Deep Drilling Identifies Gold Bearing Structure at Tomingley

Program Summary

• Exploration drilling at Tomingley has tested a seismic reflector feature beneath the Roswell Deposit and near-mine prospects such as El Paso. Underground drilling at Roswell, outside of grade control, has focused on improving confidence in the Inferred Resources.
• Roswell underground resources (1.3g/t Au cut-off) are estimated at 5.5Mt grading 2.6g/t Au for an endowment of 476,000 oz Au¹. A previous exploration drill hole (RWD061) was extended to 1,392m depth to intersect a seismic reflector identified ~400m below current resources. The drilling identified the east dipping reflector as gold-arsenic enriched hydrothermal breccias and veining.
• A program of underground drilling at Roswell targeting the Inferred Resources hosted by the Western Monzodiorite domain was completed. Results for this program testing the mid-portion of the domain to a nominal 15m x 20m grid spacing were received from the final 21 drill holes, totalling 4,019m. The program has confirmed multiple high-grade gold zones within the monzodiorite.
• Exploration drilling of 7 diamond core drill holes at the El Paso prospect and 1 RC drill hole at the Westray prospect. All drilling intersected quartz veining with gold-arsenic mineralisation, hosted in the prospective Mingelo Volcanic stratigraphy.

Assay Highlights

• Roswell Seismic target (RWD061):
  • 8.7 m grading 1.15g/t Au including 3 m grading 2.78g/t Au;
  • 0.3 m grading 11.4g/t Au;
  • 2 m grading 5.90g/t Au.
• Roswell Western Monzodiorite underground drilling:
  • 5.9 m grading 31.0g/t Au including 2.1 m grading 78.4g/t Au (ROSUG657D);
  • 17.4 m grading 4.30g/t Au including 2.5 m grading 21.1g/t Au (ROSUG644D);
  • 3.5 m grading 16.1g/t Au including 1.2 m grading 45.1g/t Au (ROSUG425D);
  • 0.6 m grading 69.2g/t Au (ROSUG656D).
• El Paso exploration drilling:
  • 17 m grading 4.02g/t Au including 0.5 m grading 77.5g/t Au (EPD020);
  • 8 m grading 2.10g/t Au (EPD020).

Alkane Managing Director & CEO Nic Earner said: “Our continuing exploration at Tomingley reveals both extensions to our deposits, which remain open at depth and along strike, as well as new areas of mineralisation. This drilling demonstrates the significant resource expansion potential across the mine site, we look forward to revealing this potential, both near mine and regionally around Tomingley.”

¹ Refer to ALK Announcement dated 15 October 2025 titled ‘NSW Resources and Reserves Statements FY25’.
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Tomingley Gold Operations (TGO)

Alkane Resources Ltd 100%

Tomingley Gold Mine is an open pit and underground mining development with a 1Mtpa processing facility in operation since 2014. The development is located near the village of Tomingley, approximately 50 kilometres southwest of Dubbo in Central West New South Wales. Tomingley Gold Operations Pty Ltd is a wholly owned subsidiary of Alkane.

Development at Tomingley has been based on the Wyoming One, Wyoming Three, Caloma, Caloma Two and Roswell gold deposits. To date, mining occurred underground at Wyoming One, Caloma, Caloma Two and Roswell deposits. Roswell stope ore production came on stream in April 2024 (ASX Announcement 22 April 2024) via an approximately 3 km decline from the Wyoming One open cut.

The Tomingley deposits are located within a tightly folded Ordovician volcano-sedimentary sequence that has been altered to a sericite-carbonate-albite-quartz-pyrite-arsenopyrite assemblage, typical of orogenic lode-style gold deposits. Mineralised fluids are interpreted to have been focused by differential strain in and around andesitic volcanics due to the rheological competency contrast between the volcanics and the bounding volcaniclastic sediments. The brittle nature of the volcanics often leads to the development of shear-hosted sheeted quartz vein and breccia deposits within and adjacent to the andesitic bodies. Separately, thin carbonaceous mudstone strata appear to have been a focus for shearing and a chemical trap for gold.

