Alkane Resources Ltd

This report is an updated version of the report published on 10 December 2025 at 12:15 PM AEDT.

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview: Alkane Resources Ltd (ASX: ALK) is an Australia-based gold and antimony producer with a portfolio of three wholly owned producing mines located across Australia and Sweden. Its assets include the Tomingley Gold Project in Central West New South Wales, the Costerfield gold and antimony underground mine in Victoria, and the Björkdal underground gold mine in Northern Sweden. In addition to production, Alkane also holds exploration and development projects such as the large gold-copper porphyry Boda-Kaiser Project in New South Wales. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

 1.2 The Key Positives, Negatives, Investment Highlights, and Management Insights

1.3 Top 10 Shareholders:

The top 10 shareholders together form 57.00% of the total shareholding. Mills (Bradford Alan) and Plinian Capital, Ltd hold maximum stakes in the company at 13.28% and 13.17%, respectively.

1.4 Key Metrics: The image below highlights that Alkane’s revenue and EBITDA from FY21 to FY25 reflect a shift from single‑asset, gold‑only exposure to a larger, multi‑mine gold–antimony producer. Revenue and earnings grew steadily from FY21 to FY23 on the back of improved production and supportive gold prices at Tomingley, before dipping in FY24 as volumes softened and unit costs rose during a transitional operating phase. The sharp rebound in FY25, with both revenue and EBITDA reaching new highs, is primarily driven by the late‑year inclusion of the Mandalay assets (Costerfield and Björkdal), which lifted group production, added higher‑margin antimony by‑product credits, and delivered early scale and diversification benefits to the portfolio.

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Financial Highlights: Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock price has decreased by 1.17% over the past 1-month and gained by around 99.53% over the last 1-year. The stock has a 52-week low and 52-week high of AUD 0.460 and AUD 1.225, respectively, and is currently trading above its 52-week mid-level.  ALK was previously covered in a report dated ’12 November 2025’.

   (Source: REFINITIV; Analysis by Kalkine Group)

4.2 Fundamental Valuation

Valuation Methodology: Price/Cash Flow Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 10 December 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided have been achieved and is subject to the factors discussed above.

Note 4: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

 Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.