Cash & Bullion of $440 million – Maiden dividend paid

PERTH, Australia, Oct. 22, 2026 (GLOBE NEWSWIRE) --

Operations

• Q1 FY27 gold equivalent production of 40,740 AuEq oz @ AISC of $2,805/AuEq oz^1,2.
• Gold equivalent sales for the quarter of 38,348 ounces¹ for revenue of $206 million at an average gold sales price of $5,128/oz and an average antimony sales price of $23,842/t.
• Mine operating cash flow of $102 million for the quarter³.
• FY27 production guidance of 163-177koz gold equivalent at an AISC of $2,900-$3,200 per ounce^1,2.

Growth Projects

• Tomingley
  • Newell Highway – Offline pavement works, base slab concrete pours for culverts and northern tie-in works ongoing. Southern tie-in works between highway and bypass commenced.
  • Kyalite Road – Planks for haul road overpass placed, abutments to near full height, topsoil placement on abutments ongoing.
• Björkdal
  • Storheden – Initial till removal has been completed on the new portal. Lateral development to the Storheden deposit from underground commenced.
  • Tailings Dam – Wall lifts are on budget and schedule.

Exploration

• Costerfield
  • Infill Drilling of the True Blue prospect provides resolution of geological complexity of the deposit.⁴
  • Extension Drilling at Brunswick South delineates deep gold domain as well as newly discovered mineral trend 200m from the target.⁵
  • New high-grade domain was discovered in the Cuffley deposit at Costerfield.⁶
• Björkdal
  • Drilling supports extension at Björkdal with high-grade intercepted within the northern and eastern extension areas.⁷
  • Mineral Resource at Storheden, Björkdal significantly increased with further extension drilling.⁸
• Annual Mineral Resource and Ore Reserves Statement highlights Reserve growth beyond depletion replacement at all 3 operating mines.⁹

Finance and Corporate

• Cash, bullion and listed investment balance of $459 million after $13 million of corporate income tax payments during the quarter.
• Final income tax payments related to FY26 of $55-60 million anticipated in the December quarter.
• 7,800 ounces of hedges filled during the quarter.
• Maiden fully franked dividend of 2 cents per share paid. $50 million buyback approved in September 2026.

Managing Director and CEO, Nic Earner, commented:

"It has been a solid start to FY27 for Alkane, producing 39,823 ounces of gold and 396 tonnes of antimony (40,740 ounces of gold equivalent) for the quarter at an AISC of $2,805 per ounce, below our full year cost guidance range.

Our site operating cashflow was $102 million for the quarter and, after paying our maiden dividend and $13 million in income tax, we closed the quarter with $440 million in cash and bullion, or $459 million including listed investments.

Paying Alkane's first ever dividend of 2 cents per share, fully franked, is a significant milestone for the Company and a tangible return to the shareholders who have supported our growth. With monthly mining and processing records set at Tomingley and successive monthly throughput records at Costerfield, we are well positioned and reaffirm our full year FY27 guidance of 163-177koz gold equivalent at an AISC of $2,900-$3,200 per ounce."

Q1 FY27 OPERATING & FINANCIAL RESULTS WEBCAST

The Managing Director & CEO, Mr Nic Earner, and CFO, Mr James Carter, will host a conference call and webcast to discuss the September Quarter results. Details to participate are as follows:
        

Date/Time:	Perth, Australia 7:00am AWST, Friday, 23 October 2026 Sydney, Australia 10:00am AEDT, Friday, 23 October 2026 Toronto, Canada 7:00pm EDT, Thursday, 22 October 2026
Conference Call Registration:	https://register-conf.media-server.com/register/BI32ed02fad6e54915bbda2bf8ecef6e4d
Webcast Link:	https://edge.media-server.com/mmc/p/qkjwtfyc

The accompanying presentation slides and a replay of the webcast will be available on the Company’s website – HERE.

GROUP SUMMARY

Gold-Antimony Production

Alkane produced 39,823 ounces of gold and 396 tonnes of antimony in Q1 FY27, resulting in a Group quarterly production of 40,740 gold equivalent ounces at an AISC of $2,805/AuEq oz¹.

Alkane processed 740,776 tonnes of ore in total at an average gold grade of 1.83g/t Au producing 39,823 oz of gold. Tomingley processed 343,988 tonnes of ore with an average gold grade of 2.16g/t. At Costerfield, the average grade of gold was 6.47g/t, and the average grade of antimony was 1.11%, with 41,528 tonnes of ore processed. Björkdal processed 355,260 tonnes of ore with an average gold grade of 0.98g/t.

