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Alkane Resources (OTCQX:ALKEF) has reported significant gold intersections from its exploration drilling program at the Tomingley Gold Project in New South Wales, Australia. The most notable results came from the El Paso prospect, located 2km south of the San Antonio deposit, where drilling intercepted 32.1 metres grading 1.65 g/t Au and 8.2 metres grading 3.74 g/t Au.
The company plans 2,000 metres of additional diamond core drilling at El Paso starting next month. The exploration program also revealed promising results at multiple new areas including El Paso SE, Jounama, and Westray prospects. Alkane's 12-month exploration plan includes a high-resolution drone magnetic survey and 6,000m of RC and diamond core drilling across various targets.
Alkane Resources (OTCQX:ALKEF) provided updates on its FY2026 Production Guidance and Annual Resources and Reserves Statement following its merger with Mandalay Resources. The company expects to release FY2026 Production Guidance in September and is working on converting Costerfield and Björkdal mineral estimates from NI 43-101 to JORC Code compliance.
For FY2025, Costerfield produced 38,037 ounces of gold and 817 tonnes of antimony, resulting in 49,351 gold equivalent ounces. Björkdal delivered 41,364 ounces of gold. The company also retracted previously stated mine life information for both operations, advising investors not to rely on these estimates for investment decisions.
Combined revenue for both operations in FY2025 reached US$264.9 million, with Costerfield contributing US$136.8 million and Björkdal US$128.1 million.
Alkane Resources (OTCQX:ALKEF) has announced the complete repayment of its A$45 million Macquarie facility debt, which was originally established to expand its Tomingley Gold Operations in Central New South Wales. The company utilized its existing cash reserves for the repayment.
Following this repayment, Alkane is now essentially debt-free, maintaining only standard equipment financing. CEO Nic Earner highlighted that this debt clearance demonstrates the company's strong balance sheet and enhances its flexibility to pursue both organic and external growth opportunities while maintaining robust working capital.
