Record quarterly production & operational cash build
INVESTOR ANNOUNCEMENT and MEDIA RELEASE
23 April 2026
Record quarterly production & operational cash build
Cash & Bullion $362 million – $130 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 31 March 2026 (‘Q3 FY26’):
Operations
- Site operating cash flow of $189 million for the quarter.
- Q3 FY26 record gold production of 45,776 AuEq oz @ AISC of $2,928/AuEq oz.1,2
- Full Year Group Guidance remains at 160-175kozs AuEq at AISC $2,600-2,900/AuEq oz reflects production from Costerfield and Björkdal from July 2025.3
Exploration
- At Costerfield, extension and infill drilling above the current workings at Youle and Shepherd have defined 25 additional veins within the Kendall prospect in the immediate surrounds of the historic Costerfield mine. Highlighted results include 132.2 g/t gold and 19.8 % antimony over 1.94 m with an estimated true width ETW of 1.04 m, and 267.5 g/t gold and 5.6 % antimony over 2.3 m (ETW 1.22 m).4
- At Tomingley, deep drilling identified a seismic reflector as a gold bearing structure 400m below the Roswell current resources.5
Finance and Corporate
- Gold equivalent sales for the quarter of 43,373 ounces1 for revenue of $275 million at an average gold price of $6,330oz and an average antimony price of $34,394/t.
- Cash, bullion and listed investment balance of $374 million after $16 million of corporate income tax payments during the quarter.
- 8,700 ounces of hedges filled during the quarter.
- Executed $110 million revolving credit facility and $40 million contingent instrument facility during the quarter.
- Post quarter end, 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.
Managing Director and CEO, Nic Earner, commented: “It has been another great quarter for Alkane, producing 44,669 ounces of gold and 377 tonnes of antimony (45,776 ounces of gold equivalent) over the full quarter.1 Our site operating cashflow was $189 million for the quarter, resulting in a balance sheet with $374 million in cash, bullion and listed investments at quarter end. Our full year guidance of 160-175kozs gold equivalent remains unchanged.3”
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 March quarter were A$7,015/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and A$29,449/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com).
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 9 September 2025 titled ‘Alkane Announces Financial Year 2026 Guidance’ for calculation of gold equivalent ounces and definition of Group Guidance. Production guidance on a statutory reported basis (‘Attributable Guidance’) is 155 – 168koz AuEq for FY2026.
4 Refer to ALK Announcement dated 25 February 2026 titled ‘Alkane Advances Near-Mine Kendal Deposit with High Grade Antimony-Gold Intercepts at Costerfield.”
5 Refer to ALK Announcement dated 24 February 2026 titled ‘Deep Drilling Identifies Gold Bearing Structure at Tomingley.”
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] GROUP SUMMARY STATUTORY REPORTING PERIOD1,2
Gold-Antimony Production
Alkane produced 44,669 ounces of gold and 377 tonnes of antimony in Q3 FY26, its highest quarterly gold and antimony production yet, resulting in a Group record quarterly production of 45,776 gold equivalent ounces (Q2 FY26: 43,663 AuEq oz) at an AISC of $2,928/AuEq oz (Q2 FY26: $2,739 AuEq oz).
Production during the quarter was higher than Q2 FY26, driven by improved output at Björkdal due to increased mill grades coupled with stable quarter-over-quarter production at Tomingley and Costerfield.
Alkane processed 674,011 tonnes of ore in total at an average gold grade of 2.40g/t Au producing 44,669oz of gold. Tomingley processed 314,997 tonnes of ore with an average gold grade of 2.41/t. At Costerfield, the average grade of gold was 10.21g/t, and the average grade of antimony was 1.21%, with 35,598 tonnes of ore processed. Björkdal processed 323,417 tonnes of ore with an average gold grade of 1.52g/t.
