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Alkane Resources Investor Presentation 2026
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INVESTOR ANNOUNCEMENT and MEDIA RELEASE
ALKANE RESOURCES
14 April 2026
Mining Forum Europe Presentation
Perth, Western Australia - Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) ('Alkane') advises that Managing Director & CEO, Mr Nic Earner, will be presenting at the Mining Forum Europe Conference in Zurich, Switzerland. The presentation is scheduled at 3:30pm GMT on Tuesday, 14 April 2026.
This document has been authorised for release to the market by Nic Earner, Managing Director & CEO.
ABOUT ALKANE - alkres.com - ASX:ALK | TSX: ALK | OTCQX: ALKRY
Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.
Alkane's wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.
Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia's reputation as a significant gold, copper and antimony production region.
Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.
CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
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)
ABN: 35 000 689 216 | Telephone: +61 8 9227 5677 | alkres.com | [email protected]
ALKANE
RESOURCES
Mining Forum Europe Presentation
Nic Earner: Managing Director & CEO
April 2026
© 2026 Alkane Resources | ASX:ALK | TSX:ALK | OTCQX:ALKRY
Important Notices and Disclaimer
This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security in Alkane Resources Limited (Alkane) in any jurisdiction, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This presentation should be read in conjunction with Alkane's periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX) and SEDAR+. This presentation may not be released to US wire services or distributed in the United States.
Information about the past performance of Alkane is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance. Any such historical information is not represented as being and is not indicative of Alkane's view on its future financial condition and/or performance.
This presentation includes certain forward-looking statements and forecasts. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, resources and reserves, anticipated project commencement dates, commodity prices, demand for commodities, anticipated life of projects, and expected costs or production outputs. These statements are based on expectations as of the date of the presentation. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors outside of Alkane's control, and actual results, performance, and achievements may differ materially from those expressed or implied by these forward-looking statements, depending on a variety of factors. Alkane makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward-looking statement.
You should not act or refrain from acting in reliance on this presentation material. You should not put undue reliance on forward-looking statements. This overview of Alkane does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company or its future prospects. You should conduct your own investigation and perform your own analysis to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. To the fullest extent permitted by law, Alkane and its affiliates and their respective officers, directors, employees and agents, accept no responsibility for any information provided in this presentation, including any forward-looking information and disclaim any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation. In addition, except as required by applicable laws, Alkane accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person, nor any obligation to furnish the person with any further information.
Previously reported information and Competent / Qualified Persons
The information in this presentation that relates to Mineral Resources and Ore Reserves has been extracted from the ASX announcements titled 'NSW Resources and Reserves Statement FY25', 'Costerfield Resources and Reserves Statement FY25' and 'Björkdal Resources and Reserves Statement FY25' all of which were released to the ASX on 15 October 2025 (Resources and Reserves Statements). The information relating to the Boda-Kaiser Scoping Study is drawn from Alkane's ASX Announcement dated 10 July 2024.
Alkane has prepared National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) compliant technical reports, which support the information contained in the Resources and Reserves Statements, each of which is available on the ASX and under Alkane's profile on SEDAR+ at www.sedarplus.ca. Those NI 43-101 reports include the 'Boda-Kaiser Copper-Gold Project, New South Wales, Australia' with an effective date of 6 June 2025; the 'Tomingley and Peak Hill Gold Projects, NSW, Australia' with an effective date of 6 June 2025; the 'Costerfield NI 43-101 Technical Report' dated 28 March 2025, with an effective date of 31 December 2024 and the 'NI 43-101 Technical Report, Björkdal Gold Mine, Sweden' dated 28 March 2025, with an effective date of 31 December 2024. Reference should be made to the full text of the technical reports for the assumptions, qualifications and limitations relating to the Mineral Resource Estimates and Ore Reserves contained therein and herein. All material assumptions and technical parameters underpinning the estimates in the technical reports continue to apply and have not materially changed.
Unless otherwise advised in the announcements referenced, information in this presentation that relates to exploration results, Mineral Resources and Ore Reserves is based on information compiled by, in the case of Tomingley and Boda-Kaiser, Mr DI Chalmers, FAusIMM, FAIG (Alkane Technical Advisor) and, in the case of Costerfield and Björkdal, Mr Chris Davis, who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Alkane. Both Mr Chalmers and Mr Davis have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are 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 (JORC Code) and as a Qualified Person as defined in NI 43-101. Mr Chalmers and Mr Davis consent to the inclusion in this presentation of the matters based on their information in the form and context in which it appears.
Alkane confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements; in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed; and that the form and context in which the Competent Person's findings are presented have not been materially altered.
Non-IFRS Performance Measures
This presentation contains references to all-in sustaining costs, which is a non-IFRS measure and does not have a standardised meaning under IFRS. Therefore, this measure may not be comparable to similar measures presented by other companies. All-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation provision. Sustaining capital reflects the capital required to maintain a site's current level of operations. All-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period.
