Alkane Resources — Interim / Quarterly Report 2021

Apr 22, 2021

ASX and MEDIA RELEASE

23 April 2021

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Quarterly Activities Report to 31 March 2021

Tomingley Gold Operations (TGO)

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• Gold production above forecast for the quarter at 16,040 ounces, with site operating cash costs at A$803/oz and AISC of A$997/oz.

• Gold sales of 15,844 ounces for the quarter for revenue of A$34.9M at an average price of A$2,203/oz.

• Guidance for FY2021 increased to 50,000 to 55,000 oz at a reduced AISC of A$1,400 to A$1,550 per ounce. (Previous guidance, issued 25 February 2021, was 47,000 to 52,000 oz at an AISC of A$1,450 to A$1,600 per ounce.)

• The securing of NSW Government approvals for the development of the Roswell and San Antonio deposits is continuing. Feasibility plans that include both open cut and underground mines at Roswell and San Antonio are being finalised and expected to be announced in May.

Exploration

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• Final results for the San Antonio deposit south of TGO were reported (see ASX Announcement 27 January 2021), with further high-grade intercepts such as:

• RWRC449 10.0 metres grading 6.68g/t Au from 74 metres; incl 3.0 metres grading 17.1g/t Au from 75 metres. RWRC456 11.0 metres grading 6.73g/t Au from 187 metres; and 5.0 metres grading 2.60g/t Au from 211 metres; and 6.0 metres grading 2.34g/t Au from 251 metres. RWRC459 3.0 metres grading 2.54g/t Au from 126 metres; and 31.0 metres grading 2.76g/t Au from 134 metres; incl 2.0 metres grading 6.56g/t Au from 134 metres; also 10.0 metres grading 5.16g/t Au from 143 metres.

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• The final results for the San Antonio deposit were received and the Resource was updated (see ASX Announcement 4 November 2020). The Global Mineral Resource (Indicated and Inferred) for the San Antonio Deposit now stands at:

7.3 million tonnes grading 1.72g/t gold (406,000oz)

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• The Global Mineral Resource (Indicated and Inferred) for the Tomingley Extension Project, which includes both the Roswell and San Antonio Deposits now stands at:

• Indicated 13.8 million tonnes grading 1.96g/t gold (871,000oz) Inferred 3.6 million tonnes grading 1.69g/t gold (195,000oz) Total 17.4 million tonnes grading 1.90g/t gold (1,066,000oz)

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

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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• The drill program at Boda continues. Results received (see ASX Announcement 8 March 2021) continue to extend the mineralised system along strike and at depth, including into the Kaiser and Duke systems to the northwest.

One diamond core hole, KSDD027, at the Kaiser system located 1.5km northwest of the Boda porphyry discovery intersected two zones of gold-copper porphyry mineralisation with grades and alteration similar to Boda and significant assay results of:

KSDD027 360m grading 0.38g/t Au, 0.15% Cu from 0m (Duke Zone) incl 7m grading 0.90g/t Au, 0.26% Cu from 119m also 6m grading 0.90g/t Au, 0.29% Cu from 204m also 6m grading 1.71g/t Au, 0.24% Cu from 332m and 442m grading 0.17g/t Au, 0.11% Cu from 422m incl 27m grading 0.31g/t Au , 0.13% Cu from 492m also 58m grading 0.28g/t Au, 0.16% Cu from 735m

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• Results from several drill holes are being finalised and will be released in the coming weeks.

Corporate

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• Cash, bullion and listed investments position totalled A$72.4M.

• Shareholding of ASX listed gold developer Calidus Resources Ltd (ASX:CAI) reduced to ~9.8% at end of March quarter as a result of dilution from a share issue by Calidus as consideration for purchase of the Blue Spec mine.

• Shareholding of ASX listed gold developer Genesis Minerals Ltd (ASX:GMD) was ~19.9% at end of March quarter.

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Alkane Resources Ltd – 31 March 2021 Quarterly Report 23 April 2021

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TOMINGLEY GOLD OPERATIONS

Tomingley Gold Operations Pty Ltd 100%

Tomingley Gold Operations (TGO) is a wholly owned subsidiary of Alkane, located near the village of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. The gold processing plant was commissioned in January 2014 and has been operating at the design capacity of 1Mtpa since late May 2014. Mining is based on four gold deposits (Wyoming One, Wyoming Three, Caloma One and Caloma Two).

