ASX Announcement Quarterly Report June 2026
21 July 2026
FY26 Group production guidance delivered, record cashflow and maiden dividend proposed
Cash of $432 million – A$104 million increase for the quarter
Perth, Western Australia - Alkane Resources Limited (ASX:ALK; TSX:ALK; OTCQX:ALKRY) (‘Alkane’ or ‘the Company’) is pleased to present its Quarterly Activities Report for the period ending 30 June 2026 (‘Q4 FY26’):
Operations
- Q4 FY26 gold equivalent production of 42,491 AuEq oz @ AISC of $3,011/AuEq oz1,2.
- FY26 gold equivalent production of 168,337 AuEq oz @ AISC of $2,925/AuEq oz1,2.
- Site operating cash flow of $174 million for the quarter.
- FY27 production guidance of 163-177kozs gold equivalent at an AISC of $2,900-$3,200 per ounce1,2.
Exploration
- At the Northern Molong Porphyry Project (NMPP) drilling between the Boda and Kaiser deposits has intersected further Au-Cu mineralisation. Highlighted results include intersecting magmatic-hydrothermal breccias between Boda and Kaiser grading 23.5 m at 0.17g/t Au 0.14% Cu and 42.1 m at 0.16g/t Au 0.14% Cu. Also, a Mobile Magnetotellurics (MMT) survey flown over the NMPP has defined new target areas to be assessed.3
Finance and Corporate
- Gold equivalent sales for the quarter of 47,411 ounces1 for revenue of $257 million at an average realised gold price of $5,442/oz and an average realised antimony price of $24,276/t.
- Cash, bullion and listed investment balance of $454 million after $18 million of corporate income tax payments during the quarter.
- 8,500 ounces of hedges filled during the quarter.
- S&P Dow Jones Indices announced that they would include Alkane in the S&P/ASX 200 effective prior to the open of trading on Wednesday, 22 April 2026.
- Proposed maiden fully franked dividend of 2 cents per share for FY264.
Managing Director and CEO, Nic Earner, commented: "It has been another great quarter for Alkane, producing 40,949 ounces of gold and 456 tonnes of antimony (42,491 ounces of gold equivalent) over the full quarter, which places full year FY26 production at 168,337 ounces of gold equivalent, in the top half of guidance. Our site operating cashflow was $174 million for the quarter, resulting in a balance sheet with $454 million in cash, bullion and listed investments at quarter end. Reflecting this strong financial position and our confidence in the business, the Board has proposed Alkane's first ever dividend of 2 cents per share, fully franked — a significant milestone for the Company and a tangible return to the shareholders who have supported our growth. We expect to deliver consistent performance again next year, our full year FY27 guidance is 163-177kozs gold equivalent at an AISC of $2,900-$3,200 per ounce."
1 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 dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market prices for the June quarter were $6,349/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and $30,675/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com). The AUD:USD exchange rate for the June quarter was 0.7098. Average market prices for the March, December and September quarters of FY26 were A$7,015/oz Au and A$29,449/t Sb; A$6,299/oz Au and A$30,245/t Sb; and A$5,283/oz Au and A$33,508/t Sb respectively, using AUD:USD exchange rates of 0.6946, 0.6565 and 0.6544. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance, and actual recoveries achieved during the period are set out in Tables 1, 2 and 5. Antimony is recovered into a gold-antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.
2 AISC is a non-IFRS measure and does not have a standardised meaning under IFRS and might not be comparable to similar financial measures disclosed by other companies. Refer to "Non-IFRS Performance Measures" at the end of this announcement.
3 Refer to ALK Announcement dated 10 June 2026 titled “Boda-Kaiser Regional Exploration Update”.
4 Subject to completion of the audit, satisfaction of the section 254T dividend tests under the Corporations Act, and final Board confirmation. No assurance can be given that any dividend will be declared, or as to the final quantum or timing of any dividend that is declared.
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]
Q4 FY2026 OPERATING & FINANCIAL RESULTS WEBCAST
The Managing Director & CEO, Mr Nic Earner, and CFO, Mr James Carter, will host a conference call and webcast to discuss these results. Details to participate are as follows:
Date/Time: Perth, Australia
7:00am AWST, Tuesday, 21 July 2026
Sydney, Australia
9.00am AEST, Tuesday, 21 July 2026
Toronto, Canada
7:00pm EDT, Monday, 20 July 2026
Conference Call Registration:
https://register-conf.mediaserver.com/register/BI32a28b022386456bb193b190945f094c Webcast Link: https://edge.media-server.com/mmc/p/ags4ucx9
The accompanying presentation slides will be available on the Company’s website – HERE.
