Alkane Delivers Record Q3 Profit of $93 million P erth, Western Australia - Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (“Alkane”
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]
INVESTOR ANNOUNCEMENT
and MEDIA RELEASE
15 May 2026
Alkane Delivers Record Q3 Profit of $93 million
P
erth, Western Australia - Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (“Alkane”
or the “Company”) is pleased to announce financial results for the third quarter ended 31 March 2026 (the
“quarter” or “Q3 2026”).
The Company’s condensed and consolidated interim financial result for the quarter , together with the
Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under
Alkane’s profile on www.sedarplus.ca, on the Australian Securities Exchange (“ASX”) and on A lkane’s
website at www.alkres.com. All currency references in this press release are in Australian dollars except
as otherwise indicated.
T
hird Quarter 2026 Highlights: 12
• Record Revenues: Gold equivalent sales for the third quarter of 43,373 ounces generated revenues
of $274 million at an average gold price realis ed of $6,315/oz and an average antimony price of
$34,394/t.
• Record Production: Gold and antimony production was 44,669 ounces and 377 tonnes, respectively;
Company is on track to meet 2026 guidance.
• Record Cash Generation: EBITDA was $161 million with Cash Generated from Operating Activities
of $161 million.
• Record income earned: Net profit of $93 million or 6.81 cents per share.
• Robust Financial Position: Cash, bullion and listed investment balance of $374 million.
• Conference call and webcast : Management will host a conference call and webcast to d iscuss the
results of Q3 2026 at 8:30pm AWST (Perth time) / 8:30am EDT (Toronto time) on Friday, 15 May 2026.
D
etails are noted below.
Mana
ging Director, Nic Earner, commented:
“A
lkane has just delivered the strongest quarter in its history . During a period of high gold and antimony
prices, the power of our three mine portfolio delivered exceptional operating results as they produced a
record 44,669 ounces of gold and 377 tonnes of antimony, which generated record profit after taxes of $93
million. The Company ended the quarter in with cash and bullion of $362 million which will provide the
support for Alkane’s growth plans. Given the strong performance to date, we move into the second half of
the year with momentum and are on track to meet our production and cost guidance for 2026.”
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). Average market prices for gold and
antimony sourced respectively from LMBA daily PM price (www.lmba.org.uk) and Shanghai Metal Market Price (www.metal.com). Average market prices
for the March quarter were A$7,015/oz Au and A$29,449/t Sb. For the December quarter, the average market prices were A$6,299/oz Au and A$30,245/t
Sb and for the September quarter were A$5,382/oz Au and A$33,859/t Sb using an AUD: USD exchange rate of 0.6946, 0.6565 and 0.6544 respectively.
Gold equivalent ounce, cash operating cost and all -in sustaining cost (AISC) are non- IFRS performance measures with no standard definition under
IFRS. For more details refer to the Non-IFRS Performance Measures section at the end of this press release.
2 As the merger with Mandalay Resources completed on 5 August 2025, Alkane’s FY2026 statutory reported production reflect s production from
Costerfield and Björkdal only from that date. See ALK announcement dated 9 Sep 2025 and titled ‘Alkane Announces Financial Ye ar 2026 Guidance’.
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
Third Quarter 2026 Financial Highlights
The following table summarises the Company’s consolidated financial results for the three and nine months
ended 31 March 2026 and 31 March 2025:
1Average realised gold and average realised antimony price, sustaining and non-sustaining capital expenditures, cash operating costs
and all-in sustaining costs, free cash flow, free cash flow per ounce gold eq. sold and EBITDA are non-IFRS performance measures with
no standard definition under IFRS. Refer to the Non-IFRS Performance Measures section of the MD&A.
2 Cash operating costs and All-in sustaining costs per ounce were previously calculated based on ounces sold. Since Q1 2026, the
calculation methodology has been revised to use ounces produced instead of ounces sold. Accordingly, the comparative figures for
the previous quarter have been restated.
Revenue for Q3 2026 was $274.4 million, compared to $63.2 million in Q3 2025. The increase in revenue
was mainly due to increased production and gold sales following the addition of Costerfield and Björkdal to
the portfolio, combined with higher realised gold prices.