Operations Performance

TGO continues to perform well and is processing underground stope material with recovery as expected. The cutback in the northeast of the Caloma pit is on schedule and the underground portal from the base of the Caloma pit has now connected into the underground drive from Wyoming One. Underground ore feed continues to be supplemented by low grade stockpiles whenever capacity permits.

A total of 16,040 ounces of gold was poured for the quarter. The site cash costs for the quarter were A$803/oz with an all-in sustaining cost (AISC) of A$997/oz.

Gold sold for the quarter was 15,844 ounces at an average sales price of A$2,203/oz, generating revenue of A$34.9M. Bullion stocks were 1,275 ounces (fair value of A$2.9M at quarter end). Site operating cash flow was A$22.3M for the quarter and A$64.6M for the financial year to date.

Guidance for FY21 is increased to 50,000 to 55,000 oz at a reduced AISC of $1,400 to $1,550 $/oz.

Tomingley Gold Extension Project

Alkane’s intention is to develop the Roswell and San Antonio deposits, which are located 3 – 5km south of TGO, as soon as possible.

Alkane has commenced the approval process for this development. Consultation with regulators, landholders and other stakeholders, as well as on ground assessments needed for the Environmental Impact Statement, continues.

Feasibility plans that include both open cut and underground mines at Roswell and San Antonio are being finalised and expected to be announced in May. Preparation of the feasibility plans has taken longer than anticipated, with delays due to the incorporation of updated geotechnical advice, updating minor road diversion plans and pricing post-consultation, finalising waste rock locations post-consultation, as well as timing considerations between the proposed underground and open cut ore production.

Further details about the Tomingley Gold Extension Project can be found on the Company’s website.

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TGO FY 2021 Quarterly and Annual Production Figures

TGO Production		FY 2020	Sep Quarter 2020	Dec Quarter 2020	Mar Quarter 2021	YTD FY2021
Open cut
Waste mined	BCM	-	-	390,159	429,443	819,602
Ore mined	Tonnes	-	-	2,755	10,953	13,709
Strip Ratio	Ratio	-	-	243.5	67.4	102.8
Grade	g/t	-	-	0.4	1.2	1.0
Underground
Ore mined	Tonnes	341,210	181,831	180,642	169,444	531,917
Grade	g/t	2.37	1.85	3.41	2.88	2.71
Ore milled	Tonnes	838,743	254,423	235,217	237,455	727,095
Head grade	g/t	1.45	1.56	2.50	2.40	2.14
Recovery	%	88.0	88.4	88.1	91.0	89.3
Gold poured	Ounces	33,507	11,499	15,919	16,040	43,458
Revenue Summary
Gold sold	Ounces	32,995	11,945	16,613	15,844	44,402
Average price realised	A$/oz	2,199	2,261	2,302	2,203	2,256
Gold revenue	A$M	72.5	27.0	38.2	34.9	100.2
Cost Summary
Mining	A$/oz	322	606	336	389	427
Processing	A$/oz	517	446	290	295	334
Site Support	A$/oz	158	126	94	119	112
C1 Site Cash Cost	A$/oz	997	1,178	720	803	873
Royalties	A$/oz	56	63	71	70	69
Sustaining capital	A$/oz	205	183	326	172	232
Gold in circuit movement	A$/oz	-	66	25	-103	-9
Rehabilitation	A$/oz	26	19	19	19	19
Corporate	A$/oz	73	66	41	35	45
AISC1	A$/oz	1,357	1,575	1,201	997	1,229
Bullion on hand	Ounces	2,231	1,781	1,083	1,275	1,275
Stockpiles
Ore for immediate milling	Tonnes	262,836	139,025	96,029	41,487	41,487
Grade	g/t	0.83	0.74	1.43	1.23	1.23
Contained gold	Ounces	6,986	3,319	4,403	1,811	1,811

1AISC = All in Sustaining Cost comprises all site operating costs, royalties, mine exploration, sustaining capex, mine development and an allocation of corporate costs, calculated on the basis of ounces sold from 1 July 2020. AISC does not include share based payments or net realisable value provision for ore inventory.

