Alkane Resources — Capital/Financing Update 2020

Dec 16, 2020

ASX and MEDIA RELEASE

17 December 2020

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A$20,000,000 working capital facility

Alkane Resources Limited advises that is has executed facility documentation for the $20,000,000 Working Capital Facility ( Facility ), being provided by Macquarie Bank Limited ( MBL ), as first announced in the September 2020 Quarterly Activities Report.

All conditions precedent to drawdown have been satisfied and the facility is now available for drawdown. The facility is subject to terms and conditions customary for arrangements of this nature and is available for utilisation until 2 January 2022 (which may be extended for 12 months subject to the consent of MBL).

This document has been authorised for release to the market by Nic Earner, Managing Director.

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

The Company’s current gold production is from the Tomingley Gold Operations in Central West New South Wales, where it has been operating since 2014 and is currently expediting a development pathway to extend the mine’s underground and open pit potential.

Alkane has an enviable exploration track record and controls several highly prospective gold and copper tenements. Its most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which have the potential to provide additional ore for Tomingley’s operations.

Alkane’s exploration success includes the landmark porphyry goldcopper mineralisation discovery at Boda in 2019. With a major drill program ongoing at Boda throughout FY2021, Alkane is confident of further consolidating Central West New South Wales’ reputation as a significant gold production region.

Alkane’s gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies, including ~19.9% of Genesis Minerals (ASX: GMD) and ~10.7% of Calidus Resources (ASX: CAI).

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: NIC EARNER, MANAGING DIRECTOR, ALKANE RESOURCES LTD, TEL +61 8 9227 5677

: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

: JOHN GARDNER, CITADEL-MAGNUS, TEL +61 413 355 997

CONTACT INVESTORS MEDIA

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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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 19 May 2020