Gold has long held its place as the ultimate safe-haven asset — the metal investors turn to when currencies wobble or markets fray. Prices remain near record levels in 2025 as central banks keep buying, households hold on to bullion and equity market jitters sustain demand. But another mineral is starting to attract the same kind of strategic focus, for very different reasons.
Antimony — an obscure name to most outside the industry — has become a critical link in the energy transition and defence supply chains. It is essential for flame retardants, semiconductors, renewable power infrastructure and military hardware, yet almost all supply comes from China, Russia and Tajikistan. The United States alone consumes around 25,000 tonnes annually and has flagged antimony as a mineral of “high strategic importance.” Western producers are few and far between, placing a scarcity premium on those able to deliver stable output.
Few miners straddle both sides of this equation. Alkane Resources Ltd (ASX:ALK, OTC:ALKEF), following its recent merger with Mandalay Resources, now does — pairing reliable gold production with exposure to one of the world’s most strategically constrained minerals. With three producing mines across Australia and Sweden and a long-life gold-copper porphyry project in development, Alkane presents itself as both a gold producer and an emerging supplier of critical minerals, combining safe-haven exposure with links to strategic supply chains.
A merger reshapes the growth story
Alkane’s merger with Mandalay, completed earlier this year, has reshaped the company’s scale and market presence.
Read more: Alkane and Mandalay complete transformational merger
The combined entity now operates three producing mines: Tomingley in New South Wales, Costerfield in Victoria, and Björkdal in Sweden. Together, they delivered 161,000 gold-equivalent ounces in FY2025, with guidance of 160,000–175,000 ounces for FY2026.
Three mines and one development project in premier jurisdictions
The step-up in size has given Alkane new weight in capital markets. With a market cap of around A$1.5 billion, the company has secured inclusion in the ASX 300 and triggered a reweighting in the VanEck Junior Gold Miners ETF (GDXJ). Daily liquidity has improved, and the shareholder base has broadened, as management and the board — now chaired by veteran banker and mining executive Andy Quinn — focus on building a full mid-tier mining house.
Financially, Alkane is well positioned. At June 30, 2025, the company held A$214 million in cash and bullion against A$70 million of debt, while still investing heavily in growth across all three sites. Cash generation has been steady, averaging A$25 million per quarter, even with elevated exploration and development spend.
Production and Cash (Jul24 – Jun25)
Tomingley: NSW growth hub
The Tomingley Gold Mine, southwest of Dubbo, has been a bedrock operation since first pour in 2014. With a 1 million tonne per annum plant already operating above nameplate and approvals in hand to expand to 1.75 million tonnes, Tomingley is set for a new growth phase.
Alkane’s 100%-owned Tomingley Gold Mine
Production guidance for FY2026 is 75,000–80,000 ounces of gold, underpinned by underground mining at Roswell and Caloma and planned open-pit development at Roswell and San Antonio. The Newell Highway realignment, already under way, will unlock access to these future pits. Exploration drilling continues to extend Roswell and Caloma mineralisation at depth, providing options for further reserve additions.
Tomingley resource and reserve expansion
Tomingley exemplifies Alkane’s strategy: reliable production today, backed by clear growth pathways and steady exploration success.
Read more: Alkane Resources extends Tomingley mine life potential with strong El Paso gold hits
Costerfield: Antimony leverage
Tomingley anchors the portfolio, while Costerfield adds critical mineral production to the mix.
Costerfield Gold-Antimony Mine
Situated in Victoria, Costerfield is one of the world’s highest-grade gold-antimony mines. Its FY2026 guidance of 45,000–51,000 gold-equivalent ounces includes 800–900 tonnes of antimony, cementing Alkane’s position as the largest Western producer of the mineral.
High-grade narrow vein mining in Victoria
Costerfield’s exploration program is delivering compelling results. The Brunswick South and True Blue discoveries have returned exceptionally high-grade intercepts — including 627 g/t AuEq over 0.47 metres and 265 g/t Au with antimony credits.
Brunswick South discovery
These finds lie close to existing infrastructure, suggesting relatively fast development potential.
True Blue discovery
Antimony from Costerfield broadens Alkane’s revenue base. Flame retardants remain the largest market, but new demand drivers are emerging in solar panels, semiconductors and defence. The US Department of Defense has classified antimony as a critical mineral, and the US consumes around 25,000 tonnes annually — most of it imported.
Antimony: global critical mineral in short supply
Costerfield’s steady output offers exposure to this strategic theme, one few ASX-listed miners can provide.
Björkdal: Swedish stability with upside
The Björkdal underground gold mine, near Skellefteå in northern Sweden, has been operating since 2014 and continues to deliver stable production.
Björkdal: long-life underground and open-cut gold mine
Guidance for FY2026 is 40,000–44,000 ounces. Recent drilling has identified new high-grade skarn and marble-hosted zones near existing workings, opening avenues for grade improvement and mine-life extension.
Björkdal underground mine
Operating in Sweden provides Alkane with exposure to one of Europe’s most established mining regions, balancing its Australian base. The mine also comes with a substantial resource base, giving Alkane a long-term production foothold in Europe.
Boda-Kaiser: The development engine
While the operating mines provide steady cash flow, Alkane’s biggest long-term lever is the Boda-Kaiser porphyry project in New South Wales. With resources of 14.7 million ounces gold-equivalent — 65% in the Indicated category — it ranks among the largest undeveloped gold-copper systems in Australia.
Boda-Kaiser gold-copper development project
A 2024 scoping study outlined a 20 million tonne per annum operation with a 17-year mine life, producing 35,000 tonnes of copper and 159,000 ounces of gold annually in its first five years. Pre-production capex was estimated at A$1.8 billion, with pre-tax cash flows of A$8.2 billion and a 36% internal rate of return.
Next steps involve environmental and baseline studies, with a pre-feasibility study scheduled to commence in late 2026. For investors, Boda-Kaiser stands as a substantial future growth opportunity, broadening Alkane’s pipeline beyond its producing gold and antimony assets.
Board and leadership depth
The expanded Alkane has also refreshed its leadership bench. Quinn, a banking and mining veteran with deep experience in the gold sector, now chairs the board, while CEO Nic Earner continues to lead the company, supported by a management team spanning operations in both Australia and Sweden.
This mix of operational expertise and capital markets credibility is designed to deliver the re-rate management believes Alkane deserves — from a producer valued primarily on current output to a diversified mid-tier with multiple growth levers.
Deliverables for FY2026
Management has outlined a clear set of priorities for the current financial year:
- Deliver on production guidance and consolidate costs across all three mines.
- Expand resources through near-mine exploration at Tomingley, Costerfield and Björkdal.
- Progress key development projects, including the Newell Highway move at Tomingley and permitting for True Blue at Costerfield.
- Open new mining areas and lift mining rate at Björkdal.
- Advance environmental studies at Boda-Kaiser.
- Maintain balance sheet strength while assessing inorganic growth opportunities.
The mid-tier opportunity
The global gold sector is dominated by large-cap majors at one end and small explorers at the other. Mid-tier companies — those producing between 150,000 and 1 million ounces annually — occupy a sweet spot in between: large enough to offer scale and liquidity, but small enough to deliver material growth from exploration and development.
Alkane, now producing more than 160,000 gold-equivalent ounces per year with a diversified asset base and major development project in hand, is positioning squarely in this bracket. Investors seeking exposure to both the steady pull of gold and the strategic upside of critical minerals may find Alkane’s dual identity compelling.
As markets balance between safe-haven demand and the energy transition’s supply-chain vulnerabilities, Alkane Resources is working to prove it can deliver both.