Alkane Resources Reports Gold Intersections at Tomingley El Paso Prospect

• High-grade intersection recorded at El Paso prospect with hole EPD016 returning 8.2m at 3.74 g/t Au including 1m at 25.0 g/t Au from 224.8m depth
• Broader mineralisation confirmed with EPD017 intersecting 32.1m at 1.65 g/t Au from 66.9m depth at the same prospect
• Regional exploration completed 17,000m of air-core drilling identifying new mineralised areas at El Paso SE, Jounama and Westray prospects
• Follow-up programme scheduled with 2,000m diamond drilling at El Paso to commence September 2025
• Exploration budget allocated for 6,000m drilling across multiple prospects over next 12 months

Alkane Resources (ASX:ALK) is an Australian mining and exploration company focused on gold and other commodities. The company operates three producing mines: the Tomingley Gold Operations in New South Wales, Costerfield underground operation in Victoria, and Björkdal mine in Sweden. The company processes ore through a 1 million tonne per annum facility at Tomingley, with underground mining at Roswell commencing in April 2024.

Alkane owns the Boda-Kaiser gold-copper porphyry project in New South Wales and maintains exploration programmes at all three operating sites. The company's Tomingley Gold Project covers 440 square kilometres along a 60-kilometre stretch from Tomingley through Peak Hill towards Parkes.

Exploration Results and Gold Intercepts

Four diamond core holes totalling 1,200 metres tested a dacite volcanic unit at El Paso prospect, located 2 kilometres south of the San Antonio deposit. The dacite unit shares geochemical characteristics with the host rock for high-grade mineralisation at San Antonio's southern section. Drilling targeted this unit based on previous results from hole EPD013 which returned 12m at 1.50 g/t Au from 297m depth.

Results from the latest programme include EPD016 with 8.2m at 3.74 g/t Au from 224.8m including 1m at 25.0 g/t Au, and EPD017 with 32.1m at 1.65 g/t Au from 66.9m. The mineralisation occurs within a dacite unit that extends over 400 metres along northeast strike and dips southeast. The unit appears truncated by a north-trending shear zone, with mineralisation continuing down-dip within volcaniclastic sediments.

Geological interpretation suggests the dacite continues at depth south of the shear zone. True widths are estimated at approximately 90% of reported intersection lengths. The drilling programme forms part of ongoing exploration within 5 kilometres of the Tomingley processing facility.

Future Drilling and Exploration Plans

A 2,000-metre diamond core drilling programme will commence at El Paso in September 2025 to define an exploration target. This follows the current programme which tested the dacite unit and adjacent structures. The September drilling will focus on areas where mineralisation may continue at depth and along strike extensions.

Regional exploration over the next 12 months includes 6,000 metres of reverse circulation and diamond drilling across El Paso, El Paso Southeast, Tomingley Two, Glen Isla and Westray prospects. A high-resolution drone magnetic survey will cover areas surrounding Peak Hill to map structures and volcanic units beneath cover sequences.

Air-core drilling totalling 17,000 metres has identified three new zones of mineralisation between El Paso and Peak Hill. Results include EPAC201 with 12m at 0.35 g/t Au including 3m at 0.93 g/t Au, and holes at Westray returning 3m at 0.55 g/t Au and 3m at 0.59 g/t Au. Two deeper holes are planned to test these new prospects.

Mine Life Extension Strategy

Exploration targets lie within 7 kilometres of the Tomingley processing facility. Current operations include open pit mining at Wyoming One and underground mining at Roswell, connected by a 2.7-kilometre underground drive completed by Alkane. Processing of Roswell ore began in April 2024 following resource definition work.

The exploration programme tests prospects within trucking distance of existing infrastructure. San Antonio deposit contains 406,000 ounces of gold resources, whilst the broader project includes established resources and reserves at the operating mines. Underground drilling programmes are testing McLeans, Roswell North and Roswell Western Monzodiorite targets.

Annual mineral resources and reserves will be updated in September 2025 to account for depletion from mining and additions from exploration. The Tomingley Structure, a 5-kilometre gold-arsenic mineralised feature, returned results including 14m at 0.58 g/t Au and 6m at 0.78 g/t Au from recent drilling.

Conclusion and Next Steps

The 2,000-metre diamond drilling programme at El Paso will commence in September 2025, followed by the 6,000-metre regional programme over 12 months. Results from underground drilling at McLeans, Roswell North and Roswell Western Monzodiorite are expected in October 2025. Updated mineral resources and reserves will be released in September 2025.

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