ALK.TO · 2026-04-23 12:00:00

Record quarterly production & operational cash build

Production Results

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

23 April 2026

Record quarterly production & operational cash build

Cash & Bullion $362 million – $130 million increase for the quarter

Perth, Western Australia - Alkane Resources Limited (ASX:ALK; TSX:ALK; OTCQX: ALKRY) (‘Alkane’ or ‘the

Company’) is pleased to present its Quarterly Activities Report for the period ending 31 March 2026 (‘Q3 FY26’):

Operations

• Site operating cash flow of $189 million for the quarter.

• Q3 F

Y26 record gold production of 45,776 AuEq oz @ AISC of $2,928/AuEq oz.1,2

• F

ull Year Group Guidance remains at 160-175kozs AuEq at AISC $2,600-2,900/AuEq oz reflects production

from Costerfield and Björkdal from July 2025.3

xploration

• At Costerfield, extension and infill drilling above the current workings at Youle and Shepherd have defined 25

additional veins within the Kendall prospect in the immediate surrounds of the historic Costerfield mine. Highlighted

results include 132.2 g/t gold and 19.8 % antimony over 1.94 m with an estimated true width ETW of 1.04 m, and

267.5 g/t gold and 5.6 % antimony over 2.3 m (ETW 1.22 m).4

• At

Tomingley, deep drilling identified a seismic reflector as a gold bearing structure 400m below the Roswell current

resources.5

inance and Corporate

• Gold equivalent sales for the quarter of 43,373 ounces1 for revenue of $ 275 million at an average gold price of

$6,330oz and an average antimony price of $34,394/t.

• Cash, bullion and listed investment balance of $374 million after $16 million of corporate income tax payments

during the quarter.

• 8,700 ounces of hedges filled during the quarter.

• Executed $110 million revolving credit facility and $40 million contingent instrument facility during the quarter.

• Post quarter end, S&P Dow Jones Indices announced that they would include Alkane in the S&P/ASX 200 effective

prior to the open of trading on Wednesday, 22 April 2026.

anaging Director and CEO, Nic Earner, commented: “It has been another great quarter for Alkane, producing

44,669 ounces of gold and 377 tonnes of antimony ( 45,776 ounces of gold equivalent) over the full quarter. 1 Our site

operating cashflow was $189 million for the quarter, resulting in a balance sheet with $374 million in cash, bullion and

listed investments at quarter end. Our full year guidance of 160-175kozs gold equivalent remains unchanged.3”

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). The average market prices for the March quarter were A$7,015/oz Au (being the average of the daily PM price, sourced from

www.lbma.org.uk) and A$29,449/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com).

2 AISC is a non-IFRS measure and does not have a standardised meaning under IFRS and might not be comparable to similar financial measures disclosed by other companies. Refer to

"Non-IFRS Performance Measures" at the end of this announcement.

3 Refer to ALK Announcement dated 9 September 2025 titled ‘Alkane Announces Financial Year 2026 Guidance’ for calculation of gold equivalent ounces and definition of Group Guidance.

Production guidance on a statutory reported basis (‘Attributable Guidance’) is 155 – 168 koz AuEq for FY2026.

4 Refer to ALK Announcement dated 25 February 2026 titled ‘Alkane Advances Near-Mine Kendal Deposit with High Grade Antimony-Gold Intercepts at Costerfield.”

5 Refer to ALK Announcement dated 24 February 2026 titled ‘Deep Drilling Identifies Gold Bearing Structure at T omingley.”

lkane Resources Limited – 31 March 2026 Quarterly Report Page | 2

GROUP SUMMARY STATUTORY REPORTING PERIOD1,2

Gold-Antimony Production

Alkane produced 44,669 ounces of gold and 377 tonnes of antimony in Q3 FY26, its highest quarterly gold and antimony

production yet, resulting in a Group record quarterly production of 45,776 gold equivalent ounces (Q2 FY26: 43,663

AuEq oz) at an AISC of $2,928/AuEq oz (Q2 FY26: $2,739 AuEq oz).

Production during the quarter was higher than Q2 FY26, driven by improved output at Björkdal due to increased mill

grades coupled with stable quarter-over-quarter production at Tomingley and Costerfield.

Alkane processed 674,011 tonnes of ore in total at an average gold grade of 2.40g/t Au producing 44,669oz of gold.

Tomingley processed 314,997 tonnes of ore with an average gold grade of 2. 41/t. At Costerfield, the average grade of

gold was 10.21g/t , and the average grade of antimony was 1. 21%, with 35,598 tonnes of ore processed. Björkdal

processed 323,417 tonnes of ore with an average gold grade of 1.52g/t.