Since underground mining commenced in 2018, extensive underground drilling has been employed to define ore reserves for extraction and maintain exploration to define additional resources. The most recent Reserves and Resources were summarised in the ASX release on 15 October 2025 “NSW Resources and Reserves Statements FY25”.

Roswell

The Roswell underground resources (1.3g/t Au cut-off) are estimated at 5.5Mt grading 2.6g/t Au for 476 oz Au (see table titled TGO Mineral Resources at 30 June 2025). The previously deepest exploration drill hole (RWD061 – ASX announcement 17 November 2022) at Roswell was completed to 1,002m. This hole was recently extended by another 390m with HQ3 diamond core drilling to intersect a seismic reflector identified by the reprocessed 2D seismic survey data in 2024 (see ASX announcement 7 October 2024). This reflector, identified in three 2D seismic traverses, is dipping ~30^o to the east with more than a 5km strike length, is interpreted to be a major fault or conduit for the upwelling of gold-arsenic enriched hydrothermal fluids to the Tomingley gold system.

The drill hole intersected several hydrothermal breccias, and quartz veining in a similar orientation to the seismic reflector surrounded by an intense silicification alteration halo hosted in volcaniclastic metasediments. Visible gold was observed in one of the breccias. The reflector zone was also characterised by zones of intense arsenopyrite mineralisation associated with low gold grades, such as 7 metres grading 0.16g/t Au and >0.5% As from 1,176 metres. Footwall to the seismic reflector, the hole intersected the down dip and normal offset extensions to the Western Monzodiorite (MZD) that was also mineralised. In summary, significant gold intercepts from the extension of RWD061 include:

The reflector where intersected by RWD061 is hosted by metasediments. As observed at the Tomingley deposits, higher gold grades and broader intercepts will likely occur where mineralised structures intersect a favourable rheological and chemical host lithologies such as the andesite or monzodiorite at Roswell. Further drilling is planned in the areas above and below RWD061 to test where the conduit structure intersects the Andesite and the MZD. The flexure in the reflector albeit in the metasediments of the Cotton Formation is also a favourable structural setting and is also planned to be tested.

RWD061 – Subvertical meta-sediments with cross-cutting shallow east dipping sheeted quartz-arsenopyrite veins and breccias (7m interval grading 0.16g/t Au and >0.5% As from 1,176 m).

A significant portion of the Roswell underground Inferred Resources (408 kt grading 1.9 g/t Au - ASX Announcement 15 October 2025) is hosted in the Western Monzodiorite domain. A program of intensive underground diamond core drilling targeting the mid-portion of the Western Monzodiorite domain within the Inferred Resources was recently completed. The drilling will improve the confidence of the Mineral Resource Estimation (MRE) and provide a basis for conversion to Ore Reserves.

Results have been received from 21 holes totalling 4,019 metres that are targeting the mid-portion of the monzodiorite domain infilling existing drilling to a nominal 15m x 20m grid spacing for the purpose of converting to an Indicated Resource. The drilling confirmed multiple wide, high-grade gold intercepts within the 30 m thick monzodiorite, particularly along its western margin. Best intercepts include:

El Paso and Regional Exploration

Recent regional exploration to generate new targets for discovery of gold resources outside of the Tomingley Gold Operations has included 3,341 metres of air-core drilling testing areas of covered bedrock, a high-resolution drone magnetic survey, and rock chip sampling of outcropping areas. Assay results were received from target testing exploration comprising of seven mud rotary pre-collared diamond core drill holes at the El Paso prospect and one RC drill hole at the Westray prospect.