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Regional Exploration

The final results from the extensive exploration program focused on the immediate area to the south of the TGO mine, part of the plan to source additional ore feed, either at surface or underground, were received during the quarter. Results of RC and core drilling were released in ASX Announcements 27 January 2021, and an update to the San Antonio Resource estimate was released in ASX Announcement 16 February 2021.

Final assay results for San Antonio were received from 20 RC and core holes, for a total of 5,000 metres. Significant intercepts included:

RWRC439D	17.4	metres grading	1.75g/t Au from	194.6 metres;
incl	5.2	metres grading	4.28g/t Au from	201.8 metres.
RWRC449	10.0	metres grading	6.68g/t Au from	74 metres;
incl	3.0	metres grading	17.1g/t Au from	75 metres.
RWRC456	11.0	metres grading	6.73g/t Au from	187 metres;
and	5.0	metres grading	2.60g/t Au from	211 metres;
and	6.0	metres grading	2.34g/t Au from	251 metres.
RWRC459	3.0	metres grading	2.54g/t Au from	126 metres;
and	31.0	metres grading	2.76g/t Au from	134 metres;
incl	2.0	metres grading	6.56g/t Au from	134 metres;
also	10.0	metres grading	5.16g/t Au from	143 metres.
RWD045	7.7	metres grading	1.89g/t Au from	302.8 metres;
incl	3.2	metres grading	3.81g/t Au from	302.8 metres;
and	4.0	metres grading	2.09g/t Au from	315 metres;
and	3.0	metres grading	3.00g/t Au from	541 metres;
and	34.0	metres grading	0.79g/t Au from	554 metres.

Mineral Resource

A Mineral Resource estimation has been calculated on the San Antonio deposit with a nominal 20 metre drill hole spacing to depths ranging from 30mRL to -200mRL and averaging approximately 250m below ground surface:

Project	Resource Category	Cut-Off	Tonnes (Mt)	Gold Grade **g/t **	Gold Metal (Koz)
San Antonio	Indicated	0.5g/t Au	5.93	1.82	347
	Inferred	0.5g/t Au	1.39	1.32	59
	Total	0.5g/t Au	7.32	1.72	406
Roswell	Indicated	0.5g/t Au	7.88	2.07	524
	Inferred	0.5g/t Au	2.19	1.93	136
	Total	0.5g/t Au	10.1	2.04	660
Total Resource Inventory	Indicated	0.5g/t Au	13.80	1.96	871
	Inferred	0.5g/t Au	3.58	1.69	195
	Total	0.5g/t Au	17.4	1.90	1066

Full details are provided ASX Announcement 6 February 2021

The Mineral Resource will be subject to further infill and extensional drilling with a view to both define the continuity of the mineralisation and high-grade zones at depth.

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3D model of the San Antonio mineralisation

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CORPORATE

Cash, Bullion and Listed Investments

Description	Mar-21 Quarter A$M	Dec-20 Quarter A$M
Cash	30.1	33.3
Bullion	2.9	2.7
Cash and bullion sub-total	33.0	36.0
Listed investments	39.4	46.3
Total cash, bullion and listed investments	72.4	82.3

Banking Facilities

In addition to the cash, bullion and listed investment position above, the Company has a $20 million working capital facility with Macquarie Bank. This was undrawn at the end of the quarter.

At the end of the quarter the Company had $7.2 million of borrowings relating to mobile equipment financing arrangements.

Cashflows

The waterfall chart below summarises the quarterly movement in cash held (excludes bullion and investments held at the beginning and end of the period):

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• *AISCC – 15,8444ozs sold x $1,100/oz. The Gold in circuit movement from the AISC table on page 4 is a non-cash movement so is excluded from the cashflow waterfall above. ** Corporate costs of $500k are included in the AISCC.

During the quarter Tomingley Gold Operations sold 15,844 ounces at an average price of A$2,203/oz. This included the delivery of 5,500 ounces into forward sales contracts at an average of $1,877/oz. Further details of the current forward sales can be found below. All in sustaining cash cost for the quarter was $997/oz – a total of $15.8 million. Growth and expansion expenditure reflects non-exploration costs associated with development of the Caloma underground deposit and Tomingley Gold Extension Project (San Antonio/Roswell deposits), including land purchases.

Exploration expenditure focus was on the Boda project and San Antonio/Roswell deposits. The lease repayments relate to mobile equipment loan repayments made during the quarter.