6 As the merger with Mandalay Resources was completed on 5 August 2025, Alkane’s statutory reported production for FY2026 reflects production from Costerfield and Björkdal

only from that date. Full year production and costs can be found in tables 5 and 6 at the end of this report.

Table 1: March Quarter 2026 operational performance summary6

Operations Units Costerfield Tomingley Björkdal Total

Ore mined t 36,086 338,016 246,019 620,121

Mined ore gold grade g/t 9.42 2.32 1.32 2.33

Mined ore antimony grade % 1.12 - - 1.12

Processed ore t 35,598 314,997 323,417 674,011

Processed ore - milled head grade gold g/t 10.21 2.41 1.52 2.40

Processed ore - milled head grade antimony % 1.21 - - 1.21

Recovery gold % 93.58% 90.11% 90.43% 91.38%

Recovery antimony % 85.93% - - 85.93%

Gold produced oz 10,584 21,652 12,433 44,669

Antimony produced t 377 - - 377

Gold equivalent produced oz 11,691 21,652 12,433 45,776

Ore stockpiles - contained gold oz 7,520 8,363 18,922 34,805

Ore stockpiles - contained antimony t 301 - - 301

Gold equivalent in circuit, finished concentrate and bullion oz 3,496 8,599 2,151 14,246

Table 2: FY26 statutory reporting period operational performance summary6

Operations Units Costerfield Tomingley Björkdal Total

Ore mined t 100,616 914,787 665,539 1,680,942

Mined ore gold grade g/t 8.77 2.39 1.29 2.33

Mined ore antimony grade % 0.96 - - 0.96

Processed ore t 93,000 948,818 886,857 1,928,676

Processed ore - milled head grade gold g/t 9.87 2.35 1.19 2.18

Processed ore - milled head grade antimony % 0.97 - - 0.97

Recovery gold % 93.50% 88.58% 88.09% 90.05%

Recovery antimony % 85.26% - - 85.26%

Gold produced oz 27,017 62,076 28,308 117,401

Antimony produced t 768 - - 768

Gold equivalent produced oz 29,566 62,076 28,308 119,950

Ore stockpiles - contained gold oz 7,520 8,363 18,922 34,805

Ore stockpiles - contained antimony t 301 - - 301

Gold equivalent in circuit, finished concentrate and bullion oz 3,496 8,599 2,151 14,246

lkane Resources Limited – 31 March 2026 Quarterly Report Page | 3

Revenue

Gold equivalent sales for the quarter of 43,373 ounces1 (Q2 FY26: 44,084 AuEq oz) for revenue of $275 million (Q2

FY26: $256 million) at an average gold price of $ 6,330/oz (Q2 FY26: $5,785/oz) and an average antimony price of

$34,394/t (Q2 FY26: $41,510/t). The increase in revenue was mainly due to the higher realised gold price as compared

to the previous quarter. Revenue from Tomingley includes 8,700 ounces delivered into forward contracts at $2,855/oz.

örkdal´s and Costerfield´s average realised gold price at $ 7,430/oz and $7,204/oz respectively, is a simple average

for the quarter of revenue divided by ounces sold for the quarter. Sales revenue for the quarter at these operations

include adjustments to provisionally priced concentrate sales, which are then revalued at each reporting date (by using

the current market price at the end of each reporting period). The gold price increased notably during the quarter, leading

to the recognition of $9 m illion at Björkdal and $ 1 million at Costerfield of additional revenue without recognising

additional ounces, thereby increasing the realised gold price per ounce.

perating Costs, Cash Operating Costs per Gold Equivalent Ounce Produced, All-In Sustaining Costs (“AISC”)

per Gold Equivalent Ounce Produced and Capital Expenditures

Group AISC was $2,928/AuEq oz1 for the quarter and group cash costs were $2,037/AuEq oz for the quarter. These

were higher than Q2 FY26 AISC of $2,739/AuEq oz and operating cash costs of $2,031/AuEq oz, primarily due to higher

royalties associated with higher gold prices and the impact of diesel fuel and other price increases.

Total operational sustaining, growth and exploration capital expenditure during Q3 FY26 was $43 million.

Sustaining capital was $2 4 million. This included $ 8 million for capital development at Björkdal , $6 million for mobile

equipment rebuilds and purchases at Tomingley and Björkdal , and $2 m illion for processing plant improvements at

Björkdal.

Growth capital of ~$9 million was primarily allocated to Tomingley for the Newell Highway realignment. This project is

due for completion in the first half of 2027.