ALKANE RESOURCES
Why own Alkane?
- Established producer
- 160 – 175k AuEq¹ oz guidance FY2026
- Strong cash generation
- Antimony exposure
- Growth and mine life extension investment underway
- Long growth option with a large Au-Cu project progressing to approval
- Alkane successfully completed the merger with Mandalay Resources in August 2025
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQK ALKRY
- Refer to ALK Announcement dated 9 September 2025 titled 'Alkane Announces Financial Year 2026 Guidance' for FY2026 production guidance details, noting FY2026 production guidance figure above has been calculated on basis of 100% contribution from Tomingley, Costerfield and Björkdal for full financial year to 30 June 2026. As the merger with Mandalay Resources Corporation completed on 5 August 2025, Alkane's statutory reported production for FY2026 will reflect production from Costerfield and Björkdal only from that date. Production guidance on basis of 100% contribution from Tomingley, Costerfield and Björkdal for full FY2026 ('Group Guidance') is 160k – 175k AuEq oz. Gold equivalent ounces calculated by multiplying forecast quantities of gold and antimony in period by respective average forecast market price of commodities in period, adding the two amounts to get "total contained value based on market price," and dividing total contained value by average forecast market price of gold in period. I.e., AuEq = ((Forecast Au Produced x Forecast Au A$/oz) + (Forecast Sb Produced x Forecast Sb A$/t)) / (Forecast Au $/oz). Average forecast market prices used for calculating gold equivalent ounces for FY2026 are: US$ 3,250/oz Au and US$ 25,000/t Sb.
ALKANE
RESOURCES
Alkane – a Mid-Tier Gold Company
Gold, Antimony, Scale, Balance Sheet & Growth
TOMINGLEY (NSW, Australia)
Jul 25 – Jun 26 Guidance
75 – 80koz Au¹
COSTERFIELD (VIC, Australia)
Jul 25 – Jun 26 Guidance
45 – 51koz AuEq¹
BODA-KAISER (NSW, Australia)
M&I Resources²
~9.8Moz AuEq
BJÖRKDAL (Skellefteå, Sweden)
Jul 25 – Jun 26 Guidance
40 – 44koz Au¹
- Refer to slide 5 of this presentation for information on FY2026 guidance. Also see ALK Announcement dated 9 September 2025 titled 'Alkane Announces Financial Year 2026 Guidance'.
- Resources and reserves details follow in Appendix, including the calculation of gold equivalents (refer p25-29). Also refer to ALK Announcement dated 13 October 2025 and titled 'NSW Resources and Reserves Statement FY25'.
- Source: S&P Capital IQ. All to US$ exchange rate of 0.6667 is used
- Enterprise Value is equal to Market Capitalisation less Cash of $362m plus Equipment Finance of $20m as at March 2026 and disclosed in the quarterly production update.
- Source: https://www.ass.com.au/markets/company/ALK
Capital Structure¹
| Ordinary Shares | 1,366.2 million |
|---|---|
| Share Price (10 Apr 2026) | A$1.80 / US$1.20 |
| Market Capitalisation | A$2,459m / US$1,639m |
| 12 Month low/high | A$0.64/1.84 |
| US$0.43/1.23 | |
| Cash and Gold Bullion (Mar-26) | ~A$362m / US$241m |
| Equipment Finance (Mar-26) | ~A$20m / US$13m |
| Undrawn Revolving Facility (Mar-26) | A$110m / US$73m |
| Total Liquidity (Mar-26) | ~A$472m / US$314m |
| Enterprise Value⁴ | ~A$2,117m / US$1,411m |
| Average Daily Volume (ASX 90 Days) | ~6.7m shares⁵ |
Broker Coverage
ORD MINNETT
REDO CLOUD
BED
CLOUD
BMC
BELL POTTER
MA Financial/ Group
EUROZ HARTLEYS GROUP
EDISON
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
ALKANE RESOURCES
A Strong Base to Grow a Mid-Tier Gold Company
Guidance (Jul25 – Jun26)¹
| Tomingley | Costerfield | Björkdal | Consolidated | H1 FY 2026 Actual | H1+Q3 FY2026 Actual | ||
|---|---|---|---|---|---|---|---|
| Gold produced | Koz | 75 – 80 | 40 – 45 | 40 – 44 | 155 – 170 | 78.3 | 123.0 |
| Antimony produced | Tons | n/a | 800 – 900 | n/a | 800 – 900 | 465 | 842 |
| Gold Eq produced | Koz | 75 – 80 | 45 – 51 | 40 – 44 | 160 – 175 | 80 | 126 |
| All-in sustaining costs | A$/AuEq oz | 2,300 – 2,550 | 2,400 – 2,650 | 4,050 – 4,450 | 2,600 – 2,900 | $2,841 | |
| US$/AuEq oz | 1,495 – 1,658 | 1,560 – 1,723 | 2,633 – 2,893 | 1,690 – 1,885 | $1,894 | ||
| Growth & exploration capital expenditures | A$ million | 47 – 52 | 27 – 31 | 7 – 8 | 81 – 91 | $31.4 | |
| US$ million | 31 – 34 | 18 – 20 | 5 – 5 | 53 – 59 | $20.9 | ||
| Cash, bullion & listed investments | A$246m | ||||||
| US$164m | A$374m | ||||||
| US$249m |
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
Tomingley (Australia)
► HIGH-PERFORMING GOLD MINE POSITIONED FOR GROWTH
ALKANE RESOURCES
Tomingley Gold Mine (100%)
Reliable, Long-term Production in NSW
| Current Mining | • Underground at Roswell, Caloma 1 and 2
• Future Open Pit at San Antonio, Roswell
• Paste fill at Roswell |
| --- | --- |
| Saleable Product | Gold doré |
| Processing | • 1M tpa process plant, run-rate at 1.2M tpa
• Permitted to expand to 1.75M tpa
• Flotation and fine grind circuit commissioned |
| Reserves¹ | 0.621 Moz (10.36Mt @ 1.9 g/t Au) |
| Resources (MI+I)¹,² | 1.467 Moz (20.25Mt @ 2.25g/t Au) |
| FY2025 Production³ | 70.1 koz Au |
| FY2026 Guidance⁴ | 75 – 80 koz Au |
| H1+Q3 2026 Actual⁵ | 62.1 koz Au |
- Discovered, developed and operated by Alkane.
