Slide 1: Management's Discussion and Analysis for the Three and Nine Months Ended 31 March 2026
MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE THREE AND NINE MONTHS ENDED 31 MARCH 2026 AS OF 14 MAY 2026
Slide 2: Table of Contents
TABLE OF CONTENTS OUR BUSINESS .......................................................................................................................................................... 3 Q3 2026 FINANCIAL & OPERATING SUMMARY, .........................................................................
Slide 3: Management's Discussion and Analysis
MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE QUARTER AND NINE MONTHS ENDED 31 MARCH 2026 This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the condensed consolidated interim financial statements and notes to the condensed consolidated interim financial statements
Slide 4: Our Business
OUR BUSINESS Alkane (ASX:ALK; TSX:ALK; OTCQX:ALKEF) 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 Tomi
Slide 5: Q3 2026 Financial & Operating Summary
Q3 2026 FINANCIAL & OPERATING SUMMARY 4,5 Three months ended Nine months ended (Expressed in Australian dollars thousands, except where indicated) 31 March 31 March 2026 2025 2026 2025 Financial Data Revenue 274,374 63,204 678,324 184,704 Cost of sales 148,735 53,357 432,809 152,259 Gross profit 125
Slide 6: Financial and Operational Discussion
FINANCIAL AND OPERATIONAL DISCUSSION Gold-Antimony Production • Consolidated gold equivalent production in Q3 2026 was 45,776 ounces compared to 17,657 ounces in Q3 2025, mainly due to the addition of production from Björkdal and Costerfield following the combination with Mandalay in Q1 2026. The Q3
Slide 7: Cash, Bullion and Liquid Investments
Cash, Bullion and Liquid Investments • Alkane closed the quarter with cash of $328 million, bullion of $14 million (at value of production cost) and liquid investments of $12 million. This increased cash balance was driven by sales of 43,373 gold equivalent ounces at record realised gold price of $6
Slide 8: Review of Operating and Financial Results
REVIEW OF OPERATING AND FINANCIAL RESULTS Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Tomingley Tonnes of ore mined (t) 338,016 275,079 301,692 340,192 274,110 Mined ore gold grade (g/t) 2.32 2.61 2.27 2.19 2.09 Processed ore (t) 314,997 318,851 314,970 273,324 277,550 Processed ore - milled head grade
Slide 9: Tomingley Gold Operations - NSW
Tomingley Gold Operations - NSW (Tomingley) Tomingley Gold Operations Pty Ltd (100%) Tomingley Gold Operations is a wholly owned operation of Alkane, located near the town of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. Tomingley has been operating since 2014.
Slide 10: Costerfield Gold-Antimony Operations - Victoria
Costerfield Gold-Antimony Operations - Victoria (Costerfield) Mandalay Resources Costerfield Operations Pty Ltd (100%) Costerfield gold-antimony operations is a wholly owned operation of Alkane. Costerfield is located within the Costerfield mining district of Central Victoria, Australia, approximately 10
Slide 11: Björkdal Gold Operations - Sweden
Björkdal Gold Operations - Sweden (Björkdal) Björkdalsgruvan AB (100%) Björkdal Gold Operations is a wholly owned operation of Alkane. The Björkdal property, containing both the Björkdal mine and the Storheden and Norrberget deposits, is located in Västerbotten County in northern Sweden. Björkdal is
Slide 12: Consolidated Financial Results
CONSOLIDATED FINANCIAL RESULTS Consolidated statement of comprehensive income Three months ended Nine months ended (Expressed in Australian dollars) 31 March 31 March 2026 2025 2026 2025 ($’000) ($’000) ($’000) ($’000) Revenue 274,374 63,204 678,324 184,704 Cost of sales (148,735) (53,357) (432,809)
Slide 13: Revenue
Revenue Three months ended Nine months ended (Australian dollars thousands, except where indicated) 31 March 31 March 2026 2025 2026 2025 Revenue ($) 274,374 63,204 678,324 184,704 Gold ounces sold (oz.) 42,550 16,513 114,877 51,298 Antimony tonnes sold (pre-payability) (t) 280 - 778 - Gold Sales Eq
Slide 14: Finance Costs
