Slides
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1 Annual General Meeting Nic Earner: Managing Director & CEO November 2026 © 2026 Alkane Resources | ASX:ALK | TSX:ALK | OTCQX:ALKRY
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2 Important Notices and Disclaimer This presentation is current as at 5 November 2026 and has been prepared by Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (Alkane) based on information available to it at the time of preparing this presentation. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security in Alkane in any jurisdiction, and neither this presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This presentation should be read in conjunction with Alkane’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX) and SEDAR+. This presentation is not, and under no circumstances is to be construed as, a prospectus, an advertisement or a public offering of securities in Canada. No securities commission or similar authority in Canada has reviewed or in any way passed upon this presentation or the merits of any securities described herein, and any representation to the contrary is an offence. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of Alkane have not been, and will not be, registered under the US Securities Act of 1933 (Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act) except in transactions exempt from, or not subject to, the registration requirements of the Securities Act and applicable US state securities laws. Information about the past performance of Alkane is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance. Any such historical information is not represented as being and is not indicative of Alkane’s view on its future financial condition and/or performance. This presentation includes certain forward-looking statements and forecasts within the meaning of applicable securities legislation, including “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, resources and reserves, anticipated project commencement dates, commodity prices, demand for commodities, anticipated life of projects, and expected costs or production outputs. These statements are based on expectations as of the date of the presentation. Assumptions have been made regarding, among other things: the prices of gold and antimony; continuing commercial production at Tomingley, Costerfield and Björkdal without major disruption; the receipt of required governmental approvals; the accuracy of capital and operating cost estimates; and the ability of the Company to operate in a safe, efficient and effective manner and to obtain financing as and when required and on reasonable terms. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors outside of Alkane’s control, and actual results, performance, and achievements may differ materially from those expressed or implied by these forward-looking statements, depending on a variety of factors. Such factors include, among others, the actual market prices of gold and antimony, the actual results of current and future exploration, changes in project parameters as plans continue to be evaluated, and the other risks identified in Alkane’s periodic and continuous disclosure filings with the ASX and under Alkane’s profile on SEDAR+. Alkane makes no representation, assurance or guarantee as to the accuracy or likelihood or fulfilment of any forward-looking statement or any outcomes expressed or implied in any forward- looking statement. You should not act or refrain from acting in reliance on this presentation material. This presentation is not financial product, investment, legal, taxation or other advice, and is not a recommendation to acquire securities in Alkane. It has been prepared without taking into account the investment objectives, financial situation or particular needs of any person. You should not put undue reliance on forward-looking statements. This overview of Alkane does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company or its future prospects. You should conduct your own investigation and perform your own analysis to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision. To the fullest extent permitted by law, Alkane and its affiliates and their respective officers, directors, employees and agents, accept no responsibility for any information provided in this presentation, including any forward-looking information and disclaim any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation. In addition, except as required by applicable laws, Alkane accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person, nor any obligation to furnish the person with any further information. Previously reported information and Competent / Qualified Persons The information in this presentation that relates to Mineral Resources and Ore Reserves has been extracted from the ASX announcements titled ‘Tomingley Resources & Reserves Statement FY26’, ‘Costerfield Resources & Reserves Statement FY26’ and ‘Björkdal Resources & Reserves Statement FY26’ all of which were released to the ASX on 11 September 2026 (Resources and Reserves Statements). The information relating to the Boda-Kaiser Scoping Study is drawn from Alkane’s ASX Announcement dated 10 July 2024. The information relating to the Storheden Mineral Resource is drawn from Alkane’s ASX Announcement dated 31 July 2026. The information relating to the Brunswick South exploration results is drawn from Alkane’s ASX Announcement dated 14 July 2026. Alkane has prepared National Instrument 43-101 – Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101) compliant technical reports, which support the information contained in the Resources and Reserves Statements, each of which is available on the ASX and under Alkane’s profile on SEDAR+ at www.sedarplus.ca. Those NI 43-101 reports include the ‘Boda-Kaiser Copper-Gold Project, New South Wales, Australia’ with an effective date of 6 June 2025; the ‘Tomingley and Peak Hill Gold Projects, NSW, Australia’ with an effective date of 30 June 2026; the ‘Costerfield NI 43-101 Technical Report’ dated 11 September 2026, with an effective date of 30 June 2026 and the ‘NI 43-101 Technical Report, Björkdal Gold Mine, Sweden’ dated 11 September 2026, with an effective date of 30 June 2026. Reference should be made to the full text of the technical reports for the assumptions, qualifications and limitations relating to the Mineral Resource Estimates and Ore Reserves contained therein and herein. All material assumptions and technical parameters underpinning the estimates in the technical reports continue to apply and have not materially changed. Unless otherwise advised in the announcements referenced, information in this presentation that relates to exploration results, Mineral Resources and Ore Reserves is based on information compiled by Mr Chris Davis, who is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG). Mr Davis has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code).