- Owner operator.
- First gold poured in 2014.
- Roswell, Caloma, Caloma 2 and San Antonio deposits are open at depth.
- Highway move has commenced to access San Antonio open pits.
- Regional targets continue to be explored.
- Refer to ALK Announcement dated 15 October 2025 titled 'NSW Resources and Reserves Statement FY25'. Details of all resources and reserves follow in Appendix (refer p23-29).
- Resources are presented inclusive of reserves.
- Refer to ALK Announcement dated 7 July 2025 titled 'Tomingley FY2025 Production Achieves Guidance'.
- Refer to slide 5 of this presentation for information on FY2026 guidance. Also see ALK Announcement dated 9 September 2025 titled 'Alkane Announces Financial Year 2026 Guidance'.
- Refer to ALK Announcement dated 13 February 2026 titled 'H1 FY2026 Management's Discussion & Analysis' and ALK Announcement dated 9 April 2026 titled 'March 2026 Quarter Production Update'
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
Tomingley
FY26 Exploration Focus
ALKANE
RESOURCES
- Wyoming Three Underground – Extension drilling beneath the open cut and underground resource.
- Testing the potential of the northern extension to the andesite that is host to the majority of the Caloma gold resource at Caloma North.
- Resource expansion drilling at McLeans, recent results include:¹
- 26m grading 4.36g/t Au incl. 3.3m grading 22.8g/t Au.
- 8m grading 4.38g/t incl. 2m grading 12.6g/t Au.
- Resource infill drilling of Roswell Western Monzodiorite, recent results include:³
- 5.9m grading 31.0g/t Au incl. 2.1m grading 78.4g/t Au.
- 17.4m grading 4.30g/t incl. 2.5m grading 21.1g/t Au.
- Drilling to assess the potential of El Paso to host a gold resource only 6km from the Tomingley processing plant.
- 8.2m grading 3.74g/t Au incl. 1m grading 25.0g/t Au.²
- 17m grading 4.02g/t Au incl. 0.5m grading 77.5g/t Au.³
- Testing the potential for Cu-Au porphyry mineralisation beneath the Peak Hill epithermal gold deposits.
- Electrical geophysical targeting and subsequent drill testing for low sulphidation epithermal gold quartz veins at Glen Isla.
-
Refer to ALK Announcement dated 3 November 2025 titled 'Tomingley Drilling Discovers New Mineralisation at McLeans'
-
Refer to ALK Announcement dated 15 August 2025 titled 'Tomingley Exploration Intersects Significant Gold at El Paso'
-
Refer to ALK Announcement dated 24 February 2026 titled 'Deep Drilling Identifies Gold Bearing Structure at Tomingley'
Costerfield (Australia)
► ONE OF THE WORLD’S HIGHEST-GRADE GOLD AND ANTIMONY MINES
ALKANE
RESOURCES
Costerfield Gold-Antimony Mine (100%)
High Grade Narrow Vein Mining in Victoria
| Current Mining | Underground at Youle and Shepherd |
|---|---|
| Saleable Product | Gold gravity |
| Processing | 140,000 tpa |
| Reserves^{1} | 0.150 Moz Au |
| (0.54Mt @ 8.7 g/t Au and 2.0% Sb) | |
| Resources (MI)^{1,2} | 0.30 Moz Au |
| (1.162Mt @ 8.0 g/t and 2.6% Sb) | |
| FY2025 Production^{3} | 49.4 koz AuEq |
| FY2026 Guidance^{4} | 45 – 51 koz AuEq |
| H1+Q3 Actual Production^{5} | 32.9 koz AuEq |
- Under Mandalay ownership since 2009, with cumulative production of +900koz AuEq
- Costerfield is a significant critical mineral producer of antimony in the Western World
- Significant exploration potential across the land package
- Earn-in JV with Nagambie, 40km to the ENE of Costerfield
- Refer to ALK Announcement dated 15 October 2025 titled 'Costerfield Resources and Reserves Statement FY25'. Details of all resources and reserves follow in the Appendix, including in relation to the calculation of gold equivalents (refer p 23-29).
