Alkane Resources (ALK) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with confirmation of quorum, adoption of previous year's minutes, and voting to be conducted by poll with results posted on the ASX later in the day.

• Managing Director Nic Earner opened the AGM on 26 November 2024, outlining the company's mission to find, enhance, and deliver value through mineral resource development.

• Shareholders informed of proxy votes received and opportunity to inspect prior meeting minutes.

Financial performance review

• Financial report for the year ended 30 June 2024 tabled; auditor available for questions.

• Market capitalisation as of November 2024 was A$308M, with a 12-month share price range of A$0.38–0.74.

• Cash and gold bullion holdings at 30 September 2024 were approximately A$51M, with total liquidity of A$65M.

• Sale of Genesis investment generated net cash of AUD 55 million, with proceeds and profits spread over two financial years.

• Company maintains a strong balance sheet with AUD 50 million in cash and bullion, and is fully funded for growth.

• Cash balance decreased by only AUD 3 million last quarter; business expects to generate significant free cash over the next two years.

• Hedging includes 81,700 oz at A$2,842 and put options for 132,180 oz at A$3,000, covering deliveries through June 2027.

• Tomingley FY25–29 production guidance is 455,000–505,000 oz Au at A$1,900–2,100 AISC.

• Boda-Kaiser project forecasts 159,300 oz Au and 35,600 t Cu annually from FY27, with a pre-production capex of A$1.78B and A$2.4B NPV (7%).

Board and executive committee updates

• Board composition reviewed to ensure alignment with strategic objectives; current mix deemed effective.

• Board includes Ian Gandel (Chairman), Nic Earner (Managing Director), Ian Chalmers (Technical Director), and other key executives.

• Board did not support the election of a non-board-endorsed candidate, Mr. Jeffrey Knight.