Exploration expenditure of ~$10 million was split between $7 million at Costerfield and $3 million at Björkdal. Costerfield

expenditure was predominantly split over the Kendall, Brunswick South and True Blue drilling programs. At Björkdal the

main areas of exploration were the North Zone and the Eastern Extension near the mine as well as the Storheden

program approximately 1km to the northeast.

ewell Highway works looking east.

lkane Resources Limited – 31 March 2026 Quarterly Report Page | 4

Table 3: March Quarter 2026 financial performance summary

Financials Units Costerfield Tomingley Björkdal Total

Gold equivalent sold oz 12,190 18,949 12,234 43,373

Average realised gold price $/oz 7,204 5,096 7,430 6,330

Average realised antimony price $/t 34,394 - - 34,394

Revenue for the quarter $'000 86,705 96,570 81,570 264,845

Gold provisional pricing adjustments $'000 1,185 - 9, 332 10,518

Antimony provisional pricing adjustments $'000 ( 327) - - (327)

Total revenue from mining operations $'000 87,564 96,570 90,902 275,036

Mining $'000 11,847 24,987 19,764 56,598

Processing $'000 3,605 15,460 7,138 26,203

G&A $'000 2,870 3,318 4,261 10,449

Cash cost $'000 18,322 43,765 31,163 93,250

Inventory movements $'000 3,702 (773) 191 3,120

Royalties $'000 2,342 4,015 100 6,457

Corporate costs $'000 - - - 5, 635

Rehabilitation $'000 557 610 87 1,255

Sustaining Capital $'000 4,554 5,298 14,453 24,305

All-in sustaining cost $'000 29,478 52,914 45,994 134,022

Exploration $'000 6,645 100 2,790 9,536

Growth capital $'000 - 6, 936 2,333 9,269

All-in cost $'000 36,123 59,950 51,117 152,826

Gold produced oz 10,584 21,652 12,433 44,669

Antimony produced t 377 - - 377

Gold equivalent produced oz 11,691 21,652 12,433 45,776

Cash cost $/oz 1,567 2,021 2,506 2,037

All-in sustaining cost $/oz 2,521 2,444 3,699 2,928

All-in cost $/oz 3,090 2,769 4,111 3,339

Mine operating cash flow $'000 80,130 54,372 54,724 189,226

lkane Resources Limited – 31 March 2026 Quarterly Report Page | 5

6 As the merger with Mandalay Resources was completed on 5 August 2025, Alkane’s statutory reported production for FY2026 reflects production from Costerfield and Björkdal

only from that date. Full year production and costs can be found in tables 5 and 6 at the end of this report.

Table 4: FY26 statutory reporting period financial performance summary6

Financials Units Costerfield Tomingley Björkdal Total

Gold equivalent sold oz 29,880 59,896 27,691 117,467

Average realised gold price $/oz 6,522 4,828 7,016 5,758

Average realised antimony price $/t 38,578 - - 38,578

Revenue Year to date $'000 194,092 289,161 170,783 654,036

Gold provisional pricing adjustments $'000 2,921 - 23, 496 26,417

Antimony provisional pricing adjustments $'000 (1,467) - - (1,467)

Total revenue from mining operations $'000 195,546 289,161 194,279 678,986

Mining $'000 31,340 71,084 47,026 149,450

Processing $'000 9,889 41,784 18,499 70,172

G&A $'000 9,671 9,771 11,201 30,643

Cash cost $'000 50,901 122,638 76,726 250,265

Inventory movements $'000 2,986 141 (1,453) 1,674

Royalties $'000 5,248 10,426 264 15,938

Corporate costs $'000 - - - 14, 261

Rehabilitation $'000 1,597 2,032 201 3,831

Sustaining Capital $'000 10,211 14,808 34,865 59,885

All-in sustaining cost $'000 70,943 150,046 110,603 345,852

Exploration $'000 16,227 1,495 5,463 23,185

Growth capital $'000 1,508 19,354 3,972 24,834

All-in cost $'000 88,678 170,895 120,039 393,872

Gold produced oz 27,017 62,076 28,308 117,401

Antimony produced t 768 - - 768

Gold equivalent produced oz 29,566 62,076 28,308 119,950

Cash cost $/oz 1,722 1,976 2,710 2,086

All-in sustaining cost $/oz 2,399 2,417 3,907 2,883

All-in cost $/oz 2,999 2,753 4,240 3,284

Mine operating cash flow $'000 130,141 160,782 106,012 396,936

lkane Resources Limited – 31 March 2026 Quarterly Report Page | 6

Cash flow

Alkane closed the quarter with cash, bullion and liquid investments of $374 million – comprising $328 million in total

cash, bullion ($3 4 million) and liquid investments ($12 million). This result was driven by Group gold sales at 43,373

gold equivalent ounces at an increased realised gold price of $6,330/oz (Q2 FY26: $5,785/oz) and a realised antimony

price of $34,394/t (Q2 FY26: $41,510/t) generating $275 million in revenue. Alkane´s operations generated $189 million

in mine operating cashflows with the achieved gold price $3,402/AuEq oz over AISC.