- Resources are presented inclusive of reserves.
- Refer to ALK Announcement dated 18 August 2025 titled 'Upcoming Guidance and Costerfield & Björkdal Clarification' for details on FY2025 production results. Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get "total contained value based on market price," and then dividing that total contained value by the average market price of gold in period, i.e., AuEq = (Au Produced x Au $/oz) + (Sb Produced x Sb $/t2) / (Au $/oz). Average gold price in period is calculated as average of daily PM price in period. Average antimony price in period is calculated as average of the high and low Rotterdam warehouse prices for days in period. The source for gold price is www.8mu.org.uk, and antimony price is www.metallsulletincom. Average market prices used to calculate gold equivalent ounces in FY2025 were: Sep 2024: US$2,474/oz Au and US$24,338/t Sb; Dec 2024: US$2,663/oz Au and US$36,336/t Sb; Mar 2025: US$2,860/oz Au and US$34,923/t Sb; Jun 2025: US$3,280/oz Au and US$58,813/t Sb.
- Refer slide 5 of this presentation for information on FY2026 guidance, including the calculation of gold equivalent ounces. Also see ALK Announcement dated 9 September 2025 titled 'Alkane Announces Financial Year 2026 Guidance'.
- Refer to ALK Announcement dated 13 February 2026 titled 'H1:FY2026 Management's Discussion & Analysis' and ALK Announcement dated 9 April 2026 titled 'March 2026 Quarter Production Update'
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
ALKANE
RESOURCES
Costerfield FY26 Exploration Focus
- True Blue – Extending and infilling recently discovered resources approximately 2km east of the current mining area.
- Step-out testing of the 4km True Blue surface geochemical anomaly.
- Extension drilling of the Kendall Resources immediately above the Youle and Shepherd mining fronts, recent results include:¹
- 1.94m grading 132.2g/t Au and 19.8% Sb
- 2.3m grading 267.5g/t Au and 5.6% Sb
- Infill and extension drilling around the 2025 high grade discovery of Brunswick South.
- Extension Drilling of the Sub King Cobra resources below the Cuffley mine
- Testing the potential for Sunday Creek Style mineralisation to the north of Costerfield beneath historic mines.
¹ Refer to ALK Announcement dated 25 February 2026 titled 'Alkane Advances Near-Mine Kendal Deposit with High Grade Antimony-Gold Intercepts at Costerfield'
Björkdal (Sweden)
► LONG LIFE UNDERGROUND AND OPEN CUT GOLD MINE
ALKANE RESOURCES
Björkdal Gold Mine (100%)
Long-term Production in Sweden
| Current Mining | Underground |
|---|---|
| Saleable Product | Gold concentrate |
| Processing | 1.4M tpa |
| Reserves¹ | 0.54 Moz Au (13.1Mt @ 1.29 g/t Au) |
| Resources (MI)² | 1.40 Moz Au (20.4Mt @ 2.14 g/t Au) |
| FY2025 Production³ | 41.4 koz Au |
| FY2026 Guidance⁴ | 40 – 44 koz Au |
| H1+Q3 2026 Actual Production⁵ | 30.9 koz Au |
- Under Mandalay operatorship since 2014, with cumulative production of +400koz Au
- Large gold system with long reserve life
- Exploration for higher grade zones ongoing
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
ALKANE RESOURCES
Björkdal
FY26 Exploration Focus
- Infill and Extension drilling in the northwestern continuation of the Björkdal Deposit within North Zone.
- Infill and Extension drilling in the northeastern plunge direction the Björkdal Deposit within Main Zone.
- Depth extension of the recently modeled Storheden resources.
- Extension of the Norrberget Resource
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
Boda-Kaiser (Australia)
LARGE-SCALE DEVELOPMENT PROJECT
ALKANE RESOURCES
Boda-Kaiser
A Significant Gold-Copper Project in a Premier Location
| 14.7 Mz AuEq^{1,2} in Resources ~65% in Indicated Category | |
|---|---|
| July 2024 Scoping Study^{2} | Au = A$3,500/oz (~US$2,334/oz) Cu = A$15,000/t (~US$10,000/t) |
| 20 Mtpa Throughput | 17+ years Life of mine |
| 35 kt/annum Copper (first 5 yrs) | A$4.3B 10-Year Free Cash Flow (Pre-tax) |
| ~159 koz Au/annum Gold (first 5 years) | ~A$630/oz Au AISC (incl. Cu by-product) |
| A$1.8B Capex (pre-production) | 24% IRR |
- Scoping study at 20 Mtpa throughput produced over LOM:
- 2,057,000 oz of gold
- 413,000 tonnes of copper
- Given current gold and copper prices are much higher than the numbers shown, there is significant potential for improved financials
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
Northern Molong Porphyry Project FY26 Exploration Focus
- Boda 4 – Exploring for potential southern extensions to the Boda 2-3 deposit for new Au-Cu porphyry centres.