Table 1: September Quarter 2026 operational performance summary

Operations	Units	Tomingley	Costerfield	Björkdal	Total
Ore mined	t	385,710	43,263	225,603	654,577
Mined ore gold grade	g/t	1.98	6.24	1.42	2.07
Mined ore antimony grade	%	0	1.12	0	1.12
Processed ore	t	343,988	41,528	355,260	740,776
Processed ore - milled head grade gold	g/t	2.16	6.47	0.98	1.83
Processed ore - milled head grade antimony	%	0	1.11	0	1.11
Recovery gold	%	90.32	92.88	85.54	89.58
Recovery antimony	%	0	89.11	0	89.11
Gold produced	oz	21,506	7,835	10,482	39,823
Antimony produced	t	0	396	0	396
Gold equivalent produced1	oz	21,506	8,752	10,482	40,740
Ore stockpiles - contained gold	oz	15,606	6,648	13,456	35,710
Ore stockpiles - contained antimony	t	0	349	0	349
Gold equivalent in circuit, finished concentrate and bullion1	oz	4,757	4,515	1,738	11,010

Revenue

Gold equivalent sales for the quarter of 38,348 ounces¹ (Q4 FY26: 47,411 AuEq oz) for revenue of $206 million (Q4 FY26: $257 million) at an average gold sales price of $5,128/oz (Q4 FY26: $5,599/oz) and an average antimony sales price of $23,842/t (Q4 FY26: $30,602/t). Revenue from Tomingley includes 7,800 ounces delivered into forward contracts at $2,884/oz.

Björkdal’s and Costerfield’s average gold sales prices were $5,264/oz and $5,919/oz respectively. Revenue for the quarter at these operations includes adjustments to provisionally priced concentrate sales, which are then revalued at each reporting date (by using the current market price at the end of each reporting period). The average sales price is pre-adjusted revenue divided by the number of ounces sold during the quarter. Metal prices and final invoice assay adjustments resulted in positive provisional pricing adjustments of $10 million at Björkdal. This was driven by ~1,200 additional ounces realised from upgraded concentrate shipments, together with a 4% increase in the gold price over the quarter. At Costerfield, there was a negative provisional pricing adjustment of $1 million mainly attributed to declining antimony prices (the closing Shanghai Metal Market price was down 9% on Q4 FY26).

Operating Costs, Cash Operating Costs per Gold Equivalent Ounce Produced, All-In Sustaining Costs (“AISC”) per Gold Equivalent Ounce Produced and Capital Expenditures

Group AISC was $2,805/AuEq oz¹ for the quarter and group cash costs were $2,424/AuEq oz for the quarter.

Total operational sustaining, growth and exploration capital expenditure during Q1 FY27 was $59 million.

Sustaining capital was ~$13 million which included $6 million for capital development across all sites.

Growth capital of ~$37 million included $16 million for the Newell Highway realignment at Tomingley, $10 million for mobile equipment purchases and rebuilds at Tomingley and Björkdal, and $4 million for tailings storage facility construction at Björkdal.

Exploration expenditure of ~$9 million was primarily incurred at Costerfield. This focused on extending mineral resources at the Kendall, Brunswick South and Cuffley deposits, as well as recommencing several high-priority targets further afield.

Table 2: September Quarter 2026 financial performance summary

Financials	Units	Tomingley	Costerfield	Björkdal	Total
Gold sold	oz	20,458	6,790	10,702	37,950
Antimony sold (pre-payable)	t	0	172	0	172
Gold equivalent sold	oz	20,458	7,188	10,702	38,348
Achieved gold price	$/oz	4,795	5,919	5,264	5,128
Achieved antimony price	$/t	0	23,842	0	23,842
Revenue for the quarter	$'000	98,097	43,101	56,333	197,531
Gold provisional pricing adjustments	$'000	0	(144)	9,557	9,413
Antimony provisional pricing adjustments	$'000	0	(1,059)	0	(1,059)
Total revenue from mining operations	$'000	98,097	41,898	65,890	205,885
Mining	$'000	27,555	15,509	14,788	57,853
Processing	$'000	17,364	4,662	6,592	28,618
G&A	$'000	4,656	3,731	3,897	12,284
Cash cost	$'000	49,575	23,903	25,277	98,755
Inventory movements	$'000	(5,003)	(1,812)	(117)	(6,932)
Royalties	$'000	3,039	1,185	128	4,352
Corporate costs	$'000				4,430
Rehabilitation	$'000	360	674	84	1,119
Sustaining Capital	$'000	2,353	4,003	6,203	12,559
All-in sustaining cost	$'000	50,324	27,954	31,576	114,283
Exploration	$'000	1,889	6,514	717	9,119
Growth capital	$'000	25,326	2,849	9,135	37,310
All-in cost	$'000	77,539	37,317	41,427	160,713
Gold produced	oz	21,506	7,835	10,482	39,823
Antimony produced	t	0	396	0	396
Gold equivalent produced	oz	21,506	8,752	10,482	40,740
Cash cost	$/oz	2,305	2,731	2,411	2,424
All-in sustaining cost	$/oz	2,340	3,194	3,012	2,805
All-in cost	$/oz	3,605	4,264	3,952	3,945
Mine operating cash flow	$'000	52,348	29,148	20,879	102,376

Cash flow

Alkane closed the quarter with cash, bullion and liquid investments of $459 million – comprising $440 million in cash and bullion (including $15 million of bullion) and $19 million in listed investments. This result was driven by Group gold sales at 38,348 gold equivalent ounces¹ at a gold sales price of $5,128/oz (Q4 FY26: $5,599oz) and an antimony sales price of $23,842/t (Q4 FY26: $30,602/t) generating $206 million in revenue. Alkane’s operations generated $102 million in mine operating cashflows with the achieved margin of $2,323/AuEq oz over AISC.