Table 1: March Quarter 2026 operational performance summary6
| Operations | Units Costerfield Tomingley | Björkdal | Total |
|---|---|---|---|
| Ore mined t 36,086 338,016 246,019 Mined ore gold grade g/t 9.42 2.32 1.32 Mined ore antimony grade % 1.12 - - | 620,121 2.33 1.12 | ||
| Processed ore t 35,598 314,997 323,417 Processed ore - milled head grade gold g/t 10.21 2.41 1.52 Processed ore - milled head grade antimony % 1.21 - - Recovery gold % 93.58% 90.11% 90.43% Recovery antimony % 85.93% - - | 674,011 2.40 1.21 91.38% 85.93% | ||
| Gold produced oz 10,584 21,652 12,433 Antimony produced t 377 - - | 44,669 377 | ||
| Gold equivalent produced oz 11,691 21,652 12,433 | 45,776 | ||
| Ore stockpiles - contained gold oz 7,520 8,363 18,922 Ore stockpiles - contained antimony t 301 - - Gold equivalent in circuit, finished concentrate and bullion oz 3,496 8,599 2,151 | 34,805 301 14,246 |
Table 2: FY26 statutory reporting period operational performance summary6
| Operations | Units Costerfield Tomingley | Björkdal | Total |
|---|---|---|---|
| Ore mined t 100,616 914,787 665,539 Mined ore gold grade g/t 8.77 2.39 1.29 Mined ore antimony grade % 0.96 - - | 1,680,942 2.33 0.96 | ||
| Processed ore t 93,000 948,818 886,857 Processed ore - milled head grade gold g/t 9.87 2.35 1.19 Processed ore - milled head grade antimony % 0.97 - - Recovery gold % 93.50% 88.58% 88.09% Recovery antimony % 85.26% - - | 1,928,676 2.18 0.97 90.05% 85.26% | ||
| Gold produced oz 27,017 62,076 28,308 Antimony produced t 768 - - | 117,401 768 | ||
| Gold equivalent produced oz 29,566 62,076 28,308 | 119,950 | ||
| Ore stockpiles - contained gold oz 7,520 8,363 18,922 Ore stockpiles - contained antimony t 301 - - Gold equivalent in circuit, finished concentrate and bullion oz 3,496 8,599 2,151 | 34,805 301 14,246 |
6 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 – 31 March 2026 Quarterly Report P a g e | 2
Revenue
Gold equivalent sales for the quarter of 43,373 ounces1 (Q2 FY26: 44,084 AuEq oz) for revenue of $275 million (Q2 FY26: $256 million) at an average gold price of $6,330/oz (Q2 FY26: $5,785/oz) and an average antimony price of $34,394/t (Q2 FY26: $41,510/t). The increase in revenue was mainly due to the higher realised gold price as compared to the previous quarter. Revenue from Tomingley includes 8,700 ounces delivered into forward contracts at $2,855/oz.
Björkdal´s and Costerfield´s average realised gold price at $7,430/oz and $7,204/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). The gold price increased notably during the quarter, leading to the recognition of $9 million at Björkdal and $1 million at Costerfield of additional revenue without recognising additional ounces, thereby increasing the realised gold price per ounce.
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 $2,928/AuEq oz1 for the quarter and group cash costs were $2,037/AuEq oz for the quarter. These were higher than Q2 FY26 AISC of $2,739/AuEq oz and operating cash costs of $2,031/AuEq oz, primarily due to higher royalties associated with higher gold prices and the impact of diesel fuel and other price increases.
Total operational sustaining, growth and exploration capital expenditure during Q3 FY26 was $43 million.
Sustaining capital was $24 million. This included $8 million for capital development at Björkdal, $6 million for mobile equipment rebuilds and purchases at Tomingley and Björkdal, and $2 million for processing plant improvements at Björkdal.
Growth capital of ~$9 million was primarily allocated to Tomingley for the Newell Highway realignment. This project is due for completion in the first half of 2027.
Exploration expenditure of ~$10 million was split between $7 million at Costerfield and $3 million at Björkdal. Costerfield expenditure was predominantly split over the Kendall, Brunswick South and True Blue drilling programs. At Björkdal the main areas of exploration were the North Zone and the Eastern Extension near the mine as well as the Storheden program approximately 1km to the northeast.
Newell Highway works looking east.