- Drill testing the prospective geology between Boda and Kaiser for new high-grade Au-Cu hydrothermal centres.
- Extension drilling immediately south of the Kaiser Resource.
- Drill testing through the IP chargeability target associated with phyllic alteration for Au-Cu porphyry mineralisation at Driell Creek.
- Further drill testing of the monzonite hosting Au-Cu mineralisation at Glen Hollow. Previous drilling includes:
- COMRC009 - 45m grading 0.87g/t Au, 0.24% Cu.¹
- Testing an IP chargeability response from the 2024 survey within the Comobella Intrusive Complex at Haddington. Historical drilling includes:
- NKRC3 - 18m grading 0.95g/t Au, 0.15% Cu.¹
- Airborne Mobile Magneto-Telluric (MMT) survey over the northern half of the NMPP to identify new conductors hidden beneath the Gunnedah Basin as possible sulphide mineralisation.
- Refer to ALK Announcement dated 19 September 2011 titled 'Dubbs Project DFS Delivers Very Robust Financial Results'
- Refer to ALK Announcement dated 15 October 2025 titled 'NSW Resources and Reserves Statement FY25'. Details of all resources and reserves follow in the Appendix, including in relation to calculation of metal equivalents (refer p23-29).
ALKANE RESOURCES
Boda-Kaiser
Potential timeline
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 |
|---|---|---|---|---|---|---|---|---|
| Stakeholder Consultation | ||||||||
| Environmental Studies | ||||||||
| Property Negotiations | ||||||||
| Site Selection | ||||||||
| Rail, Power, Road, Water & Windfarm Negotiations | ||||||||
| Project Approvals | ||||||||
| Bankable Feasibility Study | ||||||||
| Financing & Final Investment Decision | ||||||||
| Construction & Commissioning |
ALKANE RESOURCES|ASKALK|TSKALK|OTCQKALKRY
Positioning for Growth Deliverables for FY2026
ALKANE RESOURCES
- Deliver on production and consolidate costs.
- Expand mineral resources at all three mine sites.
- Tomingley – deliver growth projects, particularly Newell Highway realignment.
- Costerfield – progress permitting and development to True Blue.
- Björkdal – open new mining areas and lift mining rate.
- Boda-Kaiser – progress environmental studies to project approval application.
- Corporate – grow balance sheet and identify inorganic growth opportunities.
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQK:ALKRY
Thank You
ASX: ALK
TSX: ALK
OTCQX: ALKRY
Alkane Contact Information:
Natalie Chapman
Corporate Communications Manager
+61 418 642 556
[email protected]
alkres.com
in @alkane-resources-ltd X @alkaneresources
Appendix
RESERVES AND RESOURCES STATEMENTS
ALKANE RESOURCES
Tomingley
Reserves and Resources Statement
Tomingley Operations – Mineral Resources (at 30 June 2025)
| Deposit | Measured | Indicated | Inferred | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Gold (koz) | |
| Open Pittable Resources (cut-off 0.4g/t Au) | |||||||||
| San Antonio | 0 | 0.0 | 5,930 | 1.8 | 1,389 | 1.3 | 7,319 | 1.7 | 406 |
| Sub Total | 0 | 0.0 | 5,930 | 1.8 | 1,389 | 1.3 | 7,319 | 1.7 | 406 |
| Underground Resources (cut-off 1.3g/t Au) | |||||||||
| Wyoming One | 1,033 | 2.7 | 636 | 2.2 | 104 | 2.1 | 1,772 | 2.5 | 140 |
| Wyoming Three | 46 | 2.2 | 24 | 2.0 | 20 | 1.9 | 90 | 2.1 | 6 |
| Caloma One | 598 | 2.2 | 795 | 2.1 | 17 | 1.5 | 1,410 | 2.2 | 98 |
| Caloma Two | 368 | 2.3 | 1,499 | 2.3 | 362 | 2.0 | 2,229 | 2.3 | 162 |
| Roswell | 2,649 | 2.9 | 2,487 | 2.6 | 408 | 1.9 | 5,544 | 2.6 | 476 |
| McLeans | 870 | 2.5 | 870 | 2.5 | 70 | ||||
| Sub Total | 4,694 | 2.7 | 5,441 | 2.4 | 1,781 | 2.2 | 11,915 | 2.5 | 952 |
| TOTAL | 4,694 | 2.7 | 11,371 | 2.1 | 3,170 | 1.8 | 19,234 | 2.2 | 1,358 |
Tomingley Operations – Ore Reserves (at 30 June 2025)
