The playbook — gold · September 11, 2026
Alkane counts up 8.64 Moz across three mines and a big porphyry
The new gold-antimony producer publishes its first full-year resource tally, and the market re-rated the stock ahead of it.
On 11 September 2026, Alkane Resources published its Group Resources & Reserves Statement for FY26 — an annual tally, not a drill result. This is the company’s first such statement covering all three mines it now owns after the all-share merger-of-equals with Mandalay Resources closed 5 August 2025, a deal CEO Nic Earner orchestrated at a combined value of about A$1.01 billion. The combined measured-and-indicated resource stands at 8.64 million ounces of gold. Alongside it sits Boda-Kaiser, a very large low-grade copper-gold porphyry in New South Wales holding 5.57 million ounces at 0.32 grams per tonne (about a third of a gram of gold in every tonne of rock).
Because this is a consolidated count rather than a set of drill holes, there is no gram-meter math to run and no single intercept to point at. The story is scale and diversity. Costerfield in Victoria stands out on grade at 6.0 g/t gold plus 2.1% antimony — a genuinely high-value polymetallic asset, since antimony is a strategic metal used in flame retardants and ammunition. Björkdal in Sweden and Tomingley in NSW are mid-grade producers whose job is to replace what mining depletes each year. Management says resources grew at all three producing mines, though this document does not put a number on that growth. The balance sheet is that of an operator, not a fundraiser: A$454 million in cash and liquid investments at year-end, an undrawn A$110 million credit line, and an inaugural A$0.02-per-share dividend. The stock climbed 37.3% over three months, well ahead of the junior gold index’s 26.4% and gold’s own 8.3% — company-specific strength, not just a rising tide, with a mid-period trough near $1.27 before a sharp re-rate to $1.88.
A few honest limits. Boda-Kaiser was not re-estimated this cycle — its large tonnage is carried forward from the 15 October 2025 statement, not freshly validated. The claimed year-on-year growth is asserted, not quantified here; the per-asset reports hold the real deltas. Boda-Kaiser’s economics rest on scale and a referenced scoping study, not grade. Chief Geologist Chris Davis is an Alkane employee and is expressly non-independent under NI 43-101. And a full fiscal year as a three-mine operator is still short. Watch FY27 guidance of 163–177 koz gold-equivalent at AISC of A$2,900–3,200/oz, plus development starts at Storheden, Brunswick South and the Newell Highway diversion.