At El Paso, a total of 1,964 metres were completed to test the extent of dacite-associated gold mineralisation such as 32.1m at 1.65g/t Au from 66.9m and 6.1m at 3.03g/t from 120.9m (EPD017 – ASX announcement 14 August 2025), according to the interpretation of a moderately SE-dipping sill. When most of the holes failed to intersect the dacite, the interpretation was reviewed with the data from the new drilling and relogging of earlier holes. The new interpretation has three distinct dacite lavas that strike NNE and dip subvertical to the WNW. One drill hole (EPD024) was also planned to test for an offset to the dacite northwest of a significant northwest striking fault. The drilling did not intersect dacite. Whilst the current drilling orientation was not optimal to test this new interpretation and any future drilling will be now collared from the west, significant gold mineralisation was still intercepted including:

Previous air-core and soil sampling identified the Westray prospect as a multipoint Au-As target hosted in the prospective Mingelo Volcanics (ASX announcement 14 August 2025). The prospect had not been previously tested by RC or diamond drilling. One RC drill hole was recently completed to 194m to test the shallow gold mineralisation at depth in fresh rock, intersecting significant results of:

The drill hole intersected a thick package of volcaniclastic metasediments with one thin andesitic volcanic with diffuse peperitic contacts. Approximately 100m of bleaching sericite alteration with varying levels of quartz veining associated with elevated gold and arsenic was intersected from 95m downhole. Further exploration is to focus on identifying a significantly sized (+30m thick) volcanic host that intersects this mineralised structure.

Further Work

Surface exploration drilling at Tomingley mine site has commenced with diamond core drilling to test the underground potential at the Wyoming Three deposit, and the northern extensions of the main andesite host at Caloma.

The recent significant gold results from the underground drilling of the Western Monzodiorite domain has initiated a second phase of drilling that will test the upper and lower portions of the Inferred domain. This program is underway and expected to be completed by Q3 2026.

Near-mine exploration has recommenced with two diamond core drill holes planned to further characterise the mineralisation identified at the Tomingley One and Tomingley Two prospects. A 1,600m deep diamond core drill hole, to test beneath the Peak Hill epithermal gold deposits for the existence of a Cu-Au porphyry beneath the epithermal gold lithocap.

Planned to commence in Q2 2026 are four diamond core drill holes at Glen Isla to test epithermal gold targets generated from an Induced Polarisation (IP) survey completed in 2025. Additional mud rotary diamond core drilling at El Paso is also planned to confirm the updated geological model and to test for extensions to the known mineralisation to inform the exploration target.

TGO Mineral Resources 

Apparent arithmetic inconsistencies are due to rounding
These Mineral Resources are wholly inclusive of Ore Reserves.

TGO Ore Reserves

Apparent arithmetic inconsistencies are due to rounding

The above tables were published in ASX Announcement dated 15 October 2025 and titled ‘NSW Resources and Reserves Statement FY25’.

True widths are approximately 80% of intercept width. Reported intercepts (>1.3g/t Au) are calculated using a broad lower cut of 1.0g/t Au although grades lower than this may be present internally (internal dilution).

True widths are approximately 50% of intercept width at El Paso and unknown at Westray.

Competent Person

Unless otherwise advised above or in the Announcements referenced, the information in this announcement that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr David Meates, MAIG, (Exploration Manager NSW) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Meates consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Cautionary Note Regarding Forward-Looking Information and Statements

This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively Forward-Looking Information). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of Alkane to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information.

Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price.

Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Disclaimer

Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.

This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

ABOUT ALKANE ‐ www.alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY

Alkane (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 750 km 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.

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

APPENDIX 1

JORC Code, 2012 Edition – Table 1 report – Tomingley Gold Project February 2026
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

• The verification of significant intersections by either independent or alternative company personnel.

• The use of twinned holes.

• Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay data.

• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system used.

• Quality and adequacy of topographic control.

• Data spacing for reporting of Exploration Results.

• Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

• Whether sample compositing has been applied.

• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

• If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

• The measures taken to ensure sample security.

• The results of any audits or reviews of sampling techniques and data.

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

• The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

• Acknowledgment and appraisal of exploration by other parties.

• Deposit type, geological setting and style of mineralisation.

• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.

• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

• Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• The assumptions used for any reporting of metal equivalent values should be clearly stated.

• These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

• Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Photos accompanying this announcement are available at 

https://www.globenewswire.com/NewsRoom/AttachmentNg/ec242d36-268b-46e3-b0b1-532d44660a80

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