New High-Grade Domain Discovered at Cuffley

Program Summary

• 23 new holes have been drilled in an unmined area between the historical Cuffley north and south high-grade grade panels, and 17 additional holes have targeted the Sub KC domain at depth below the deposit
• A new grade pod with areas of very high grade gold and antimony was identified in the Cuffley infill area, in a sparsely drilled zone previously thought to contain low grade due to the influence of a crosscutting fault
• Additional high grade infill intercepts have made in the Sub KC system, and the first target testing holes looking for repetitions of the structural setup have been drilled
• The Cuffley pod is readily accessible from existing infrastructure and is being incorporated into the mine schedule
  
  

Assay Highlights

• From Cuffley
  • 580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270
  • 168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD265
  • 60.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292
  • 124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275
    
    
• From Sub KC
  
  
  • 28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK044
  • 73.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043
  • 192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK043
  • 16.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048
    
    

Alkane Managing Director & CEO, Nic Earner, said:

“This discovery of unmined high-grade material directly adjacent one of Costerfield’s top-shelf historical orebodies showcases the importance of Alkane’s directive of revisiting and challenging old models and preconceptions surrounding mineralisation to extract value. We will continue seeking this new mineralisation alongside generating new targets within our leases.”

Costerfield Gold-Antimony Field

Alkane Resources Ltd 100%

The Costerfield gold-antimony deposit was discovered in 1861, antimony having been already identified in the district as early as 1853 as prospectors attracted to the McIvor (Heathcote) alluvial gold rush began to explore the surrounding hills for the primary deposits. Several lodes along a 3km corridor were rapidly opened up, the bulk of historical production coming from leases at the northern end of the field; the Costerfield (Main), Bombay and Minerva mines. Production from these mines primarily took place in two phases, between 1861-1883 and 1903-1924, and a short-lived attempt at redeveloping the mine occurred between 1933-1939.

Modern mining has been continuous since 2006, when Australian Gold Development commenced underground operations at Augusta, at the southern end of the field. AGD’s Costerfield operation was purchased by Mandalay Resources in 2010, and extraction of the vertically continuous vein system has progressively moved north. Firstly from the initial Augusta series of lodes, to Cuffley and N Lode in 2014 and the Brunswick in 2018. Costerfield’s current locus of mining is beneath the Costerfield, Minerva and Bombay group of mines, where Mandalay’s high-grade Youle and Shepherd lodes were accessed in 2019.

Figure 1. Regional map of the Costerfield Project in GDA2020 grid showing Alkane tenements and the main corridors of mineralisation identified, highlighting the location of the Cuffley and Sub KC deposits.

Deposit Geology

The Cuffley and Sub KC deposits are found within the Central Corridor of deposits at Costerfield. This corridor approximately traces the apex of the Costerfield Dome, a structural high which consists of Silurian marine siltstones with turbiditic intervals becoming common towards the base of the known sequence. The Cuffley Lode occupies a vertical shear, running along a N-S field-scale anticline (Cuffley Anticline) next to the Augusta Deposit. The lode sits on the gently dipping western edge of its 200m-wide hinge zone, N Lode occupies the corresponding eastern axial zone with a steep east-dipping limb. Mineralisation at Cuffley is of the “classic” Costerfield style, consisting of quartz-carbonate veining grading to massive stibnite, gold being found in both quartz and stibnite. Updip, the Cuffley lode is truncated by the Mamushi/Flat Fault set, which offsets the mineralisation above eastward by approximately 40m, where it is known as the historical Alison deposit. The Alison mineralisation is itself bounded updip by the major west-dipping Adder Fault thrust. The footwall of the Cuffley system is delineated by the similarly west-dipping King Cobra Fault thrust, which breaches and offsets the Cuffley anticline.

Down-dip from Cuffley, westward along the King Cobra Fault plane, mineralisation resumes with the Sub-KC deposit. Sub-KC occupies the steeply dipping east limb of the continuation of the Cuffley Anticline. If the approximately 300m of offset along the fault plane is restored, reconstructing the anticline and stratigraphy, the Sub-KC deposit correlates very well with the downward continuation of N Lode. The axis of the anticline hosts a strong gougey shear termed the Lyre Fault, which merges into the King Cobra Fault forming the hangingwall of the main Sub-KC domain between them. The Lyre Fault exhibits some clear post-mineralisation movement, evidenced by clasts of mineralised vein material in fault gouge recovered in earlier Sub-KC drilling. Most mineralisation associated with Sub KC sits in the immediate footwall of the Lyre Fault and reduces in tenor at distance from the fault plane. Strike control is not fully understood at this stage of drilling due to limited drilling orientations, but appear to be related to north-east trending splays from the Lyre Fault somewhat similar in nature to the East Fault at Cuffley. The most important of these are the Bird and Bustard Faults, represented on the Sub-KC long section below.