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3 Important Notices and Disclaimer For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this presentation has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101. Mr Davis consents to the inclusion in this presentation of the matters based on his information in the form and context in which they appear. Alkane confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements; in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed; and that the form and context in which the Competent Person’s findings are presented have not been materially altered. Non-IFRS Performance Measures This presentation contains references to all-in sustaining costs, which is a non-IFRS measure and does not have a standardised meaning under IFRS. Therefore, this measure may not be comparable to similar measures presented by other companies. All-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation provision. Sustaining capital reflects the capital required to maintain a site’s current level of operations. All-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period. This presentation may also refer to cash costs, site operating cash flow, underlying free cash flow, cash margin and liquidity, which are also non-IFRS measures without standardised meanings under IFRS. Refer to Alkane’s Quarterly Activities Reports, available on the ASX platform and under Alkane’s profile on SEDAR+, for the composition of these measures. Gold Equivalent (AuEq) Figures Gold equivalent ounces for production, sales and guidance are calculated by multiplying quantities of gold and antimony in the period by the respective average market prices of the commodities in the period, adding the two amounts to obtain total contained value based on market price, and dividing that total contained value by the average market price of gold for the period, i.e. AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). Average market prices for gold and antimony are sourced respectively from the LBMA daily PM price (www.lbma.org.uk) and the Shanghai Metal Market price (www.metal.com); the prices and exchange rates applied for each relevant period are set out in the market announcement in which the relevant figures were first reported. Gold equivalent grades for exploration results are calculated on the basis set out in the announcement in which those results were first reported, including the metal prices and predicted metallurgical recoveries applied. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance. Antimony is recovered into a gold- antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculations have a reasonable potential to be recovered and sold. Mineral Resources and Ore Reserves Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as Ore Reserves, and there is no certainty that Inferred Mineral Resources will be converted to Ore Reserves. Production targets and guidance referred to in this presentation are underpinned by estimated Ore Reserves and Mineral Resources prepared by Competent Persons in accordance with the JORC Code. Boda-Kaiser Scoping Study The Boda-Kaiser Scoping Study referred to in this presentation was reported in Alkane’s ASX announcement dated 10 July 2024. The Scoping Study is based on low-level technical and economic assessments and is insufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case at this stage; there is no certainty that the conclusions of the Scoping Study will be realised. Alkane confirms that all material assumptions underpinning the production target and forecast financial information derived from the production target in that announcement continue to apply and have not materially changed. Canadian Continuous Disclosure Alkane is a “designated foreign issuer” as defined in National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers of the Canadian Securities Administrators and is subject to the foreign regulatory requirements of the ASX and the Australian Securities and Investments Commission, including the ASX Listing Rules and the Corporations Act 2001 (Cth), rather than certain Canadian continuous disclosure requirements that would otherwise apply to it as a reporting issuer in Canada. Third Party Information Certain information in this presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither Alkane nor its representatives have independently verified any such market or industry data provided by third parties or industry or general publications. Currency and Rounding All dollar figures in this presentation are expressed in Australian dollars (A$) unless otherwise stated. Figures, amounts, percentages, prices, estimates and calculations may be subject to the effect of rounding, and totals may not sum as a result.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 4 BJÖRKDAL Skellefteå Aitik Boliden Area SWEDEN Stockholm Garpenberg Zincgruvan Alkane – a Mid-Tier Gold Company Gold, Antimony, Scale, Balance Sheet & Growth Capital Structure3 Ordinary Shares 1,366.2 million Share Price (30 October 2026) A$1.61 / US$1.13 Market Capitalisation A$2,200m / US$1,540m 12 Month low/high A$0.88/2.01 US$0.62/1.41 Cash and Gold Bullion (Sep-26) ~A$440m / US$308m Equipment Finance (Sep-26) ~A$16m / US$11m Undrawn Revolving Facility (Sep-26) A$110m / US$77m Total Liquidity (Sep-26) ~A$550m / US$385m Enterprise Value4 ~A$1,776m / US$1,243m Average Daily Volume (ASX 90 Days) ~5.5m shares5 Broker Coverage TOMINGLEY (NSW,Australia) FY26 Production 83koz Au1 COSTERFIELD (VIC,Australia) FY26 Production 45koz AuEq 2 BODA-KAISER (NSW,Australia) M&I Resources2 ~9.8MozAuEq BJÖRKDAL (Skellefteå, Sweden) FY26 Production 41koz Au1 1. Refer to Alkane ‘Quarterly Report June 2026’ release to ASX on 21 July 2026 2. Resources and reserves details follow in Appendix, including the calculation of gold equivalents. Also refer to ALK Announcement dated 15 October 2025 and titled ‘NSW Resources and Reserves Statement FY25’. 3. Source: S&P Capital IQ. A$ to US$ exchange rate of 0.70 is used 4. Enterprise Value is equal to Market Capitalisation less Cash of $440m plus Equipment Finance of $16m as at September 2026 and disclosed in the quarterly production update. 5. Source: https://www.asx.com.au/markets/company/ALK COSTERFIELD SydneyNSW VICTORIA Fosterville Stawell Cadia Melbourne TOMINGLEY BODA-KAISER
