Alkane Resources — Re-evaluating the new Alkane

Since completing its merger with Mandalay Resources on 5 August, Alkane has 1) provided guidance for the combined group for FY26, 2) updated group reserves and resources and 3) released its Quarterly Activities Report for Q126. In the wake of these announcements, we forecast that the ‘new Alkane’ will produce c 158.8koz (plus c 4.3koz AuE in the form of antimony) in FY26 (cf 70.1koz in FY25) and that the merger will prove transformative to both its scale and valuation, including achieving the size required for inclusion in the VanEck Junior Gold Miners ETF (GDXJ) and the ASX 300 index (now confirmed).