Finance Costs Three months ended Nine months ended (Australian dollars thousands) 31 March 31 March 2026 2025 2026 2025 Interest Expense 636 2,161 1,991 2,859 Unwinding of discount 1,490 205 2,935 574 Total finance costs 2,126 2,366 4,926 3,433 In Q3 2026, finance costs totaled $2.1 million, of whic
Slide 15: Income Tax Expense
Income Tax Expense Three months ended Nine months ended ($ thousands) 31 March 31 March 2026 2025 2026 2025 Current income tax expense 37,996 2,141 78,923 8,386 Deferred income tax expense (recovery) (6,589) 1,388 (18,534) (728) Total income tax expense 31,407 3,528 60,389 7,657 For Q3 2026, total i
Slide 16: Review of Financial Condition
REVIEW OF FINANCIAL CONDITION Cash, Bullion and Listed Investments ($ thousands) 31 March 2026 30 June 2025 Cash 327,782 48,089 Bullion 14,481 7,194 Cash and bullion sub-total 342,263 55,283 Listed Investments 12,472 8,007 Total cash, listed investments and bullion 354,735 63,290 Alkane closed the q
Slide 17: Use of funds during the three months ended 31 March 2026
The use of funds during the three months ended 31 March 2026, is as follows: Three months ended Nine months ended ($ thousands) 31 March 31 March 2026 2025 2026 2025 Cash provided by operating activities before interest and income 175,863 22,636 347,672 52,178 taxes Net interest and bank charges rec
Slide 18: Gold Forward Sale Contracts
Gold Forward Sale Contracts Tomingley holds the following forward sale contracts: Gold Put Option Contracts During the 2024 financial year, Tomingley entered into put option contracts for 140,799oz of gold with maturity dates between 31 July 2024 to 30 June 2027. As at 31 March 2026, put options for
Slide 19: Non-IFRS Performance Measures
NON-IFRS PERFORMANCE MEASURES Investors should be aware that financial data in this report includes Non-IFRS performance measures under Regulatory Guide 230 Disclosing Non-IFRS Financial Information published by Australian Securities and Investments Commission and Non- GAAP performance measures with
Slide 20: Reconciliation of Sustaining and Non-Sustaining Capital Expenditures
Reconciliation of Sustaining Capital and Non-Sustaining Capital Expenditures Three months ended Nine months ended (Australian dollars thousands) 31 March 31 March 2026 2025 2026 2025 Sustaining capital Capital development 11,706 1,845 29,041 4,446 Infill drilling - - 97 - Property, plant and equipme
Slide 21: Reconciliation of Net Profit to EBITDA
Reconciliation of Net Profit to EBITDA Three months ended Nine months ended (Australian dollars thousands) 31 March 31 March 2026 2025 2026 2025 Net profit 92,991 8,097 157,888 21,189 Depreciation and amortisation 34,712 14,090 110,942 35,001 Interest and finance charges 2,126 2,366 4,926 3,433 Curr
Slide 22: Quarterly Exploration Highlights
QUARTERLY EXPLORATION HIGHLIGHTS Tomingley Gold Operations Exploration drilling at Tomingley for the quarter has tested a seismic reflector feature beneath the Roswell Deposit and near- mine prospects such as El Paso. The drilling intersected gold-arsenic enriched hydrothermal breccias and veining at
Slide 23: Deep Drilling Identifies Gold Bearing Structure at Tomingley
ASX Announcement dated 24 February 2026 and titled ‘Deep Drilling Identifies Gold Bearing Structure at Tomingley’). Additional underground drilling has now commenced to accelerate the infill program. Costerfield Gold-Antimony Operations At Costerfield during the quarter three main programs progressed.
Slide 24: Björkdal Gold Operations
Björkdal Gold Operations At Björkdal during the quarter three exploration targets were progressed. Drilling at North Zone moved from a growth phase to an infill stage while the Eastern Extension program targeted the continued depth and eastward extension of the Main and Central Zones. Further to the
Slide 25: Northern Molong Porphyry Project
Northern Molong Porphyry Project (NMPP) (gold-copper) Alkane Resources Ltd 100% Exploration on the Northern Molong Porphyry Project for the quarter included the continued inversion and interpretation of the MMT survey data that was flown in November. Reconnaissance drilling for a total of 4,000 metre