Alkane Resources — Earnings Release 2024

Jul 3, 2024

ASX and MEDIA RELEASE

4 July 2024

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Tomingley FY2024 Production Update

• ➢ Tomingley has produced 17,319oz Au in the June quarter of FY2024.

• ➢ FY2024 gold production was 57,217oz Au (updated guidance 55,000oz to 58,000oz Au).

• ➢ FY2024 preliminary AISC is expected to be within updated guidance (A$2,150/oz to $2,350/oz).

• ➢ Group unaudited cash, bullion and listed investments position at 30 June 2024 totalled A$54.5m.

• ➢ As outlined in the recently released five-year plan for Tomingley, production for FY2025 is expected to be 70,000oz Au to 80,000oz Au at an ASIC of A$2,400/oz to $2,600/oz.

Alkane Resources Ltd (‘Alkane’) (ASX: ALK) is pleased to announce its Tomingley Gold Operations in central west New South Wales has delivered strong production in the final quarter of the financial year to meet its updated production guidance of 55,000oz to 58,000oz Au.

Tomingley produced 57,217oz of gold for the 12 months to 30 June 2024. Preliminary all in sustaining costs (AISC) are expected to fall within updated guidance (A$2,150/oz to $2,350/oz) for the same period.

As advised in the Tomingley five-year plan (see ASX announcement dated 24 June 2024) FY2025 production at Tomingley is anticipated to be between 70,000oz Au to 80,000oz Au at an AISC of A$2,400/oz to $2,600/oz. Note the AISC includes substantial decline development costs, the expected AISC over the entire five-year plan is A$1,900/oz to $2,100/oz.

The Group’s unaudited cash, bullion and listed investments position at 30 June 2024 totalled A$54.5m, comprising $45.5m cash, $8.7m of bullion on hand and $0.3m of listed investments. During the quarter A$42.8m was drawn from the Macquarie Bank debt $60m debt facility. Note that listed investments assumes no value for shares in Calidus Resources Ltd (ASX:CAI) as receivers and administrators were appointed for Calidus on 29 June 2024. This change in value for CAI shares will also be reflected in Alkane’s full year FY2024 non-cash financials.

Alkane Managing Director, Nic Earner, said: “ Tomingley is steadily increasing production from the Roswell underground. Tomingley is now performing well, and the paste plant and flotation circuit upgrades remain on schedule.

“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

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

CONTACT INVESTORS MEDIA

: 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 forwardlooking 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 intends to grow to become one of Australia’s multi-mine gold and copper producers.

The Company’s current gold production is from the Tomingley Gold Operations in Central West New South Wales, which has been operating since 2014 and has the resources to continue to operate 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 has 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 drilling ongoing adjacent to the initial resource identified at Boda, Alkane is confident of further consolidating Central West New South Wales’ reputation as a significant gold and copper production region.

Alkane’s gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies.

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Alkane Resources Ltd – TGO FY2024 Results – 4 July 2024