Costerfield – True Blue Exploration Update

About this update from Alkane Resources Ltd

PERTH, Australia, July 05, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) ('Alkane' or 'the Company') is pleased to announce the latest exploration results for extension and infill drilling of the True Blue deposit, located 2 km west of the active underground workings at its Costerfield Operation in central Victoria, Australia. Program Summary True Blue Assay Highlights Alkane Managing Director & CEO, Nic Earner, said: "The infill drilling of True Blue gives us the geological confidence needed to proceed with our plans for development of the deposit. The geological context gained from the drilling has also enhanced the model for further targeting along the True Blue Corridor. True Blue is certainly more complex than our original estimates, we are encouraged by the progress made and excited by the targets yet to be tested." Costerfield Gold-Antimony FieldAlkane 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 with 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.

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