Alkane is pleased to provide an update on the work being undertaken to release Production Guidance for FY2026 and the Annual Resources and Reserves Statement for the Company’s expanded portfolio of projects.
The Company would also like to take the opportunity to provide further details regarding the FY2025 production results from its Costerfield and Björkdal projects and to clarify certain information provided in the announcement dated 6 August 2025 titled “Diggers & Dealers Mining Forum Presentation” (‘Presentation’) relating to the reporting of metal equivalents and life of mine information.
Timing of Production Guidance and Annual Resources and Reserves Statement
Following completion of the merger with Mandalay Resources Corporation (‘Mandalay’), management and the Board have been reviewing the combined entity’s FY2026 budget and the Company expects to be in a position to release Production Guidance for FY2026 in September.
The Alkane team is also preparing the Company’s consolidated 2025 Annual Resources and Reserves Statement and will release the Annual Resources and Reserves Statement as soon as it is available.
The Company notes that it has commenced the process of converting the mineral resources and mineral reserves estimate prepared in accordance with NI 43-1011,2 for the Costerfield and Björkdal operations to estimates prepared in accordance with the JORC Code to maintain duality of reporting to both codes for the benefit of all shareholders on both the ASX and TSX. Alkane expects to be able to issue a JORC Code3 compliant mineral resources and ore reserves estimate for those projects in its 2026 Annual Resources and Reserves Statement.
Costerfield and Björkdal FY2025 Production
The Company has previously announced consolidated production results for FY20254, as well as FY2025 production results for its Costerfield and Björkdal projects. Figure 1 contains further information in relation to the results for Costerfield and Björkdal, including the calculation of metal equivalents for production results from Costerfield.
Retraction of Life of Mine Information
The Company would like to retract the information included in the Presentation under the heading ‘Mine Life’ in relation to Costerfield (slide 8) and Björkdal (slide 13).
The mine life estimates in the Presentation were previously included in announcements dated 28 April 2025 titled ‘Alkane and Mandalay Merger Presentation’ and 23 July 2025 titled ‘Noosa Mining Investor Conference Presentation’ and were calculated based on the stated JORC Code compliant ore reserves (in the case of Tomingley) and mineral reserves reported in accordance with NI 43-101 (in the case of Costerfield and Björkdal). In each case the reserves for each project were divided by the project’s existing processing capacity. Alkane did not intend for this information to be construed as a production target. Nevertheless, this information is based on qualifying foreign estimates of mineral reserves in the case of Costerfield and Björkdal and is not reported in accordance with the JORC Code or ASX Listing Rule 5.16.
Accordingly, the Company will not include information determined in this manner in future releases and investors are advised not to rely on the mine life information contained in the retracted statements for their investment decisions.