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The Company continues to hold its investments in gold exploration and development companies Calidus Resources Ltd (ASX:CAI) and Genesis Minerals Ltd (ASX:GMD), in line with our strategy of investing in junior gold mining companies that meet our investment criteria of having high exploration potential, and/or require near-term development funding Alkane holds ~19.9% of GMD. The Company’s shareholding of CAI reduced to ~9.8% at end of December quarter as a result of dilution from a share issue by Calidus as consideration for purchase of the Blue Spec mine. Alkane contributed $1.3m to Calidus’ equity raising in the March quarter. The Company continues to evaluate other opportunities for investment.

Gold Forward Sale Contracts & Put Options and Collars

The Company holds the following forward sale contracts.

Quarter	Average Forward Price A$/oz	Delivery Ounces
June 2021	2,320	2,750
September 2021	2,534	3,000
December 2021	2,396	5,500
March 2022	2,230	7,500
June 2022	2,230	8,000
Total	2,307	26,750

During the quarter the Company delivered into gold forward sales contracts for 5,500 ounces. On 1 April the Company entered into new gold forward sales contracts for 18,000 ounces for delivery in the Dec-21, Mar-22 and Jun-22 quarters. The average delivery price is $2,230/ounce. These forward sales are included in the table above.

The Company holds put options with monthly expiry dates from April to September 2021. This is for 2,000 ounces per month at an exercise price of $2,400/ounce. During the March quarter 6,000 ozs of these put options were exercised at $2,400/oz.

A zero-cost collar is also in place for 2,000 ounces covering the September and December 2021 quarters, with a put price of $2,300/ounce and call price of $2,910/ounce.

The Company also holds 10,500 oz of put options priced at A$1,800/oz. These options have expiry dates in June 2021 and September 2021.

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NORTHERN MOLONG PORPHYRY PROJECT (NMPP) (gold-copper)

Alkane Resources Ltd 100%

The drill program at Boda continues. Results received (see ASX Announcement 8 March 2021) continue to extend the mineralised system along strike and at depth, including into the Kaiser and Duke systems to the northwest.

Kaiser

The historic Kaiser copper workings are located at surface on a northwest trending swarm of monzonite dykes within mafic to andesitic volcanics. Early exploration in the area had focussed on the Kaiser workings and drilling defined a steep east dipping, high grade gold-copper zone over a strike length of 100m and 30m width from the surface to a depth of 90m. Historic drilling by other exploration companies and more recently, Alkane, defined a broad area of extensive alteration with two main zones of calcpotassic alteration and associated gold-copper mineralisation in the Kaiser Zone, centred over the Kaiser workings, and the Duke Zone, 200m to the northeast and parallel to the Kaiser zone.

Excluding the Kaiser zone, Alkane drilling intersected a number of broad gold-copper intercepts with narrow high mineralisation within the Duke and peripheral targets such as:

ASX Announcement 21 January 2015

• KSRC009 12m @ 0.82g/t Au, 0.20% Cu, from 0m and 31m @ 0.18g/t Au, 0.16% Cu, from 19m and 42m @ 0.29g/t Au, 0.13% Cu, from 75m and 6m @ 0.78g/t Au, 0.22% Cu, from 91m and 138m @ 0.29g/t Au, 0.17% Cu, from 147m incl 6m @ 0.97g/t Au, 0.35% Cu, from 169m • KSRC010 112m @ 0.24g/t Au, 0.36% Cu, from 115m incl 16m @ 0.57g/t Au, 0.87% Cu, from 126m and 4m @ 0.78g/t Au, 1.45% Cu, from 128m and 3m @ 1.13g/t Au, 1.52% Cu, from 139m and 14m @ 0.58g/t Au, 0.63% Cu, from 151m • KSRC011 54m @ 0.14g/t Au, 0.33% Cu from 72m incl 5m @ 0.45g/t Au, 1.15% Cu from 73m and 79m @ 0.22g/t Au, 0.37% Cu from 134m incl 3m @ 0.52g/t Au, 0.85% Cu, from 198m

ASX Announcement 6 May 2016

• KSRC013 111 metres @ 0.61g/t Au and 0.08% Cu from 42m incl 4 metres @ 9.69g/t Au and 0.06% Cu from 110m

