Tomingley Gold Operations (Tomingley)
- Gold sales for the quarter of 16,576oz for revenue of A$59.4m at an average price of A$3,582/oz.
- FY2025 guidance for Tomingley of 70,000oz to 80,000oz production at an AISC of A$2,400/oz to $2,600/oz remains unchanged. The AISC guidance reflects a one-off cost for decline development that is accounted as sustaining capital and included in the AISC.
- Gold production of 14,852oz was below forecast for the quarter, offset by the gold-in-circuit which increased by ~1,700oz, with elution stripping reduced over the Christmas period.
- Site operating cash costs at A$2,015/oz and AISC of A$3,053/oz. Site operating cash flow was A$19.3m for the quarter.
- Processing recoveries were 84.2% for the quarter. The new flotation and fine grind circuit was commissioned during the quarter, and recoveries in December 2024 were 87.3%. The circuit continues to be optimised to increase recovery.
Tomingley Gold Extension Project (TGEP)
- Commissioning of the new paste plant continues, with the first paste delivered underground early in January 2025.
Exploration
- Regional exploration around Tomingley has yielded several prospective mineralised targets that will be tested throughout 2025 (see ASX Announcement 7 October 2024).
- Exploration drilling at Boda-Kaiser commenced during the quarter, and results are expected in the March 2025 quarter.
Corporate
- Cash, bullion, and listed investments totalled A$42.4m. Total liquidity was $57.4m at the end of the quarter including the A$15.0m undrawn portion of the $60.0m project finance facility.
- Significant investments totalling $10.8m were made during the quarter in the Tomingley expansion – details are discussed in the Corporate section of the report. This current phase of capital growth is now complete.
- Alkane continues to hold shares in Medallion Metals Limited (ASX:MM8), with ownership of ~4.9% of their shares on issue.
Alkane Managing Director, Nic Earner said: “This has been a significant quarter for Alkane with the
commissioning of two new circuits. The flotation and fine grind circuit has already started to improve
gold recovery, and the paste plant has delivered its first fill underground early in January 2025.”
“The expenditure in the current phase of the Tomingley expansion is now largely complete. Our attention
is on optimising and leveraging the value from these two projects and early work with the contractor and
regulator on the Newell Highway diversion.”