The veins of the Sub-KC deposit generally fall into three categories:

• Early, laminated bedding parallel quartz veins (Figure 7, CSK043), reactivated and dilated during the mineralisation, the later quartz-stibnite vein generation is often discreet and confined to one side of the vein with the lamination adhering to the other contact. Gold is commonly found in the laminations of the older quartz generation.
• Single-generation quartz veins in subvertical orientations, linking between the laminated, bedded veins (Figure 7, CSK044). These structures most likely developed under extensional stress contemporaneous with the time of mineralisation.
• East-dipping veins found on the western limb of the Cuffley Anticline, crosscutting the bedding at a high angle. These veins appear to be exploiting an earlier axial, spaced fabric including jointing and minor faulting developed at the time of anticline formation. The existence of these veins indicate that while the Lyre Fault has some post-mineralisation movement, it is not necessarily a hard boundary to mineralisation in this domain.
  
  

All veins have demonstrated the capability to host coarse, high-grade gold and varying amounts of massive stibnite. In general, antimony grades are of lesser importance within the Sub-KC deposit relative to other mined deposits at Costerfield, perhaps due to comparatively limited vein volumes which does not appear to influence gold prospectivity. “Rusty” gold after aurostibite is commonly observed, along with occasional veins containing native antimony metal (Figure 8) typically with small amounts of pyrrhotite. This assemblage indicates minor activity of a lower sulphur, relatively reduced ore fluid phase.

Drilling Results - Cuffley

23 growth and infill holes have been completed, totalling 3,255m of diamond drill core. This activity resulted in 18 new intercepts on the mineralised structure, the remaining five fault blanking as the bounds of the new domain was explored. Four drillholes intercepted mineralisation grading over 10g/t gold equivalent over mining width:

• 580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270
  • Including 0.25m @ 1360g/t gold & 19.7% antimony (Figure 6)
• 168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD265
• 60.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292
• 124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275
  
  

An additional four holes graded over 2g/t gold equivalent over mining width.

Drilling Results – Sub KC

Four target-testing holes were drilled for 3705.32m, and ten parent / two wedge growth and infill holes were completed for 8168.28m.

Several ore-grade intercepts were made within the system, including:

• 28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK044
• 73.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043
• 192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK043
• 16.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048
  
  

The target testing holes explored the footwall of the Lyre Fault along strike north and south of the main Sub-KC block, testing for repetitions in zones modelled to have favourable structural setup. The two holes drilled approximately 400m north of the main block found the Lyre Fault plane to have stepped eastward in position, faulting out much of the inferred favourable east-dipping fold limb. These two holes intercepted moderate grades in the Adder Fault, located just into the wall from the collar point.

Conversely, the holes drilled approximately 300m south of the Sub-KC zone found an intact anticlinal position, without the presence of the expected Lyre Fault, which appears to be located further westward at this point. Both holes encountered veins with anomalous gold however no ore-grade intercepts were made.

Figure 2. Long Section of the Cuffley System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. New significant intercepts not associated with a named structure are represented as triangular icons. Older significant drill intercepts are displayed as smaller, unlabelled icons. Previous mining on the Cuffley Lode with face assays and depleted areas area are also shown.

Figure 3. Long Section of the Sub-KC System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 4. Plan Section of the Cuffley and Sub KC deposits with vein best fit traces displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 5. Cross section looking north at mine northing 4900N showing the Cuffley and Sub-KC systems (veins represented schematically), and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 6. Core tray photo of the high-grade Cuffley intercept in AD270. Note the very high gold interval of 1360g/t Au, and consistent high-grade antimony. Please refer to Appendix 1 for the relevant assay results relating to Figure 6.

Figure 7. Core tray photographs of the Sub-KC 405 Lode intercepts from drillholes CSK043 (bottom) and CSK044 (top). Intervals with grade above detection levels are labelled. Note the bedding-parallel nature of the major veins, due to reactivation of early laminated quartz structures acting as host structure, and the additional occurrence of high grade visible gold in very narrow veinlets (CSK044, 537m). Please refer to Appendix 1 for the relevant assay results relating to Figure 7.

Figure 8. Vein containing a significant volume of native antimony metal (metallic white) intercepted in CSK045W1 (538.15m). The vein also contained stibnite and pyrrhotite, and pyrite wallrock alteration can be seen in the image. Please refer to Appendix 1 for the relevant assay results relating to Figure 8.

Future Plans

The new grade pod at Cuffley has been integrated into the Costerfield mine plan and is scheduled to be mined. Considerable scope remains for further growth within the Sub KC domain with the structural information gained from the north and south target testing holes, however drilling will likely need to be undertaken from surface, or future development with improved intersection angles with the target areas.

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

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.

Competent Persons Statement

Certain information in this announcement relating to Exploration Results has been previously released to the ASX (refer to ASX announcement dated 14 July 2026 titled ‘Alkane Extends High Grade Gold Trend at Brunswick South’). Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.

The information in this report that relates to the Costerfield Exploration Results is based on, and fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).

Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).

For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement relating to the Costerfield Exploration Results has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.

Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

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.

APPENDIX 1 – Tabulated Drilling Results
Significant intercepts from the Cuffley and Sub KC drilling programs at Costerfield

Drill hole collar details from the Cuffley and Sub KC drilling at Costerfield covered in this release:

Notes:

1. Coordinate System: Costerfield Local Mine Grid
   
   

Appendix 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

• Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the Public Report.
• In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• All stibnite-bearing veins are sampled.
• Intersections of polyphase breccias, stockwork veins, laminated quartz veins or massive quartz veins were routinely sampled.
• A waste sample is taken either side of the mineralized vein (30–100 cm).
• Siltstone is sampled where disseminated arsenopyrite is prevalent.
• Fault gouge zones were sampled at the discretion of the geologist.

• Gold grades were determined by either fire assay (25 g charge) with an AAS finish, screen fire assay or Chrysos photon assay technology.
• Antimony concentrations were determined using an aqua regia based acid digest with an AAS finish.

• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

• Method of recording and assessing core and chip sample recoveries and results assessed.
• Measures taken to maximise sample recovery and ensure representative nature of the samples.
• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
• The total length and percentage of the relevant intersections logged.

• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc., and whether sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the material being sampled.

• Sample information and characteristics were measured, logged, recorded in the acQuire database and assigned a unique sample ID.
• Sample material was placed into a calico bag previously marked with the unique sample ID.
• Calico bags were loaded into plastic bags such that the plastic bags weighed less than 10 kg.
• An assay submission sheet was generated and placed into the plastic bag.
• Plastic bags containing samples were sealed with a metal or plastic tie and transported to On Site in Bendigo via private courier or Alkane staff.

• Samples were received and checked for labelling, missing samples, etc. against the submission sheet.
• If the sample batch matched the submission sheet, sample metadata were entered into On Site’s LIMS. In the event that discrepancies were noted, Mandalay Resources was contacted by On Site to resolve the discrepancy prior to further work commencing. Records of all discrepancies and corrective actions taken are recorded by the Mandalay Resources database administrator.
• A job number was assigned, and worksheets and sample bags were prepared.
• Samples were placed in an oven and dried overnight at 106°C.
• Samples were weighed and recorded.
• The entire dried sample was crushed using a Rocklabs Smart BOYD Crusher RSD Combo with a jaw closed side setting of 2 mm.
• If the dried sample weight was less than 3 kg, the entire sample was retained for pulverisation. If the dried sample weight was greater than 3 kg, the sample was spilt to 3 kg using the rotary splitter that is incorporated in the BOYD crusher.
• Rejects from splits greater than 3 kg were retained as coarse rejects in labelled calico bags and returned to Mandalay Resources.
• The 3 kg sample was then pulverised in an Essa LM5 Pulverising Mill to 90% passing 75 µm.

• The 3 kg pulverised samples were then subsampled to take a master ~200 g pulp split for assay by a manual scooping procedure across the full width and depth of the mill bowl and loaded sequentially into labelled pulp packets.

• The ~3 kg pulverised samples were then subsampled to fill a ~280 g photon assay jar by a manual scooping procedure across the full width and depth of the mill bowl.

• For every 21 primary samples, a sample was randomly selected by LIMS and a duplicate 200 g split for fire assay or second jar for photon assay was submitted for analysis using the same analytical procedure as the primary sample.
• The remaining pulp was returned to its sample bag and then returned to Mandalay Resources for retention following the completion of assay.

• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

• Gold grades were determined either by a 25g charge with lead flux fire assay and an AAS finish, or by Chrysos photon assay technology.
• Antimony, iron and arsenic concentrations were determined using an aqua regia based acid digest with an AAS finish.

• 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 downhole 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 Section 1 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
  • downhole 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 (e.g. 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.

• at a gold price of US$2,500/oz
• an antimony price of US$19,000/t
• with 2025 predicted metal recoveries of 91% Au and 92% Sb.

• 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 (e.g. ‘downhole 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.

• If (Sb%>1) BD=((1.3951 × Sb%)+(100-(1.3951 × Sb%)))/(((1.3951 × Sb%)/4.56)+((100-(1.3951 × Sb%))/2.69) )
• If (Sb%<1) BD= (0.05661 × Fe%) + 2.5259
• where:
• Empirical formula of stibnite: Sb2S3.
• Sb%: Antimony assay as a percentage by mass.
• Molecular weight of antimony (Sb): 121.757.
• Molecular weight of sulfur: (S): 32.066.
• 1.3951 is a constant calculated by 339.712/243.514 where 339.712 is the molar mass of Sb2S3, and 243.514 is the molar mass of antimony contained in one mole of pure stibnite.
• BD of pure stibnite: 4.56.
• BD of unmineralised gangue: 2.69, representing a ratio of 1:3 siltstone to quartz.
• Fe%: Iron assay as a percentage by mass.

• The nature and scale of planned further work (e.g. 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.

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

Photos accompanying this announcement are available at:
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