Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$1.68, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 1x in the Metals and Mining industry in Australia. Total returns to shareholders of 133% over the past three years. Announcement • Jun 10
Alkane Resources Limited Announces Boda-Kaiser Regional Exploration Update Alkane Resources Limited announced the latest exploration results and drilling around the Boda-Kaiser resources at its Northern Molong Porphyry Project (NMPP) in New South Wales. Near Boda-Kaiser exploration continued with the drilling of various targets testing areas for new Au-Cu mineralised centres. One diamond core drill hole and one reverse circulation (RC) drill hole were completed testing the area between the Kaiser and Boda deposits. Three RC drill holes were completed to the northeast of Boda-Kaiser testing targets generated from IP and surface geochemical surveys. The diamond core drill hole intersected a magmatic root zone to an intrusive-hydrothermal breccia. Further drilling is planned to test along strike and up-dip of this breccia. District exploration included four RC drill holes testing IP chargeability targets hosted by the Comobella Intrusive Complex at the Haddington and Glen Hollow prospects. The program confirmed the chargeability anomalism intersecting monzonites with pyrite and lesser Cu-Au mineralisation in most of the drilling. Mobile Magnetotellurics (MMT) was flown over the project area north of the Boda-Kaiser deposits, defining six high priority targets for porphyry style systems at Driell Creek, Murga, Gollan North, and two new prospects named One Tree and Old Station. On ground validation of these targets has commenced. Assay results have been received and collated for 8 reverse circulation (RC) drill holes for a total of 2,510 metres and 1 diamond (DD) core drill hole for 1,303 metres. The exploration undertaken included testing the corridor area between Boda and Kaiser deposits with 1 DD and 1 RC hole, 3 RC holes testing geochemical-geophysical anomalies northeast of Boda-Kaiser, 4 RC holes testing various IP chargeability anomalies within the CIC (Haddington and Glen Hollow prospects) that are coincident with Au-Cu mineralisation from previous companies RAB drilling, and completion of a Mobile Magneto-Telluric (MMT) survey over the majority of the NMPP. There is an approximate 500m strike length between the Boda deposit (8.4Moz Au, 1.5Mt Cu) and Kaiser deposit (1.9Moz Au, 0.4Mt Cu) that is poorly drill tested. Structural modelling and lithogeochemistry studies highlighted this area as highly prospective for hosting a new hydrothermal breccia centre. Previous drilling has supported this target with distal breccia style gold-copper mineralisation intersected from near surface in RC holes BOD066 - 226m grading 0.25g/t Au, 0.10% Cu from 12m to end of hole, and deeper in BOD065 - 64m grading 0.43g/t Au, 0.12% Cu from 174m to end of hole. One deep RC precollared diamond core drill hole (KAI226) was completed from south of Kaiser to transect the footwall of the Solar Fault that is host to the intrusive-hydrothermal breccia complex at Boda. Significant results from the 1,303m deep drill hole included an intercept of monzodiorite cemented breccia of 23.5m grading 0.31g/t AuEq1 (0.17g/t Au, 0.14% Cu) from 880.5m, including 3.2m grading 0.53g/t AuEq1 (0.31g/t Au, 0.23% Cu) from 895.8m, and 42.1m grading 0.30g/t AuEq1 (0.16g/t Au, 0.14% Cu) from 914m, including 5m grading 0.53g/t AuEq1 (0.29g/t Au, 0.25% Cu) from 920m, also 4.8m grading 0.59g/t AuEq1 (0.32g/t Au, 0.29% Cu) from 948.2m. KAI226 intersected a mineralised monzodiorite cemented breccia that is the likely magmatic root to the overlying hydrothermal breccia mineralisation intersected by previous shallow drilling. As observed at Boda-Kaiser, the highest grades to these intrusive-hydrothermal breccias occurs above the transition from magmatic cement to a hydrothermal cement, with the highest grades occurring in a sulphide-only cement. Drill targeting along strike and up-dip is planned for next year to further test this sparsely drilled area. Additionally, one 238m deep RC drill hole (KAI225) was completed testing for a southeast continuation of the Kaiser resource. The hole tested the margin of the Kaiser magnetic complex where no drilling had been previously conducted. KAI225 intersected inner propylitic alteration of basaltic-andesite lavas with pyrite mineralisation. No significant Au-Cu assay results were received. Other near Boda-Kaiser exploration focussed on the northeast flank of the system, testing three geochemical targets with co-incident elevated potassium and/or chargeability anomalies identified by the reprocessing of the 2020 IP survey. Three RC drill holes (KAI224, BOD167-8) were completed for a total of 1,014m. KAI224 intersected weak phyllic (sericite-chlorite) alteration transitioning into distal propylitic alteration with pyrite mineralisation throughout. BOD168 intersected pyrite-sericite phyllic alteration including Au-Cu assay results of 9m grading 0.31g/t AuEq* (0.30g/t Au, 0.01% Cu) from 264m. The gold enriched phyllic alteration intersected by BOD168 in the hanging wall to the Reids Fault appears similar to the observed phyllic alteration that occurs within the northeastern flank of the Boda deposit. Further drilling is planned to test for a deeper potassic/calc-potassic core in the footwall of the fault. The area northeast of Boda-Kaiser has only seen minimal drilling to date and exploration drilling will continue to help inform the Boda-Kaiser mine design. A seven-line induced polarisation (IP) survey was completed over the Haddington prospect in 2025. The IP survey measured the chargeability and resistivity of the subsurface to a depth of approximately 400m and has highlighted both chargeability and resistivity anomalies that may be an indication of mineralised porphyry systems. Four significant chargeability anomalies supported by previous and/or historical geochemistry were tested by RC drilling at the Haddington and Glen Hollow prospects within the Comobella Intrusive Complex (CIC). The CIC geology comprises a package andesites and latites, intruded by significant monzonite with shoshonitic magmatic affinities. Localised hydrothermal breccia/skarn gold-copper mineralisation is associated with the monzonites. At Haddington, two RC drill holes for a total of 800m were completed. 
