Alkane Resources Ltd results for the year ended 30 June 2022 are attached. The table below is a summary of the financial results:
The record result was driven by a strong performance at the Company’s Tomingley Gold Operations, and the change to the accounting classification of the investment of Genesis Minerals Ltd.
The excellent production and cost performance at Tomingley resulted in 66,802 ounces of gold produced at an all-in sustaining cost (AISC) of A$1,460 per ounce.
During the year Genesis Minerals Ltd shares to the value of $53.0M were sold at a substantial gain over Alkane’s cost base. Genesis Minerals Ltd accounting treatment was changed during the period resulting in a one-off $48.3M derecognition gain of equity investment.
As at 30 June 2022 the company’s cash, bullion and listed investments totalled A$124.2 million, which included A$77.9 million in cash, A$8.2 million of bullion on hand at fair value, and A$38.1 million of listed investments at market value.
Alkane Managing Director, Nic Earner, said: “We’re pleased to deliver this strong result for shareholders. Delivering solid production alongside exploration success is our goal and we are proud of our achievements in FY22. In particular, the upgrade in the resource at Roswell and the initial Boda resource of over 10 million equivalent gold ounces are standout milestones.
“Alkane’s Board and management acknowledge and thank the employees and contractors of the Company for their continued commitment to safety, production and exploration performance.”