Alkane Resources has reported a profitable 2024–25 financial year (FY25) with surges in overall gold production, average prices received, and total sales.
Total gold production across the Tomingley gold mine grew to 70,120 ounces, up 23 per cent on the same metric in FY24. That earned the company $262 million in revenue (a 52 per cent rise on FY24), off an average gold price of $3770 per ounce (up 25 per cent). The company’s all-in sustaining cost of production was $2561 per ounce.
Profit for the Tomingley mine grew 84 per cent to be $60.9 million for the year. This translated to an after tax profit of $33.04 million, up 87 per cent on the FY24 post-tax profit.
Alkane managing director Nic Earner said the increase in gold production reflected higher grade ore and recoveries, which was made possible after the fine grind circuit was upgraded.
“Alkane’s profit comes in (a) year that included high capital growth spending at Tomingley to increase recoveries and extend the mine life,” he said.
“Alkane’s board and management acknowledge and thank the employees and contractors of the company for their strong and continued commitment to safety, production and exploration performance.”
Since the end of the FY25, investors and the board have approved a “merger of equals” between Alkane Resources and Mandalay Resources. This became effective on August 5, after shareholder votes in both companies.
“With the merger with Mandalay completed post-financial year end, we are well-positioned for the upcoming financial year for both production and growth,” Earner said.
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