Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has produced 70,120 ounces of gold at its Tomingley Gold Operations in central west New South Wales for the financial year ending June 30, 2025.
The number is within guidance and was supported by a June quarter contribution of 19,193 ounces, capping off a year of increased output and operational progress.
The company also reported unaudited cash, bullion and listed investments totalling A$68.3 million at the end of the quarter — up A$9.7 million from March. This includes A$60.3 million in cash and bullion and A$8 million in listed investments.
“Tomingley has had an excellent year with increased production from the Roswell underground and the successful commissioning of both a new paste plant and a flotation and fine grind circuit,” Alkane managing director Nic Earner said.
“Alkane’s board and management acknowledge and thank the employees and contractors of the company for their strong and continued commitment to safety, production and exploration performance."
Free cash flow
Quarterly underlying free cash flow was A$12.3 million, prior to A$4.1 million in land acquisitions related to the Boda gold-copper project. Alkane repaid A$1.8 million in debt and closed out 7,200 ounces of gold hedges during the quarter.
Alkane’s FY2025 results reinforce its transition into the ASX’s mid-tier gold segment.
“Alkane’s operation at Tomingley, combined with our merger with Mandalay Resources, place us firmly into the mid-tier gold companies on the ASX. We look forward to the year ahead and delivering for our shareholders,” Earner said.
Mandalay merger
Last week, Alkane cleared two key regulatory hurdles for its proposed merger with Mandalay Resources Corp. (TSX:MND, OTCQB:MNDJF), securing approvals from the Foreign Investment Review Board (FIRB) and the Australian Securities and Investments Commission (ASIC). These approvals satisfy two major conditions outlined in the binding Arrangement Agreement announced in April 2025.
Read more: FIRB and ASIC approvals clear path for Alkane Resources–Mandalay merger
On June 26, 2025, Alkane received written confirmation from the FIRB that the Australian Government has no objection to the transaction under the Foreign Acquisitions and Takeovers Act 1975.
The clearance confirms compliance with foreign investment regulations and represents a key step towards the completion of the deal, which involves Alkane indirectly acquiring all issued and outstanding common shares of Mandalay through a Canadian court-supervised process.
ASIC relief also provides essential regulatory support for the transaction and further enables the company to proceed with its merger strategy.