| Deposit | Proved | Probable | Total | ||||
|---|---|---|---|---|---|---|---|
| Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Gold (koz) | |
| Open Pittable Reserves (cut-off 0.4g/t Au) | |||||||
| San Antonio | 0 | 0.0 | 4,100 | 1.6 | 4,100 | 1.6 | 214 |
| Stockpiles | 314 | 1.1 | 0 | 0 | 314 | 1.1 | 11 |
| Sub Total | 314 | 1.1 | 4,100 | 1.6 | 4,414 | 1.6 | 225 |
| Underground Reserves (cut-off 1.3g/t Au and 1.6g/t for Roswell) | |||||||
| Wyoming One | 26.4 | 1.8 | 1 | 1.2 | 27 | 1.8 | 2 |
| Caloma One | 134.7 | 1.7 | 337.4 | 1.5 | 472 | 1.6 | 24 |
| Caloma Two | 38.4 | 1.5 | 936.2 | 1.7 | 975 | 1.7 | 53 |
| Roswell | 2,365 | 2.3 | 2,109 | 2.1 | 4,474 | 2.2 | 316 |
| Sub Total | 2,564 | 2.3 | 3,383 | 1.9 | 5,948 | 2.1 | 396 |
| TOTAL | 2,878 | 2.1 | 7,483 | 1.7 | 10,362 | 1.9 | 621 |
Peak Hill Gold Project – Mineral Resources (at 30 June 2025)
| Deposit | Resource Category | Cut-Off | Tonnes (Mt) | Gold Grade (g/t) | Gold Metal (koz) | Copper Metal (%) |
|---|---|---|---|---|---|---|
| Proprietary U/G | Inferred | 2g/t Au | 1.02 | 3.29 | 108 | 0.15 |
| TOTAL | 1.02 | 3.29 | 108 | 0.15 |
- Refer to ALK Announcement dated 15 October 2025 titled 'NSW Resources and Reserves Statement FY25'.
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY
ALKANE RESOURCES
Costerfield Reserves and Resources Statement¹
| Category | Tonnes (kt) | Au (g/t) | Sb (%) | Au (koz) | Sb (kt) |
|---|---|---|---|---|---|
| Costerfield Operations – Mineral Resources (at 30 June 2025) | |||||
| Measured - UG | 387 | 13.1 | 3.7 | 162 | 14.4 |
| Measured - Stockpile | 41 | 5.6 | 0.7 | 7 | 0.3 |
| Indicated | 735 | 5.5 | 2.0 | 131 | 15.0 |
| Total M+I | 1,162 | 8.0 | 2.6 | 300 | 29.7 |
| Inferred - Costerfield | 392 | 5.5 | 1.3 | 69 | 5.2 |
| Inferred - True Blue | 145 | 13.1 | 3.1 | 61 | 4.5 |
| Total Inferred | 537 | 7.5 | 1.8 | 130 | 9.7 |
| Total Resources (M+I+I) | 1,700 | 7.9 | 2.3 | 431 | 39.4 |
| Costerfield Operations – Ore Reserves (at 30 June 2025) | |||||
| Proved - Stockpile | 41 | 5.6 | 0.7 | 7.4 | 0.3 |
| Proved - Costerfield UG | 255.7 | 11.6 | 2.4 | 95.6 | 6.1 |
| Total Proved | 296.7 | 10.8 | 2.1 | 103.0 | 6.4 |
| Probable | 240.4 | 6.0 | 1.8 | 46.1 | 4.2 |
| Total Proved and Probable | 537.1 | 8.7 | 2.0 | 149.5 | 10.7 |
Resources
- The Mineral Resource is estimated as at 31 Dec 2024 with depletion through to 30 June 2025.
- The Mineral Resource is stated according to JORC (2012) and is wholly inclusive of Ore Reserves.
- Tonnes are rounded to the nearest thousand; contained gold (oz) is rounded to the nearest thousand; contained antimony (t) is rounded to nearest hundred.
- Totals may appear different from the sum of their components due to rounding.
- 4.3 g/t AuEq cut-off grade over a minimum mining width of 1.2 m is applied where AuEq is calculated using the formula: AuEq = Au g/t × 2.39 × Sb %.
- The AuEq factor of 2.39 is calculated at a gold price of US$2,500/oz, an antimony price of US$19,000/t, and recoveries of 91% Au and 92% Sb. The AuEq factor of 2.39 is calculated at a gold price of US$2,500/oz, an antimony price of US$19,000/t, and recoveries of 91% Au and 92% Sb. The recoveries of antimony and gold used in the calculation of gold equivalents are based on recent performance of the ores through the Costerfield processing facility. Alkane considers the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
- Veins were diluted to a minimum mining width of 1.2 m before applying the cut-off grade, and peripheral mineralisation far from current development was excluded to comply with reasonable prospects for eventual economic extraction (RPÉEE) criteria.