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Table 3: March Quarter 2026 financial performance summary
| Financials | Units Costerfield Tomingley | Björkdal | Total |
|---|---|---|---|
| Gold equivalent sold | oz 12,190 18,949 12,234 | 43,373 | |
| Average realised gold price $/oz 7,204 5,096 7,430 Average realised antimony price $/t 34,394 - - | 6,330 34,394 | ||
| Revenue for the quarter $'000 86,705 96,570 81,570 | 264,845 | ||
| Gold provisional pricing adjustments $'000 1,185 - 9,332 Antimony provisional pricing adjustments $'000 (327) - - | 10,518 (327) | ||
| Total revenue from mining operations $'000 87,564 96,570 90,902 | 275,036 | ||
| Mining $'000 11,847 24,987 19,764 Processing $'000 3,605 15,460 7,138 G&A $'000 2,870 3,318 4,261 | 56,598 26,203 10,449 | ||
| Cash cost $'000 18,322 43,765 31,163 | 93,250 | ||
| Inventory movements $'000 3,702 (773) 191 Royalties $'000 2,342 4,015 100 Corporate costs $'000 - - - Rehabilitation $'000 557 610 87 Sustaining Capital $'000 4,554 5,298 14,453 | 3,120 6,457 5,635 1,255 24,305 | ||
| All-in sustaining cost $'000 29,478 52,914 45,994 | 134,022 | ||
| Exploration $'000 6,645 100 2,790 Growth capital $'000 - 6,936 2,333 | 9,536 9,269 | ||
| All-in cost $'000 36,123 59,950 51,117 | 152,826 | ||
| Gold produced oz 10,584 21,652 12,433 Antimony produced t 377 - - | 44,669 377 | ||
| Gold equivalent produced oz 11,691 21,652 12,433 | 45,776 | ||
| Cash cost $/oz 1,567 2,021 2,506 | 2,037 | ||
| All-in sustaining cost $/oz 2,521 2,444 3,699 | 2,928 | ||
| All-in cost $/oz 3,090 2,769 4,111 | 3,339 | ||
| Mine operating cash flow $'000 80,130 54,372 54,724 | 189,226 |
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Table 4: FY26 statutory reporting period financial performance summary6
| Financials | Units Costerfield Tomingley | Björkdal | Total |
|---|---|---|---|
| Gold equivalent sold | oz 29,880 59,896 27,691 | 117,467 | |
| Average realised gold price $/oz 6,522 4,828 7,016 Average realised antimony price $/t 38,578 - - | 5,758 38,578 | ||
| Revenue Year to date $'000 194,092 289,161 170,783 | 654,036 | ||
| Gold provisional pricing adjustments $'000 2,921 - 23,496 Antimony provisional pricing adjustments $'000 (1,467) - - | 26,417 (1,467) | ||
| Total revenue from mining operations $'000 195,546 289,161 194,279 | 678,986 | ||
| Mining $'000 31,340 71,084 47,026 Processing $'000 9,889 41,784 18,499 G&A $'000 9,671 9,771 11,201 | 149,450 70,172 30,643 | ||
| Cash cost $'000 50,901 122,638 76,726 | 250,265 | ||
| Inventory movements $'000 2,986 141 (1,453) Royalties $'000 5,248 10,426 264 Corporate costs $'000 - - - Rehabilitation $'000 1,597 2,032 201 Sustaining Capital $'000 10,211 14,808 34,865 | 1,674 15,938 14,261 3,831 59,885 | ||
| All-in sustaining cost $'000 70,943 150,046 110,603 | 345,852 | ||
| Exploration $'000 16,227 1,495 5,463 Growth capital $'000 1,508 19,354 3,972 | 23,185 24,834 | ||
| All-in cost $'000 88,678 170,895 120,039 | 393,872 | ||
| Gold produced oz 27,017 62,076 28,308 Antimony produced t 768 - - | 117,401 768 | ||
| Gold equivalent produced oz 29,566 62,076 28,308 | 119,950 | ||
| Cash cost $/oz 1,722 1,976 2,710 | 2,086 | ||
| All-in sustaining cost $/oz 2,399 2,417 3,907 | 2,883 | ||
| All-in cost $/oz 2,999 2,753 4,240 | 3,284 | ||
| Mine operating cash flow $'000 130,141 160,782 106,012 | 396,936 |
6 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.
