Alkane Resources (ASX:ALK) Shares Gain on Continued Interest in Gold-Antimony Expansion

Aditi Sarkar

19 May 2026 12:22 PM AEST

Alkane Resources (ASX:ALK) Shares Gain on Continued Interest in Gold-Antimony Expansion

Image Source: shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Alkane Resources shares rose 7.14% on 19 May 2026, extending one- year gains to 118.75%.
The stock remained among the top ASX gainers as investors continued responding to the company’s Q3 FY26 update released on 15 May 2026.
Q3 FY26 Revenue increased to AUD 274.4 million from AUD 63.2 million in the prior corresponding period.
Quarterly net profit climbed to AUD 93 million compared to AUD 8.1 million in Q3 FY25.
Gold equivalent production reached a record quarterly level of 45,776 ounces.
Alkane ended the quarter with AUD 328 million in cash alongside bullion and liquid investments.
The company reiterated FY26 production guidance of 155,000–168,000 gold equivalent ounces.

Alkane Resources Ltd (ASX:ALK) shares climbed 7.14% to AUD 1.58 during the morning session on 19 May 2026, placing the stock among the day’s notable ASX gainers. The stock has also advanced 2.94% over the past five trading sessions and is up 118.75% over the past year, as investors continued showing interest in the company’s recently released Q3 FY26 operational and financial update announced on 15 May 2026.

The continued momentum appears linked to favourable production growth, higher realised Commodity prices, increased revenue contribution from acquired operations and a materially stronger profit profile following Alkane’s combination with Mandalay Resources.

About Alkane Resources

Alkane Resources is an Australia-based gold and antimony producer with operations spanning Australia and Sweden. The company currently owns the Tomingley gold operation in New South Wales, the Costerfield gold-antimony operation in Victoria and the Björkdal gold mine in Sweden.

The Business expanded significantly following the completion of its Acquisition of Mandalay Resources in August 2025. Through the transaction, Alkane added the Costerfield and Björkdal Assets to its portfolio, increasing production scale and geographic Diversification.

Beyond producing assets, the company also holds the Boda-Kaiser gold-copper porphyry project and broader exploration interests across the Northern Molong Porphyry Project in New South Wales.

Revenue and Profitability Improve in Q3 FY26

For the three months ended 31 March 2026, Alkane reported revenue of AUD 274.4 million, substantially higher than AUD 63.2 million recorded in Q3 FY25. Over the nine-month period, revenue increased to AUD 678.3 million compared to AUD 184.7 million in the previous corresponding period.

The increase was supported by stronger production volumes, the inclusion of the newly acquired Costerfield and Björkdal operations and higher realised gold prices during the quarter.

Gross Profit for Q3 FY26 rose to AUD 125.6 million from AUD 9.8 million in Q3 FY25, while EBITDA increased to AUD 161.2 million from AUD 28.1 million.

Quarterly net profit attributable to shareholders climbed to AUD 93 million, compared with AUD 8.1 million a year earlier. Earnings Per Share improved to 6.81 cents from 1.34 cents in Q3 FY25.

For the nine-month period, net profit increased to AUD 157.9 million compared with AUD 21.2 million in the previous corresponding period.

Production Reaches Record Quarterly Level

Alkane reported record quarterly gold equivalent production of 45,776 ounces during Q3 FY26, compared with 17,657 ounces in Q3 FY25.

The production growth reflected the first full contribution from the Costerfield and Björkdal operations following the Mandalay transaction, alongside higher throughput and improved grades at Tomingley.

Gold production during the quarter reached 44,669 ounces, while antimony production totalled 377 tonnes.

The company noted that the Q3 FY26 production result exceeded the previous quarterly peak achieved in Q2 FY26.

Consolidated gold equivalent sales for the quarter reached 43,373 ounces, while gold sales totalled 42,550 ounces.

Average realised gold prices increased significantly to AUD 6,315 per ounce during Q3 FY26, compared with AUD 3,839 per ounce in Q3 FY25. Average realised antimony prices were AUD 34,394 per tonne during the quarter.

Tomingley Continues to Deliver Higher Throughput

At the Tomingley operation in New South Wales, Alkane produced 21,652 ounces of gold during Q3 FY26, compared with 17,657 ounces in the prior corresponding period.

The increase was linked to higher processing throughput and improved mill head grades. The company stated that the use of a mobile crusher supported increased crushing capacity and mill throughput, while previous process plant growth projects also contributed to improved performance.