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 5 Tomingley Costerfield Björkdal Consolidated Gold produced Koz 78 – 84 37 – 39 41 – 45 156 – 168 Antimony produced Tonnes n/a 1,200 – 1,500 n/a 1,200 – 1,500 Gold equivalent produced2 Koz 78 – 84 44 – 48 41 – 45 163 – 177 Tomingley Costerfield Björkdal Consolidated All-in sustaining costs A$/AuEq oz 2,600 – 2,900 2,700 – 3,000 3,300 – 3,700 2,900 – 3,200 US$3/AuEq oz 1,820 – 2,030 1,890 – 2,100 2,310 – 2,590 2,030 – 2,240 Growth capital A$ million 90 – 100 30 – 40 40 – 50 160 – 190 Exploration A$ million 15 – 17 20 – 23 10 – 13 45 – 53 Boda/Kaiser & Other Exploration A$ million 10 – 12 Total A$ million 215 – 255 Total US$ million 151 – 179 FY2027 Guidance1 1. Refer to Alkane ‘Quarterly Report June 2026’ release to ASX on 21 July 2026 and Alkane ‘FY26 Financial Results and Dividend’ release to ASX on 21 August 2026. 2. Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market prices for the June quarter were A$6,349/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and A$30,675/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com), using an AUD:USD exchange rate of 0.7098. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance, with actual quarterly recoveries set out on slide 8 of this presentation. Antimony is recovered into a gold-antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. 3. A$ to US$ exchange rate of 0.70 is used
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 6 Tomingley Costerfield Björkdal Consolidated Gold produced Koz 21.5 7.8 10.5 39.8 Antimony produced Tonnes n/a 396 n/a 396 Gold equivalent produced2 Koz 21.5 8.7 10.5 40.7 Growth capital A$ million 25 3 9 37 Exploration A$ million 2 7 1 9 Boda/Kaiser & Other Exploration A$ million 4 Total A$ million 50 Total US$ million 35 FY2027 Q1 Actual1 1. Refer to Alkane ‘Quarterly Report September 2026’ release to ASX on 23 October 2026. 2. Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market prices for the September quarter were A$6,035/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and A$19,982/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com), using an AUD:USD exchange rate of 0.7062. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance. Antimony is recovered into a gold-antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. 3. A$ to US$ exchange rate of 0.70 is used Tomingley Costerfield Björkdal Consolidated All-in sustaining costs A$/AuEq oz 2,340 3,194 3,012 2,805 US$3/AuEq oz 1,820 – 2,030 1,890 – 2,100 2,310 – 2,590 1,964
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7 Tomingley (Australia) HIGH-PERFORMING GOLD MINE POSITIONED FOR GROWTH
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 8 Tomingley Gold Mine Owner operator Roswell, Caloma, Caloma 2 and San Antonio deposits are open at depth Highway underway to access San Antonio open pits Regional targets continue to be explored Reliable, Long-term Production in NSW Current Mining • Underground at Roswell, Caloma 1 and 2 • Future Open Pit at San Antonio, Roswell Saleable Product Gold doré Processing • 1M tpa process plant, run-rate at +1.3M tpa Reserves1 P&P: 0.641 Moz (11.41Mt @ 1.7 g/t Au) Resources1,2 M&I: 1.467 Moz (17.30Mt @ 2.1g/t Au) Inf: 0.304 Moz (4.55Mt @ 2.1g/t Au) FY2025 Production3 FY2026 Production4 FY2027 Guidance5 70.1 koz Au 83.0 koz Au 78 to 84 koz Au1. Refer to ALK Announcement dated 11 September 2026 titled ‘Tomingley Resource & Reserve Statement FY26’ . Details of all resources and reserves follow in Appendix (refer slides 34–39). 2. Resources are presented inclusive of reserves. 3. Refer to ALK Announcement dated 8 July 2026 titled ‘Production in Top Half of FY2026 Guidance’. 4. Refer to Alkane ‘Quarterly Report June 2026’ release to ASX on 21 July 2026. 5. Refer to Alkane ‘Record FY26 Net Profit After Tax’ release to ASX on 21 August 2026.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 9 Tomingley Gold Mine Expanding Near Mine Mineral Resource Caloma 1 MacPhails Macleans RoswellSan Antonio + Western Monzodiorite 1 2 3 4 5 6 7 1 2 3 4 5 6 7 Wyoming 3 Caloma 2 Macleans Extension Positive results around secondary yet thin orebody Roswell Extensions Mining will be dependent on gold price SAR Drilling (Wyoming to Roswell) Drill program completed, interpreting results Roswell Western Monzodiorite Infill drilling to commence in Q3 Caloma North-East Drilling to commence in Q4 Wyoming 3 Drilling to test for potential economic mineralisation San Antonio Grade Control Drilling campaign to commence in Q3 Wyoming 1
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 10 Tomingley Gold Mine Expanding Near Mine Mineral Resource Tomingley One and Two Drilling completed, interpreting results. El Paso ~5,400 m diamond program completed. Assays pending. Peak Hill Announcement detailing results of 1.65 km hole recently released.1 Preparation underway for 6,600 m of follow-up drilling to expand sulphide resource. Glen Isla Drilling completed, interpreting results. Preparing for extensive AC drilling program to test covered area south of prospect. Patons To be tested by RC drilling in Q1. 2D seismic Preparation underway for completion in current quarter. 1 2 3 4 5 6 2 3 1 5 San Antonio Roswell Wyoming Caloma Patons Peak Hill Glen Isla Tomingley 1 Tomingley 2 ML Boundary El Paso 4 6 1. Refer to ALK Announcement dated 15 October 2026 titled ‘Deep Drilling Intersects Epithermal Mineralisation 1km Below Proprietary Pit at Peak Hill’
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 11 Tomingley Gold Mine Newell Highway – Forecast April 2027 Completion
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 12 Tomingley Gold Mine Peak Hill Q4 2026 Now • Start 6-hole, ~6,600m follow-up drilling • Scoping study Q1 2027 Scoping study complete • Review of mine design and schedule • Cost model and scoping-level cashflow • Geotechnical work 2027+ If scoping supports it: • Resource update at a mining cut-off • Rock property testing and structural logging • Access, pit water and ore pre-treatment studies • Define pre-feasibility scope and budget • Review of required permitting process The opportunity 108 koz Inferred Resource (1.02 Mt at 3.29 g/t, 2 g/t cut-off)1. Concept work at lower cut-offs suggests potential for a larger bulk target2. Deep drilling shows the system extends ~1 km below the pit. 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Tomingley Resource & Reserve Statement FY26’ . Details of all resources and reserves follow in Appendix (refer slides 34–39). 2. Conceptual only; insufficient exploration has been completed to define a Mineral Resource at lower cut-offs, and there is no certainty further exploration will result in one.
