Alkane Resources Limited

Tomingley Drilling Discovers New Mineralisation at McLeans

• Underground core drilling at Tomingley is focused on defining extensions to resources as well as improving confidence of Inferred Resources at McLeans and the Western Monzodiorite domain at Roswell. Both McLeans and the Western Monzodiorite are immediately adjacent to existing underground infrastructure.   
• Underground drilling comprising of 9 diamond holes for a total of 3,247 metres was completed to improve the confidence of the Inferred Resource at McLeans. This drilling discovered a second andesite with significant gold mineralisation, located approximately 150m to the west of the current resource. Significant gold intercepts hosted by the western andesite include:

          Significant drilling intercepts within the McLeans Inferred Resource hosted by the eastern andesite comprise:

• An intensive underground diamond core drilling program within and extensions to the current Inferred Resource hosted by the Western Monzodiorite domain at Roswell is in progress. Results have been received from 89 holes totalling 18,064 metres that were focussed within the mid-portion of the monzodiorite domain infilling existing drilling to a nominal 15m x 20m grid spacing for the purpose of converting to an Indicated Resource. The drilling confirmed multiple wide, high-grade gold intercepts within the 30m thick monzodiorite. Best intercepts include:
  
  

• Additional exploration drilling is planned to test the underground potential at Wyoming Three, extensions to mineralisation north of Caloma and a deep structural target (thrust splay identified by 2D seismic) beneath Roswell. Underground exploration drilling continues at Roswell.
  

PERTH, Australia, Nov. 02, 2025 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX:ALK; TSX:ALK; OTCQX:ALKEF) (‘Alkane’ or ‘the Company’) is pleased to announce the latest results for underground expansion and pre-mine grade control drilling around the existing resources at the Company’s Tomingley Gold Operations (‘Tomingley’) in Central New South Wales.

Alkane Managing Director Nic Earner said: “Most of Tomingley’s deposits are open at depth and along strike. This drilling further demonstrates not only the significant resource expansion potential across the mine site but the potential to discover other deposits.

“Our underground and surface drill programs throughout Tomingley continue. We look forward to continuing to add further resources and mine life.”

Tomingley

Alkane Resources Ltd 100%

Tomingley is an open pit and underground mining development with a 1Mtpa processing facility in operation since 2014. The development is located near the village of Tomingley, approximately 50 kilometres southwest of Dubbo in Central West New South Wales. Tomingley Gold Operations Pty Ltd is a wholly owned subsidiary of Alkane.

Development at Tomingley has been based on the Wyoming One, Wyoming Three, Caloma, Caloma Two and Roswell gold deposits. To date, mining occurred underground at Wyoming One, Caloma, Caloma Two and Roswell deposits. Roswell stope ore production came on stream in April 2024 (See ASX Announcement dated 22 April 2024 and titled ‘Production Ore Extraction Commences at Roswell’) via an approximately 3 km decline from the Wyoming One open cut.

The Tomingley deposits are located within a tightly folded Ordovician volcano-sedimentary sequence that has been altered to a sericite-carbonate-albite-quartz-pyrite-arsenopyrite assemblage that is typical of orogenic lode-style gold deposits. Mineralised fluids are interpreted to have been focused by differential strain in and around andesitic volcanics due to the rheological competency contrast between the volcanics and the bounding volcaniclastic sediments. The brittle nature of the volcanics often leads to the development of shear-hosted sheeted quartz vein and breccia deposits within and adjacent to the andesitic bodies. Separately, thin carbonaceous mudstone strata appear to have been a focus for shearing and a chemical trap for gold.

Since underground mining commenced in 2018, extensive underground drilling has been employed to define ore reserves for extraction and maintain exploration to define additional resources. The most recent Reserves and Resources were summarised in the ASX Announcement dated 15 October 2025 and titled ‘NSW Resources and Reserves Statements FY25’.

The exploration focus at Tomingley is to define additional underground resources that lie outside the existing Resources and Reserves for the operation.

McLeans

The Inferred Resource at McLeans was estimated at 0.87 million tonnes grading 2.51g/t gold for 70,000oz (See ASX Announcement dated 2 May 2022 and titled ‘Roswell Mineral Resource up 37%’). The deposit is primarily hosted by one ‘brittle’ andesite with similar texture and geochemistry as the andesite that is host to most of the mineralisation at the Roswell deposit. The host andesite begins approximately 130m below the surface, is approximately 250m in strike length and remains open at depth. The andesite averages a thickness of 60m but thins to 25m along its upper and northern margins forming a ‘keel’. The mineralisation was interpreted to form three subvertical en échelon sheeted lodes. With high-grade ore shoots focused along the ‘keel’ that remains open at depth along the northern edge of the andesite.

