Alkane Resources — Capital/Financing Update 2022

Jul 5, 2022

ASX and MEDIA RELEASE

6 July 2022

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Tomingley Exceeds FY2022 Production Guidance

• ➢ Tomingley has exceeded FY2022 guidance, an excellent result given the external impacts of COVID-19 and weather during the year.

• ➢ Tomingley has met or exceeded guidance in every year of operation.

• ➢ FY2022 gold production was 66,804oz (guidance 55,000oz to 60,000oz).

• ➢ Group unaudited cash, bullion and listed investments position at 30 June 2022 totalled A$124.3M.

• ➢ FY2022 preliminary AISC is expected to be slightly below guidance ($1,500/oz to $1,650/oz).

• ➢ FY2023 production guidance for Tomingley will be included in the June Quarterly Report to be released later this month.

Alkane Resources Ltd (‘Alkane’ or ‘the Company’) (ASX: ALK) is pleased to announce its Tomingley Gold Operations in central west New South Wales has exceeded its FY2022 production guidance of between 55,000oz to 60,000oz. Tomingley has met or exceeded guidance in every year of operation.

Tomingley produced 66,804oz of gold for the 12 months to 30 June 2022. Preliminary all in sustaining costs (AISC) are expected to fall slightly below guidance ($1,500/oz to $1,650/oz) for the same period. The strong 12-month performance at Tomingley was underpinned by above forecast mined grade from several areas, as well as great flexibility by the team to overcome the impact of weather and COVID-19.

The Group’s unaudited cash, bullion and listed investments position at 30 June 2022 totalled A$124.3M, comprising $77.9M cash, $8.2M of bullion in hand and $38.1M of listed investments.

Alkane Managing Director, Nic Earner, said: “ Tomingley continues its outstanding performance, consistently meeting or exceeding guidance. With approvals in progress to extend the life of Tomingley to at least 2031, at increased production rates, and our excellent initial Boda resource, we’re looking forward to the year ahead.

“Alkane’s Board and management acknowledge and thank the employees and contractors of the Company for their strong and continued commitment to safety, production and exploration performance. ”

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

: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556 : PAUL RYAN, CITADEL-MAGNUS, TEL +61 409 296 511

CONTACT INVESTORS MEDIA

Level 4, 66 Kings Park Rd, West Perth WA 6005, AUSTRALIA (PO Box 768, West Perth WA 6872, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178 www.alkane.com.au mail@alkane.com.au

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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.

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

ABOUT ALKANE ‐ www.alkane.com.au ‐ ASX: ALK

Alkane Resources is poised to become Australia’s next multi-mine gold producer.

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 life beyond 2030.

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 gold-copper mineralisation discovery at Boda in 2019. With a major drill program ongoing at Boda, 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 ~9.7% of Calidus Resources (ASX: CAI).

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Alkane Resources Ltd – TGO FY2022 Results – 6 July 2022