Alkane Resources Posts 563koz Reserve, 10-Year Mine Life at Björkdal
Key Takeaways
- An independent NI 43-101 Technical Report by SLR Consulting confirms Total Proven and Probable Mineral Reserves of 13.12 Mt at 1.33 g/t Au for 563,000 oz Au at Björkdal, effective 30 June 2026.
- Storheden achieved its first-ever Indicated Mineral Resource classification — 1,075 kt at 2.51 g/t Au for 87 koz — following drilling completed across 2025 and 2026, with potential mining targeted for 2029 subject to environmental permitting.
- The reserve base supports approximately 10 years of mine life at 1.4 Mtpa throughput, averaging 51,000 oz Au per year over the next nine years.
- Open pit mining has restarted at Nylunds North Pit with first ore expected in October 2026, and preliminary metallurgical test work on a 7.9 g/t Au composite sample returned gold recoveries of 90–93%.
- Total life-of-mine capital expenditure is estimated at US$245.2 million, with operating costs of US$39.06 per tonne processed, providing a clear cost framework for the decade-long production plan.
SLR Consulting (Canada) Ltd. completed an independent NI 43-101 Technical Report for Alkane Resources Ltd. (ASX: ALK) covering its Björkdal Gold Mine in northern Sweden, with an effective date of 30 June 2026. The report, signed by four independent Qualified Persons on 11 September 2026, confirms Total Proven and Probable Mineral Reserves of 13.12 Mt at 1.33 g/t Au for 563,000 oz Au and Total Measured and Indicated Resources of 22.47 Mt at 2.07 g/t Au for 1.50 Moz Au across three deposits. The update follows Alkane’s merger with Mandalay Resources Corporation, which completed in August 2025.
Resource base strengthened across all three deposits
The Mineral Resource estimate covers the Björkdal Mine, the proximal Storheden deposit, and the satellite Norrberget deposit, all as of 30 June 2026.
The standout development is Storheden’s first-ever Indicated Mineral Resource classification. Prior to this update, Storheden carried only Inferred Resources. Drilling completed across 2025 and 2026 successfully upgraded 1,075 kt at 2.51 g/t Au for 87 koz into the Indicated category. Storheden sits approximately 600 m from the Björkdal Mine, located directly beneath the Tailings Management Facility. The Björkdal Underground Indicated Resource also grew from 13,792 kt (December 2024) to 14,881 kt, reflecting continued exploration success within the active mine.
The full resource summary, reproduced from Table 1-1 of the NI 43-101 Technical Report, is presented below.
| Deposit | Category | Tonnage (kt) | Grade (g/t Au) | Contained Au (koz) |
|---|---|---|---|---|
| Björkdal Underground | Measured | 1,278 | 2.48 | 102 |
| Björkdal Open Pit | Indicated | 4,102 | 1.62 | 214 |
| Björkdal Underground | Indicated | 14,881 | 2.21 | 1,058 |
| Storheden Underground | Indicated (NEW) | 1,075 | 2.51 | 87 |
| Stockpile | Indicated | 916 | 0.57 | 17 |
| Norrberget Open Pit | M+I | 221 | 2.76 | 20 |
| Total M+I | 22,474 | 2.07 | 1,497 | |
| Total Inferred | 12,096 | 1.57 | 611 |
Resources were estimated using a gold price of US$3,100/oz and an exchange rate of 10.00 SEK/USD.
