ASX ANNOUNCEMENT Appendix 4E and Full Year Statutory Accounts
21 August 2026
Record FY26 Net Profit After Tax of A$228.7 Million (up 590%) Fully Franked 2.0cps Final Dividend Declared
Perth, Western Australia - Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (‘Alkane’ or ‘the Company’) is pleased to release its results for the year ended 30 June 2026, with the Appendix 4E and full year statutory accounts attached. The table below is a summary of the financial results:
| June 2026 | June 2025 | Change | Change % | ||
|---|---|---|---|---|---|
| Net profit after tax (A$'000) | 228,722 | 33,043 | 195,679 | 592% | |
| Revenue (A$'000) | 935,822 | 262,362 | 673,460 | 257% | |
| Basic earnings per share (cents) | 17.69 | 5.46 | 12.23 | 224% | |
| Gold sales (AuEq ounces)1 | 164,878 | 69,774 | 95,104 | 136% | |
| Gold production (AuEq ounces)* | 168,337 | 70,120 | 98,217 | 140% | |
| Cash and bullion (A$ million) | 438.9 | 60.3 | 378.6 | 628% |
- Gold production is presented on a full year basis and includes production from the Costerfield and Björkdal operations for the period prior to
completion of the merger with Mandalay Resources on 5 August 2025. Gold production for the statutory reporting period, which consolidates the Mandalay operations from the merger date, was 162,440 AuEq ounces.
Alkane delivered a record performance in FY26, the Company’s first year as a multi-asset gold and antimony producer following completion of the transformational merger of equals with Mandalay Resources Corporation on 5 August 2025. The enlarged group’s three operations – Tomingley in New South Wales, Costerfield in Victoria and Björkdal in Sweden – delivered record full year gold equivalent production of 168,337 ounces1 which, combined with an average realised gold price of A$5,664 per ounce (FY25: A$3,770), drove record revenue, profit and cashflow. The Group closed the year with cash, bullion and listed investments of A$454 million.
Reflecting the record result and the strength of the balance sheet, the Board has declared Alkane’s maiden fully franked dividend of 2.0 cents per share in respect of FY26.
Alkane also re-iterates the FY27 guidance released to the ASX on 21 July 2026 group gold equivalent production of 163-177kozs gold equivalent ounces1 at an all-in sustaining cost of $2,900-3,200 per ounce. Guidance by operation is set out under FY27 Guidance below.
Alkane Managing Director, Nic Earner, said: “FY26 was a transformational year for Alkane. The merger with Mandalay created a three-mine gold and antimony producer of scale, and record production, revenue and profit in our first year as a combined group demonstrate the quality of the business we have built. The declaration of Alkane’s maiden dividend is a significant milestone in the Company’s history, and reflects both the strength of our balance sheet and the Board’s confidence in the outlook for the Company – a confidence underlined by our FY27 guidance.
“Alkane’s Board and management thank the employees and contractors of the Company for their strong and continued commitment to safety, production and exploration performance.”
CONTACT: NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677 INVESTORS & MEDIA: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556
Level 4, 66 Kings Park Rd, West Perth WA 6005, AUSTRALIA (PO Box 768, West Perth WA 6872, AUSTRALIA)
ABN: 35 000 689 216 | Telephone: +61 8 9227 5677 | alkres.com | [email protected]
Dividend information
The key dates for the FY26 final dividend are as follows:
| Event | Date | ||
| Ex-dividend date | 7 September 2026 | ||
| Record date | 8 September 2026 | ||
| Payment date | 1 October 2026 |
FY27 Guidance
Alkane re-iterates the FY27 guidance for the group released to the ASX on 21 July 2026, as set out below:
| Tomingley | Costerfield | Björkdal | Group | |||||
| Gold equivalent production (oz)1 | 78-84 | 44-48 | 41-45 | 163-177 | ||||
| AISC (A$/oz AuEq) | 2,600-2,900 | 2,700-3,000 | 3,300-3,700 | 2,900-3,200 | ||||
| Growth capital (A$ million) | 90-100 | 30-40 | 40-50 | 160-190 | ||||
| Exploration (A$ million) | 15-17 | 20-23 | 10-13 | 45-53 | ||||
| Boda/Kaiser & Other Exploration | 10-12 |
Alkane is not aware of new information materially affecting the guidance and its underlying assumptions continue to apply.
This document has been authorised for release to the market by Nic Earner, Managing Director & CEO.
1Gold 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. 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.
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.
Cautionary Note Regarding Forward-Looking Information and Statements
This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-Looking Information"). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of the Company to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information. Although Alkane believes that the expectations reflected in the Forward- Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price. Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.
Disclaimer
Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.
