Alkane Resources Ltd managing director Nic Earner talked with Proactive about recent developments across the company’s operations, including progress on its proposed merger with Mandalay Resources, performance at Tomingley, and ongoing exploration at the Northern Molong Porphyry Project (NMPP).
Earner reported that the company met the bottom end of production guidance, delivering just over 70,000 ounces. He noted, “The run rate out of Tomingley for this half of the year has been well into the 70,000 ounces … very, very happy about that.” Supporting this production level, Alkane’s processing infrastructure has ramped up, with the pace plant now fully commissioned and flotation and fine grind circuits operating well.
He also outlined continued drilling at the NMPP, particularly the Boda-Kaiser corridor.
On the proposed Mandalay merger, Earner confirmed shareholder votes are scheduled for July 28, with court ratification expected August 1 and finalisation on August 5. He highlighted that post-merger, the pro forma company is expected to have over AUD 140 million in net cash and target annual production of between 160,000 to 200,000 ounces gold-equivalent.
The merger aims to create what Earner described as a “powerhouse company,” with Mandalay tracking ahead of its production guidance and contributing significantly to the combined entity’s financial strength.
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