Annual Resources and Reserves Statement FY24

4 September, 2024

At 30 June 2024, Alkane’s Mineral Resource base totalled 10.0 million ounces of gold, 68% (6.8Moz) of which are classified as Measured and Indicated.
Tomingley Gold Operations (TGO) underground mining continued at the Wyoming One, Caloma One and Caloma Two deposits, and after extensive underground development, ore mining and extraction commenced at the Roswell deposit (TGEP).
Significant drilling programs to expand and refine resources/reserves at the Tomingley underground operation (68,155m) and the large Boda-Kaiser gold-copper deposits (55,010m) in Central West New South Wales were completed during the year.
Mineral Resources and Ore Reserves for Tomingley have been re-estimated to account for additional resources, mining depletion, changes in gold price and operating costs. The net result is an 11% increase in reserve ounces:
- Total Mineral Resources: 24.27Mt grading 2.12g/t Au (1,656,000oz)
- Total Ore Reserves: 11.76Mt grading 1.9g/t Au (705,000oz)
The extensive drilling program at the Boda and Kaiser gold-copper porphyry deposits (Boda-Kaiser Project) within the larger Northern Molong Porphyry Project (NMPP) resulted in revised Indicated and Inferred Resources of:
- Mineral Resources: 796Mt grading 0.33g/t Au and 0.18% Cu (8.3Moz Au; 1.3Mt Cu)
  (0.3g/t and 0.4g/t AuEq* cut-off) for 0.58g/t AuEq* (14.7Moz AuEq)
A scoping study for the development of Boda-Kaiser was released on 10 July 2024. It demonstrates sound financial parameters for a base-case 20Mtpa mining and processing scenario, with an estimated NPV (7%) of A$1.8B, 24% IRR, and undiscounted A$5.7B free cash flow over an initial 17-year life.

*The prices used to calculate AuEq are based on 12-month averages of US$1,950/oz gold and US$8,500/t copper, and A$:US$0.67. Recoveries are assumed equal for Au and Cu at 85% from preliminary metallurgical studies. Alkane considers the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.