1. Company details
Name of entity: Alkane Resources Ltd ABN: 35 000 689 216 Reporting period: For the year ended 30 June 2026 Previous period: For the year ended 30 June 2025
2. Results for announcement to the market
$'000
Revenue from ordinary activities up 256.7% to 935,822 Profit after tax attributable to the owners of Alkane Resources Ltd
- From continuing operations up 592.19% to 228,722
Revenue increased as a result of higher realised gold prices and sales volume from the Groups three operations primarily as a result of the merger with Mandalay Resources on 5 August 2025. Gold sold during the current year was 164,878 gold equivalent oz (2025: 69,774 oz).
Realised gold prices were higher than the prior year with an average realised price of $5,664 (2025: $3,770).
Comments
The profit for the consolidated entity from continuing operations after providing for income tax amounted to $228,722,000 (30 June 2025: $33,043,000)
3. Net tangible assets
Reporting Previous period period Cents Cents
Net tangible assets per ordinary security 82.51 34.46
4. Dividends
Current period
Subsequent to the year ended 30 June 2026, the Board has resolved to pay a maiden final dividend of 2.0 cents per share, fully franked, in respect of FY26.
- Record date 8 September 2026
- Payment date 1 October 2026
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
5. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements have been audited and an unmodified opinion has been issued.
6. Attachments
Details of attachments (if any):
The Annual Financial Report for the year ended 30 June 2026 of Alkane Resources Ltd is attached.
7. Signed
Signed ___________________________ Date: 20 August 2026 Nicholas Earner Managing director and CEO
Alkane Resources Ltd
ABN 35 000 689 216
Annual Financial Report for the year ended - 30 June 2026
Contents
Directors' report 2 Consolidated statement of profit or loss and other comprehensive income 33 Consolidated balance sheet 34 Consolidated statement of changes in equity 35 Consolidated statement of cash flows 36 Notes to the consolidated financial statements 37 Directors' declaration 76 Independent auditor's report to the members of Alkane Resources Ltd 77 Corporate directory 81 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity' or the 'group') consisting of Alkane Resources Ltd (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2026. On 5 August 2025, the company completed its merger with Mandalay Resources Corporation, adding the Costerfield gold-antimony operation in Victoria, Australia and the Björkdal gold operation in Sweden to the group's portfolio.
Directors
The following persons were directors of Alkane Resources Ltd (Alkane) during the whole of the financial year and up to the date of this report, unless otherwise stated:
| Name | Position | Appointment/Resignation during the year |
| Andrew Quinn | Non-executive Chair | Appointed 5 August 2025 |
| Nicholas Earner | Managing Director and Chief Executive Officer | |
| Bradford Mills | Non-executive Director | Appointed 5 August 2025 |
| Frazer Bourchier | Non-executive Director | Appointed 5 August 2025 |
| Ian Gandel | Non-executive Director | Ceased as Non-Executive Chair 5 August 2025 |
| Denise McComish | Non-executive Director | Appointed 1 December 2025 |
| Dominic Duffy | Non-executive Director | Appointed 5 August 2025, Resigned 14 October 2025 |
| David Ian Chalmers | Non-executive Director | Resigned 5 August 2025 |
| Anthony Lethlean | Non-executive Director | Resigned 5 August 2025 |
| Gavin Smith | Non-executive Director | Resigned 5 August 2025 |
The Board assesses the independence of each director having regard to the factors set out in the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations. As at the date of this report, the Board considers Mr Quinn and Ms McComish to be independent directors. Mr Earner, as Managing Director and Chief Executive Officer, holds an executive position and is therefore not considered independent. Mr Mills, Mr Bourchier and Mr Gandel are not considered independent. Further detail on the Board's assessment of independence is set out in the group's Corporate Governance Statement. The Board will seek to appoint additional independent members who will bring complementary skill sets and diversity to the group's leadership.
Information on Directors and Company Secretaries
Andrew Quinn - Non-Executive Chair
BSc Mineral Exploitation (Mining)
Appointed Non-Executive Chair of Alkane Resources on 5 August 2025, and is chair of the Nomination & Governance Committee, and a member of the Audit & Risk and Remuneration Committees.
Mr Quinn is a chartered mining engineer and a highly experienced investment banker and company director.
He was head of Mining Investment Banking for Europe and Africa at the Canadian Imperial Bank of Commerce for 15 years prior to his retirement in 2011. From 2011 to 2018, he served as a non-executive director and Senior Independent Director of London-listed FTSE 100 company Randgold Resources. Upon the merger with TSX and NYSE-listed Barrick Gold in 2019, he joined that board as non-executive director and served until May 2025.
From October 2016 to October 2025, Mr Quinn served as a non-executive director of the London Bullion Market Association, the international trade association that represents the OTC market for precious metals, setting refining standards, managing the Good Delivery List, enforcing responsible sourcing rules and guiding market practices.
In July 2026, Mr Quinn was appointed non-executive director of London AIM-listed Cornish Metals Plc.
