Alkane Resources — Capital/Financing Update 2023

Apr 4, 2023

ASX and MEDIA RELEASE

5 April 2023

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Tomingley Q3 FY2023 Production

• ➢ Q3 FY2023 gold production was 16,641oz, bringing year to date FY2023 production to 54,431oz.

• ➢ Group unaudited cash, bullion and listed investments position at 31 March 2023 totalled A$117.2M.

• ➢ Tomingley is expected to produce at the upper end of FY2023 guidance, which remains unchanged at 62,000oz to 70,000oz production at an AISC of $A1,550/oz to $1,800/oz.

Alkane Resources Ltd (‘Alkane’ or ‘the Company’) (ASX: ALK) is pleased to announce its Tomingley Gold Operations in central west New South Wales has produced 16,641oz of gold in Q3 FY2023. Tomingley has produced 54,431oz so far in FY2023.

Tomingley is expected to produce at the upper end of guidance, which remains unchanged at 62,000oz to 70,000oz production at an AISC of $A1,550/oz to $1,800/oz.

The Group’s unaudited cash, bullion and listed investments position at 31 March 2023 totalled A$117.2M, comprising $92.9M cash, $6.5M of bullion in hand and $17.8M of listed investments.

Further details will be in the Quarterly Report which will be released later this month, this announcement is to ensure that information is publicly available prior to Alkane’s Managing Director, Nic Earner, meeting investors at Denver Gold Group’s Gold Forum Europe next week.

Alkane Managing Director, Nic Earner, said: “ Tomingley is performing well and remains on track to meet full year guidance. With approval received in February to extend the life of Tomingley, at increased production rates, we’re progressing the development of the Roswell underground ready for ore production before the end of the calendar year.

“I look forward to updating overseas investors on Alkane’s continued success and plans for the future. ”

: PAUL RYAN, CITADEL-MAGNUS, TEL +61 409 296 511

CONTACT INVESTORS MEDIA

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

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

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 Q3FY2023 Results – 5 April 2023