Costerfield - True Blue Exploration Update

Alkane Resources Limited (ALK) has released the latest exploration results from 33 infill and extension diamond drill holes, totaling 19,012 meters, at the True Blue deposit within its Costerfield operation in Victoria. The program targeted the Freeman vein and associated structures to refine geological models ahead of deposit development.

Key intercepts included: * TB055: 57.6 g/t Au and 25.4% Sb over 0.25m (ETW 0.17m) * TB084 (702 splay): 84.1 g/t Au and 15.4% Sb over 0.48m (ETW 0.36m) * TB065: 30.1 g/t Au and 14.8% Sb over 0.27m (ETW 0.17m) * TB057: 20.9 g/t Au and 19.5% Sb over 0.31m (ETW 0.22m) * TB053: 17.9 g/t Au and 1.7% Sb over 3.2m (ETW 1.4m)

The drilling resolved the Freeman vein as a sheeted series of vertical north-south veins, breaking up previously high-grade panels. The company stated geological confidence is now significantly increased, supporting development plans.

Alkane Resources Limited (ALK) is a well-capitalized producer with three operating mines and a market capitalization approaching A$2 billion. The True Blue deposit holds a small inferred resource of 145 kt at 13.1 g/t Au and 3.1% Sb, containing 61 koz Au and 4.5 kt Sb, or approximately 130 koz AuEq.

Infill drilling that confirms vein geometry and grade continuity represents a positive step for development but does not materially alter the company’s resource base or near-term production profile. The market’s prior expectation, as reflected in the gradual decline from April 2026 highs to the current $1.38–1.43 range, suggests general softening. For a producer of this size, near-mine infill results are expected and rarely move the equity unless they lead to a meaningful reserve increase. This release does not provide a new resource estimate or indicate a step-change in tonnage.

Alkane Resources Limited (ALK) is an Australian gold and antimony producer that owns and operates three mines: Tomingley, an open-pit and underground gold operation in New South Wales with a capacity of 1.2–1.75 Mtpa; Costerfield in Victoria, a high-grade underground gold-antimony mine that has produced over 900,000 ounces of gold equivalent since 2009; and Björkdal in Sweden, an underground gold mine that has produced over 400,000 ounces since 2014. The company also holds the Boda-Kaiser porphyry gold-copper project in New South Wales, which contains 8.4 million ounces of gold and 1.5 million tonnes of copper in indicated and inferred resources, along with a regional exploration package.

Following the August 2025 merger with Mandalay Resources, Alkane is listed on the ASX and TSX. The company reported a strong balance sheet with approximately A$374 million in cash and bullion as of March 2026 and low debt levels. For fiscal year 2026, Alkane has provided production guidance of 160,000 to 175,000 ounces of gold equivalent at an all-in sustaining cost (AISC) of A$2,600 to A$2,900 per ounce.