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13 Costerfield (Australia) ONE OF THE WORLD’S HIGHEST-GRADE GOLD AND ANTIMONY MINES
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 14 Costerfield Gold-Antimony Mine Costerfield is a significant critical mineral producer of antimony in the Western World Significant exploration potential across the land package Earn-in JV with Nagambie, 40km to the ENE of Costerfield High Grade Narrow Vein Mining in Victoria Current Mining Underground at Youle and Shepherd Saleable Product Gold gravity | Gold and antimony concentrate Processing 150,000 tpa Reserves1 0.170 Moz Au | 15 kt Sb | 0.276 Moz AuEq3 (0.960 Mt @ 5.5 g/t Au and 1.6 % Sb) Resources (MI)1,2 0.387 Moz Au | 42 kt Sb | 0.664 Moz AuEq3 (1.993 Mt @ 6.0 g/t and 2.1 % Sb) FY2025 Production3 FY2026 Production4 FY2027 Guidance5 49.4 koz AuEq 44.5 koz AuEq 44 to 48 koz AuEq1. Refer to ALK Announcement dated 11 September 2026 titled ‘Costerfield Resources and Reserves Statement FY26’. Details of all resources and reserves follow in the Appendix, including in relation to the calculation of gold equivalents (refer slides 34–39). 2. Resources are presented inclusive of reserves. 3. Refer to ALK Announcement dated 18 August 2025 titled ‘ Upcoming Guidance and Costerfield & Björkdal Clarification’ for details on FY2025 production results. Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get “total contained value based on market price,” and then dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced x Sb $/t)) / (Au $/oz). Average gold price in period is calculated as average of daily PM price in period. Average antimony price in period is calculated as average of the high and low Rotterdam warehouse prices for days in period. The source for gold price is www.lbma.org.uk, and antimony price is www.metalbulletin.com. Average market prices used to calculate gold equivalent ounces in FY2025 were: Sep 2024: US$2,474/oz Au and US$24,338/t Sb; Dec 2024: US$2,663/oz Au and US$36,336/t Sb; Mar 2025: US$2,860/oz Au and US$34,923/t Sb; Jun 2025: US$3,280/oz Au and US$58,813/t Sb. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. 4. Refer to Alkane ‘Quarterly Report June 2026’ release to ASX on 21 July 2026. 5. Refer to Alkane ‘Record FY26 Net Profit After Tax’ release to ASX on 21 August 2026.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 15 2 3 Brunswick Kendal Augusta Cuffley Sub KC Shepherd Youle True BlueBrunswick South N 1 Near Mine Exploration Costerfield Gold-Antimony Mine 1 2Brunswick South Drilling has indicated a potential western structure, further drilling underway1 Cuffley-Augusta Potential for small ore Reserve extensions at Cuffley and N Lode. 3 Kendall Southern upper extension complete; being assessed at present. Northern extension to commence in Q3 1. Refer to ALK Announcement dated 14 July 2026 titled ’Alkane Extends High Grade Gold Trend at Brunswick South’
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 16 Costerfield Gold-Antimony Mine Regional Exploration Northern Dykes Drilling is underway within identified similar host to Sunday Creek. Browns Corridor Drilling is underway seeking similar system to Costerfield. Margarets Drilling is underway seeking similar system to Costerfield. True Blue Step-out Drilling to commence in Q2 on southern and northern step-out target along the 4km true blue target. 1 Youle & Shepherd Workings Brown’s Corridor 2.5km of shallow workings with significant grades drilled in 2021 and 2022 Augusta Portal & Mine 5km1km 2.5km Central Corridor 6km of Historic and Current workings 4 4 1 2 4 2 3 Targeted regional testing has ramped up with improved ground conditions: 3 True Blue Corridor 4+km of shallow workings and geochemical signature Antimony Creek Corridor 4km of shallow workings and surface geochemical signature Brunswick Portal & Processing Facility
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 17 Nagambie Drilling Update Costerfield Gold-Antimony Mine High grade zones largely confirmed with additional wider zones identified Depth and strike extensions confirmed on C2 Additional mineral trend intercepted to West (C3) Drilling continues along strike and at depth, two rigs on site Assay Highlights from October release1: From C3 Zone o 3.3g/t gold and 0.7% antimony over 10.6m (ETW 10.4m) in ADD001 Including 17.0g/t gold and 5.9% antimony over 1.3m (ETW 1.2m) From C2W Zone o 1.2g/t gold and 2.5% antimony over 9.7m (ETW 4.9m) in ADD001 Including 4.6g/t gold and 20.6% antimony over 0.4m (ETW 0.2m) Including 3.6g/t gold and 9% antimony over 1.7m (ETW 0.8m) o 2.1g/t gold and 0.5% antimony over 10.0m (ETW 6.4m) in ADD006 Including 3.7g/t gold and 0.8% antimony over 1m (ETW 0.6m) Including 12.6g/t gold and 0.1% antimony over 0.4m (ETW 0.2m) Including 2.8g/t gold and 2.0% antimony over 2.3m (ETW 1.5m) o 0.6g/t gold and 0.8% antimony over 22.6m (ETW 20.7m) in ADD013 Including 2.1g/t gold and 17.3% antimony over 0.4m (ETW 0.3m) Including 1.4g/t gold and 7.3% antimony over 0.8m (ETW 0.7m) 1. Refer to ALK Announcement dated 20 October 2026 titled ‘Alkane Drilling Confirms and Extends Gold-Antimony Mineral System at Nagambie’
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18 Björkdal (Sweden) LONG LIFE UNDERGROUND AND OPEN CUT GOLD MINE
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 19 Björkdal Gold Mine Large gold system with long reserve life Open cut commenced at Nylunds Resource expansion at Storheden (~700m from main system)6 Exploration for higher grade zones ongoing Long-term Production in Sweden Current Mining Underground and Open Pit Saleable Product Gold concentrate Processing 1.4M tpa Reserves1 0.54 Moz Au (13.1Mt @ 1.29 g/t Au) Resources (MI) 2 1.40 Moz Au (20.4Mt @ 2.14 g/t Au) FY2025 Production3 FY2026 Production4 FY2027 Guidance5 41.4 koz Au 40.8 koz Au 41 to 45 koz Au 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Björkdal Resources & Reserves Statement FY26’. Details of all resources and reserves follow in the Appendix (refer slides 34–39). 2. Resources are presented inclusive of reserves. 3. Refer to ALK Announcement dated 18 August 2025 titled ‘ Upcoming Guidance and Costerfield & Björkdal Clarification’ for details on FY2025 production results. 4. Refer to Alkane ‘Quarterly Report June 2026’ release to ASX on 21 July 2026. 5. Refer to Alkane ‘Record FY26 Net Profit After Tax’ release to ASX on 21 August 2026. 5. Refer to ALK announcement dated 31 July 2026 titled ‘Storheden Mineral Resource and Exploration Update – Amended’.