In September, an underground drilling program comprising of 9 holes for a total of 3,247 metres was completed to improve the confidence at the McLeans Inferred Resource by infilling the drilling pattern to 40m x 60m. This drilling has discovered a second ‘western’ andesite with significant gold mineralisation that is located 150 metres west of the current McLeans resource estimation. Significant intercepts hosted by the Western Andesite include:

The nominal drilling pattern was reduced from 80m x 80m that the Inferred Resource was based on to 40m  x 60m to help improve the confidence in the estimation at McLeans. Significant intercepts into the Eastern Andesite and the Inferred Resource include:

Further drilling is planned to test both the Eastern and Western Andesite hosts at McLeans and to include the discovered Western Andesite into the McLeans Resource Estimation.

Roswell

A significant portion of the Roswell underground Inferred Resources (408 kt grading 1.9 g/t Au – see ASX Announcement dated 15 October 2025 and titled ‘NSW Resources and Reserves Statement FY25’) is hosted in the Western Monzodiorite domain. An intensive underground diamond core drilling program targeting the Western Monzodiorite resource and its open extensions is in progress at Roswell. The drilling will improve the confidence of the Mineral Resource Estimation (MRE) and provide a basis for conversion to Ore Reserves.

Results have been received from 89 holes totalling 18,064 metres that are focused within the mid-portion of the monzodiorite domain infilling existing drilling to a nominal 15m x 20m grid spacing for the purpose of converting to an Indicated Resource. The drilling confirmed multiple wide, high-grade gold intercepts within the 30 m thick monzodiorite. The results received are a large part of the current drill program within the Western Monzodiorite and include best intercepts of:

Final results will be published when received and compiled.

Surface exploration drilling on the at Tomingley mine site will commence in November 2025. The diamond core drilling is planned to test the underground potential at Wyoming Three, extensions to mineralisation north of Caloma and to test a deep structural target (thrust splay identified by 2D seismic) beneath Roswell. Underground exploration drilling continues at Roswell.

Tomingley Mineral Resources

Apparent arithmetic inconsistencies are due to rounding
These Mineral Resources are wholly inclusive of Ore Reserves.

Tomingley Ore Reserves

Apparent arithmetic inconsistencies are due to rounding

The above tables were published in ASX Announcement dated 15 October 2025 and titled ‘NSW Resources and Reserves Statement FY25’.

True widths are approximately 80% of intercept width. Reported intercepts (>1.3g/t Au) are calculated using a broad lower cut of 1.0g/t Au although grades lower than this may be present internally (internal dilution).

True widths are approximately 80% of intercept width. Reported intercepts (>1.3g/t Au) are calculated using a broad lower cut of 1.0g/t Au although grades lower than this may be present internally (internal dilution).

This document has been authorised for release to the market by Nic Earner, Managing Director.

ABOUT ALKANE ‐ alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKEF

Alkane Resources (ASX:ALK; TSX:ALK; OTCQX:ALKEF) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

Competent Person Statement

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Alkane is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia is in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Alkane's ore reserve and mineral resource estimates and reporting comply with the JORC Code.

Alkane is also subject to certain Canadian disclosure requirements and standards as a result of its secondary listing on the Toronto Stock Exchange (TSX), including the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Investors should note that it is a requirement of Canadian securities law that the reporting of mineral reserves and mineral resources in Canada and the disclosure of scientific and technical information concerning a mineral project on a property material to Alkane comply with NI 43-101.

Unless otherwise advised above, or in the relevant ASX announcements referenced, the information in this announcement that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr D I Chalmers, FAusIMM, FAIG (Alkane Technical Advisor) who has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in JORC Code and as a Qualified Person under NI 43-101. Mr Chalmers consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to previously reported exploration results, mineral resources and ore reserves is extracted from the Company’s ASX announcements noted in the text of the announcement and available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that the form and context in which the Competent Person’s findings are presented have not been materially altered.

Technical Reports released to the TSX or for TSX Market

Alkane has prepared the following NI 43-101 compliant technical reports which support the information contained herein, each of which is available under Alkane’s profile on SEDAR+ at www.sedarplus.ca: •

• “Boda-Kaiser Copper-Gold Project, New South Wales, Australia” with an effective date of June 6, 2025; and
• “Tomingley and Peak Hill Gold Projects, NSW, Australia” with an effective date of June 6, 2025.

Reference should be made to the full text of the foregoing 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.

Cautionary Note Regarding Forward-Looking Information and Statements

This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively Forward-Looking Information). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of Alkane to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information.

Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price.

Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Disclaimer

Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.

APPENDIX 1

JORC Code, 2012 Edition – Table 1 report – Roswell and McLeans October 2025
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

CONTACT:  NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677

INVESTORS & MEDIA:  NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556