Alkane Resources — Capital/Financing Update 2023

Jan 4, 2023

ASX and MEDIA RELEASE

5 January 2023

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Tomingley Update and Guidance Upgrade

• ➢ Tomingley exceeds production forecast for the December quarter.

• ➢ December quarter production of 18,301oz brings 1H2023 production to 37,790oz Au.

• ➢ FY2023 guidance for Tomingley is now 62,000oz to 70,000oz Au at an AISC of A$1,550/oz to $1,800/oz (previously 55,000 to 60,000oz Au at an AISC of A$1,650/oz to $1,900/oz).

• ➢ Group unaudited cash, bullion and listed investments position at 31 December 2022 totalled A$114.1M.

• ➢ The Tomingley Gold Extension Project approval from the NSW Department of Planning and Environment, which was expected by the end of December, is now expected by early February.

Alkane Resources Ltd (‘Alkane’ or ‘the Company’) (ASX: ALK) is pleased to upgrade its FY2023 Guidance for its Tomingley Gold Operations in central west New South Wales to between 62,000oz to 70,000oz Au at an AISC of A$1,550/oz to $1,800/oz.

Tomingley produced 37,790oz of gold for the 6 months to 31 December 2022.

The Group’s unaudited cash, bullion and listed investments position at 31 December 2022 totalled A$114.1M, comprising $86.3M cash, $6.9M of bullion in hand and $20.9M of listed investments.

Project Approval was not received for the Tomingley Gold Extension Project (TGEP) by the end of December. All information requested of the Company has been provided and the Project remains under consideration by the Department of Planning and Environment, with approval now expected by early February. Development of the exploration decline to the TGEP continues.

Alkane Managing Director, Nic Earner, said: “ Tomingley continues to deliver outstanding performance, resulting in upgraded guidance for the 2023 financial year. The Alkane board commends the Tomingley team for their consistently strong results.

“With approvals expected shortly to extend the life of Tomingley beyond 2030 at increased production rates, we’re looking forward to developing the Roswell resource in the year ahead.”

: 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 Update – 5 January 2023