A replay of the webcast will be available on the Company’s website – HERE.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 2 GROUP SUMMARY STATUTORY REPORTING PERIOD1,2
Gold-Antimony Production
Alkane produced 40,949 ounces of gold and 456 tonnes of antimony in Q4 FY26, resulting in a Group quarterly production of 42,491 gold equivalent ounces (Q3 FY26: 45,776 AuEq oz) at an AISC of $3,011/AuEq oz (Q3 FY26: $2,928/AuEq oz)1.
Production during the quarter was lower than Q3 FY26, driven by normal, planned, grade variation across the group.
Alkane processed 693,607 tonnes of ore in total at an average gold grade of 2.07g/t Au producing 40,949oz of gold. Tomingley processed 325,689 tonnes of ore with an average gold grade of 2.27g/t. At Costerfield, the average grade of gold was 9.32g/t, and the average grade of antimony was 1.40%, with 36,441 tonnes of ore processed. Björkdal processed 331,477 tonnes of ore with an average gold grade of 1.08g/t.
Table 1: June Quarter 2026 operational performance summary5
| Operations Units Tomingley Costerfield Björkdal | Total |
|---|---|
| Ore mined t 392,323 42,388 266,286 Mined ore gold grade g/t 2.32 8.34 1.31 Mined ore antimony grade % 0 1.37 0 | 700,996 |
| 2.30 | |
| 1.37 | |
| Processed ore t 325,689 36,441 331,477 Processed ore - milled head grade gold g/t 2.27 9.32 1.08 Processed ore - milled head grade antimony % 0 1.40 0 | 693,607 |
| 2.07 | |
| 1.40 | |
| Recovery gold % 87.66% 95.24% 85.61% Recovery antimony % 0 91.10% 0 | 89.50% |
| 91.10% | |
| Gold produced oz 20,896 10,117 9,935 Antimony produced t 0 456 0 | 40,949 |
| 456 | |
| Gold equivalent produced1 oz 20,896 11,659 9,935 | 42,491 |
| Ore stockpiles - contained gold oz 14,831 7,901 15,488 Ore stockpiles - contained antimony t 0 369 0 Gold equivalent in circuit, finished concentrate and 3,837 2,578 1,950 oz bullion1 | 38,220 |
| 369 | |
| 8,365 |
Table 2: FY26 statutory reporting period operational performance summary5
| Operations Units Tomingley Costerfield Björkdal | Total |
|---|---|
| Ore mined t 1,307,110 143,004 931,824 Mined ore gold grade g/t 2.37 8.65 1.30 Mined ore antimony grade % 0 1.08 0 | 2,381,938 |
| 2.32 | |
| 1.08 | |
| Processed ore t 1,274,507 129,442 1,218,334 Processed ore - milled head grade gold g/t 2.33 9.72 1.16 Processed ore - milled head grade antimony % 0 1.09 0 | 2,622,283 |
| 2.15 | |
| 1.09 | |
| Recovery gold % 88.53% 93.97% 87.41% Recovery antimony % 0 86.85% 0 | 89.97% |
| 86.85% | |
| Gold produced oz 82,973 37,134 38,243 Antimony produced t 0 1,224 0 | 158,350 |
| 1,224 | |
| Gold equivalent produced1 oz 82,973 41,225 38,243 | 162,440 |
| Ore stockpiles - contained gold oz 14,831 7,901 15,488 Ore stockpiles - contained antimony t 0 369 0 Gold equivalent in circuit, finished concentrate and 3,837 2,578 1,950 oz bullion1 | 38,220 |
| 369 | |
| 8,365 |
5 As the merger with Mandalay Resources was completed on 5 August 2025, Alkane’s statutory reported production for FY2026 reflects production from Costerfield and Björkdal only from that date. Full year production and costs can be found in tables 5 and 6 at the end of this report.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 3
Revenue
Gold equivalent sales for the quarter of 47,411 ounces1 (Q3 FY26: 43,373 AuEq oz) for revenue of $257 million (Q3 FY26: $275 million) at an average gold price of $5,442/oz (Q3 FY26: $6,330/oz) and an average antimony price of $24,276/t (Q3 FY26: $34,394/t). The decrease in revenue was mainly due to the lower realised gold price as compared to the previous quarter. Revenue from Tomingley includes 8,500 ounces delivered into forward contracts at $2,870/oz.