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Cash flow
Alkane closed the quarter with cash, bullion and liquid investments of $374 million – comprising $328 million in total cash, bullion ($34 million) and liquid investments ($12 million). This result was driven by Group gold sales at 43,373 gold equivalent ounces at an increased realised gold price of $6,330/oz (Q2 FY26: $5,785/oz) and a realised antimony price of $34,394/t (Q2 FY26: $41,510/t) generating $275 million in revenue. Alkane´s operations generated $189 million in mine operating cashflows with the achieved gold price $3,402/AuEq oz over AISC.
Tax outflows were $16 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 $6 million of corporate cash outflows, $3 million of Boda & regional NSW exploration, $6 million on Lupin closure costs and $5 million net repayment of equipment loans partly offset by $4 million received from the divestment of a non-core asset in Chile with another $4 million to be received in Q4 FY26. $2 million interest income is included in the mine operating cashflows.
Underlying post tax free cashflow of $130 m
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OPERATIONS AND PROJECTS
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 steady operational performance during the quarter, with both ore mining and milling rates exceeding planned rates. Costerfield had strong mining performance in terms of tonnes mined for the quarter, however grades were different to those aimed for, despite complying reasonably well with forecast mining advance per area each month. Some mined areas did not perform as well as expected in forecast models due to grade variability.
The operation continues to work on targeted improvement programs including drill and blast optimisation, capital development optimisation, enhanced operator training, 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 occurred during the quarter with respect to pre-crushing ore feed and screening lower grade ore stockpiles to further improve throughput, crusher downtime and blend control. Work will continue in this area in Q4.
Processing operations performed reliably, with higher mill throughput supported by successful pre-crushing trials. Continuous optimisation of blending and recovery remains a focus. Work continues to prioritise operational consistency across all aspects of the operation.
A total of 11,691 gold equivalent ounces1 was produced during the quarter (Q2 FY26: 11,686 AuEq oz). The site cash costs for the quarter were $1,567/AuEq oz (Q2 FY26: $1,701/AuEq oz) with an AISC of $2,521/AuEq oz (Q2 FY26: $2,149/AuEq oz).2 Gold sold for the quarter was 11,367 ounces at an average sales price of $7,204/oz and antimony sold for the quarter was 280 tonnes (165 tonnes post payability) at an average sales price of $34,394/t, generating revenue of $88 million. Finished product stocks were 3,496 ounces. The site’s operating cash flow was $80 million for the quarter.
Exploration
At Costerfield during the quarter three main programs progressed.4 Close to current workings, the Brunswick South and Kendall programs were continued into infill the drilling stage with additional drill rigs mobilised to Brunswick to accelerate the program. The third program continued was True Blue, approximately 2km east of the current mining at Costerfield. The Sub KC drilling program was put on hold during the quarter in preference of the advancing Brunswick South in to infill drilling.
Additionally, during the quarter Alkane reported on the progress of the Kendal drilling program, highlighting that 25 individual veins have now been identified and modelled immediately above the currently mined Youle and Shepherd orebodies and surrounding the historically mined Costerfield deposit.4 Significant assays of the program include: 132.2 g/t gold and 19.8 % antimony over 1.94 m with an estimated true width ETW of 1.04 m, and 267.5 g/t gold and 5.6 % antimony over 2.3 m (ETW 1.22 m).4
Alkane Resources Limited – 31 March 2026 Quarterly Report P a g e | 7 Map of Costerfield showing areas of exploration during Q3 FY26.
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 slightly below plan at 338,016t primarily due to stope performance issues on several stopes requiring rework, however this was off-set by higher development ore tonnages.
Processing continues to perform well with milling exceeding plan primarily as a result of the insertion of a mobile crusher to pre-crush material prior to entering the processing circuit. Mill grade was above plan and recovery was in line with expectations. Pre-crushing of material to different sizes prior to entering the circuit continues and has seen a nominal increase in milling rates to approximately 1.3mtpa, work continues in this area.
A total of 21,652 ounces of gold was poured for the quarter (Q2 FY26: 22,089oz). The site cash costs for the quarter were $2,021/oz (Q2 FY26: $1,811/oz ) with an AISC of $2,444/oz (Q2 FY26: $2,216/oz).2 Gold sold for the quarter was 18,949 ounces at an average sales price of $5,096/oz, generating revenue of $97 million. Bullion stocks totalled 5,049 ounces, valued at $34 million using the closing price at quarter end. The site’s operating cash flow was $54 million for the quarter.
