ALKANE RESOURCES LIMITED (ALK)
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31/10/2025

1

Buy

$1.40

38.61%

Alkane Resources’ September quarter marked its first report post-merger with Mandalay Resources, with production and costs below Bell Potter’s forecasts and guidance.

Group output was 36,407oz gold equivalent, including 198t antimony, versus the broker's forecasts of 41,291oz gold and 227t Antimony, while costs (AISC) were -$3,036/oz against guidance of -$2,600-$2,900/oz.

Cash and bullion totalled $174m after merger costs and debt repayment, leaving the company debt-free, highlight the analysts.

The broker notes production and earnings are set to more than double year-on-year, supported by strong free cash flow growth and reduced hedge exposure. 

Bell Potter lowers its target price to $1.40 from $1.45 and retains a Buy rating.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 14.40 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of 15.30 cents.

03/11/2025

1

Buy

$1.65

63.37%

Moelis notes Alkane Resources’ first quarterly production update following the Mandalay Resources acquisition showed slightly softer output but lower-than-expected costs across new assets.

Group production totalled 30koz gold at an average realised price of $4,896/oz and an AISC of -$2,988/oz, with results partly impacted by timing, given only 60% of Costerfield and Bjorkdal output was attributable.

Positively, operating costs at both new assets were materially below initial forecasts, suggesting potential upside to cost assumptions.

The broker also highlighted progress at Tomingley, where highway relocation works have commenced to enable open-pit development at San Antonio.

Moelis lifts its commodity price deck, resulting in a 10% increase in the target price to $1.65, with a positive view and Buy rating retained.

FORECAST
Moelis forecasts a full year FY26 dividend of 0.00 cents and EPS of 17.50 cents.
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.30 cents.