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 20 Focused on Delivering High Margin Ore Björkdal Gold Mine NylundsOpen Pit Storheden Aurora & Lake Zone Above North Zone Above North Zone Below Main Zone Central Zone Lake Zone Below 1 2 3 4 Note: Red-below marble / orange-above marble Storheden Ramp Design Eastern Extension Drilling early in the quarter covered the planned ramp position system and the eastern extension of the Central Zone. North Zone Current focus is the upper limits of the system below the marble horizon. New drill sites have been created during the quarter that will facilitate infill drilling to commence Skarn Test down plunge extension of the recently discovered workshop Skarn.1 Storheden Drilling Drilling has commenced in Q2 following the success of FY26 drilling and subsequent resource extension.2 1 2 3 4 A A ’ Björkdal Storheden A A’ 1. Refer to ALK Announcement dated 9 July 2026 titled ‘Björkdal – Near Mine Exploration Update ‘ 2. Refer to ALK announcement dated 31 July 2026 titled ‘Storheden Mineral Resource and Exploration Update – Amended’.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 21 Björkdal Gold Mine Regional Exploration 1 2 3 4 5 1 2 3 4 5 6 6Björkdal Norrberget – Test down dip extension of the Mineral Resource.1 Storheden North – Testing anticlinal position within the mineralised corridor of Björkdal. Lillträskbäcken – Follow up on a mineralized intercept in Goldore drilling 2011. Rönnberget – Testing the potential for shear hosted mineralisation between Norrberget and Björkdal. Sandliden – Follow up on identified gold mineralisation in the north of the tenement. Aspliden – Follow-up on significant geochemical gold anomaly within till. Regional drilling planned to start in early 2027, after Storheden Extension and Infill drilling. 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Björkdal Resources and Reserves Statement FY26‘
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 22 Björkdal Gold Mine Tailings Dam & Storheden
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23 Reserve Growth GROWTH ALL ROUND
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 24 192 65 116 96 543 563 620 641 232 276 0 200 400 600 800 1000 1200 1400 1600 June 30 2025 Depleted Through Production Bjorkdal Tomingley Costerfield June 30 2026 AuEq (koz) Ore Reserve Growth Mineral Resource and Ore Reserve Group Ore Reserves Contained Metal in Ore Reserves now at: P&P = 1.37 Moz Au + 15 kt Sb1 Replaced depletion at all sites Increased Ore Reserve Mine Life to 6 Years at Costerfield Group Mineral Resources Contained Metal in Mineral Resources now at: M&I = 8.64 Moz Au + 1.01 Mt Cu + 42.0 kt Sb1 Inferred = 3.76 Moz Au + 0.45 Mt Cu + 12.9 kt Sb1 Largest Growth at Björkdal with Storheden Indicated and Inferred resource growth. (Not yet Informing Reserves) Boda / Kaiser Mineral Resource remained unchanged Growth All Round in Annual Update 6.2% 7.8% 1. Details of all resources and reserves follow in the Appendix, including in relation to the calculation of gold equivalents 2. Refer to ALK Announcement dated 11 September 2026 “Group Resources & Reserves Statement FY26” 3. Refer to ALK Announcement dated 11 September 2026 “Björkdal Resources & Reserves Statement FY26” 4. Refer to ALK Announcement dated 11 September 2026 “Tomingley Resources & Reserves Statement FY26” 5. Refer to ALK Announcement dated 11 September 2026 “Costerfield Resources & Reserves Statement FY26” Net of depletion Net of depletion For producing assets
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25 Lupin Gold Mine RECLAMATION & OPPORTUNITY
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 26 Lupin Gold Mine Location & Logistics Located in Kitikmeot Region, Nunavut Nearest community is Kugluktuk, ~285km to the NW Nearest all-season road & airstrip is at Yellowknife Access is fly-in year- round and winter road for heavy haul
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 27 Lupin Gold Mine Transformational Reclamation BEFORE · SEPTEMBER 20, 2025 AFTER · OCTOBER 4, 2026 Spent to date ~$30m Through 2026 2027 forecast ~$7m On-site works and indirects 2028 forecast ~$11m Includes winter road and demob.
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28 Boda-Kaiser (Australia) LARGE-SCALE DEVELOPMENT PROJECT
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 29 Boda-Kaiser A Significant Gold-Copper Project in a Premier Location July 2024 Scoping Study2 20 Mtpa Throughput 17+ years Life of mine 35 kt/annum Copper (first 5 yrs) ~159 koz Au/annum Gold (first 5 years) A$1.8B Capex (pre-production) ~A$630/oz Au AISC (incl. Cu by-product) A$4.3B 10-Year Free Cash Flow (Pre-tax) 24% IRR Au = A$3,500/oz (~US$2,334/oz) Cu = A$15,000/t (~US$10,000/t) 1. Refer to ALK Announcement dated 15 October 2025 titled ‘NSW Resources and Reserves Statement FY25’. Details of all resources and reserves follow in the Appendix. The metal equivalent calculation formula is AuEq(g/t) = Au(g/t) + (Cu%/100) *31.1035 * copper price ($/t) / gold price ($/oz). The 12-month average metal prices (as at the relevant time) were used of US $1,950/oz gold and US $8,600/t copper and A$:US$0.67. Recoveries are estimated at 87% for Cu and 81% Au for Boda, and at 81% Cu and 71% Au for Kaiser from metallurgical studies. Alkane considers the elements included in the metal equivalents calculation to have a reasonable potential to be recovered and sold. 2. Alkane confirms that all material assumption underpinning the production target and forecast financial information in the scoping study continue to apply and have not materially changed. 3. The Scoping Study is a preliminary study based on low-level technical and economic assessments and is not sufficient to support the estimation of Ore Reserves or to provide assurance of an economic development case. The production target and forecast financial information are not forecasts of actual outcomes, and there is no certainty they will be realised. Funding for the project has not been secured and there is no certainty that funding will be available when required. 14.7 Moz AuEq1,2 in Resources ~65% in Indicated Category Scoping study at 20 Mtpa throughput produced over LOM: • 2,057,000 oz of gold • 413,000 tonnes of copper Current gold and copper prices are much higher, with significant potential for improved financials.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 30 Boda-Kaiser Potential timeline 2025 2026 2027 2028 2029 2030 2031 2032 2033 Stakeholder Consultation Environmental Studies Property Negotiations Site Selection Rail, Power, Road, Water & Windfarm Negotiations Pre-Feasibility Study Project Approvals Bankable Feasibility Study Financing & Final Investment Decision Construction & Commissioning Indicative only; subject to PFS/BFS outcomes, approvals, funding and a Final Investment Decision. No assurance the project will proceed or timings will be met (see slides 2–3).
