Alkane is pleased to advise that its Tomingley Gold Extension Project has been approved by the New South Wales Minister for Planning.

The Company will now progress its Environmental Protection Licence and Mining Lease applications, which cannot be refused following the Minister's Planning Approval. The Company will also submit its updated Management Plans as required under the conditions of consent. Each of these is needed to commence physical mining and construction work.

Debt funding of $50 million for the extension project has also been secured from Macquarie Bank together with 100,000 ounces of gold hedging with a weighted average price of A$2,825 per ounce.

Alkane Managing Director, Nic Earner, said, 'This approval is a significant milestone in the life of our Tomingley gold mine. We wish to acknowledge the substantial contribution from employees and consultants, led by RW Corkery & Co., and the many NSW Government department officers in reaching this point. We can now progress our development and expansion in earnest, delivering significant and sustained production for our shareholders, employees and other stakeholders.

We intend to be mining underground from Roswell before the end of the year and we're targeting a 100,000 ounce per annum run rate in 2025. We're continuing to explore nearby exploration targets, including Macleans, which is immediately adjacent to our vent rise at Roswell.

We look forward to communicating our progress and further information about the Tomingley Gold Extension Project in the months ahead.'

TOMINGLEY GOLD EXTENSION PROJECT

Tomingley Gold Operations Pty Ltd 100% Tomingley Gold Operations (Tomingley) is a wholly owned subsidiary of Alkane, located near the village of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. The gold processing plant was commissioned in January 2014 and has been operating at the design capacity of 1Mtpa since late May 2014. Mining is currently occurring on three gold deposits Wyoming One underground, Caloma Two underground and Caloma both underground and an open cut cutback. An exploration drive currently extends over 2.4km toward the Roswell and San Antonio deposits, located within 5km south of Tomingley. The development of the Roswell and San Antonio deposits, diverting a section of the Newell Highway to the west, new and relocated infrastructure and a minor upgrade of the existing Tomingley process plan form the Tomingley Gold Extension Project (TGEP). Project Approval to develop the TGEP has now been granted by the NSW Minister for Planning. The approval contains comprehensive and stringent requirements on Alkane to minimise the impact on the environment and the surrounding community. Full details of the approval conditions are on the Department's website https://pp.planningportal.nsw.gov.au/major-projects/projects/tomingley-goldextension-project.

PROJECT FINANCE FACILITY

Alkane has executed a finance facility with Macquarie Bank Limited (Macquarie) to develop the Tomingley Gold Extension Project. The terms of this facility are an amendment to the existing facility agreement that has been in place with Macquarie for several years for the purpose of hedging.

Whilst the full terms of the facility are confidential the key terms include: Project Loan Facility of A$50m; First ranking security over the assets of the TGEP (ongoing equipment asset financing is permitted); Competitive margin above BBSY; Loan covenants customary for a facility of this type; A loan tenor to 31 December 2026 with a repayment schedule over the term and An agreed hedging program of 100,000 ounces of gold production across the debt service period (40% of expected production over the period). The delivery schedule and pricing are shown below. First debt draw down is permitted on the approval of the Mining Lease, expected mid-2023.

This report contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sellsecurities. This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

ABOUT ALKANE

Alkane Resources is poised to become Australia's next multi-mine gold producer. The Company's current gold production is from the Tomingley Gold Operations in Central West New South Wales, where it has been operating since 2014 and is currently executing a development to extend the mine's life beyond 2030. Alkane has an enviable exploration track record and controls several highly prospective gold and copper tenements. Its most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which has the potential to provide additional ore for Tomingley's operations. Alkane's exploration success includes the landmark porphyry gold-copper mineralisation discovery at Boda in 2019. With a major drill program ongoing at Boda, Alkane is confident of further consolidating Central West New South Wales' reputation as a significant gold production region. Alkane's gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies, including 9.7% of Calidus Resources (ASX: CAI)

Contact:

Tel: +61 418 642 556

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