ASX Announcement 9 September 2019

• KSRC027 40m @ 1.30g/ Au, 0.22 Cu from 0m incl 10m @ 2.86g/t Au, 0.36% Cu from 0m also 2m @ 3.24g/t Au, 0.2% Cu from 25m and 14m @ 0.29g/t Au, 0.41% Cu from 136m incl 2m @ 0.79g/t Au, 0.9 Cu from 140m • KSRC029 32m @ 0.53g/t Au, 0.27% Cu from 2m incl 11m @ 1.09g/t Au, 0.40% Cu from 9m

Diamond core drill hole KSDD027 (see ASX Announcement 8 March 2021) defined alteration and mineralisation associated with the two zones with significant intercepts of:

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KSDD027 360m grading 0.38g/t Au, 0.15% Cu from 0m (Duke Zone) incl 7m grading 0.90g/t Au, 0.26% Cu from 119m also 6m grading 0.90g/t Au, 0.29% Cu from 204m also 6m grading 1.71g/t Au, 0.24% Cu from 332m and 442m grading 0.17g/t Au, 0.11% Cu from 422m incl 27m grading 0.31g/t Au , 0.13% Cu from 492m also 58m grading 0.28g/t Au, 0.16% Cu from 735m

KSDD027 intersected gold-copper grades similar to those commonly observed at the Boda prospect, with particular encouragement from the Duke Zone. The Duke Zone is mapped by previous drilling as approximately 250m wide, striking over 800m and open along strike and at depth.

The Duke and Kaiser Zones show many similarities to the Boda prospect including their alteration assemblages and zonation with a northwest trend to the hydrothermal system. The absence of probable causative intrusions from the current drilling and the presence of hydrothermal breccias hosting the strong mineralisation are indicative of the shallower levels to a large alkalic Au-Cu porphyry system.

Boda and Boda Two

Three drill holes (see ASX Announcement 8 March 2021) were completed in the area between the southern extension of the Boda mineralisation shell and the northern extension of the Boda Two prospect, where the target host stratigraphy is rotated from northwest striking to north-south striking. Pervasive alteration with extensive low-grade and narrower higher grade gold-copper mineralisation was intersected by all three drill holes. Significant molybdenum (Mo) and copper mineralisation was intersected at depth by KSDD024 from 841m, suggesting a zonation of metals around a deeper magmatic source to the system. Significant intercepts include:

KSDD017 152m grading 0.14g/t Au, 0.14% Cu from 88m and 4m grading 2.46g/t Au, 0.26% Cu from 454m and 18m grading 0.79g/t Au, 0.08% Cu from 541m incl 4m grading 2.91g/t Au, 0.03% Cu from 548m and 43m grading 0.22g/t Au, 0.07% Cu from 591m and 38m grading 0.35g/t Au, 0.11% Cu from 787m KSDD018 382m grading 0.26g/t Au, 0.12% Cu from 337m incl 22m grading 0.39g/t Au, 0.15% Cu from 463m also 33m grading 0.47g/t Au, 0.14% Cu from 587m and 48m grading 0.16g/t Au, 0.11% Cu from 849m KSDD024 7m grading 0.50g/t Au, 0.02% Cu from 16m and 53m grading 0.24g/t Au, 0.01% Cu from 152m and 41m grading 0.23g/t Au, 0.01% Cu from 257m and 35m grading 0.21g/t Au, 0.03% Cu from 588m and 76m grading 0.21g/t Au, 0.01% Cu from 648m and 43m grading 0.20g/t Au, 0.02% Cu from 736m and 18m grading 0.11g/t Au, 0.13% Cu, 24ppm Mo from 940m incl 2m grading 0.40g/t Au, 0.38% Cu, 88ppm Mo from 940m and 53m grading 0.15g/t Au, 0.11% Cu, 18ppm Mo from 992m incl 5m grading 0.30g/t Au, 0.18% Cu, 21ppm Mo from 1009m also 3m grading 0.34g/t Au, 0.29% Cu, 32ppm Mo from 1029m

Assay results were also received from KSDD021 - a diamond core drill hole testing the southern extensions to the Boda Two prospect. The hole intersected a broad zone of calc-potassic altered volcanics and monzonites with pervasive low-grade gold-copper mineralisation around narrower higher grading

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zones of gold-copper mineralisation. Significant results include:

KSDD021 72m grading 0.14g/t Au, 0.11% Cu from 150m and 670.8m grading 0.14g/t Au, 0.10% Cu from 311m incl 24m grading 0.63g/t Au, 0.16% Cu from 504m incl 8m grading 1.35g/t Au, 0.24% Cu from 504m also 16m grading 0.26g/t Au, 0.15% Cu from 768m also 15m grading 0.26g/t Au, 0.14% Cu from 855m also 5m grading 0.47g/t Au, 0.42% Cu from 899m also 11m grading 0.33g/t Au, 0.16% Cu from 947m

Drill Program

As well as further drilling around Kaiser, Boda and Boda Two, future drilling will test other known goldcopper mineralisation occurrences and co-incident IP anomalies within the 15km monzonite intrusive corridor that extends from Boda to Finns Crossing.

There is also currently an 800m gap with very limited drilling between Boda and Kaiser, and follow up drilling is being scheduled to test this very prospective corridor.

Laboratory turnaround times continue to be longer than anticipated. Results from several drill holes are being finalised and will be released in the coming weeks.

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GLEN ISLA – GUNDONG (gold); ARMSTRONGS (gold); ELSIENORA (gold); CUDAL (gold-zinc); ROCKLEY PROJECT (gold); TRANGIE (nickel-copper +) and MT CONQUEROR (gold) (all Alkane Resources Ltd 100%)

All were inactive.

LEINSTER REGION JOINT VENTURE (nickel-gold)

Alkane Resources Ltd 19.4% diluting, Australian Nickel Investments Pty Ltd (ANI) 79.6%. Two prospects - Miranda and McDonough Lookout.

ANI has not advised of any exploration activities during the quarter.

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APPENDIX

Resources as detailed in ASX Announcement 18 August 2020:

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TOMINGLEY GOLD PROJECT MINERAL RESOURCES (as at 30 June 2020)
MEASURED INDICATED INFERRED TOTAL
Total Gold
DEPOSIT Tonnage Grade Tonnage Grade Tonnage Grade Tonnage Grade
(Kt) (g/t Au) (Kt) (g/t Au) (Kt) (g/t Au) (Kt) (g/t Au) (Koz)
Open Pittable Resources (cut off 0.50g/t Au)
Wyoming One 624 1.8 428 1.3 107 0.7 1,159 1.5 57
Wyoming Three 86 2.0 16 1.3 33 1.4 135 1.7 8
Caloma 879 1.6 1,016 1.2 824 1.2 2,719 1.3 115
Caloma Tw o 64 2.3 812 2.0 26 1.4 902 2.0 58
Sub Total 1,653 1.6 2,272 1.6 990 1.2 4,915 1.5 238
Underground Resources (cut off 1.3g/t Au)
Wyoming One 664 2.8 1,390 2.9 427 2.8 2,481 2.9 228
Wyoming Three 46 2.2 24 2.0 20 1.9 90 2.1 6
Caloma 158 2.6 129 2.0 465 1.9 752 2.0 50
Caloma Tw o - 0.0 785 2.4 426 2.0 1,211 2.3 88
Sub Total 868 2.8 2,328 2.7 1,338 2.2 4,534 2.6 372
TOTAL 2,521 1.8 4,600 2.2 2,328 1.5 9,449 1.9 610
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PEAK HILL GOLD PROJECT MINERAL RESOURCES (as at 30 June 2020)
Gold Copper
Resource Tonnes Gold
Deposit Cut-Off Metal Metal
Category (Mt) Grade g/t
(Koz) (%)
Proprietary U/G Inferred 2g/t Au 1.02 3.29 108 0.15
TOTAL 1.02 3.29 108 0.15
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Competent Person

Unless otherwise advised above or in the Announcements referenced, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Chalmers consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Previously Reported Information

The information in this report that references previously reported exploration results and mineral resources is extracted from the Company’s ASX market announcements released on the date noted in the body of the text where that reference appears. The previous market announcements are available to view on the Company's website or on the ASX website (www. asx.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in the original market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements.

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 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 gold-copper mineralisation discovery at Boda in 2019. With a major drill program continuing 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 ~19.9% of Genesis Minerals (ASX: GMD) and ~9.8% of Calidus Resources (ASX: CAI).

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Alkane Resources Ltd – 31 March 2021 Quarterly Report 23 April 2021