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 31 The Next 12 Months To deliver on production To seek to expand Mineral Resources at all three mine sites To complete the Newell Highway project To progress the Storheden development To complete a pre-feasibility study for Boda-Kaiser To continue to evaluate sensible and accretive corporate investment To position for continued shareholder capital returns What are We Looking to Achieve? These are management objectives and forward-looking statements, not forecasts or guarantees, and are subject to the assumptions, risks and uncertainties set out in the Important Notices and Disclaimer (slides 2–3). Actual outcomes may differ materially. Any expansion of Mineral Resources depends on future exploration results; there is no assurance that exploration will increase, or convert, Mineral Resources or Ore Reserves. Any capital returns remain subject to Board determination.
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32 Thank You ASX: ALK TSX: ALK OTCQX: ALKRY Alkane Contact Information: Natalie Chapman Corporate Communications Manager +61 418 642 556 natalie.chapman@alkres.com alkres.com @alkane-resources-ltd @alkaneresources
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33 Appendix RESERVES AND RESOURCES STATEMENTS
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 34 Tomingley Reserves and Resources Statement1 Tomingley Operations – Mineral Resources (at 30 June 2026) Deposit Measured Indicated Total M&I Inferred Tonnes (kt) Grade (g/t Au) Tonnes (kt) Grade (g/t Au) Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Open Pittable Resources (cut-off 0.4g/t Au) San Antonio 0 0.0 5,930 1.8 5,930 1.8 347 1,389 1.3 59 Stockpiles 342 1.4 342 1.4 15 Sub Total 342 1.4 5,930 1.8 6,272 1.8 362 1,389 1.3 59 Underground Resources (cut-off 1.3g/t Au) Wyoming One 1,011 2.7 627 2.1 1,638 2.5 130 104 2.1 7 Caloma Two 368 2.3 1,499 2.3 1,867 2.3 138 362 2.0 23 McLeans 870 2.5 70 Underground Resources (cut-off 0.9g/t Au) Wyoming Three 0 0.0 1 2.5 1 2.5 0 181 1.9 11 Caloma One 753 1.9 1,111 1.8 1,864 1.8 110 82 1.2 3 Roswell 3,420 2.6 2,240 2.2 5,660 2.4 444 551 1.3 23 Sub Total 5,552 2.5 5,478 2.1 11,030 2.3 822 2,150 2.0 137 TOTAL 5,894 2.4 11,408 2.0 17,302 2.1 1,184 3,539 1.7 196 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Tomingley Resources & Reserves Statement FY26’. Notes 1. The Mineral Resource is estimated as of 30th June 2026. 2. Mineral Resources are classified and reported in accordance with the guidelines of the JORC Code (2012); the classifications are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). 3. Tonnes are rounded to the nearest thousand and contained gold (oz) is rounded to the nearest thousand. 4. Totals may appear different from the sum of their components due to rounding. 5. Open Pit Mineral Resources for San Antonio have not been re-estimated since 2022 and are estimated at a cut-off grade of 0.4 g/t Au. 6. Underground Mineral Resources for Wyoming One and Caloma Two are estimated at a cut-off grade of 1.3 g/t Au. 7. Underground Mineral Resources for Wyoming Three and Caloma One are estimated at a cut-off grade of 0.9 g/t Au. 8. The Stockpile Mineral Resource is estimated based upon surveyed volumes supplemented by production data. 9. Competent Persons are outlined on slides 2 and 3 of this presentation.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 35 Tomingley Reserves and Resources Statement1 Tomingley Operations – Ore Reserves (at 30 June 2026) Deposit Proved Probable Total Tonnes (kt) Grade (g/t Au) Tonnes (kt) Grade (g/t Au) Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Open Pittable Reserves (cut-off 0.4g/t Au) San Antonio 0 0.0 4,100 1.6 4,100 1.6 214 Stockpiles 342 1.4 0 0 342 1.4 15 Sub Total 342 1.4 4,100 1.6 4,442 1.6 229 Underground Reserves (cut off 1.1g/t Au, except CL2 cut off 1.3g/t) Wyoming One 0 0.0 0 0.0 0 0.0 0 Caloma One 83 1.5 337 1.5 421 1.5 21 Caloma Two 38 1.5 1,005 1.7 1,043 1.7 58 Roswell 3,364 2.0 2,131 1.7 5,495 1.9 333 Sub Total 3,485 2.0 3,473 1.7 6,959 1.8 412 TOTAL 3,827 1.9 7,573 1.6 11,401 1.7 641 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Tomingley Resources & Reserves Statement FY26’. Peak Hill Gold Project – Mineral Resources (at 30 June 2026) Deposit Resource Category Cut-Off Tonnes (Mt) Gold Grade (g/t) Gold Metal (koz) Copper Metal (%) Proprietary U/G Inferred 2g/t Au 1.02 3.29 108 0.15 TOTAL 1.02 3.29 108 0.15 Notes 1. The Ore Reserve is estimated as at 30 June 2026. 2. Ore Reserves are classified and reported in accordance with the guidelines of the JORC Code (2012); the classifications are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). 3. Tonnes are rounded to the nearest thousand and contained gold (oz) is rounded to the nearest thousand. 4. Totals may appear different from the sum of their components due to rounding. 5. Open Pit Ore Reserves for San Antonio have not been re-estimated since 2022 and are estimated at a cut-off grade of 0.4 g/t Au. 6. Underground Ore Reserves for Caloma Two are estimated at a cut -off grade of 1.3 g/t Au. 7. Underground Ore Reserves for Caloma and Roswell are estimated at a cut-off grade of 1.1 g/t Au. 8. Economic feasibility has been demonstrated at a gold price of AU $4,000 per oz. 9. The Ore Reserve is a subset, a Proved and Probable only schedule, of a LOM plan that includes mining of Measured, Indicated and Inferred Resources.