Alkane Resources

Alkane Resources offers a compelling investment opportunity through its balanced portfolio of producing assets and significant development upside. The company is guiding 160-175,000 AuEq ounces for FY2026 at consolidated all-in sustaining costs of A$2,600-2,900 per ounce, demonstrating competitive cost positioning in the current gold price environment. What distinguishes Alkane is its exposure to antimony, a critical mineral with strategic importance in semiconductors, flame retardants, and defense applications, where the U.S. Department of Defense has designated it as critical. 

Costerfield positions Alkane as a significant Western World antimony producer, providing commodity diversification beyond precious metals. The company's operations are located in Tier-1 mining jurisdictions—Australia and Sweden—offering political stability, established infrastructure, and strong regulatory frameworks. With 14.7 million ounces of gold equivalent resources at the advanced Boda-Kaiser project and substantial exploration upside across all operations, Alkane provides investors with both near-term cash flow and long-term growth potential in an environment of increasing demand for gold and critical minerals.​

Alkane Resources Limited is led by Managing Director & CEO Nic Earner, who presented the company's 2025 AGM strategy. Mr Earner joined as Chief Operations Officer in August 2013 and was appointed Managing Director in September 2017. During his tenure, he transformed Alkane into a mid-tier producer through the Mandalay Resources merger, secured Tomingley's mine life extension, advanced Boda-Kaiser from discovery to scoping study, and de-merged the Dubbo Project into Australian Strategic Materials. His operational expertise stems from senior roles at Straits Resources Ltd, Rio Tinto Coal Australia's Mount Thorley Warkworth mine, and BHP/WMC's Olympic Dam operations.​

James Carter serves as Chief Financial Officer, bringing CPA qualifications and over 20 years of mining industry experience, including 15 years as CFO of publicly listed mining companies. His expertise encompasses capital markets, IPOs, treasury management, tax strategy, M&A, and corporate governance.

Jenna Mazza joined as General Counsel in early 2025, contributing 11 years of legal experience from Mineral Resources Limited where she served as Legal Counsel. This executive team combines deep operational, financial, and legal expertise to execute Alkane's growth strategy.

Alkane Resources is executing a multi-pronged growth strategy focused on optimizing existing operations while advancing its development pipeline. For FY2026, the company is delivering on production guidance across all three mines while investing A$81-91 million in growth and exploration capital to extend mine life. At Tomingley, Alkane is advancing the Newell highway realignment to access the San Antonio open pits and expanding resources through drilling at McLeans and Roswell. 

Costerfield is progressing permitting and development toward the True Blue corridor, which extends 2.5km with significant grades and represents a major opportunity to increase antimony production. Björkdal is opening new mining areas in the North Zone and lifting mining rates to optimize the 1.4Mtpa processing capacity. 

The flagship Boda-Kaiser project is advancing through environmental studies toward project approval application in 2027-2029, with a scoping study outlining a 20Mtpa operation producing ~159koz Au and 35kt Cu annually for over 17 years at a 36% IRR. Corporate growth includes strengthening the balance sheet and identifying inorganic opportunities to complement organic expansion.​

Alkane Resources maintains a strong financial position to support its growth initiatives, with a market capitalization of A$1,366 million and enterprise value of A$1,229 million based on 1,364.9 million shares outstanding. The company's balance sheet strength is evidenced by A$174 million in cash and gold bullion as of September 2025, against only A$23 million in equipment finance, providing substantial financial flexibility. FY2026 guidance projects 160-175,000 AuEq ounces at consolidated AISC of A$2,600-2,900/oz, with growth capital expenditures of A$81-91 million allocated across all operations. The Boda-Kaiser development project represents the company's major growth catalyst, with a scoping study indicating A$1.8 billion pre-production capex, A$8.2 billion pre-tax cash flow, and 36% IRR at consensus commodity prices. 

The project economics demonstrate compelling returns with estimated AISC of approximately A$500/oz Au (including copper by-product credits) during the first five years of operation. Alkane's financing strategy leverages its strong operating cash flow, substantial cash reserves, and potential for strategic partnerships to fund both near-term growth projects and the Boda-Kaiser development pathway toward a bankable feasibility study and final investment decision.​

Alkane Resources Limited represents a compelling investment opportunity in the mid-tier gold sector, combining established production with significant growth potential. The company is positioned to deliver 160-175,000 AuEq ounces annually from three high-quality mines while maintaining a strong balance sheet with A$174 million in cash and no debt. What distinguishes Alkane is its dual exposure to gold and the critical mineral antimony, providing commodity diversification and strategic value in an evolving market. The Boda-Kaiser development project, with 14.7 Moz AuEq resources and compelling 36% IRR economics, offers transformational upside as the company advances toward project approval and feasibility. 

With operations in Tier-1 jurisdictions, experienced management, and a clear growth strategy spanning mine life extensions and major project development, Alkane is well-positioned to deliver sustainable shareholder value. As the company executes its FY2026 deliverables and progresses Boda-Kaiser toward production, investors gain exposure to both near-term cash generation and long-term resource growth in a favorable commodity environment.​