Björkdal´s and Costerfield´s average realised gold price at $5,462/oz and $6,160/oz respectively, is a simple average for the quarter of revenue divided by ounces sold for the quarter. Sales revenue for the quarter at these operations include adjustments to provisionally priced concentrate sales, which are then revalued at each reporting date (by using the current market price at the end of each reporting period). Metal prices decreased during the quarter, leading to negative provisional pricing adjustments of $6 million at Björkdal and $4 million at Costerfield.
Operating Costs, Cash Operating Costs per Gold Equivalent Ounce Produced, All-In Sustaining Costs (“AISC”) per Gold Equivalent Ounce Produced and Capital Expenditures
Group AISC was $3,011/AuEq oz1 for the quarter and group cash costs were $2,346/AuEq oz for the quarter. These were higher than Q3 FY26 AISC of $2,928/AuEq oz and operating cash costs of $2,037/AuEq oz, primarily due to overall lower feed grades compared to Q3. This combined with externally influenced price increases pushed the FY26 AISC just above the top end of guidance.
Total operational sustaining, growth and exploration capital expenditure during Q4 FY26 was $52 million.
Sustaining capital was ~$21 million. This included $9 million for capital development across the sites and $4 million for mobile equipment rebuilds and purchases at Tomingley and Costerfield.
Growth capital of ~$20 million includes $8 million for the Newell Highway realignment at Tomingley (due for completion in the first half of CY 2027) and $5 million for tailings storage facility construction at Björkdal.
Exploration expenditure of ~$11 million was split between $8 million at Costerfield and $3 million at Björkdal and Tomingley. At Costerfield, exploration expenditure was primarily focused on the Brunswick South infill drilling program, with supplementary programs completed at True Blue and Kendal North. At Björkdal, spending was distributed between the Storheden drilling campaign and extension drilling targeting areas adjacent to the current mine. At Tomingley, expenditure was directed towards drill testing programs within the mining licence and along the broader regional trend.
Newell Highway works looking east.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 4
Table 3: June Quarter 2026 financial performance summary
| Financials Units Tomingley Costerfield Björkdal | Total |
|---|---|
| Gold equivalent sold1 oz 24,924 12,333 10,154 | 47,411 |
| Average realised gold price $/oz 5,131 6,160 5,462 Average realised antimony price $/t 0 24,276 0 | 5,442 |
| 24,276 | |
| Revenue for the quarter $'000 127,899 77,675 61,484 | 267,057 |
| Gold provisional pricing adjustments $'000 0 (1,107) (6,023) Antimony provisional pricing adjustments $'000 0 (2,429) 0 | (7,130) |
| (2,429) | |
| Total revenue from mining operations $'000 127,899 74,138 55,461 | 257,498 |
| Mining $'000 27,420 13,319 18,695 Processing $'000 15,427 4,717 8,098 G&A $'000 3,692 4,093 4,211 | 59,434 |
| 28,242 | |
| 11,996 | |
| Cash cost $'000 46,540 22,129 31,003 | 99,672 |
| Inventory movements $'000 (4,085) (588) 992 Royalties $'000 3,145 2,128 123 Corporate costs $'000 0 0 0 Rehabilitation $'000 584 330 150 Sustaining Capital $'000 5,666 5,941 9,302 | (3,681) |
| 5,397 | |
| 4,578 | |
| 1,064 | |
| 20,909 | |
| All-in sustaining cost $'000 51,849 29,940 41,571 | 127,938 |
| Exploration $'000 1,230 8,396 1,261 Growth capital $'000 9,680 1,750 8,976 | 10,888 |
| 20,407 | |
| All-in cost $'000 62,760 40,087 51,809 | 159,233 |
| Gold produced oz 20,896 10,117 9,935 Antimony produced t 0 456 0 | 40,949 |
| 456 | |
| Gold equivalent produced1 oz 20,896 11,659 9,935 | 42,491 |
| Cash cost $/oz 2,227 1,898 3,121 | 2,346 |
| All-in sustaining cost $/oz 2,481 2,568 4,184 | 3,011 |
| All-in cost $/oz 3,003 3,438 5,215 | 3,747 |
| Mine operating cash flow $'000 75,682 49,673 48,467 | 173,821 |
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 5
Table 4: FY26 statutory reporting period financial performance summary5
| Financials Units Tomingley Costerfield Björkdal | Total |
|---|---|
| Gold equivalent sold1 oz 84,820 42,213 37,845 | 164,878 |