Operating costs excluding depreciation and amortisation totaled $114.0 million during Q3 2026, compared
to $39.3 million in Q3 2025 with the increase mainly reflecting the larger Company following the combination
with Mandalay (Costerfield $28.0 million and Björkdal $33.8 million).
Cash operating costs per ounce of gold equivalent produced were $2,037 in Q3 2026 compared to $2,037
in Q3 2025. Tomingley´s cash operating costs per ounce of gold during the quarter were $2,021 compared
to $2,037 in Q3 2025, a slight decrease due to increase in produced ounces of gold, this was partly offset
by higher operational costs, mainly due to higher processing costs which include the costs for the rental
mobile crusher.
Sustaining capital amounted to $24.3 million in Q3 2026, compared to $7.0 million in Q3 2025. The increase
in sustaining capital was mainly due the addition of $19.0 million of capital expenditures following the
combination with Mandalay (Björkdal and Costerfield at $14.5 million and $4.6 million respectively) of which
$7.1 million was underground capital development at Björkdal. Additionally, capital required to maintain
stable production at both acquired operations included ongoing equipment replacements totalling $9.5
million.
All-in sustaining costs per ounce of gold equivalent produced were $2,928 in Q3 2026, compared to $2,590
in Q3 2025. The AISC per ounce at Tomingley decreased to $2,444 for the quarter from $2,590 in Q3 2025,
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
mainly due to the aforementioned increased gold production and offsetting increased cash operating costs
coupled with lower sustaining capital expenditures.
Total capital expenditure during Q3 2026 of $46.9 million, compared to $13.1 million in Q3 2025. The capital
expenditure during the quarter included $10 million investment in growth projects, mainly at Tomingley for
the Newell Highway realignment. This project is due for completion in the first half of 2027. The major item
of spend in the comparative quarter (Q3 2025) was underground capital development, underground truck
refurbishments and a wheel loader replacement at Tomingley. During the quarter, $12.5 million of
investment in exploration drilling was made, $6.6 million at Costerfield, $2.8 million at Björkdal and $3.0
million of non-operation exploratory drilling in NSW.
Free cash flow in Q3 2026 was $127.6 million compared to $7.7 million in Q3 2025.
Alkane generated EBITDA of $161.2 million in the third quarter of 2026 compared to $20.8 million in the
third quarter of 2025.
Consolidated net profit was $93.0 million for the third quarter of 2026, versus $8.1 million profit in the third
quarter of 2025.
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 increased cash balance was
driven by sales of 43,373 gold equivalent ounces at record realised gold price of $6,315/oz (Q2 2026:
$5,785/oz) and a realised antimony price of $34,394/t (Q2 2026: $42,488/t) generating $274 million in
revenue.
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
Third Quarter 2026 Operational Summary1,2
The table below summari ses the Company’s production and operational unit costs for the three months
ended 31 March 2026, 31 December 2025 and 30 September 2025.