Tax outflows were $13 million during the quarter. Final tax payments for FY26 will be paid in the December quarter and are estimated to be $55-60 million. Corporate and other cashflows were $21 million. This includes $11 million on Lupin closure costs, $9 million on corporate costs, $2 million on Boda-Kaiser, $5 million on regional exploration and working capital movements, offset by $2 million of SKY investment sold and $4 million of interest revenue. The group received $8 million of cash returned from cash backed bonds during the quarter and paid a dividend of $24 million; the $4 million TSX portion of the dividend will be an outflow in the December quarter as this payment was completed on 1^st of October.

Material items of growth capital spend during the quarter included Newell Highway and Kyalite bridge works at Tomingley, tailings facility storage capacity increase at Björkdal and exploration at Costerfield.

OPERATIONS AND PROJECTS

Tomingley Gold Operations - NSW
Tomingley Gold Operations Pty Ltd (100%)

Tomingley Gold Operations (Tomingley) is a wholly owned operation of Alkane, located near the village of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. Tomingley has been operating since 2014. Mining occurs underground on four gold deposits (Wyoming One, Caloma One, Caloma Two and Roswell).

Tomingley	Units	Dec-25	Mar-26	Jun-26	Sep-26
Gold produced	oz	22,089	21,652	20,896	21,506
All-in sustaining cost	$/oz	2,216	2,444	2,481	2,340
All-in cost	$/oz	2,551	2,769	3,003	3,605
Mine operating cash flow	$'000	67,299	54,372	75,682	52,348

Operations Performance

The primary source of ore continues to be from Roswell. Underground ore mined was above plan at 385,710t largely driven by availability of stoping ore enabling production from multiple sources.

Processing continues to perform well with milling exceeding plan primarily because of the continued use of a mobile crusher to pre-crush material prior to entering the processing circuit with ongoing trials to determine optimal product sizes.

During the quarter, new monthly records for both mining (139,499t mined) and processing (120,314t milled) were set. A total of 21,506 ounces of gold was produced for the quarter (Q4 FY26: 20,896 oz). The site cash costs for the quarter were $2,305/oz (Q4 FY26: $2,227/oz) with an AISC of $2,340/oz (Q4 FY26: $2,481/oz).² Gold sold for the quarter was 20,458 ounces at an average sales price of $4,795/oz, generating revenue of $98 million. Bullion stocks totalled 2,586 ounces, valued at $15 million using the closing price at quarter end. The site’s operating cash flow was $52 million for the quarter.

Work continued on the Newell Highway diversion during the quarter with continued good progression of offline works, although some time was lost because of wet weather. Concrete pours were ongoing for culvert bases with work continuing on the 'northern tie-in' of the offline works, work ongoing on the current alignment as well as commencing on the ‘southern tie-in’ during the quarter. Current plans (subject to weather delays) are for traffic to switch onto the new highway alignment early in the June 2027 quarter, with open pit mining activities to commence thereafter.

Roadworks (looking North)

Roadworks (looking South)

Kyalite Bridge Works Overview (29/09/26) – looking south

Exploration

During the quarter Near Mine exploration at Tomingley was focused on testing the area between Roswell and Wyoming One as well as extending the newly discovered mineralisation west of the Macleans Resource. Additionally, drilling was undertaken to further investigate a mineralised monzodiorite package immediately to the north of Roswell.

Within the tenements surrounding the Mining Licence, exploration continued and was focused on the El Paso deposit which lays ~2km to the south of the scheduled production at the San Antonio open pit.

On 15 October 2026, Alkane released the results from its deep drill hole (1,651m) under the Peak Hill historic gold mine. The drilling tested for a potential copper-gold porphyry system hypothesised to exist below the high sulphidation system previously mined. While the drilling did not fully resolve the porphyry target, it successfully intersected the continuation of the mineralised high-sulphidation epithermal system approximately 1 km below the Proprietary open pit, demonstrating significant vertical continuity of alteration and mineralisation. Key results included 6.4 metres at 0.42 g/t Au from 1,000.6 metres and 153 metres at 0.11 g/t Au and 0.02% Cu from 1,427 metres, confirming the system remains open at depth and may transition toward a deeper porphyry source. The results hi