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ASX and MEDIA RELEASE 19 January 2021 ALKANE RESOURCES LTD ABN 35 000 689 216 Quarterly Activities Report to 31 December 2020 Tomingley Gold Operations ( TGO ) < Gold production above forecast for the quarter at 15,919 ounces , with site operating cash costs at A $ 720 / oz and AISC of A $ 1,201 / oz . Gold sales of 16,613 ounces for the quarter for revenue of A $ 38.2M at an average price of A $ 2,302 / oz . Guidance for FY2021 increased to 47,000 to 52,000 oz at an AISC of A $ 1,450 to A $ 1,600 per ounce . The process of securing approvals with the NSW Government for development of the Roswell and San Antonio deposits is continuing . Feasibility plans that include both open cut and underground mines at Roswell and San Antonio are expected to be finalised in the coming quarter , once the San Antonio Indicated Resource is completed . Exploration Infill drilling within the Roswell and San Antonio deposits south of TGO has been completed with most results received and many high - grade intercepts reported ( see ASX Announcements 28 October and 16 December 2020 ) , such as : RWD042 and and incl RWRC379D incl RWRC455 and incl and incl 21.0 metres grading 3.46g / t Au from 349 metres ; 6.0 metres grading 2.22g / t Au from 382 metres ; 20.7 metres grading 10.3g / t Au from 414 metres ; 8.0 metres grading 23.9g / t Au from 420 metres . 45.0 metres grading 6.14g / t Au from 380 metres ; 1.0 metre grading 102g / t Au from 391 metres . 3.0 metres grading 5.12g / t Au from 75 metres ; 6.0 metres grading 5.46g / t Au from 158 metres ; 1.0 metre grading 14.8g / t Au from 159 metres ; 52.0 metres grading 6.37g / t Au from 172 metres ; 3.0 metres grading 58.3g / t Au from 175 metres . On completion of the drilling at the Roswell deposit the Resource was updated ( see ASX Announcement 4 November 2020 ) . The Global Mineral Resource ( Indicated and Inferred ) for the Roswell Deposit now stands at : 10.1 million tonnes grading 2.04g / t gold ( 660,000oz ) . Total contained ounces increased 50 % from the previously announced January 2020 Inferred Mineral Resource . CONTACT : NIC EARNER , MANAGING DIRECTOR , ALKANE RESOURCES LTD , TEL +61 8 9227 5677 INVESTORS MEDIA : NATALIE CHAPMAN , CORPORATE COMMUNICATIONS MANAGER , TEL +61 418 642 556 : JOHN GARDNER , CITADEL MAGNUS , TEL +61 413 355 997 Ground Floor , 89 Burswood Road , Burswood WA 6100 , AUSTRALIA ( PO Box 4384 , Victoria Park WA 6979 , AUSTRALIA ) Telephone : +61 89227 5677 Facsimile : +61 8 9227 8178 www.alkane.com.au mail@alkane.com.au