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2026-11-06
◂ Monitor ALK ASX

ALKANE RESOURCES LIMITED

Producer · Gold · Others · Copper · Australia · Sweden · Canada · Chile Rating locked: sign in to view v8 · alk-20261024t205911-full
Last 2026-11-06
A$1.725
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$2.4B
EV
A$1.9B
Cash
A$431.9M
Debt
A$16M
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$431.9M Self Funding
Debt A$16M Net cash A$415.9M
Basic shares 1.4B 2026-09-09
Runway Self Funding Operating funding tested through every modeled operations and closure year. Positive base and bull outcomes require no new equity, revolver draw, investment sale or uncertain Boda partner receipt.

Liquidity

Financial position

Cutoff nominal cash plus readily saleable bullion estimated A$441m (September 440 less October dividend3 plus estimated elapsed net generation4), with A$19m listed shares separately. A$110m RCF not drawn or relied on in model; initial three-year tenor from March 2026 and conditional extensions. Equipment debt16 and dated old tax/closure claims modeled separately.

Inventory composition4

A$90.486m audited inventory at cost includes ore stockpiles, in-circuit, finished goods and consumables. No gross inventory bridge addition. September cash and bullion are combined, so liquid bullion is included once in the cutoff liquid-assets estimate and operating NWC is separately estimated excluding liquid bullion.

Ore stockpiles
A$42.9M carrying
Gold in circuit
A$6.3M carrying
Finished goods
A$16.8M carrying
Consumable stores
A$24.4M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.4B
Fully diluted
1.4B

605,541,892 opening ordinary + 759,335,771 merger shares + 917,304 rights vesting + 409,854 employee shares = 1,366,204,821. September 4 shareholder table confirms ordinary count; September 9 unlisted table shows 8,288,957 remaining nil-strike rights. Full vesting denominator 1,374,493,778; no option exercise proceeds. Weighted EPS denominators are not used.

Security classes3
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share1.4B——
FY25 performance rightsPerformance Right4.6MA$0—
FY26 performance rightsPerformance Right3.7MA$0—

KPI history

Operating metrics · Björkdal Gold Mine

Björkdal Gold Mine physical gold production shown
02,9355,8708,80511,740Q2 FY26Q3 FY26Q4 FY26: 9,935 oz AuQ4 FY26Q1 FY27: 10,482 oz AuQ1 FY27
MetricUnitTrendQ2 FY26Q3 FY26Q4 FY26Q1 FY27
Björkdal Gold Mine physical gold productionoz AuQ4 FY26: 9,935 oz AuQ1 FY27: 10,482 oz Au——9,93510,482
bjorkdal physical gold productionoz AuQ2 FY26: 9,888 oz AuQ3 FY26: 12,433 oz Au9,88812,433——

KPI history

Operating metrics · Costerfield Gold-Antimony Mine

Costerfield Gold-Antimony Mine physical gold production shown
02,8335,6668,49811,331Q2 FY26Q3 FY26Q4 FY26: 10,117 oz AuQ4 FY26Q1 FY27: 7,835 oz AuQ1 FY27
MetricUnitTrendQ2 FY26Q3 FY26Q4 FY26Q1 FY27
Costerfield Gold-Antimony Mine physical gold productionoz AuQ4 FY26: 10,117 oz AuQ1 FY27: 7,835 oz Au——10,1177,835
costerfield physical gold productionoz AuQ2 FY26: 10,790 oz AuQ3 FY26: 10,584 oz Au10,79010,584——

KPI history

Operating metrics · Tomingley Gold Operations

Tomingley Gold Operations physical gold production shown
06,02212,04318,06524,087Q2 FY26Q3 FY26Q4 FY26: 20,896 oz AuQ4 FY26Q1 FY27: 21,506 oz AuQ1 FY27
MetricUnitTrendQ2 FY26Q3 FY26Q4 FY26Q1 FY27
Tomingley Gold Operations physical gold productionoz AuQ4 FY26: 20,896 oz AuQ1 FY27: 21,506 oz Au——20,89621,506
tomingley physical gold productionoz AuQ2 FY26: 22,089 oz AuQ3 FY26: 21,652 oz Au22,08921,652——
Operating metric source table14
MetricProjectPeriodPeriod typeValueStatus
Tomingley Gold Operations physical gold productionTomingleyQ1 FY27Quarter21,506 oz AuReported
Tomingley Gold Operations physical gold productionTomingleyQ4 FY26Quarter20,896 oz AuReported
Costerfield Gold-Antimony Mine physical gold productionCosterfieldQ1 FY27Quarter7,835 oz AuReported
Costerfield Gold-Antimony Mine physical gold productionCosterfieldQ4 FY26Quarter10,117 oz AuReported
Björkdal Gold Mine physical gold productionBjorkdalQ1 FY27Quarter10,482 oz AuReported
Björkdal Gold Mine physical gold productionBjorkdalQ4 FY26Quarter9,935 oz AuReported
Consolidated statutory AuEq; acquired mines from August 5CompanyFY26 statutory consolidationYear162,440 oz AuEqReported
Company-native AuEq AISC; separate from physical-gold costsCompanyFY26 statutory consolidationYear2,907 AUD/oz AuEqReported
tomingley physical gold productionTomingleyQ2 FY26Quarter22,089 oz AuReported
tomingley physical gold productionTomingleyQ3 FY26Quarter21,652 oz AuReported
costerfield physical gold productionCosterfieldQ2 FY26Quarter10,790 oz AuReported
costerfield physical gold productionCosterfieldQ3 FY26Quarter10,584 oz AuReported
bjorkdal physical gold productionBjorkdalQ2 FY26Quarter9,888 oz AuReported
bjorkdal physical gold productionBjorkdalQ3 FY26Quarter12,433 oz AuReported
Company guidance9
MetricProjectPeriodLowHighStatus
ProductiontomingleyFY2778,00084,000 oz AuCurrent
AISCtomingleyFY272,6002,900 AUD/oz AuCurrent
Growth CAPEXtomingleyFY2790,000,000100,000,000 AUDCurrent
ProductioncosterfieldFY2744,00048,000 oz AuEqCurrent
AISCcosterfieldFY272,7003,000 AUD/oz AuEqCurrent
Growth CAPEXcosterfieldFY2730,000,00040,000,000 AUDCurrent
ProductionbjorkdalFY2741,00045,000 oz AuCurrent
AISCbjorkdalFY273,3003,700 AUD/oz AuCurrent
Growth CAPEXbjorkdalFY2740,000,00050,000,000 AUDCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-01Ann. 2026-08-21DividendA$27M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