- The stockpile Mineral Resource is estimated based upon surveyed volumes supplemented by production data.
Reserves
- The Ore Reserve is estimated as at 31 Dec 2024 and then depleted for production through to 30 June 2025.
- Tonnes are rounded to the nearest thousand; contained gold (oz) is rounded to the nearest thousand; contained antimony (t) is rounded to nearest hundred.
- Totals may appear different from the sum of their components due to rounding.
- Lodes have been diluted to a minimum mining width of 1.5 m for stoping and 2.0 m for ore development. Unplanned dilution values are added to this with zero grade for Au and Sb for final grades.
- A sustaining cut-off grade of 5.6 g/t AuEq is applied. An incremental cut-off grade of 3.2 g/t AuEq is applied where mining rates do not meet mill capacity and the life of the mine is not extended.
- Commodity prices applied are a gold price of US$2,100/oz, antimony price of US$16,000/t and exchange rate US$/A$ of 0.68.
- AuEq is calculated using the formula: AuEq = Au g/t × (1.55 × Sb %).
-
The Ore Reserve is a subset, a Proved and Probable only schedule, of a LOM plan that includes mining of Measured, Indicated and Inferred Resources.
-
Refer to ALK Announcement dated 15 October 2025 titled 'Costerfield Resources and Reserves Statement FY25'.
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ALKANE RESOURCES
Björkdal
Reserves and Resources Statement¹
Björkdal Gold Mine – Mineral Resources (at 30 June 2025)
| Deposit | Measured | Indicated | Inferred | Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Gold (k02) | |
| Open Pittable Resources | |||||||||
| Björkdal | 0 | 0.0 | 4,130 | 1.61 | 6,666 | 1.09 | 10,796 | 1.28 | 446 |
| Norrberget | 0 | 0.0 | 221 | 2.76 | 96 | 5.36 | 317 | 3.63 | 37 |
| Sub Total | 0 | 0.0 | 4351 | 1.67 | 6,762 | 1.15 | 11,113 | 1.35 | 483 |
| Underground Resources | |||||||||
| Björkdal | 1,033 | 2.56 | 13,675 | 2.41 | 3,178 | 2.11 | 17,886 | 2.37 | 1,360 |
| Storheden | 0 | 0.0 | 0 | 0.0 | 1,769 | 1.74 | 1,769 | 1.74 | 99 |
| Sub Total | 1,033 | 2.56 | 13,675 | 2.41 | 4,947 | 1.98 | 19,655 | 2.31 | 1,459 |
| Stockpile Resources | |||||||||
| Björkdal | 0 | 0.0 | 1,287 | 0.59 | 0 | 0.0 | 1,287 | 0.59 | 24 |
| TOTAL | 1,033 | 2.56 | 19,313 | 2.12 | 11,709 | 1.50 | 32,055 | 1.91 | 1,967 |
Notes:
1. Mineral Resources are estimated using drill hole and sample data as of 30 Sep 2024 and account for production to 30 June 2025.
2. Mineral Resources are inclusive of Ore Reserves.
3. Mineral Resources are estimated using an average gold price of US$2,500/oz and an exchange rate of 10.35 SEK/US$.
4. High gold assays were capped to 30 g/t Au for the Björkdal open pit mine.
5. High gold assays for the underground mine were capped at 60 g/t Au for the first search pass and 40 g/t Au for subsequent passes.
6. High gold assays at Norrberget were capped at 24 g/t Au.
7. Interpolation was by inverse distance cubed (ID3) utilising diamond drill, reverse circulation, and chip channel samples.
8. Open pit Mineral Resources are constrained by open pit shells and estimated at a cut-off grade of 0.17 g/t Au for Björkdal and 0.27 g/t Au for Norrberget.
9. Underground Mineral Resources are estimated at a cut-off grade of 0.71 g/t Au.
10. A nominal 2.5 m minimum mining width was used to interpret veins.
11. Reported Mineral Resources are depleted for previously mined underground development and slopes and exclude remnant material.
12. Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data.
13. Numbers may not add due to rounding.
Björkdal Gold Mine – Ore Reserves (at 30 June 2025)
| Deposit | Proved | Probable | Total | ||||
|---|---|---|---|---|---|---|---|
| Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Tonnes (kt) | Grade (g/t Au) | Gold (k02) | |
| Open Pittable Reserves | |||||||
| Björkdal | 0 | 0.0 | 5,325 | 1.05 | 5,325 | 1.05 | 180 |
| Norrberget | 0 | 0.0 | 161 | 2.72 | 161 | 2.72 | 14 |
| Sub Total | 0 | 0.0 | 5,486 | 1.10 | 5,486 | 1.10 | 194 |
| Underground Reserves | |||||||
| Björkdal | 848 | 1.54 | 5,427 | 1.62 | 6,275 | 1.61 | 325 |
| Stockpile Reserves | |||||||
| Björkdal | 0 | 0.0 | 1,287 | 0.59 | 1,287 | 0.59 | 24 |
| TOTAL | 848 | 1.54 | 12,200 | 1.28 | 13,048 | 1.29 | 543 |
Notes:
1. Björkdal Mineral Reserves estimated using drill hole and sample data as of 30 Sep 2024 and depleted for production to 30 June 2025.
