Alkane Resources Limited
Alkane Resources produces gold from its Tomingley Gold Operations in New South Wales and gold-antimony from its Costerfield mine in Victoria, alongside the Björkdal gold mine in Sweden following its 2025 merger with Mandalay Resources; the group delivered FY26 production guidance with record cashflow, proposed a maiden dividend, fully repaid its Tomingley expansion debt facility, and held roughly A$432 million in cash with no material debt.
Notable vs. Peers
- Financials score of 9.1/10 is stronger than the peer average of 6.5/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Jul 2023 · Source
- Feb 2023 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Jurisdiction (40%, counts 50% here)9/10
New South Wales: Fraser PPI 2025 is 73.26 of 100 (rank 37 of 68), which maps to 9 on this site's scale. Primarily New South Wales/Victoria, Australia — top-tier, low political-risk mining jurisdiction; the Björkdal mine in Sweden (added via the 2025 Mandalay Resources merger) is likewise a top-tier, low-risk jurisdiction.
Infrastructure (40%, counts 50% here)10/10
A confirmed mill, confirmed road access, confirmed grid power, and a confirmed tailings facility at Tomingley Gold Operations, New South Wales (and Costerfield, Victoria; Björkdal, Sweden).
Nearby producing mine (20%)Not counted: would not raise the score
Northparkes (Evolution Mining Limited / Sumitomo) is 42 km away and would score 8.6/10 on its own, but that is below what this company's other researched inputs already give it. A nearby producing mine can only raise this score, never lower it, so it isn't counted here.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:5.8/10
Nearest producing mine: Northparkes (Evolution Mining Limited / Sumitomo), 42 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Managing Director and Chief Executive Officer of Alkane Resources Limited, joined as Chief Operations Officer Aug 2013, appointed Managing Director 1 Sep 2017. During his tenure as MD, the Dubbo Project was de-merged into Australian Strategic Materials Limited (ASX: ASM, non-executive director 2017-2025), Tomingley's mine life extension was approved, the Boda-Kaiser Project advanced from discovery to scoping study, and Alkane transformed into a mid-tier producer via a merger with Mandalay Resources.
Chief Financial Officer of Alkane Resources Limited. CPA and corporate governance professional with 20+ years' experience in the mining industry, has held CFO roles for the past 15 years across a number of publicly listed mining companies, with experience in debt/equity capital markets transactions, IPOs, treasury management, tax strategy, M&A and corporate governance.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
The dominant fact on Alkane's register is an exit, not an entry. CE Mining III, the private equity fund that became a major holder when Alkane merged with Mandalay Resources in August 2025, has sold about 78 million shares in four months -- roughly 25 million in March 2026 alone. Ian Gandel separately sold 24 million shares across four holding companies on a single day in October 2025, and another director sold three times. Specialist gold funds do appear on the register, but they are small and our figures for them date from 2020-2021. One director, Denise McComish, bought 62,000 shares in January 2026.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Alkane Resources produces gold from its Tomingley operations in New South Wales and gold-antimony from its Costerfield mine in Victoria, and added the Björkdal gold mine in Sweden through its 2025 merger with Mandalay Resources. Its group statement effective 30 June 2026 reports 8,641,000 oz of gold in measured and indicated resources plus 3,757,000 oz inferred, and the undeveloped Boda Kaiser porphyry accounts for 5,573,000 oz of the measured and indicated total. FY2026 production was a record 168,337 gold-equivalent ounces at a group all-in sustaining cost of US$2,047 (AUD 2,925) per gold-equivalent ounce, and Alkane proposed its first dividend. Alkane does not publish a single company-wide NPV or IRR across its three operating mines.
Alkane Resources' Group Resources and Reserves Statement, effective 30 June 2025: total Ore Reserves (Proven+Probable) of 1,313 koz contained gold across Tomingley (620 koz), Costerfield (150 koz) and Björkdal (543 koz). Total Mineral Resources of 12,143 koz gold, including 8,280 koz at the Boda-Kaiser development project (gold-equivalent, includes copper) alongside 1,465 koz at Tomingley, 431 koz at Costerfield and 1,967 koz at Björkdal.