All identified live royalties, sales relationships, finite gold hedges, FX protection and Nagambie conditional earn-in reconciled. Commercial concentrate settlements and Costerfield FX option terms remain incomplete.

Source-reported state royalty; source AISC includes this cost. New DCF removes it from the AISC-derived cash-cost anchor and applies the stated rate once to forecast revenue.

Royalty · Active
Applies to
Tomingley Gold Operations · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
rate: 4 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported state royalty; source AISC includes this cost. New DCF removes it from the AISC-derived cash-cost anchor and applies the stated rate once to forecast revenue.

Royalty · Active
Applies to
Costerfield Gold-Antimony Mine · Gold · Others
Economic direction
Burden
Period
Dates not stated
Key terms
rate: 2.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported state royalty; source AISC includes this cost. New DCF removes it from the AISC-derived cash-cost anchor and applies the stated rate once to forecast revenue.

Royalty · Active
Applies to
Björkdal Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
rate: 0.2 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Customer relationships disclosed; detailed concentrate terms, expiry and payabilities beyond company AuEq 70% Sb convention are not disclosed. Provisional pricing introduces settlement risk.

Offtake · Active
Counterparties
Macquarie Bank · ABC Refinery
Applies to
Tomingley Gold Operations · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Customer relationships disclosed; detailed concentrate terms, expiry and payabilities beyond company AuEq 70% Sb convention are not disclosed. Provisional pricing introduces settlement risk.

Offtake · Active
Counterparties
CPG Group · China National Gold Group
Applies to
Costerfield Gold-Antimony Mine · Gold · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Customer relationships disclosed; detailed concentrate terms, expiry and payabilities beyond company AuEq 70% Sb convention are not disclosed. Provisional pricing introduces settlement risk.

Offtake · Active
Counterparties
Aurubis · Boliden
Applies to
Björkdal Gold Mine · Gold
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

21,150 ounces remained at 30 September at annual weighted strike A$2,862/oz, for delivery by June 2027. Post-September delivery is estimated explicitly; no duplicate non-delivery liability is booked in a physical-delivery case.

Commodity Hedge · Active
Counterparties
Macquarie Bank
Applies to
Tomingley Gold Operations · Gold
Economic direction
Mixed
Period
Through 2027-06-30; start date not stated
Key terms
remaining volume: 21,150 oz Au
fixed gold price: 2,862 AUD/oz Au
How it affects our valuation

No valuation treatment is available for this arrangement.

48,066 ounces outstanding at June, A$3,000 floor, through June 2027. Exact September residual is not provided; remaining notional is estimated pro rata and tested against zero protection.

Commodity Hedge · Active
Applies to
Tomingley Gold Operations · Gold
Economic direction
Mixed
Period
Through 2027-06-30; start date not stated
Key terms
June outstanding volume: 48,066 oz Au
floor: 3,000 AUD/oz Au
How it affects our valuation

No valuation treatment is available for this arrangement.

Directors FY27 programme43,800 ounces, SEK31,611 floor (issuer approximate A$4,720), July2026-June2027. This is later than the note23 older SEK30,645 programme; only the newer residual is modeled.

Commodity Hedge · Active
Applies to
Björkdal Gold Mine · Gold
Economic direction
Mixed
Period
Through 2027-06-30; start date not stated
Key terms
FY27 floor volume: 43,800 oz Au
floor: 31,611 SEK/oz Au
How it affects our valuation

No valuation treatment is available for this arrangement.

AUD:USD option protection is disclosed but notional, strike and timing are insufficient for a faithful payoff model. No manufactured FX benefit.

FX Hedge · Active
Applies to
Costerfield Gold-Antimony Mine · Gold · Others
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Twelve-month withdrawal option from9April2026; spend A$12.5m within3years to earn60%, then another A$15m (total27.5m) within5years to earn80%. JV formed at60%/80%, proportional subsequent funding, spare Costerfield capacity on agreed commercial terms. Nagambie dilution below10% converts to2%NSR cappedA$20m. No current mine equity earned.

Earn In · Conditional
Counterparties
Nagambie Resources
Applies to
Nagambie Mine conditional earn-in · Gold · Others
Economic direction
Mixed
Period
From 2026-04-09; no end date stated
Key terms
60% earn-in aggregate spend: 12,500,000 AUD
80% earn-in aggregate spend: 27,500,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.