Q3 2026 Q2 2026 Q 1 2026
Tomingley
Tonnes of ore mined (t) 338,016 275, 079 301,692
Mined ore gold grade (g/t) 2.32 2. 61 2.27
Processed ore (t) 314,997 318, 851 314,970
Processed ore - milled head grade gold (g/t) 2.41 2. 50 2.15
Recovery gold (%) 90.11 89. 84 85.78
Gold produced (oz.) 21,652 22, 089 18,335
Gold sold (oz.) 18,949 22, 491 18,456
Cash operating cost ($ per oz produced)1 2 2,021 1,811 2,120
All-in sustaining cost ($ per oz produced)1 2 2,444 2,216 2,628
Costerfield
Tonnes of ore mined (t) 36,086 39, 698 24,832
Mined ore gold grade (g/t) 9.42 8. 36 8.50
Mined ore antimony grade (t) 1.12 0. 93 0.76
Processed ore (t) 35,598 34, 732 22,671
Processed ore - milled head grade gold (g/t) 10.21 10. 44 8.48
Processed ore - milled head grade antimony (%) 1.21 0. 91 0.68
Recovery gold (%) 93.58 93. 94 92.71
Recovery antimony (%) 85.93 86. 77 81.99
Gold produced (oz.) 10,584 10, 790 5,643
Antimony produced (t) 377 267 124
Gold equivalent produced (oz.)1 3 11,691 11,686 6,189
Gold sold (oz.) 11,367 11,042 4, 881
Antimony sold (pre-payability) (t) 280 409 89
Antimony sold (post-payability) (t) 165 228 62
Gold equivalent sold (oz.)1 3 12,190 12,417 5,273
Cash operating cost ($ per oz. eq. produced)1 1,567 1,701 1,927
All-in sustaining cost ($ per oz. eq. produced)1 2,521 2,149 2,451
Björkdal
Tonnes of ore mined (t) 246,019 266, 217 153,303
Mined ore gold grade (g/t) 1.32 1. 27 1.26
Processed ore (t) 323,417 329, 652 233,789
Processed ore - milled head grade gold (g/t) 1.52 1. 04 0.94
Recovery gold (%) 90.43 87. 43 85.56
Gold produced (oz.) 12,433 9,888 5, 987
Gold sold (oz.) 12,234 9,176 6, 281
Cash operating cost ($ per oz. eq. produced)1 2,506 2,910 2,805
All-in sustaining cost ($ per oz. eq. produced)1 3,699 4,117 4,010
Consolidated
Tonnes of ore mined (t) 620,121 580, 994 479,827
Mined ore gold grade (g/t) 2.33 2. 39 2.27
Mined ore antimony grade (t) 1.12 0. 93 0.76
Processed ore (t) 674,011 683, 235 571,429
Processed ore - milled head grade gold (g/t) 2.40 2. 20 1.91
Processed ore - milled head grade antimony (%) 1.21 0. 91 0.68
Recovery gold (%) 91.38 90. 40 88.02
Recovery antimony (%) 85.93 86. 77 81.99
Gold equivalent produced (oz.)1 3 45,776 43,663 30,511
Gold equivalent sold (oz.)1 3 43,373 44,084 30,010
Cash operating cost ($ per oz. eq. produced)1 2 2,037 2,031 2,215
All-in sustaining cost ($ per oz. eq. produced)1 2 2,928 2,739 2,988
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
1 Cash operating costs, All-in sustaining costs and Gold equivalent ounce are non-IFRS Performance Measures with no standard
definition under IFRS. Refer to the Non-IFRS Performance Measures section of the MD&A.
2Cash operating costs and All-in sustaining costs per ounce were previously calculated based on ounces sold. From Q1 2026, the
calculation methodology has been revised to use ounces produced instead of ounces sold. Accordingly, the comparative figures for
the previous quarters have been restated.
3Refer to Note 1 on page 4 of this MD&A for gold equivalent definition.
Consolidated gold equivalent production in Q3 2026 was 45,776 ounces compared to 17,657 ounces in Q3
2025, mainly due to the addition of production from Björkdal and Costerfield following the combination with
Mandalay in Q1 2026. The Q3 2026 result is based upon 21,652 ounces of gold production from Tomingley,
12,433 ounces of gold production from Björkdal and 11,691 ounces of gold equivalent production
(consisting of 10,584 ounces of gold and 377 tonnes of antimony from Costerfield).
Cash operating costs per ounce of gold equivalent produced were $2,037 in Q3 2026 compared to $2,037
in Q3 2025 and All-in sustaining costs per ounce of gold equivalent produced were $2,928 in Q3 2026,
compared to $2,590 in Q3 2025.
Tomingley Gold Operations - NSW (Tomingley)
Tomingley Gold Operations Pty Ltd (100%)
The primary source of ore continues to be from Roswell. Underground Ore mined was slightly below plan
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 produced for the quarter, higher than the comparative quarter (17,657
ounces of gold) due to higher throughput and mill head grades. The increase in processed ore was mainly
due to the usage of a mobile crusher which is used to increase crushing capacity resulting in an increased
mill throughput. The betterment of the mill head grade was mainly due to the commissioning of the paste
plant and process plant (fine grind circuit) growth projects during 2025.
