Alkane Resources Replaces Depletion at All Three Mines in FY26 Resource Update
Key Takeaways
- All three of Alkane's producing mines — Tomingley, Costerfield, and Björkdal — replaced depletion in FY26, meaning mine life across the portfolio is being maintained rather than consumed.
- Group Ore Reserves stand at 25,488 kt at 1.7 g/t gold, containing 1,374 koz gold across the three operating assets as at 30 June 2026.
- Costerfield is the standout high-grade asset, carrying an Ore Reserve of 5.5 g/t gold alongside 15.0 kt of antimony — a critical mineral with its own demand tailwinds.
- Boda-Kaiser, not re-estimated this cycle, carries forward a 5,573 koz M&I gold resource plus 1.01 Mt copper, dwarfing the combined producing mine resource base and representing the portfolio's long-term scale upside.
- A Scoping Study has already outlined an economic development pathway for Boda-Kaiser, meaning the project is not purely speculative — it has a defined commercial framework to build from.
All three producing mines replace depletion in FY26 resource update
Alkane Resources has released its Group Resources and Reserves Statement for FY26, reporting figures as at 30 June 2026 across its Australian and Swedish portfolio. The headline finding is that all three operating mines — Tomingley, Costerfield, and Björkdal — replaced depletion through ongoing exploration, meaning mine life across the portfolio is being maintained, not eroded. The large-scale Boda-Kaiser gold-copper project provides additional long-term optionality beyond the producing assets.
At the group level, the FY26 estimates are:
- Group Measured and Indicated Mineral Resources: 578,796 kt at 0.46 g/t gold, containing 8,641 koz gold
- Group Inferred Mineral Resources: 275,614 kt at 0.42 g/t gold, containing 3,757 koz gold
- Group Ore Reserves: 25,488 kt at 1.7 g/t gold, containing 1,374 koz gold
Nic Earner, Managing Director and CEO
“We are pleased to report continued growth in resources at each producing asset, with all assets replacing depletion through continued exploration and extension of mineral resources. This growth reflects the success of our exploration programs and reinforces the value and potential we see in Alkane’s producing portfolio.”
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Asset-by-asset breakdown: what each mine contributes
Each of the three producing mines carries a distinct profile in terms of scale, grade, and commodity mix. Here is how they compare individually.
Björkdal (Sweden)
Björkdal is Alkane’s Swedish underground gold mine, located northwest of Skellefteå. Its FY26 figures are:
- M&I Resource: 22,474 kt at 2.07 g/t gold, containing 1,497 koz gold
- Inferred Resource: 12,096 kt at 1.57 g/t gold, containing 611 koz gold
- Ore Reserve: 13,121 kt at 1.33 g/t gold, containing 563 koz gold
Tomingley (NSW, Australia)
Tomingley operates as an open pit and underground gold mine in Central West New South Wales, southwest of Dubbo. Its FY26 figures are:
- M&I Resource: 17,302 kt at 2.1 g/t gold, containing 1,184 koz gold
- Inferred Resource: 4,549 kt at 2.1 g/t gold, containing 304 koz gold (includes Peak Hill)
- Ore Reserve: 11,407 kt at 1.7 g/t gold, containing 641 koz gold
The depletion replacement at Tomingley is underpinned by active in-mine and extensional drilling, with gold drilling results at Tomingley pointing to continued resource growth potential beyond the current reserve envelope.
Costerfield (Victoria, Australia)
Costerfield is a high-grade underground operation producing both gold and antimony, located northeast of Heathcote in Central Victoria. Its FY26 figures are:
- M&I Resource: 1,993 kt at 6.0 g/t gold and 2.1% antimony, containing 387 koz gold and 42.0 kt antimony
- Inferred Resource: 969 kt at 3.6 g/t gold and 1.3% antimony, containing 111 koz gold and 12.9 kt antimony
- Ore Reserve: 960 kt at 5.5 g/t gold and 1.6% antimony, containing 170 koz gold and 15.0 kt antimony
The table below consolidates the Ore Reserve position across all three producing assets for a direct comparison.
| Asset | Reserve Tonnage (kt) | Gold Grade (g/t) | Contained Gold (koz) | Contained Antimony (kt) |
|---|---|---|---|---|
| Björkdal | 13,121 | 1.33 | 563 | — |
| Tomingley | 11,407 | 1.7 | 641 | — |
| Costerfield | 960 | 5.5 | 170 | 15.0 |
| Total | 25,488 | 1.7 | 1,374 | 15.0 |
Understanding mineral resources vs. ore reserves: what investors need to know
These two terms are often used interchangeably but they mean very different things, and the distinction matters when you are assessing a mining company’s position.
A Mineral Resource is an estimate of what is in the ground, classified by confidence level under the JORC Code. The three confidence tiers are Measured (highest confidence), Indicated (moderate confidence), and Inferred (lowest confidence, typically from wider-spaced drill data). Resources represent geological potential, not a commercial commitment.
An Ore Reserve is a subset of the Mineral Resource. It represents only the portion of the resource that is technically feasible and economically viable to extract under current conditions, including commodity prices, mining costs, and metallurgical recoveries. Think of it as the resource passing a commercial filter.
When a company says it has “replaced depletion,” it means that exploration activity has added at least as much to the resource as was mined out during the year. Mine life is being maintained, not consumed. When all three producing assets achieve this simultaneously, it signals that the exploration programmes are keeping pace with production across the entire operating portfolio, which is a positive indicator of portfolio health.
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Boda-Kaiser and the long-term growth optionality
Beyond the three producing mines sits Boda-Kaiser, a large-scale gold-copper porphyry project in Central West New South Wales. This asset was not re-estimated in the current cycle and carries forward figures from the FY25 NSW Resource and Reserve Statement (ASX announcement dated 15 October 2025).
Those figures are:
- M&I Resource: 537,000 kt at 0.32 g/t gold, containing 5,573 koz gold and 1.01 Mt copper
- Inferred Resource: 258,000 kt at 0.33 g/t gold, containing 2,731 koz gold and 0.45 Mt copper
A Scoping Study has outlined an economic development pathway for Boda-Kaiser. Ongoing exploration within the surrounding Northern Molong Porphyry Project continues, with the potential for further resource growth at this scale.
In scale terms, Boda-Kaiser’s contained gold resource alone is substantially larger than the combined M&I resource across the three producing mines. It represents the portfolio’s long-term growth thesis, distinct from the nearer-term operational value being demonstrated by Tomingley, Costerfield, and Björkdal. The FY26 update reinforces that the producing portfolio is healthy and self-sustaining through exploration, while Boda-Kaiser remains the scale upside asset when Alkane determines its development pathway.
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