Mr Quinn has more than 50 years of experience in the mining and finance industries, including positions at Anglo American, Greenbushes Tin, The Mining Journal, James Capel, and HSBC Investment Banking. He holds an undergraduate degree in Mineral Exploitation (Mining Engineering) from Cardiff University, is a Member of the Institute of Materials, Minerals & Mining, and is a registered Chartered Engineer.
Mr Quinn is Chair of the Nomination & Governance Committee and a member of the Audit & Risk and Remuneration Committees.
Nicholas Earner - Managing Director & CEO
BEng (hons)
Appointed Managing Director 1 September 2017 and is a member of the Technical Committee.
Mr Earner is a chemical engineer and a graduate of the University of Queensland with over 30 years' experience in technical and operational optimisation and management and has held a number of executive roles in mining and processing. Mr Earner joined Alkane Resources Ltd as Chief Operations Officer in August 2013 prior to his promotion to Managing Director.
Mr Earner also served as a Non-Executive Director of Australian Strategic Materials Limited (ASX: ASM) (from 1 September 2017 to 1 March 2025).
Bradford Mills - Non-Executive Director
MSc (Geology and Mineral Economics)
Appointed Non-Executive Director Alkane Resources on 5 August 2025 and is Chair of the Technical Committee and a member of the Audit & Risk Committee.
Mr Mills has over 40 years of executive, board governance and investment experience in the global resources industry.
He is the former Chair of Mandalay Resources, a role he held from April 2017 until the merger with Alkane. Prior to that, he served as the CEO of Mandalay from 2009 until 2016 and oversaw its transition to a producing gold company (2010).
Other past roles include CEO of Lonmin Plc (GBX: LMI) (2004–2009), the world’s number three platinum and platinum group metals producer, and president of BHP Billiton’s copper group. He was a director of Rambler Metals & Mining PLC, a Canadian base and precious metals mining company.
Mr Mills is also the founder and managing director of Plinian Capital, a private equity firm whose principal business is investment in natural resources projects and companies.
Mr Mills is currently a director of Circum Minerals, a private potash development company in Ethiopia, and CNM.
Frazer Bourchier - Non-Executive Director
MASc Eng
Appointed Non-Executive Director Alkane Resources on 5 August 2025 and is Chair of Remuneration Committee and is a member of the Technical Committee.
Mr Bourchier is a registered professional engineer with over 36 years of operational and executive leadership experience in both the Canadian and International mining industry.
He is the former President, Chief Executive Officer and Director of Mandalay Resources, a role he held from April 2023 until the merger with Alkane Resources. Mr Bourchier has extensive public company and inter-company board governance experience, and is a Chartered Director Certification (C.Dir.) accredited by McMaster University, Canada.
Previous executive roles include Pres., CEO and Dir. of Harte Gold Corp. (late 2020 to early 2022), COO of Detour Gold (2018-2019), COO at Nevsun Resources (2012-2017), and executive at Wheaton Precious Metals (formerly Silver Wheaton) from 2010-2012. For the first 16 years of his career, he worked at Placer Dome (subsequently Barrick Gold), where he held positions of increasing responsibility, concluding as mining manager and then general manager at the Porgera open pit gold mine in PNG.
Mr Bourchier also served as a director of Treasury Metals Inc. (TSX:TML) from August 2020 to March 2024.
Ian Gandel - Non-Executive Director
LLB, BEc, FCPA, FAICD Appointed Director 24 July 2006 and Non-Executive Chair 1 September 2017. Ceased as Chair on 5 August 2025 and remains as a Non- Executive Director. Mr Gandel is a member of the Remuneration and Nomination & Governance Committee.
Mr Gandel is a Melbourne-based businessman with extensive experience in retail management and retail property. He has been a director of the Gandel Retail Trust and has had an involvement in the construction and leasing of Gandel shopping centres. He has previously been involved in the Priceline retail chain and the Corporate Executive Offices chain of serviced offices. Mr Gandel has been an investor in the mining industry since 1994. Mr Gandel is currently a substantial holder in a number of publicly listed Australian companies and, through his private investment vehicles, now holds and explores tenements in his own right in Western Australia and South Australia.
During the past three years, he has also served as a director of Australian Strategic Materials Limited (ASX: ASM) (previously named Australian Zirconia Limited) (appointed as a director in 2014 and in 2017 was appointed Non-Executive Chairman).
Denise McComish - Non-Executive Director
FCA, FAICD, Hon DBus
Appointed Non-Executive Director of Alkane Resources on 1 December 2025 and is Chair of the Audit & Risk Committee and a member of the Nomination & Governance Committee.
Ms McComish is an experienced company director with extensive financial, strategy, corporate, board and ESG experience across multiple sectors. She was a partner with KPMG for 30 years, specialising in audit and advisory services, and served as a national board member and national mining leader.