2. Norrberget Mineral Reserves are based on a data cut-off date of 30 Sep 2024.
3. Open Pit Mineral Reserves for Björkdal are based on mine designs carried out on an updated resource model, applying a block dilution of 100% at 0.0 g/t Au for blocks above 1.0 g/t Au and 100% at in situ grade for blocks below 1.0 g/t Au but above a cut-off grade of 0.2 g/t Au. The application of these block dilution factors is based on historical reconciliation data from 2018 and 2019. A marginal cut-off grade of 0.2 g/t Au was applied to estimate open-pit Mineral Reserves.
4. Open Pit Mineral Reserves for Norrberget are based on 25% dilution at 0.0 g/t Au and a cut-off grade of 0.32 g/t Au.
5. Underground Mineral Reserves are based on mine designs carried out on the updated resource model. Minimum mining widths of 3.1 m for slopes (after dilution) and 4.6 m for development (after dilution) were used. Slope dilution was applied by adding 0.25 m on each side of slopes as well as an additional 25% sidewall over break dilution. Dilution factors of 20% for ore drives and 10% for capital development were applied to the development design widths. Mining extraction was assessed at 95% for contained ounces within slopes and 100% for development. A cut-off grade of 0.85 g/t Au was applied to material mined within slopes. An incremental cut-off grade of 0.2 g/t Au was used for development material.
6. Stockpile Mineral Reserves are based upon surveyed volumes supplemented by production data as of 30 June 2025.
7. Mineral Reserves are estimated using an average long-term gold price of US$2,100/oz for Björkdal and Norrberget, and an exchange rate of 10.35 SEK/US$.
8. Tonnes and contained gold are rounded to the nearest thousand.
9. Totals may not sum due to rounding.
ALKANE RESOURCES | ASK/ALK | TSK/ALK | OTCQX: ALKRY
ALKANE RESOURCES
Boda-Kaiser
Reserves and Resources Statement¹
| Deposit | Indicated | Inferred | Total | Metal | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tonnes (Mt) | Au (g/t) | Cu (%) | Tonnes (Mt) | Au (g/t) | Cu (%) | Tonnes (Mt) | AuEq¹ (g/t) | Au (g/t) | Cu (%) | AuEq¹ (Moz) | Au (Moz) | Cu (Mt) | |
| Open Pittable Resources (cut-off 0.3g/t AuEq) | |||||||||||||
| Boda | 191 | 0.36 | 0.17 | 42 | 0.29 | 0.16 | 233 | 0.58 | 0.35 | 0.17 | 4.31 | 2.62 | 0.39 |
| Kaiser | 179 | 0.27 | 0.20 | 10 | 0.29 | 0.14 | 189 | 0.54 | 0.27 | 0.19 | 3.28 | 1.64 | 0.37 |
| Sub Total | 370 | 0.32 | 0.18 | 52 | 0.29 | 0.16 | 422 | 0.56 | 0.31 | 0.18 | 7.59 | 4.26 | 0.76 |
| Underground Resources (cut-off 0.4g/t AuEq) | |||||||||||||
| Boda | 151 | 0.34 | 0.20 | 198 | 0.34 | 0.18 | 350 | 0.59 | 0.34 | 0.18 | 6.63 | 3.78 | 0.65 |
| Kaiser | 16 | 0.30 | 0.22 | 8 | 0.36 | 0.20 | 24 | 0.61 | 0.32 | 0.21 | 0.46 | 0.24 | 0.05 |
| Sub Total | 167 | 0.34 | 0.20 | 206 | 0.34 | 0.18 | 374 | 0.59 | 0.34 | 0.18 | 7.09 | 4.02 | 0.70 |
| TOTAL | 537 | 0.32 | 0.19 | 258 | 0.33 | 0.18 | 796 | 0.58 | 0.33 | 0.18 | 14.7 | 8.28 | 1.46 |
- Refer to ALK Announcement dated 15 October 2023 titled 'NOW Resources and Reserves Statement FY25'. The metal equivalent calculation formula is AuEq(g/t) = Au(g/t) + (Cu%)/100) *31,1035 * copper price ($/t) / gold price ($/oz). The 12-month average metal prices (as at the relevant time) were used of US $1,950/oz gold and US $8,600/t copper and A$ US$0.67. Recoveries are estimated at 87% for Cu and 81% Au for Boda, and at 81% Cu and 71% Au for Kaiser from metallurgical studies. Alkane considers the elements included in the metal equivalents calculation to have a reasonable potential to be recovered and sold.
ALKANE RESOURCES | ASK:ALK | TSK:ALK | OTCQX: ALKRY