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Reserve statement confirms decade of mine life
The Mineral Reserve estimate, also effective 30 June 2026, underpins a mine life of approximately 10 years at a throughput rate of approximately 1.4 Mtpa, with gold production averaging approximately 51,000 oz per year over the next nine years. Reserves were estimated at a gold price of US$2,600/oz and an exchange rate of 10.00 SEK/USD.
| Location / Area | Category | Tonnage (kt) | Grade (g/t Au) | Contained Au (koz) |
|---|---|---|---|---|
| Björkdal Underground | Proven | 1,155 | 1.63 | 61 |
| Björkdal Underground | Probable | 5,526 | 1.61 | 287 |
| Björkdal Open Pit | Probable | 5,363 | 1.06 | 184 |
| Norrberget Open Pit | Probable | 161 | 2.72 | 14 |
| Stockpiles | Probable | 916 | 0.59 | 17 |
| Total Proven + Probable | 13,121 | 1.33 | 563 |
Several operational milestones are embedded in the mine plan. Open pit mining has been restarted, with stripping of the Nylunds North Pit currently underway and first ore expected in October 2026. Crown Pillar mining at the Main Pit is planned to commence in 2027, starting with moraine and loose rock removal. Norrberget open pit mining is integrated into the end-of-life-of-mine plan, targeted for FY2036. Alkane is also targeting potential mining at Storheden in 2029, subject to environmental permitting — Storheden is not currently included in Mineral Reserves or the economic analysis.
NI 43-101 Technical Report (SLR Consulting, effective 30 June 2026)
“The current Mineral Reserves for Björkdal support a mine life of approximately 10 years at a production rate of approximately 1.4 million tonnes per annum. Gold production averages approximately 51,000 oz per year over the next nine years.”
What is an NI 43-101 Technical Report?
NI 43-101 is the Canadian regulatory standard governing the public disclosure of Mineral Resources and Mineral Reserves for mineral projects. It is widely regarded as one of the most rigorous disclosure frameworks in the global mining industry.
A key feature is the requirement for sign-off by independent “Qualified Persons” (QPs) — credentialed professionals who take personal responsibility for the technical content. For this report, four QPs from SLR Consulting signed off across geology (Reno Pressacco), mining engineering (Bryan J. Pullman), mineral processing (James W.G. Turner), and environmental and social matters (Ben Lepley).
Under NI 43-101 conventions, Mineral Resources are classified by geological confidence: Inferred (lowest), Indicated, and Measured (highest). Mineral Reserves (Proven and Probable) are a subset of resources that have demonstrated economic viability under a defined set of mining and processing assumptions.
Alkane is dual-listed on the ASX and the Toronto Stock Exchange (TSX). Because it trades on the TSX, NI 43-101 is a primary disclosure mechanism for Mineral Resource and Mineral Reserve updates. This report supersedes the previous estimates effective 31 December 2024 and reflects the company’s disclosure obligations to both exchanges following its merger with Mandalay.
For ASX investors, a fresh independent 43-101 gives the market confidence in the resource and reserve base supporting Alkane’s Swedish production profile. It is the technical foundation on which the mine’s economic case rests.
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Operational performance and growth pathway
FY2026 production data, included in the report, provides context for the reserve base:
- Ore milled in FY2026: 1.33 Mt (0.97 Mt underground; 0.36 Mt stockpile)
- Average reconciled head grade: 1.13 g/t Au
- Gold recovery: approximately 86.5%
- Recovered gold: approximately 42,400 oz Au
- Plant capacity: approximately 3,850 tpd, with a throughput target of 1.4 Mtpa
- The mine has produced approximately 1.72 Moz Au since first production in 1988, from approximately 41.1 Mt processed
- Processing uses gravity and flotation — no cyanide leaching; concentrates are sold to European smelters
On the Nylunds Pit, preliminary metallurgical test work on a composite sample grading 7.9 g/t Au returned overall gold recoveries of approximately 90% to 93%, indicating strong processing economics from this near-term open pit source.
Total life-of-mine capital expenditure is estimated at US$245.2 million (sustaining plus growth capital), with total life-of-mine operating costs of US$39.06/t processed.
The company is targeting an environmental permit application for Storheden in late 2026/early 2027, with the aim of gaining approval by 2029 ahead of any potential mining commencement at that deposit.
Alkane gold drilling results from its Australian Tomingley operations complement the Swedish production base, positioning the company as a multi-asset gold producer with active exploration programs across both hemispheres following its merger with Mandalay.
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