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 36 Costerfield Reserves and Resources Statement1 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Costerfield Resources and Reserves Statement FY26’. Category Tonnes (kt) Gold Grade (g/t) Antimony Grade (%) Contained Gold (koz) Contained Antimony (kt) Measured (Underground) 423 10.0 3.2 136 13.7 Measured (Stockpile) 49 3.7 0.6 6 0.3 Indicated 1,521 5.0 1.8 245 28.0 Measured + Indicated 1,993 6.0 2.1 387 42.0 Inferred 969 3.6 1.3 111 12.9 Resources 1. The Mineral Resource is estimated as of 2026 with depletion through to 30 June 2026. 2. Tonnes are rounded to the nearest thousand; contained gold (oz) is rounded to the nearest thousand; contained antimony (t) is rounded to nearest hundred. 3. Totals may appear different from the sum of their components due to rounding. 4. 3.0 g/t AuEq cut-off grade over a minimum mining width of 1.2 m is applied where AuEq is calculated using the formula: AuEq = Au g/t + 2.05 × Sb %. 5. It is the Company’s opinion that all elements included in the metal equivalent calculation (gold and antimony) have a reasonable potential to be recovered and sold. 6. The AuEq factor of 2.05 is calculated at a gold price of US$4,000/oz, an antimony price of US$26,400/t, and recoveries of 90% for Au and 89% for Sb. Recoveries are based on the Costerfield Operation FY2026 actual plant operating performance. 7. Veins were diluted to a minimum mining width of 1.2 m before applying the cut -off grade and peripheral mineralisation far from current development was excluded to comply with the RPEEE criteria. 8. The Stockpile Mineral Resource is estimated based upon surveyed volumes supplemented by production data. Reserves 1. The Ore Reserve is estimated as at 30 June 2026, and then depleted for production through to 30 June 2026. 2. Tonnes are rounded to the nearest thousand; contained gold (oz) is rounded to the nearest thousand; contained antimony (t) is rounded to nearest hundred. 3. Totals may appear different from the sum of their components due to rounding. 4. Lodes have been diluted to a minimum mining width of 1.5 m for stoping and 2.0 m for ore development. Unplanned dilution values are added to this with zero grade for Au and Sb for final grades. 5. A sustaining cut-off grade of 4.4 g/t AuEq is applied. An incremental cut-off grade of 2.5 g/t AuEq is applied where mining rates do not meet mill capacity and the life of the mine is not extended. 6. Commodity prices applied are a gold price of US$3,100/oz, antimony price of US$22,000/t and exchange rate US$:A$ of 0.71. 7. AuEq is calculated using the formula: AuEq = Au g/t + (1.61 × Sb %). The AuEq factor of 1.61 is calculated at a gold price of US$3,100/oz, an antimony price of US$22,000/t, and metallurgical recoveries forecast from head grade versus recovery relationships developed from recent plant operating data. The forecast weighted average recoveries are 88.48% for Au and 90.46% for Sb. 8. It is the Company’s opinion that all elements included in the metal equivalent calculation (gold and antimony) have a reasonable potential to be recovered and sold. 9. The Ore Reserve is a subset, a Proved and Probable only schedule, of a LOM plan that includes mining of Measured, Indicated and Inferred Resources. Category Tonnes (kt) Gold Grade (g/t) Antimony Grade (%) Contained Gold (koz) Contained Antimony (kt) Proved (Costerfield Underground) 220 7.4 1.7 52 3.7 Proved (Stockpile) 49 3.7 0.6 6 0.3 Proved Total 270 6.7 1.5 58 4.0 Probable (Costerfield Underground) 690 5.1 1.6 112 10.9 Total (Proved & Probable) 960 5.5 1.6 170 15.0 Costerfield Operations – Mineral Resources (at 30 June 2026) Costerfield Operations – Ore Reserves (at 30 June 2026)
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 37 Björkdal Reserves and Resources Statement1 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Björkdal Resources and Reserves Statement FY26’. Björkdal – Mineral Resources (at 30 June 2026) Location Area Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Measured Mineral Resources Björkdal Underground 1,278 2.48 102 Indicated Mineral Resources Björkdal Open Pit 4,102 1.62 214 Björkdal Underground 14,881 2.21 1,058 Storheden Underground 1,075 2.51 87 Stockpile 916 0.57 17 Subtotal, Björkdal 22,252 2.07 1,478 Norrberget Open Pit 221 2.76 20 Total (Measured + Indicated) 22,474 2.07 1,497 Inferred Mineral Resources Björkdal Open Pit 6,371 1.13 231 Björkdal Underground 3,783 1.96 238 Storheden Underground 1,846 2.11 125 Subtotal, Björkdal 12,000 1.54 594 Norrberget Open Pit 96 5.38 17 Total (Inferred) 12,096 1.57 611 Notes: 1. Björkdal Mineral Resources are estimated using drill hole and sample data as of 01 January 2026 and account for production to 30 June 2026. 2. Storheden Mineral Resources are estimated based on a data cut-off date of 07 June 2026. 3. Norrberget Mineral Resources are estimated based on a data cut-off date of 30 September 2024. 4. Mineral Resources are classified and reported in accordance with the JORC Code (2012); the classifications are consistent with CIM (2014) definitions, and the 2019 CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines were followed. 5. Mineral Resources are inclusive of Mineral Reserves. 6. Mineral Resources are estimated using an average gold price of US$3,100/oz and an exchange rate of 10.00 SEK/US$. 