| Average realised gold price $/oz 4,917 6,422 6,582 Average realised antimony price $/t 0 32,032 0 | 5,664 |
| 32,032 | |
| Revenue Year to date $'000 417,060 271,766 231,605 | 920,431 |
| Gold provisional pricing adjustments $'000 0 1,815 17,473 Antimony provisional pricing adjustments $'000 0 (3,897) 0 | 19,287 |
| (3,897) | |
| Total revenue from mining operations $'000 417,060 269,684 249,077 | 935,822 |
| Mining $'000 98,503 44,660 65,722 Processing $'000 57,211 14,606 26,597 G&A $'000 13,463 13,764 15,410 | 208,885 |
| 98,414 | |
| 42,638 | |
| Cash cost $'000 169,178 73,030 107,729 | 349,936 |
| Inventory movements $'000 (3,944) 2,398 (461) Royalties $'000 13,571 7,376 388 Corporate costs $'000 0 0 0 Rehabilitation $'000 2,616 2,545 354 Sustaining Capital $'000 20,153 16,153 44,167 | (2,007) |
| 21,334 | |
| 16,909 | |
| 5,515 | |
| 80,473 | |
| All-in sustaining cost $'000 201,574 101,501 152,176 | 472,161 |
| Exploration $'000 2,725 24,623 6,724 Growth capital $'000 29,034 3,258 12,949 | 34,073 |
| 45,241 | |
| All-in cost $'000 233,333 129,382 171,849 | 551,474 |
| Gold produced oz 82,973 37,134 38,243 Antimony produced t 0 1,224 0 | 158,350 |
| 1,224 | |
| Gold equivalent produced1 oz 82,973 41,225 38,243 | 162,440 |
| Cash cost $/oz 2,039 1,772 2,817 | 2,154 |
| All-in sustaining cost $/oz 2,429 2,462 3,979 | 2,907 |
| All-in cost $/oz 2,812 3,138 4,494 | 3,395 |
| Mine operating cash flow $'000 232,496 178,642 156,330 | 567,468 |
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 6
Cash flow
Alkane closed the quarter with cash, bullion and liquid investments of $454 million – comprising $432 million in total cash, bullion ($7 million) and liquid investments ($15 million). This result was driven by Group gold sales at 47,411 gold equivalent ounces1 at a realised gold price of $5,442/oz (Q3 FY26: $6,330/oz) and a realised antimony price of $24,276/t (Q3 FY26: $34,394/t) generating $257 million in revenue. Alkane´s operations generated $174 million in mine operating cashflows with the achieved margin of $2,431/AuEq oz over AISC1.
Tax outflows were $18 million during the quarter, which is the total of monthly instalments towards future tax obligations across the business. Corporate and other cashflows were $20 million. This includes $8 million of corporate cash outflows, $2 million of Boda & regional NSW exploration, $10 million on Lupin closure costs, $3m investment in the Nagambie project and $4 million net repayment of equipment loans partly offset by $4 million received from the divestment of a non-core asset in Chile and interest income of $4.5 million. The group received $20 million of cash returned from cash backed bonds during the quarter.
Post tax free cash build of $104 m
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 7
OPERATIONS AND PROJECTS Tomingley Gold Operations - NSW
Tomingley Gold Operations Pty Ltd (100%)
Tomingley Gold Operations (Tomingley) is a wholly owned operation of Alkane, located near the village of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. Tomingley has been operating since 2014. Mining occurs underground on four gold deposits (Wyoming One, Caloma One, Caloma Two and Roswell).
Operations Performance
The primary source of ore continues to be from Roswell. Underground Ore mined was above plan at 392,323t which is a quarterly record. Multiple ore sources and mass firings contributed.
Processing continues to perform well with milling exceeding plan primarily because of the continued use of a mobile crusher to pre-crush material prior to entering the processing circuit. Mill grade was above plan and recovery was under forecast. The main reason for the lower than forecast result is reduced leach residence time from the increased throughput combined with some downtime on individual CIL tanks periodically throughout the quarter. Pre-crushing of material to different sizes prior to entering the circuit continues and has seen an increase in milling rates to approximately 1.3mtpa, work continues in this area to optimise product sizing to optimise throughput.
Tomingley set new records for annual ounce production, mined ore tonnes from underground and mill throughput for Financial Year 2026.
