character and intensity) and mineralisation (type and volume percentage). DD - all core was laid out in core trays and geologically logged for characteristics such as lithology, weathering, alteration (type, character and intensity), veining (type, character and intensity) and mineralisation (type, character and volume percentage). A brief geotechnical log was also undertaken collecting parameters such as core recovery, RQD, fracture count, and fracture type and orientation.
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	All logging was qualitative with visual estimates of the various characteristics. Magnetic susceptibility data is quantitative. RC - A representative sample of each one metre interval is retained in chip trays for future reference. DD - Core was photographed and all unsampled core is retained for reference purposes.
	• The total length and percentage of the relevant intersections logged.	All DD core and RC chip samples have been geologically and geotechnically logged by qualified geologists.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken.	DD - zones of visual mineralisation and/or alteration were marked up by the geologist and cut in half using an Almonté (or equivalent) core cutting saw. Samples submitted for analysis were collected from the same side in all cases to prevent bias. Sampling intervals were generally based on geology, were predominantly over 1m intervals but do not exceed 1.2 metres in length. All mineralised zones were sampled, plus ≥2m of visibly barren wall rock. Laboratory Preparation – drill core was oven dried prior to crushing to <6mm using a jaw crusher, split to 3kg if required then pulverised in an LM5 (or equivalent) to ≥85% passing 75µm. Bulk rejects for all samples were discarded. A pulp packet (±100g) is stored for future reference
	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC – samples were collected at 1m intervals via a cyclone into large plastic bags. Rare damp or wet samples were recorded by the sampler. Laboratory Preparation – the entire RC sample (3kg) was dried and pulverised in an LM5 (or equivalent) to ≥85% passing 75µm. Bulk rejects for all samples were discarded. A pulp packet (±100g) is stored for future reference.
	• For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Alkane (ALK) sampling techniques are of industry standard and considered adequate.
	• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	RC – field duplicate samples collected at every stage of sampling to control procedures. DD – external laboratory duplicates used.
	• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.	RC - Duplicate samples were riffle split from bulk sample. Duplicates show generally excellent repeatability, indicating a negligible “nugget” effect.
	• Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are industry standard and considered appropriate.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Gold was determined using a 50g charge fused at approximately 1100°C with alkaline fluxes, including lead oxide. The resultant prill was dissolved in aqua regia and gold determined by flame AAS. For other geochemical elements, samples were digested in aqua regia with each element concentrationdetermined byICP AtomicEmissionSpectrometry or ICP Mass Spectrometry.

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Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
		These additional elements were generally only used for geological interpretation purposes, are not of economic significance and are not routinely reported.
	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not applicable to this report or deposit.
	• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	Commercially prepared Certified Reference Materials (CRM) and blanks were inserted at 1 in 50 samples. CRM’s were not identifiable to the laboratory. Field duplicate samples were inserted at 1 in 50 samples (alternate to CRM’s) for RC drilling programs. Laboratory QAQC sampling includes insertion of CRM samples, internal duplicates and screen tests. This data was reported for each sample submission. Failed standards result in re-assaying of portions of the affected sample batches.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel.	Drill data was compiled and collated, and reviewed by senior staff. External consultants do not routinely verify exploration data until resource estimation procedures are deemed necessary.
	• The use of twinned holes.	Twinned holes have not been used as twinning provides verification only for extremely limited areas of a deposit.
	• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	All drill hole logging and sampling data was hard keyed into Excel spreadsheet for transfer and storage in an Datashed database with verification protocols in place. All primary assay data was received from the laboratory as electronic data files which were imported into Datashed database with verification procedures in place. QAQC analysis was undertaken for each laboratory report. Digital copies of Certificates of Analysis (COA) are stored in a central database with regular (daily) backup. Original survey data is stored on site.
	• Discuss any adjustment to assay data.	No assay data was adjusted.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill holes were laid out RTK-DGPS. RC drill holes were surveyed using a single shot electronic camera at a nominal 30m down hole intervals. DD holes were surveyed at nominal 30m down hole during drilling to maintain drilling direction and then north seeking gyro at end of hole.
	• Specification of the grid system used.	All drill holes were originally laid out in MGA94 grid system to conform with reporting requirements for mine operations.
	• Quality and adequacy of topographic control.	The site is within the mine with excellent survey control.
Data spacing and distribution	• Data spacing for reporting of Exploration Results.	Drilling was spaced and oriented to intersect specific sites within the known mineralised envelope.
	• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	The drill hole spacing has been shown to be appropriate by the visible continuity of mineralisation between drill holes.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	• Whether sample compositing has been applied.	Sample compositing was not applied.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Much care was given to attempt to intersect mineralisation at an optimal angle but in complex ore bodies this can be difficult.
	• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	It is not thought that drilling direction will bias assay data however all attempt made to provide optimal intersection direction..
Sample security	• The measures taken to ensure sample security.	All samples were bagged in tied numbered calico bags, grouped into larger tied polyweave bags and transported to the laboratory in Orange by Alkane personnel or courier. S ample submission sheets were delivered with the samples and also emailed to the laboratory. All sample submissions were documented via ALS tracking system and all assays were reported via email. Sample pulps were returned to site and were stored for an appropriate length of time (minimum 3 years). The Company has in place protocols to ensure data security.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	The Company does not routinely have external consultants verify exploration data.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The drilling completed within ML 1684 which is held in the name of Tomingley Gold Operations Pty Ltd, a wholly owned subsidiary of Alkane Resources Ltd.
	• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	ML1684 expires on 11 February 2034.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	All reported drilling has been completed by ALK.
Geology	• Deposit type, geological setting and style of mineralisation.	Geological nature of the Tomingley Deposits is well documented elsewhere.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	See table in announcement

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
	• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	No data has been excluded
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	Reported results are – For uncut gold grades; Intercepts were defined (bounded) by 0.5g/t gold outer limit and may contain some internal waste; Only intervals grading ≥1 g/t gold were reported; Grades were calculated by length weighted average.
	• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Exploration results have been reported as length weighted average grades with internal high grade intercepts reported separately.
	• The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalents are reported.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. o If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. o If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	True width are variable due to the intersection angle but range between 50% and 70% of drilled width.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Cross sections and a plan showing geology with drill collars are included with the announcement.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Data relating to all drill holes has been reported.
Other substantive	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk	No additional data is being reported.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
exploration data	density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	An assessment of mining the higher grade portions of the mineralisation by underground methods will be completed as part of a feasibility study. Additional drilling may be completed to compliment this assessment of mining resources below the open pit.
	• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	The upper portions of the deposits are well constrained by drilling however the high grade structures remain open at depth.

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