7. High gold assays were capped to 30 g/t Au for the Björkdal open pit mine. 8. High gold assays for the Björkdal underground mine and Storheden deposit were capped at 60 g/t Au for the first search pass and 40 g/t Au for subsequent passes. 9. High gold assays at Norrberget were capped at 24 g/t Au. 10.Interpolation was by inverse distance cubed (ID3) utilising diamond drill, reverse circulation, and chip channel samples. 11.Open pit Mineral Resources are constrained by open pit shells and estimated at a cut-off grade of 0.18 g/t Au for Björkdal and 0.32 g/t Au for Norrberget. 12.Underground Mineral Resources are estimated at a cut-off grade of 0.65 g/t Au. 13.A nominal 2.5 m minimum mining width was used to interpret veins. 14.Reported Mineral Resources are depleted for previously mined underground development and stopes and exclude remnant material. 15.Stockpile Mineral Resources are based upon surveyed volumes supplemented by production data. 16.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 17.Numbers may not sum due to rounding.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 38 Björkdal Reserves and Resources Statement1 1. Refer to ALK Announcement dated 11 September 2026 titled ‘Björkdal Resources and Reserves Statement FY26’. Björkdal – Ore Reserves (at 30 June 2026) Location Area Tonnes (kt) Grade (g/t Au) Contained Gold (koz) Proven Ore Reserves Björkdal Underground 1,155 1.63 61 Total Proven 1,155 1.63 61 Probable Ore Reserves Björkdal Underground 5,526 1.61 287 Open Pit 5,363 1.06 184 Norrberget Open Pit 161 2.72 14 Stockpiles Stockpiles 916 0.59 17 Total Probable 11,966 1.30 502 Total Proven + Probable 13,121 1.33 563 Notes: 1. Björkdal Mineral Reserves are estimated using drill hole and sample data as of 01 January 2026 and depleted for production through 30 June 2026. 2. Norrberget Mineral Reserves are based on a data cut-off date of 30 September 2024. 3. Ore Reserves are classified and reported in accordance with the JORC Code (2012); the classifications are consistent with CIM (2014) definitions for Mineral Reserves. 4. Open Pit Mineral Reserves for Björkdal are based on mine designs carried out on an updated resource model, applying an ore tonnage factor derived from 2018 and 2019 reconciliation data to account for historical mine-to-model reconciliation performance, including the effects of operational dilution, mining losses and resource model uncertainty. The factor is implemented by applying 100% additional tonnage at 0.0 g/t Au for blocks above 1.0 g/t Au and 100% additional tonnage at in situ grade for blocks below 1.0 g/t Au but above a cut-off grade of 0.21 g/t Au. A marginal in-situ cut-off grade of 0.21 g/t Au was applied to estimate Open Pit Mineral Reserves. 5. Open Pit Ore Reserves for Norrberget are based on 25% dilution at 0.0 g/t Au and an in-situ cut-off grade of 0.30 g/t Au. 6. Underground Ore Reserves are based on mine designs carried out on the updated resource model. Minimum mining widths of 2.5 m for stopes (inclusive of dilution) and 4.6 m for development (inclusive of dilution) were used. Dilution factors of 20% for ore drives and 10% for capital development were applied to the development design widths. Mining extraction was assessed at 95% for contained ounces within stopes and 100% for development. A cut-off grade of 0.77 g/t Au was applied to material mined within stopes. An incremental cut-off grade of 0.21 g/t Au was used for development material. 7. Stockpile Ore Reserves are estimated based upon surveyed volumes supplemented by production and depletion data as of 30 June 2026. 8. Ore Reserves are estimated using an average long-term gold price of US$2,600/oz for Björkdal and Norrberget, and an exchange rate of 10.00 SEK/USD. 9. Tonnes and contained gold are rounded to the nearest thousand. 10.Totals may not sum due to rounding.
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ALKANE RESOURCES | ASX:ALK | TSX:ALK | OTCQX: ALKRY 39 Boda-Kaiser Reserves and Resources Statement1 1. Refer to ALK Announcement dated 15 October 2025 titled ‘NSW Resources and Reserves Statement FY25’. The metal equivalent calculation formula is AuEq(g/t) = Au(g/t) + (Cu%/100) *31.1035 * copper price ($/t) / gold price ($/oz). The 12-month average metal prices (as at the relevant time) were used of US $1,950/oz gold and US $8,600/t copper and A$:US$0.67. Recoveries are estimated at 87% for Cu and 81% Au for Boda, and at 81% Cu and 71% Au for Kaiser from metallurgical studies. Alkane considers the elements included in the metal equivalents calculation to have a reasonable potential to be recovered and sold. Deposit Indicated Inferred Total Metal Tonnes (Mt) Au (g/t) Cu (%) Tonnes (Mt) Au (g/t) Cu (%) Tonnes (Mt) AuEq1 (g/t) Au (g/t) Cu (%) AuEq1 (Moz) Au (Moz) Cu (Mt) Open Pittable Resources (cut-off 0.3g/t AuEq) Boda 191 0.36 0.17 42 0.29 0.16 233 0.58 0.35 0.17 4.31 2.62 0.39 Kaiser 179 0.27 0.20 10 0.29 0.14 189 0.54 0.27 0.19 3.28 1.64 0.37 Sub Total 370 0.32 0.18 52 0.29 0.16 422 0.56 0.31 0.18 7.59 4.26 0.76 Underground Resources (cut-off 0.4g/t AuEq) Boda 151 0.34 0.20 198 0.34 0.18 350 0.59 0.34 0.18 6.63 3.78 0.65 Kaiser 16 0.30 0.22 8 0.36 0.20 24 0.61 0.32 0.21 0.46 0.24 0.05 Sub Total 167 0.34 0.20 206 0.34 0.18 374 0.59 0.34 0.18 7.09 4.02 0.70 TOTAL 537 0.32 0.19 258 0.33 0.18 796 0.58 0.33 0.18 14.7 8.28 1.46