Cash operating costs per ounce of gold during the quarter were $2,021 compared to $2,037 in Q3 2025, a
slight decrease due to increase in produced ounces of gold, this was partly offset by higher operational
costs, mainly due to higher processing costs which include the costs for the rental mobile crusher.
The AISC per ounce decreased to $2,444 for the quarter from $2,590 in Q3 2025, mainly due to the
aforementioned increased gold production and offsetting increased cash operating costs coupled with lower
sustaining capital expenditures.
Gold sold for the quarter was 18,949 ounces at an average sales price of $5,096/oz, generating revenue
of $96.6 million. Bullion stocks were 8,599 ounces.
Costerfield Gold-Antimony Operations - Victoria (Costerfield)
Mandalay Resources Costerfield Operations Pty Ltd (100%)
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.
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
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 ounces was produced during the quarter (Q2 2026: 11,686 AuEq oz). The
site cash costs for the quarter were $1,597/AuEq oz (Q2 2026: $1,701/AuEq oz) with an AISC of
$2,521/AuEq oz (Q2 2026: $2,149/AuEq oz). 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 $87.6 million.
Björkdal Gold Operations - Sweden (Björkdal)
Björkdalsgruvan AB (100%)
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 as compared to the previous quarter, 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.
A total of 12,433 gold ounces was produced during the quarter (Q2 2026: 9,888oz). The site cash costs for
the quarter were $2,506/oz (Q2 2026: $2,910/oz) with an AISC of $3,699/oz (Q2 2026: $4,117/oz). Gold
sold for the quarter was 12,234 ounces at an average sales price of $7,376/oz, generating revenue of $90.2
million.
FY 2026 Guidance
Given the Company’s strong production, cost management, rate of investments in sustaining and growth
capital and exploration expenditures in the first half of the year, Alkane expects to meet FY2026 guidance
as outlined below:
1Assumes average metal prices of: Au $5,000/oz, Sb $38,462t
2All-in sustaining costs are non-IFRS financial performance measures with no standard definition under IFRS. Refer to the Non-IFRS
Financial Performance Measures section of the MD&A.
Conference Call and Webcast
Alkane’s Managing Director & CEO, Nic Earner, and CFO, James Carter, will host a conference call and
webcast for investors and analysts to discuss the Company’s financial and operating results.
Details to participate are as follows:
Date/Time: Canada: 8:30am ETC, Friday, 15 May 2026
Australia: 8:30pm AWST/10:30pm AEST, Friday, 15 May 2026
Conference Call:
HERE
Webcast: HERE
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
• The accompanying presentation slides will be available on the Company’s website – HERE.
• A replay of the webcast will be available on the Company’s website – HERE.
• Investors may submit questions for the event by sending their questions to [email protected]
Abbreviation Period Abbreviation Period
FY 2026 1 July 2025–30 June 2026 FY 2025 1 July 2024–30 June 2025
HY 2026 1 July 2025–31 December 2025 HY 2025 1 July 2024–31 December 2024
Q1 2026 1 July 2025–30 September 2025 Q1 2025 1 July 2024–30 September 2024
Q2 2026 1 October 2025-31 December 2025 Q2 2025 1 October 2024-31 December 2024
Q3 2026 1 January 2026 –31 March 2026 Q2 2025 1 January 2025–31 March 2025
This document has been authorised for release to the market by Nic Earner, Managing Director & CEO.
ABOUT ALKANE
Alkane Resources (ASX:ALK; TSX:ALK; OTCQX: ALKRY) is an Australia -based gold and antimony
producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong
balance sheet and is positioned for further growth.
Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest
of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining
operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest
of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near -mine regional
exploration continues to grow resources at all three operations.
Alkane also owns the very large gold- copper porphyry Boda-Kaiser Project in Central West New South
Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing
exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing
eastern Australia’s reputation as a significant gold, copper and antimony production region.
More information available at www.alkres.com
Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available
through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.
Forward-Looking Statements
Certain statements contained in this document constitute “forward- looking statements.” Such forward-
looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance, or achievements of the Company to be materially different from any future
results, performance, or achievements expressly stated or implied by such forward- looking statements.
