Alkane Resources Grows Tomingley Reserves to 641koz Despite Record Production
Key Takeaways
- Alkane Resources grew Tomingley's total Ore Reserves 3.2% to 641,000 ounces (11,401kt at 1.7 g/t Au) as at 30 June 2026, despite depleting 95,000 ounces through a site-record production year of 80,000 ounces.
- Roswell underground is now the dominant reserve engine, contributing 333,000 ounces — more than half the total underground inventory — after commencing stope production as recently as April 2024.
- The AU$4,000/oz gold price used for reserve estimation sits conservatively below prevailing gold prices, meaning future price assumption increases could unlock additional material above current cut-off grades.
- San Antonio's 214,000-ounce open pit reserve remains unchanged pending completion of the Newell Highway realignment and grade control drilling — a timing issue, not a geological one.
- 43,856 metres of core drilling was completed across the project in FY26, with deep core drilling planned to test high-grade mineralisation below current reserve boundaries at Roswell.
Tomingley Ore Reserves grow to 641,000 ounces despite record production year
Alkane Resources (ASX: ALK) has released its annual Mineral Resource and Ore Reserve statement for the Tomingley Gold Mine in New South Wales, effective 30 June 2026. Total Ore Reserves increased 3.2% to 641,000 ounces of gold (Proved and Probable; 11,401kt at 1.7 g/t Au), a result made more significant by the fact it came after a site record production year of 80,000 ounces.
The reserve growth is net of 95,000 ounces depleted through mining during FY26. Two primary drivers offset that depletion and then some: extensional drilling at the Roswell underground deposit and a lowering of cut-off grade (COG) reflecting rising long-term gold price assumptions.
Key headline figures from the statement:
- Total Ore Reserves: 641,000 oz (Proved and Probable; 11,401kt at 1.7 g/t Au)
- Total Mineral Resources (Measured and Indicated): 1,184,000 oz at 2.1 g/t Au
- Total Mineral Resources (Inferred): 196,000 oz at 1.7 g/t Au
- FY26 core drilling completed: 43,856m
The statement covers the Tomingley Gold Project (TGP) underground operations. The San Antonio open pit Reserve has not been updated due to incomplete grade control drilling, pending the completion of the Newell Highway realignment. This is a timing matter, not a reflection of any change to the underlying resource. The announcement is accompanied by an NI 43-101 Technical Report filed on SEDAR+, effective 30 June 2026.
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FY26 Reserve and Resource performance at a glance
The year-on-year comparison shows growth across every major category, despite a significant depletion year.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Total Ore Reserves (koz) | 621 | 641 | +3.2% |
| Underground Reserves (koz) | 396 | 412 | +4% |
| Open Pit Reserves — San Antonio + Stockpiles (koz) | 225 | 229 | +4 koz |
| Total M&I Resources (koz) | 1,172 | 1,184 | +12 koz |
The net effect is straightforward: approximately 95,000 ounces were depleted through mining, while the drilling campaign at Roswell and COG adjustments added approximately 115,000 ounces, producing the overall net increase.
Roswell is the primary growth engine. The deposit now contributes 333,000 ounces to the Ore Reserve (5,495kt at 1.9 g/t Au). The stockpile reserve also improved to 342kt at 1.4 g/t Au, up from 314kt at 1.1 g/t in FY25.
What are Mineral Resources and Ore Reserves, and why do they matter?
These two terms sit at different points on a confidence scale. A Mineral Resource is an estimate of mineralisation that has reasonable prospects for eventual economic extraction. Resources are classified by confidence level: Inferred (lowest), Indicated, and Measured (highest). An Ore Reserve is a subset of a Mineral Resource — specifically the material a company has demonstrated it can mine economically at a stated gold price, after applying real-world mining, processing, and cost factors.
The practical implication: reserve growth net of depletion means the mine replaced what it mined. That matters to you as an investor because it supports mine life and future cash flows. A mine that is steadily depleting its reserve base without replacement has a shortening horizon; one that replaces reserves faster than it mines them is extending it.
Alkane used a gold price of AU$4,000/oz for reserve estimation. That figure sits conservatively relative to prevailing gold prices. If price assumptions are raised in future reviews, additional material above current cut-off grades could potentially be included in reserves.
Roswell drives the growth story
Roswell underground — the reserve engine
Roswell stope ore production came on stream in April 2024 and has rapidly become the dominant contributor to Alkane’s reserve base at Tomingley. The FY26 resource model update was based on a 20m x 15m grade control grid of detailed infill drilling — a sign of increasing geological confidence and operational maturity at the deposit.
The 43,856m of core drilling completed across the project in FY26 was designed to both extend the resource base and define reserves as development progresses. Grade control drilling is ongoing and planned to continue converting Inferred resources into Indicated classification. Deep core drilling is also planned to test high-grade mineralisation at depth.
The Tomingley gold drilling results from Alkane’s extensional program at Roswell are shaping the deposit’s longer-term growth trajectory, with deep core holes targeting high-grade mineralisation below current reserve boundaries.
San Antonio and McLeans — future production pipeline
The San Antonio open pit Reserve (214,000 ounces; 4,100kt at 1.6 g/t Au) remains unchanged from the FY22 estimate. This is not a reflection of any change to the geology — the company has confirmed it is not aware of any new information that materially affects that estimate. Rather, detailed grade control drilling is in progress at San Antonio and the Reserve will be refined once that data is compiled, pending the completion of the Newell Highway realignment.
At McLeans, infill and grade control drilling of the underground Inferred Resource is also ongoing. A revised Resource and Reserve estimate is expected once that data is compiled. Both deposits represent near-term pipeline optionality for the Tomingley processing plant, rather than gaps in the project.
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Investment case — reserve growth that outlasts the mining rate
The core message from this statement is a simple one: Tomingley replaced more gold than it mined in FY26. A 95,000 oz depletion from a site record production year was more than offset by new reserve additions, resulting in a +3.2% net increase to 641,000 ounces.
Key takeaways for investors:
- Reserve replacement outpaced depletion. The mine grew its reserve base while producing at a record pace — that combination supports mine life.
- Conservative gold price assumption. The AU$4,000/oz reserve price is below prevailing gold prices, providing potential upside if price assumptions are raised in future annual reviews.
- Roswell is maturing rapidly. Having commenced stope production in April 2024, Roswell now accounts for 333,000 oz of the total reserve — more than half the underground inventory — with extensional and depth drilling continuing.
- Near-term pipeline in place. San Antonio and McLeans are advancing through grade control drilling and are expected to deliver updated estimates as that work concludes.
Tomingley sits within Alkane’s broader portfolio of three operating mines across Australia and Sweden, including the Costerfield gold and antimony operation in Central Victoria and the Björkdal gold mine in Sweden. The company also holds the large Boda-Kaiser porphyry project in Central West New South Wales. Near-mine and regional exploration continues across the Tomingley licence area with a focus on adding resources for processing at Tomingley Gold Operations.
This statement was prepared under JORC 2012 and approved by Chief Geologist Chris Davis, MAusIMM CP(Geo).
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