Alkane Resources — Proxy Solicitation & Information Statement 2025

Aug 6, 2025

CONSENT OF QUALIFIED PERSON

June 26, 2025

Ontario Securities Commission
British Columbia Securities Commission
Alberta Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
The Manitoba Securities Commission
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Office of the Superintendent of Securities Service Newfoundland and Labrador
Office of the Superintendent of Securities, Prince Edward Island
Office of the Superintendent of Securities, Northwest Territories
Office of the Superintendent of Securities, Yukon
Office of the Superintendent of Securities, Nunavut
Toronto Stock Exchange

RE : Alkane Resources Limited ("Alkane") and Mandalay Resources Corporation ("Mandalay")

I, Tony Donaghy, BSc Hons (Geo.), PGeo (Ontario), do hereby consent to the public filing of the Technical Report entitled "Tomingley and Peak Hill Gold Projects, NSW, Australia" dated effective June 6, 2025 (the "Technical Report") addressed to Alkane and Mandalay and I acknowledge that the Technical Report will become part of Alkane's and Mandalay's public record.

I further consent to being named in Mandalay's information circular dated June 24, 2025, (the "Circular"), and to the use of the Technical Report in connection with the filing of the Circular and in support of Alkane's application to list its securities on the Toronto Stock Exchange, and to the inclusion of the written disclosure of the Technical Report and of extracts from or a summary of the Technical Report in the written disclosure contained in the Circular or incorporated by reference therein.

I hereby confirm that I have read the Circular, including the written disclosure of the Technical Report and of extracts from or a summary of the Technical Report contained in the Circular or incorporated by reference therein and (i) confirm that the Circular fairly and accurately represents the information in the Technical Report for which I am responsible; and (ii) I have no reason to believe that there are any misrepresentations contained in the Circular which are derived from the Technical Report or that are within our knowledge as a result of my review conducted in connection with the preparation of such Technical Report.

Yours truly,

(signed) "Tony Donaghy"
Tony Donaghy, BSc Hons (Geo.), PGeo (Ontario)
ERM Australia Consultants Pty Ltd