Such factors include, among others, the following: mining industry risks; fluctuations in the market pr ice of
mineral commodities; project development; expansion targets and operational delays; environmental risks
and hazards; requirement of additional financing; health and safety; uncertainty as to calculations of mineral
deposit estimates; marketability; licenses and permits; title matters; governmental regulation of the mining
industry; cybersecurity events; current global financial conditions including inflation; currency risk;
uninsured risks; competition; repatriation of earnings; properties without kn own mineral reserves;
dependence upon key management personnel and executives; dependence on major customers;
infrastructure; litigation; potential volatility of market price of common shares; possible conflicts of interest
of directors and officers of the Company; risk of dilution; payment obligations relating to properties;
instability of political and economic environments; and integration of acquisitions. Specific reference is
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Alkane Resources Ltd – Q3 FY2026 Operating and Financial Results – 15 May 2026
made to the Annual Information Form for a discussion of some of the factors underlying forward- looking
statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, the
reader is cautioned not to place undue reliance on forward-looking statements.
Non-IFRS Performance Measures
Investors should be aware that financial data in this press release includes Non- IFRS performance
measures under Regulatory Guide 230 Disclosing Non- IFRS Financial Information published by the
Australian Securities and Investments Commission and Non- GAAP performance measures within the
meaning of National Instrument 52- 112 – Non-GAAP and Other Financial Measures Disclosure published
by the Canadian Securities Administrators. This press release may contain references to adjusted EBITDA,
adjusted net profit, free cash flow, cash operating cost per ounce of gold equivalent produced and all-in
sustaining cost all of which are Non-IFRS/Non-GAAP performance measures and do not have standardised
meanings under IFRS. Therefore, these measures may not be comparable to similar measures presented
by other issuers.
Management uses EBITDA and free cash flow as measures of operating performance to assist in assessing
the Company’s ability to generate liquidity through operating cash flow in order to fund future working capital
needs and to fund future capital expenditures, as well as in measuring financial performance from period
to period on a consistent basis. The Company believes that these measures are used by and are useful to
investors and other users of the Company’s financial statements in evaluating the Company ’s operating
and cash performance because they allow for analysis of its financial results without regard to special, non-
cash and other non-core items, which can vary substantially from company to company and over different
periods.
The Company defines EBITDA as net profit before interest and finance charges, taxes, amortisation and
depreciation. A reconciliation between EBITDA and net profit is included in the MD&A.
The Company defines free cash flow as a measure of the Company’s ability to generate and manage
liquidity. It is calculated starting with the net cash flows from operating activities (as per IFRS) and then
subtracting capital expenditures and lease payments. Refer to “ Non-IFRS Financial Performance
Measures” section of the MD&A for a reconciliation between free cash flow and net cash flows from
operating activities.
For Costerfield, gold equivalent ounces are calculated by multiplying quantities of gold and antimony in the
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., Gold equivalent = ((Au Produced x Au $/oz) + (Sb Produced pre- payability x 70%
payability x Sb $/t)) / (Au $/oz). The average market price for gold is the average of the daily PM price,
sourced from www.lbma.org.uk. and the average market price for antimony is the average Shanghai Metal
Market Price sourced from www.metal.com. The cash operating cost excludes royalty expenses. Site all-in
sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion
of reclamation provision. Sustaining capital reflects the capital required to maintain each site’s current level
of operations. The site ’s all-in sustaining cost per ounce of gold equivalent in a period equals the all -in
sustaining cost divided by the equivalent gold ounces produced in the period.
For Björkdal and Tomingley, the total cash operating cost associated with the production of gold ounces
produced in the period is then divided by the gold ounces produced to yield the cash operating cost per
gold ounce produced. The cash operating cost excludes royalty expenses. Site all- in sustaining costs
include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation
provision. Sustaining capital reflects the capital required to maintain each site’s current level of operations.
The site’s all-in sustaining cost per ounce of gold in a period equals the all-in sustaining cost divided by the
gold ounces produced in the period.
For the Company as a whole, cash operating cost per gold equivalent ounce is calculated by summing the
gold equivalent ounces produced by each site and dividing the total by the sum of cash operating costs at
the sites. Consolidated cash operating cost excludes royalty and corporate level general and administrative