Tomingley processed nearly 315,000 tonnes of ore during the quarter at an average gold grade of 2.41g/t.

Cash operating costs at Tomingley were AUD 2,021 per ounce, slightly lower than AUD 2,037 per ounce in Q3 FY25, while all-in sustaining costs declined to AUD 2,444 per ounce from AUD 2,590 per ounce.

Revenue generated from Tomingley gold sales reached AUD 96.6 million during the quarter.

Costerfield and Björkdal Add Scale to Operations

The Costerfield gold-antimony operation delivered 11,691 gold equivalent ounces during the quarter, broadly consistent with the previous quarter.

Gold sales from Costerfield totalled 11,367 ounces, while antimony sales reached 280 tonnes pre-payability. Revenue from the operation totalled AUD 87.6 million.

The operation continued exploration and drilling activities during the quarter, including work at the Brunswick South and Kendall programs. Alkane highlighted drilling intersections including 132.2 g/t gold and 19.8% antimony over 1.94 metres, alongside 267.5 g/t gold and 5.6% antimony over 2.3 metres.

Meanwhile, the Björkdal gold operation in Sweden produced 12,433 ounces of gold during Q3 FY26, up from 9,888 ounces in Q2 FY26.

Gold sales from Björkdal reached 12,234 ounces and generated revenue of AUD 90.2 million during the quarter.

The operation also recorded lower cash operating costs and all-in sustaining costs compared with the previous quarter, supported by improved recoveries and higher grades.

Cash Flow and Balance Sheet Position Improve

Alkane generated Operating Cash Flow of AUD 161.4 million during Q3 FY26, compared with AUD 20.8 million in Q3 FY25.

Free cash flow improved significantly to AUD 127.6 million from AUD 7.7 million in the prior corresponding period.

The company ended the quarter with AUD 327.8 million in cash and cash equivalents. In addition, Alkane held bullion valued at AUD 14 million and liquid investments worth AUD 12 million.

Total assets increased to AUD 1.46 billion as at 31 March 2026, compared with AUD 519.4 million at 30 June 2025, reflecting the expanded operational portfolio following the Mandalay acquisition.

Net assets also increased substantially to AUD 1.05 billion.

Capital Expenditure during the quarter totalled AUD 46.9 million, including Investment in growth projects, underground development and exploration drilling across operations in Australia and Sweden.

FY26 Guidance Maintained

Alkane reiterated FY26 attributable production guidance of approximately 155,000 to 168,000 gold equivalent ounces.

The company also maintained All-In Sustaining Cost guidance of AUD 2,600 to AUD 2,900 per gold equivalent ounce.

Guidance includes expected production contributions from Tomingley, Costerfield and Björkdal.

Management also outlined ongoing investment across exploration and development activities, with FY26 growth and exploration capital expenditure guidance of AUD 78 million to AUD 88 million.

Why Investors Are Watching Alkane Resources

The recent share price momentum indicates investors remain focused on Alkane’s expanding production profile, increased revenue base and stronger cash generation following the Mandalay acquisition.

The company’s latest quarterly update highlighted record production, materially higher earnings, improved free cash flow and a larger multi-asset operating portfolio.

Higher realised gold prices and continued operational contributions from Tomingley, Costerfield and Björkdal also appear to be supporting investor sentiment toward the stock.

With FY26 guidance reaffirmed and exploration activities continuing across several assets, Market Participants are likely monitoring how Alkane progresses through the remainder of the financial year.

FAQs

Q: Why did Alkane Resources shares rise on 19 May 2026?

A: Alkane Resources shares gained 7.14% during the morning session on 19 May 2026 as investors continued responding to the company’s Q3 FY26 operational and financial update released on 15 May 2026, which highlighted higher production, revenue growth and increased profitability.

Q: What was Alkane Resources’ revenue in Q3 FY26?

A: Alkane Resources reported Q3 FY26 revenue of AUD 274.4 million, compared with AUD 63.2 million in Q3 FY25.

Q: How much gold equivalent production did Alkane achieve in Q3 FY26?

A: The company produced a record 45,776 gold equivalent ounces during Q3 FY26.

Q: What operations does Alkane Resources own?

A: Alkane owns the Tomingley gold operation in New South Wales, the Costerfield gold-antimony operation in Victoria and the Björkdal gold mine in Sweden.

Q: Did Alkane maintain its FY26 guidance?

A: Yes. Alkane reiterated FY26 attributable production guidance of 155,000–168,000 gold equivalent ounces and all-in sustaining cost guidance of AUD 2,600–2,900 per ounce.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.