A total of 20,896 ounces of gold was produced for the quarter (Q3 FY26: 21,652oz). The site cash costs for the quarter were $2,227/oz (Q3 FY26: $2,021/oz ) with an AISC of $2,481/oz (Q3 FY26: $2,444/oz).2 Gold sold for the quarter was 24,924 ounces at an average sales price of $5,131/oz, generating revenue of $128 million. Bullion stocks totalled 1,156 ounces, valued at $7 million using the closing price at quarter end. The site’s operating cash flow was $76 million for the quarter.
Work continued on the Newell Highway diversion during the quarter with continued good progression of offline works, although some time was lost because of wet weather. Work commenced on the 'northern tie-in' of the offline works and current alignment during the quarter.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 8
Exploration
Exploration drilling at Tomingley for the quarter has focused on prospective targets both near mine and regionally. The northern extension of Caloma was tested as well as the potential southern extension to the Roswell deposit. Drilling was also commenced testing the areas between the Roswell and Wyoming One deposits.
Further from the mine exploration continued to work up regional targets in the surrounding exploration licenses, as well as drilling on the Mining Leases testing the Wyoming Three deposit and other near mine targets. The regional drilling targets being progressed include the Patons, Tomingley One and Two, Peak Hill and Glen Isla prospects.
Geological map of Tomingley showing areas of exploration during Q4 FY26.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 9
Costerfield Gold-Antimony Operations - Victoria
Mandalay Resources Costerfield Operations Pty Ltd (100%)
Costerfield Gold-Antimony Operations (Costerfield) is a wholly owned operation of Alkane. Costerfield is located within the Costerfield mining district of Central Victoria, Australia, approximately 10 km northeast of the town of Heathcote and 50 km east of the city of Bendigo.
The property encompasses the underground infrastructure supporting the Augusta, Cuffley, Brunswick, Youle and Shepherd deposits; the Augusta Mine Site (Augusta), the Brunswick Processing Plant; the Splitters Creek Evaporation Facility; the Brunswick and Bombay Tailings Storage Facilities (TSF) and associated infrastructure.
Operations Performance
Costerfield delivered another steady operational performance for the quarter, with both ore mining and milling rates exceeding plan. Tonnes mined were strong and mining advance tracked reasonably well, although head grades came in below plan. Challenging ground conditions slowed drilling rates and restricted access to some planned mining areas, which in turn weighed on overall plan compliance. The operation continues to work on targeted improvement programs including drill and blast optimisation, transitioning to owner operator capital development, enhanced operator training, increased focus on the mine planning function and the transition to emulsion explosives to improve recovery and reduce dilution.
Processing continued to focus on blend control to maximise throughput, recoveries and produced metal. Successful trials continued during the quarter with respect to pre-crushing ore feed to further improve throughput, crusher downtime and blend control with continuous optimisation of blending and recovery. Work continues in this area.
Work continues to achieve operational consistency across all aspects of the operation. As part of this, a Maintenance Manager has been employed during the quarter whose role is to coordinate and manage all aspects of fixed and mobile plant maintenance for site.
A total of 11,659 gold equivalent ounces1 was produced during the quarter (Q3 FY26: 11,691 AuEq oz). The site cash costs for the quarter were $1,898/AuEq oz (Q3 FY26: $1,567/AuEq oz) with an AISC of $2,568/AuEq oz (Q3 FY26: $2,521/AuEq oz).2 Gold sold for the quarter was 10,522 ounces at an average sales price of $6,160/oz and antimony sold for the quarter was 535 tonnes (384 tonnes post payability) at an average sales price of $24,276/t, generating revenue of $74 million. Finished product stocks were 2,578 ounces. The site’s operating cash flow was $50 million for the quarter.
Exploration
During the quarter, exploration activities comprised approximately 26,670m of surface and underground diamond drilling across multiple deposits and targets, focusing on resource infill, resource growth, geological model validation, and target testing. Drilling programs were completed at Cuffley, Kendal North, Alison North, Brunswick South, and True Blue, with the Alison North resource growth program commencing to investigate extensions around the historic Alison mining area6.
Drilling at Brunswick South during the quarter extended the high-grade gold trend at the deposit. Highlight intersections (downhole widths, with estimated true widths (ETW)) included 50.1g/t Au and 26.2% Sb over 2.17m (ETW 1.08m) in BD468; 109.9g/t Au and 3.1% Sb over 0.65m (ETW 0.62m) in BD433; 50.2g/t Au and 33.3% Sb over 0.86m (ETW 0.62m) in BD424; 39.8g/t Au and 0.7% Sb over 1.3m (ETW 1.15m) in BD408; 25.0g/t Au over 1.7m (ETW 1.64m) in BD513; and 21.6g/t Au and 6.7% Sb over 1.65m (ETW 0.92m) in BD49678.
