Alkane Resources Ltd has released financial results for the year ended 30 June 2024. A summary is shown in the table below:
| June 2024 (A$’000) | June 2023 (A$’000) | Change (A$’000) | Change % | |
|---|---|---|---|---|
| Gold revenue | 172,991 | 190,527 | (17,536) | (9%) |
| Gold production (ounces) | 57,217 | 70,253 | (13,036) | (19%) |
| Gold sales (ounces) | 57,592 | 70,498 | (12,906) | (18%) |
| Sale price (A$/oz) | 3,004 | 2,703 | 301 | 11% |
| Tomingley profit before tax | 37,544 | 71,157 | (33,613) | (47%) |
| Company profit after tax | 17,677 | 42,450 | (24,773) | (58%) |
Alkane maintained a profitable year while transitioning to the Roswell underground deposit. The decrease in the gold produced reflects a lower grade from the Wyoming/Caloma undergound deposits resulting in 57,592 ounces of gold produced at an all‐in sustaining cost (AISC) of A$2,137 per ounce.
As at 30 June 2024 the company’s cash, bullion and listed investments totaled A$54.5 million, with A$45.5 million in cash, bullion on hand at fair value of A$8.7 million and A$0.3 million of listed investments at market value.
Alkane Managing Director, Nic Earner, said: “A lot has occurred in the last year for Alkane. The underground at Roswell is now producing ore from stopes and the paste and fine grind circuits are nearing construction completion. The Tomingley Five Year plan has been released, giving further detail on our growth pathway. In addition, the Boda‐Kaiser scoping study was released just after year end, demonstrating the significant value that could come from a future project development.
“Alkane’s Board and management acknowledge and thank the employees and contractors of the Company for their strong and continued commitment to safety, production and exploration performance.”