Alkane Resources (ALK) H1 2026 earnings summary

Executive summary

• Achieved record operational and financial results in Q2 and H1 FY2026, with gold equivalent production of 43,700 oz in Q2 and 74,200 oz in H1, driven by the Mandalay Resources merger and higher gold prices.

• Operating cash flows reached a record AUD 133 million in Q2, with cash, bullion, and investments totaling AUD 246 million, supporting growth initiatives.

• Revenue rose 232% year-over-year to $403.9 million, and net profit after tax increased 393% to $64.9 million, reflecting expanded operations.

• Merger with Mandalay Resources closed August 2025, adding Costerfield and Björkdal mines; H1 results include five months from these assets and six months from Tomingley.

• No dividends declared or paid during the period, with focus on reinvestment and value creation.

Financial highlights

• Q2 consolidated revenue was AUD 256.7 million, up 18% from Q1; H1 revenue totaled AUD 403.9 million.

• Adjusted EBITDA for Q2 was AUD 147.2 million; H1 EBITDA reached AUD 184.7 million.

• Q2 operating cash flow reached AUD 133 million, with cash, bullion, and liquid investments at AUD 246 million at quarter end.

• All-in sustaining costs (AISC) for Q2 were AUD 2,739/oz, 8% lower than Q1; H1 AISC was AUD 2,841/oz.

• Record-high average realized gold price in Q2: AUD 5,785/oz; antimony price AUD 42,488/t.

Outlook and guidance

• Full-year production guidance reaffirmed at 160,000–175,000 gold equivalent ounces, with AISC guidance at AUD 2,600–2,900/oz.

• Growth capital and exploration spend for FY2026 projected at AUD 78–88 million.

• Guidance reflects full-year contributions from Tomingley, Costerfield, and Björkdal.

• Exploration and resource expansion drilling continues at all major sites, with results expected in Q3.

• No material events or changes in outlook have occurred since period end.