Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has delivered a record quarterly profit of $93 million for the March 2026 quarter, driven by strong gold and antimony prices alongside increased production from its expanded three-mine portfolio.
The company reported record quarterly revenue of $274 million from sales of 43,373 gold-equivalent ounces, with average realised gold prices reaching $6,315 per ounce and antimony prices averaging $34,394 per tonne.
Quarterly gold and antimony production reached 44,669 ounces and 377 tonnes respectively, while EBITDA climbed to $161 million and operating cash flow also reached $161 million.
Managing director Nic Earner described the result as the strongest quarter in Alkane’s history.
“During a period of high gold and antimony prices, the power of our three-mine portfolio delivered exceptional operating results as they produced a record 44,669 ounces of gold and 377 tonnes of antimony, which generated record profit after taxes of $93 million,” he said.
Alkane ended the quarter with $374 million in cash, bullion and listed investments, including $328 million in cash and $34 million in bullion.
The result reflects the company’s first full financial year following its merger with Mandalay Resources, which added the Costerfield gold-antimony mine in Victoria and the Björkdal gold operation in Sweden to Alkane’s existing Tomingley operation in New South Wales.
Three-mine portfolio drives production growth
Consolidated gold equivalent production totalled 45,776 ounces for the quarter, compared with 17,657 ounces in the prior corresponding period.
Tomingley produced 21,652 ounces of gold during the quarter, supported by higher throughput and improved mill performance following the use of a mobile crusher and commissioning of process plant upgrades.
At Costerfield, Alkane produced 11,691 gold-equivalent ounces, including 377 tonnes of antimony, with mining and milling rates both exceeding plan despite some grade variability.
Björkdal contributed 12,433 ounces of gold production for the quarter, with the Swedish operation also improving recoveries and reducing costs compared with the previous quarter.
The company’s consolidated cash operating cost remained steady at $2,037 per gold-equivalent ounce produced, while all-in sustaining costs rose to $2,928 per ounce from $2,590 a year earlier.
Exploration and growth investment continue
Alkane spent $46.9 million on capital expenditure during the quarter, including around $10 million on growth projects at Tomingley and $12.5 million on exploration drilling across its operations.
The Tomingley investment includes work on the Newell Highway realignment project, which remains on track for completion in the first half of 2027.
Exploration spending included:
- $6.6 million at Costerfield;
- $2.8 million at Björkdal; and
- $3 million on non-operational exploratory drilling in New South Wales.
Alkane said it remains on track to meet its FY2026 production and cost guidance following the strong first nine months of the financial year.