Alkane Expands McLeans Deposit with New Western Andesite Discovery at Tomingley

• Underground drilling programme at McLeans completed nine diamond drill holes for 3,247 metres, discovering a second gold-bearing andesite zone approximately 150 metres west of the existing Inferred Resource.
• Best intercept from the newly identified western andesite zone returned 26 metres grading 4.36 grams per tonne gold from 112 metres depth, including 3.3 metres at 22.8 grams per tonne.
• Intensive underground drilling at Roswell's Western Monzodiorite domain completed 89 holes for 18,064 metres on a nominal 15 metre by 20 metre grid spacing, targeting conversion to Indicated Resource status.
• High-grade intercepts at Roswell included 7.9 metres grading 14.6 grams per tonne gold and 1.1 metres at 84.4 grams per tonne, confirming multiple wide zones within the 30-metre thick monzodiorite unit.
• Both McLeans and the Western Monzodiorite domains sit immediately adjacent to existing underground infrastructure, potentially reducing future development costs and timelines for extraction.

Alkane Resources Limited (ASX:ALK, TSX:ALK, OTCQX:ALKEF) is an Australian-based multi-commodity exploration and development company primarily focused on gold, with additional interests in antimony, copper, and rare earth elements. The company operates three wholly owned producing mines across Australia and Sweden: the Tomingley Gold Operations in central New South Wales, the Costerfield gold and antimony mine in Victoria, and the Björkdal gold mine in northern Sweden.

Discovery of New Western Andesite Mineralisation at McLeans

The discovery of a second gold-bearing andesite zone at McLeans represents a significant expansion of the deposit's geological footprint. Located approximately 150 metres west of the current Inferred Resource of 870,000 tonnes grading 2.51 grams per tonne gold for 70,000 ounces, this newly identified western andesite demonstrates similar geological characteristics to the eastern host rocks. The September drilling programme, designed to improve confidence in the existing resource, unexpectedly intersected substantial mineralisation beyond the known boundaries.

The western andesite zone returned multiple strong intercepts confirming its economic potential. The standout result from drill hole MCLUG013D intersected 26 metres grading 4.36 grams per tonne gold, including a high-grade core of 3.3 metres at 22.8 grams per tonne. Additional holes confirmed continuity, with MCLUG012D returning 10.7 metres at 2.09 grams per tonne and MCLUG006D delivering 7.8 metres at 3.46 grams per tonne gold. These results suggest the western andesite hosts comparable, if not superior, grades to the established eastern zone.

The presence of two parallel andesite bodies hosting gold mineralisation indicates that brittle volcanic units acted as preferential pathways for gold-bearing fluids. This structural setting is characteristic of orogenic lode-style gold deposits and suggests potential for additional parallel structures. Managing Director Nic Earner emphasised this exploration upside, noting that:

"most of Tomingley's deposits are open at depth and along strike. This drilling further demonstrates not only the significant resource expansion potential across the mine site but the potential to discover other deposits."

Underground Drilling Results at Roswell Western Monzodiorite Domain

The intensive underground drilling campaign at Roswell's Western Monzodiorite domain represents a critical step towards converting the current Inferred Resource into a mineable Indicated Resource. The programme targeted the mid-portion of the 30-metre thick monzodiorite unit, infilling existing drill coverage to a nominal 15 metre by 20 metre grid spacing. Results from 89 holes totalling 18,064 metres consistently confirmed wide zones of economically significant gold mineralisation throughout the target area.

High-grade zones within the Western Monzodiorite demonstrated impressive widths and grades. The exceptional intercept from drill hole ROSUG584D of 7.9 metres grading 14.6 grams per tonne gold, including 1.1 metres at 84.4 grams per tonne, represents bonanza-grade material. Additional notable results included ROSUG050D with 25.6 metres at 1.94 grams per tonne, ROSUG426D returning 24.2 metres at 2.65 grams per tonne, and ROSUG430D intersecting 12.1 metres at 5.44 grams per tonne. The consistency of these wide intercepts confirms the monzodiorite's robust character as a reliable ore-bearing unit.

The strategic value of the Western Monzodiorite domain extends beyond its contained gold ounces. Its immediate proximity to existing underground infrastructure, accessed via the three-kilometre decline from Wyoming One, positions it as a near-term production target with minimal additional capital requirements. The current Inferred Resource of 408,000 tonnes grading 1.9 grams per tonne gold at the Western Monzodiorite, combined with these drilling results, suggests substantial scope for both resource upgrade and potential expansion.

Resource Expansion and Future Exploration Plans at Tomingley

Tomingley's total consolidated Mineral Resources currently stand at 19.23 million tonnes grading 2.2 grams per tonne gold for 1.358 million ounces, with Ore Reserves of 10.36 million tonnes at 1.9 grams per tonne containing 621,000 ounces. The McLeans deposit presents meaningful upside through the integration of the newly discovered western andesite into future resource estimates. Additional drilling is planned to better define both andesite zones and establish their continuity at depth and along strike.

The broader exploration programme scheduled to commence in November 2025 targets multiple high-priority prospects across the Tomingley operation. Surface diamond drilling will test underground potential at Wyoming Three, explore northern extensions to the Caloma deposits, and investigate a deep structural target beneath Roswell identified through two-dimensional seismic surveys. Underground exploration drilling continues at Roswell, systematically testing extensions to known mineralisation whilst searching for additional parallel zones.

The systematic approach to near-mine exploration at Tomingley reflects a proven strategy for organic growth that has consistently delivered resource additions since underground mining commenced in 2018. Each of the operation's deposits remains open at depth and along strike, providing an extensive pipeline of drill-ready targets. The discovery of the western andesite at McLeans, achieved during what was planned as an infill programme, demonstrates how systematic drilling in well-understood geological settings can deliver transformational results.

Outlook and Next Steps

Alkane's drilling success at McLeans and Roswell positions the company to deliver meaningful resource upgrades at Tomingley. The immediate priority involves completing ongoing drilling at Roswell's Western Monzodiorite to enable conversion from Inferred to Indicated Resource status, whilst follow-up drilling at McLeans will define the western andesite's geometry for incorporation into an updated resource estimate. Surface exploration commencing in November 2025 will test multiple high-value targets including Wyoming Three, northern Caloma extensions, and a deep structural target beneath Roswell, with results anticipated through the first half of 2026.

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