Ms McComish is currently a non-executive director of Toll Group, Web Travel Group and Beyond Blue. She previously held non-executive director roles at Synergy (Electricity Generation and Retail Corporation from 2023-2026), Gold Road Resources (2021-2025), Mineral Resources (2023-2025) and Macmahon Holdings (2021-2024).
Ms McComish was a member of the Australian Takeovers Panel for 12 years until 2025. In 2018, Ms McComish was recognised in the Top 100 Global Inspirational Women in Mining. She is a Fellow of Chartered Accountants Australia and New Zealand, a Fellow of the Australian Institute of Company Directors and a member of Chief Executive Women.
Dominic Duffy - Non-Executive Director
BEng (Mining Engineering)
Appointed Non-Executive Director Alkane Resources on 5 August 2025. Resigned Director on 14 October 2025.
Mr Duffy has over 20 years of operational experience in the resources sector across Australia, South America and Europe.
He served as the president and CEO of Mandalay from 2018 to 2023; Mr Duffy originally joined Mandalay in 2010, overseeing operational improvements at Costerfield, Björkdal and Cerro Bayo (silver-gold mine formerly owned by Mandalay).
Mr Duffy has a proven track record of operational turnarounds, founded on his extensive experience in both technical and production roles. Prior to joining Mandalay, Mr Duffy worked for Coeur d’Alene Mines and Hecla Mining Company in South America.
David Ian Chalmers – Technical Director
MSc, FAusIMM, FAIG, FIMM, FSEG, MSGA, MGSA, FAICD
Appointed Technical Director on 1 September 2017. Appointed Managing Director in 2006 and resigned as Managing Director 31 August 2017. Resigned as Technical Director on 5 August 2025.
Mr Chalmers is an economic geologist and graduate of the Western Australian Institute of Technology (Curtin University), with a Master of Science degree from the University of Leicester in the United Kingdom. He has worked in the mining and exploration industry for over 50 years, with experience across all facets of exploration, mining, feasibility, development and production.
Mr Chalmers was Technical Director of Alkane until his appointment as Managing Director in 2006. As chief executive, he steered Alkane through the discovery, feasibility, construction and development of the now fully operational Tomingley Gold Operations, the discovery and sale of the McPhillamys gold deposit, the evaluation, feasibility and advancement of the Dubbo Project (rare metals and rare earths), and the recent gold discoveries south of Tomingley and at Boda. He has also held executive director roles in ASX-listed companies for more than 30 years, including 15 years in managing director positions requiring formal sign-off of annual accounts and oversight of company accounting activities, as well as management of significant feasibility studies requiring a strong grasp of financial analysis.
Prior to the merger with Mandalay, Mr Chalmers was a member of the Nomination Committee.
Anthony Lethlean - Non-Executive Director
BAppSc (Geology)
Appointed Director 30 May 2002. Resigned Director on 5 August 2025.
Mr Lethlean is a geologist and resource analyst with over ten years' mining experience, including four years on underground operations in the Golden Mile in Kalgoorlie. In later years, he has worked as a resource analyst with various stockbrokers and investment banks including CIBC World Markets. He was a founding director of Helmsec Global Capital Limited, which seeded, listed and funded a number of companies in a range of commodities. He retired from the Helmsec group in 2014.
Mr Lethlean has modelled and analysed hundreds of mining companies and resource projects globally. He has carried out this work for both a mine site operational level and as an Investment Banking analyst in many commodities. In addition to this, over the last 20 years he has been a director on company boards including the Chair of audit committees.
Prior to the merger with Mandalay, Mr Lethlean was the senior independent Director, Chair of the Audit Committee and Risk Committee and was a member of the Remuneration and Nomination Committee.
Gavin Smith - Non-Executive Director
B.Com, MBA, MAICD
Appointed Director on 29 November 2017. Resigned Director on 5 August 2025.
Mr Smith is an accomplished senior executive and non-executive director within multinational business environments. He has more than 35 years’ experience in Information Technology, Business Development, and General Management in a wide range of industries and sectors. Mr Smith worked for the Bosch group for approximately 28 years until December 2025 in Australia and Germany and was Chair and President of Robert Bosch Australia. In this role, Mr Smith led the restructuring and transformation of the local Bosch subsidiary. Concurrent with this role, he was also a non-executive director of the various Bosch subsidiaries, joint ventures, and direct investment companies in Australia and New Zealand.
At the time of his resignation, Mr Smith was a Non-Executive Director of Australian Strategic Materials Limited (ASX: ASM) (appointed 12 December 2017) and is the Chairman of ANCA, a worldwide recognised industry leader in technology.
Prior to the merger with Mandalay, Mr Smith was a member of the Audit Committee, Risk Committee and Chair of Remuneration and Nomination Committees.