Alkane Resources Limited – 31 March 2026 Quarterly Report P a g e | 8 Works continued on the Newell Highway diversion during the quarter with continued good progression of offline works
- over a total distance of 7.2km and across eight (8) separate work fronts.
Exploration
Exploration drilling at Tomingley for the quarter has tested a seismic reflector feature beneath the Roswell Deposit and near-mine prospects such as El Paso. The drilling intersected gold-arsenic enriched hydrothermal breccias and veining at the identified seismic reflector ~400m below current Roswell resources. Further drilling is planned to test where this structure intersects the andesite and monzodiorite favourable hosts at Roswell. At El Paso, 8 drill holes were completed resulting in the reinterpretation of the geological model. A drilling program to optimally test the new model is planned. Underground drilling in the quarter has continued at Roswell focusing on improving confidence in the inferred resource. Significant intercepts, that approximate true width, were reported in the Western Monzodiorite domain including: 5.9 m grading 31.0g/t Au including 2.1 m grading 78.4g/t Au; and 17.4 m grading 4.30g/t Au including 2.5 m grading 21.1g/t Au (see ASX Announcement dated 24 February 2026 and titled ‘Deep Drilling Identifies Gold Bearing Structure at Tomingley’). Additional underground drilling has now commenced to accelerate the infill program.
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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. Resources were allocated to capital development activities in preference to operating development in some areas. Mined grade was in line with planned grades, with a higher mining contribution from below the marble mining area.
Mill throughput increased slightly and recoveries also improved, albeit in line with increased head grade. During the quarter a trial of processing a parcel of off-site ore from a small mine to the west of Björkdal was successfully conducted.
Capital works on several lifts to the tailings dam facility have commenced as the area thawed post winter.
A total of 12,433 gold ounces was produced during the quarter (Q2 FY26: 9,888 oz). The site cash costs for the quarter were $2,506/oz (Q2 FY26: $2,910/oz) with an AISC of $3,699/oz (Q2 FY26: $4,117oz).2 Gold sold for the quarter was 12,234 ounces at an average sales price of $7,430 /oz, generating revenue of $91 million. Finished product stocks were 2,151 ounces. The site’s operating cash flow was $55 million for the quarter.
Exploration
At Björkdal during the quarter three exploration targets were progressed. Drilling at North Zone moved from a growth phase to an infill stage while the Eastern Extension program targeted the continued depth and eastward extension of the Main and Central Zones. Further to the northeast the Storheden growth drilling also continued during the quarter.
Geological map of Björkdal showing areas of exploration during Q3 FY26.
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Northern Molong Porphyry Project (NMPP) (gold-copper)
Alkane Resources Ltd 100%
Exploration on the Northern Molong Porphyry Project for the quarter included the continued inversion and interpretation of the MMT survey data that was flown in November. Reconnaissance drilling for a total 4,000 metres that commenced in December was completed. The finalised exploration results are expected to be reported in the coming months.
Environmental baseline studies to inform the development approval of the Boda-Kaiser Au-Cu resources continued in the quarter.
Lupin Reclamation Project
Lupin Mines Inc 100%
Lupin is currently in the process of final closure and reclamation with progressive security reductions to be released in the future as the work is completed, providing partial funding. During the quarter, expenditures were incurred for winter road planning, construction, and maintenance, as well as costs related to procurement, engineering and project management services, site operations, and equipment maintenance.
Reclamation work to achieve the majority of closure obligations is expected to take place in the 2026 calendar year. As at 31 March 2026, $12 million in restricted cash stands as a deposit against the present value of certain reclamation cost obligations.
La Quebrada Exploration Project
Minera Mandalay Limitada 100%
The Company divested this non-core asset by the sale of all shares in Minera Mandalay Limitada to Minera San Geronimo on 18 March 2026 for consideration of US$5 million (US$2.5 million has been received and the balance will be paid upon registration of the transfer at the Chilean Commercial Registry in the coming weeks).
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