Tax outflows were $16 million during the quarter, which is the total of monthly instalments towards future tax

obligations across the business. Corporate and other cashflows were $20 million. This includes $6 million of corporate

cash outflows, $3 million of Boda & regional NSW exploration, $6 million on Lupin closure costs and $5 million net

repayment of equipment loans partly offset by $4 million received from the divestment of a non-core asset in Chile

with another $4 million to be received in Q4 FY26. $2 million interest income is included in the mine operating

cashflows.

Underlying post tax free

cashﬂow of $130 m

Alkane Resources Limited – 31 March 2026 Quarterly Report Page | 7

OPERATIONS AND PROJECTS

Costerfield Gold-Antimony Operations - Victoria

Mandalay Resources Costerfield Operations Pty Ltd (100%)

Costerfield Gold-Antimony Operations (Costerfield) is a wholly owned operation of Alkane. Costerfield is located within

the Costerfield mining district of Central Victoria, Australia, approximately 10 km northeast of the town of Heathcote and

50 km east of the city of Bendigo.

The property encompasses the underground infrastructure supporting the Augusta, Cuffley, Brunswick, Youle and

Shepherd deposits; the Augusta Mine Site (Augusta), the Brunswick Processing Plant; the Splitters Creek Evaporation

Facility; the Brunswick and Bombay Tailings Storage Facilities (TSF) and associated infrastructure.

Operations Performance

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.

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 ounces1 was produced during the quarter (Q2 FY26: 11,686 AuEq oz). The site cash

costs for the quarter were $ 1,567/AuEq oz (Q2 FY26: $1,701/AuEq oz) with an AISC of $ 2,521/AuEq oz (Q2 FY26:

$2,149/AuEq oz).2 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 $88 million. Finished product stocks were 3,496 ounces. The site’s operating cash flow was $80 million for

the quarter.

Exploration

At Costerfield during the quarter three main programs progressed.4 Close to current workings, the Brunswick South and

Kendall programs were continued into infill the drilling stage with additional drill rigs mobilised to Brunswick to accelerate

the program. The third program continued was True Blue, approximately 2km east of the current mining at Costerfield.

The Sub KC drilling program was put on hold during the quarter in preference of the advancing Brunswick South in to

infill drilling.

Additionally, during the quarter Alkane reported on the progress of the Kendal drilling program, highlighting that 25

individual veins have now been identified and mode lled immediately above the currently mined Youle and Shepherd

orebodies and surrounding the historically mined Costerfield deposit.4 Significant assays of the program include: 132.2

g/t gold and 19.8 % antimony over 1.94 m with an estimated true width ETW of 1.04 m, and 267.5 g/t gold and 5.6 %

antimony over 2.3 m (ETW 1.22 m).4

Alkane Resources Limited – 31 March 2026 Quarterly Report Page | 8

Map of Costerfield showing areas of exploration during Q3 FY26.

Tomingley Gold Operations - NSW

Tomingley Gold Operations Pty Ltd (100%)

Tomingley Gold Operations (Tomingley) is a wholly owned operation of Alkane, located near the village of Tomingley,

approximately 50km southwest of Dubbo in Central Western New South Wales. Tomingley has been operating since

2014. Mining occurs underground on four gold deposits (Wyoming One, Caloma One, Caloma Two and Roswell).

Operations Performance

The primary source of ore continues to be from Roswell . Underground Ore mined was slightly below plan at 338,016t

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 poured for the quarter (Q2 FY26: 22,089oz). The site cash costs for the quarter

were $2,021/oz (Q2 FY26: $1,811/oz ) with an AISC of $2,444/oz (Q2 FY26: $2,216/oz).2 Gold sold for the quarter was

18,949 ounces at an average sales price of $5,096/oz, generating revenue of $97 million. Bullion stocks totalled 5,049

ounces, valued at $34 million using the closing price at quarter end. The site’s operating cash flow was $54 million for

the quarter.

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