6 Assay results from the True Blue program were reported in ALK announcement dated 6 July 2026 titled “Costerfield – True Blue Exploration Update”.
7 Refer to ALK announcement dated 14 July 2026 titled “Alkane Extends High Grade Gold Trend at Brunswick South”.
8 Gold equivalent values for these exploration results are calculated as AuEq (g/t) = Au (g/t) + 2.39 x Sb (%), with the factor of 2.39 based on a gold price of US$2,500/oz, an antimony price of US$19,000/t and predicted metallurgical recoveries of 91% for gold and 92% for antimony, based on current and historical performance of the Costerfield processing plant. Both gold and antimony are recovered and sold under existing arrangements, and it is the Company’s opinion that all of the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 10 Map of Costerfield showing areas of exploration during Q4 FY26.
Björkdal Gold Operations - Sweden
Björkdalsgruvan AB (100%)
Björkdal Gold Operations (Björkdal) is a wholly owned operation of Alkane. The Björkdal property, containing both the Björkdal mine and the Storheden and Norrberget deposits, is located in Västerbotten County in northern Sweden. Björkdal is located approximately 28 km northwest of the municipality of Skellefteå and approximately 750 km north of Stockholm. The Björkdal property is accessible via Swedish national road 95 or the European highway route E4 followed by all-weather paved roads.
Operations Performance
Björkdal delivered another quarter of consistent mining performance, including preparation for the upcoming summer vacation period. Mined grade was in line with planned grades, with slightly increased development tonnes in higher grade areas. Mill throughput was consistent, projects to improve recovery across varying mineralisation are continuing. Capital works on lifts to the tailings dam facilities ramped up further during the quarter.
A total of 9,935 gold ounces was produced during the quarter (Q3 FY26: 12,433 oz). The site cash costs for the quarter were $3,121/oz (Q3 FY26: $2,506/oz) with an AISC of $4,184 /oz (Q3 FY26: $3,699/oz).2 Gold sold for the quarter was 10,154 ounces at an average sales price of $5,462/oz, generating revenue of $55 million. Finished product stocks were 1,950 ounces. The site’s operating cash flow was $49 million for the quarter.
Exploration
At Björkdal during the quarter drilling progressed on the northern and eastern extensions of the Björkdal mine targeting the open continuation of the deposit. Commenced during the quarter was the skarn extension program targeting the depth continuation of the Lake Zone Skarn body discovered in 2025. Drilling also continued on Storheden targeting the southern portion of the deposit approximately 800m to the northeast of Björkdal.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 11 Geological map of Björkdal showing areas of exploration during Q4 FY26.
Northern Molong Porphyry Project (NMPP) (gold-copper)
Alkane Resources Ltd 100%
Exploration around the Boda-Kaiser Au-Cu deposits for the quarter consisted of drilling a total of 2,555 m testing areas for new Au-Cu mineralised centres. One diamond core drill hole and one RC drill hole were completed testing the area between the Kaiser and Boda deposits. Three RC drill holes were completed to the northeast of Boda-Kaiser testing targets generated from IP and surface geochemical surveys. The diamond core drill hole intersected a magmatic root zone to an intrusive-hydrothermal breccia with two significant intercepts of 23.5m grading 0.17g/t Au 0.14% Cu and 42.1m grading 0.16g/t Au 0.14% Cu. Further drilling is planned to test along strike and up-dip of this breccia3.
District exploration included four RC drill holes for a total of 1,258m testing IP chargeability targets hosted by the Comobella Intrusive Complex at the Haddington and Glen Hollow prospects. The program confirmed the chargeability anomalism intersecting monzonites with pyrite and lesser Cu-Au mineralisation in the drilling with a best intercept of 3m grading 1.74g/t Au 0.07% Cu3.
Mobile Magnetotellurics (MMT) was flown over the project area north of the Boda-Kaiser deposits, defining six high priority targets for porphyry style systems at Driell Creek, Murga, Gollan North, and two new prospects named One Tree and Old Station. On ground validation of these targets has commenced.
Environmental baseline studies to inform the development approval of the Boda-Kaiser Au-Cu resources have continued in the quarter.
Geological map of the Northern Molong Porphyry Project showing areas of interest during Q4 FY26.
Alkane Resources Limited – 30 June 2026 Quarterly Report P a g e | 12