Alkane Resources Reports Updated Storheden Mineral Resource With First Indicated Classification

• The updated Storheden Mineral Resource comprises 87 koz Indicated (1,075 kt at 2.51 g/t Au) and 125 koz Inferred (1,846 kt at 2.11 g/t Au), the deposit's first Indicated classification.
• Inferred contained gold increased by approximately 26% from the previous estimate of 99 koz.
• Sixteen extensional diamond drill holes (7,965 m) were completed between January and March 2026, including an intercept of 107.0 g/t gold over 0.4 m.
• Mineralisation has been traced along a 2.7 km strike length to a depth of 464 m and remains open in all directions.
• Development of an underground exploration drive to Storheden is scheduled to begin in September 2026, alongside continued permitting for extraction.

Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer operating three mines: the Tomingley open pit and underground gold mine in Central West New South Wales, the Costerfield gold and antimony underground operation in Central Victoria, and the Björkdal underground gold mine in northern Sweden. The company also holds the Boda-Kaiser gold-copper project in New South Wales, for which it has outlined a development pathway through a Scoping Study, and conducts exploration across the surrounding Northern Molong Porphyry Project.

Updated Storheden Resource

The Storheden Mineral Resource estimate has been updated to incorporate 28 additional diamond drill holes (14,061 m) completed during 2025 and early 2026. The revised geological model includes 74 mineralised wireframes, with previously interpreted domains reviewed and refined based on the new drilling data.

The updated estimate comprises Indicated Resources of 1,075 kt at 2.51 g/t Au for 87 koz of contained gold, and Inferred Resources of 1,846 kt at 2.11 g/t Au for 125 koz. Indicated Resources are estimated with a higher level of geological confidence than Inferred Resources, based on closer-spaced drill data; this is the first time a portion of Storheden has reached that classification.

The Inferred category represents an increase of approximately 26% in contained gold from the previous estimate of 1.77 Mt at 1.74 g/t Au for 99 koz. Further supporting detail is expected in Alkane's annual NI 43-101 technical report for Björkdal, due in September 2026.

Extensional Drilling Results at Target Zones A and B

The 16 extensional drill holes completed between January and March 2026 targeted Target Zones A and B, located within approximately 700 to 800 metres of existing surface and underground mine infrastructure. Fourteen holes were drilled in Target Zone A, extending high-grade mineralisation 450 metres along strike to the east; two holes tested Target Zone B at depth.

Assay results included 107.0 g/t gold over 0.4 m, 50.9 g/t gold over 0.95 m, 39.2 g/t gold over 0.6 m, 36.1 g/t gold over 0.5 m, and 27.4 g/t gold over 0.70 m. The g/t (grams per tonne) figure measures the concentration of gold within each sampled interval.

Storheden mineralisation has been traced along a 2.7 km strike length to a depth of 464 m and remains open in all directions. A gap between the current and previous drilling has not yet been tested due to limited site access; new surface drill sites are being prepared to close this gap in future campaigns.

Mine Development and Permitting at Storheden

Alkane has planned a further 10,000 metres of surface drilling at Storheden for FY2027, aimed at extending the resource and defining the limits of the mineralised system.

This drilling will inform the design of an underground exploration drive, with development scheduled to commence in September 2026. The drive is intended to support depth testing and infill drilling of the deposit, as well as future production access.

Alkane Resources Managing Director and CEO Nic Earner said: 

"Storheden represents an exciting new growth prospect at Björkdal. The positive drilling results of this latest campaign begin to demonstrate the scale of the deposit, with the extent and depth continuity still unknown and open. Additionally, portions of the Mineral Resource have now been drilled to a density sufficient to estimate Indicated Resource. Encouraged by continued positive results coupled with the potential Storheden provides, Alkane will continue to define the extents of the deposit and lift confidence in resources alongside the commencement of mine development to Storheden and the progression of permitting requirements for extraction."

Milestones and Next Steps

Alkane has outlined a further 10,000 metres of surface drilling at Storheden for FY2027. Development of an underground exploration drive is scheduled to begin in September 2026, alongside progression of permitting requirements for extraction. Additional technical detail on the updated Mineral Resource is expected in the annual NI 43-101 report for Björkdal, also due in September 2026.

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