ALKANE RESOURCES LIMITED (ALK)
Share Price Analysis and Chart

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26/08/2026

1

Buy

$2.15

12.57%

Bell Potter maintains its Buy recommendation for Alkane Resources with its target price increased to $2.15 from $2.10 following a transformational FY26 financial result featuring record revenue of $936m, EBITDA of $471m, and underlying NPAT of $229m alongside a maiden dividend of 2cps and a share buyback announcement of up to $50m.

Operational performance was driven by the successful merger with Mandalay Resources completed in August 2025, bringing together a diversified multi-asset production base that delivered 168,337 AuEq oz at an AISC of $2,925/oz.

FY27-FY29 EPS forecasts have been adjusted by -3% to -5% to reflect lower antimony pricing, higher capital expenditure, and increased depreciation and amortisation.

The analyst highlights the company boasts a robust, debt-free balance sheet holding cash and bullion of $439m, offering strong liquidity to support organic growth and attractive valuation multiples.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 4.00 cents and EPS of 24.30 cents.
Bell Potter forecasts a full year FY28 dividend of 6.00 cents and EPS of 35.00 cents.

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14/09/2026

1

Upgrade to Buy from Hold

$1.70

-10.99%

Moelis upgrades to a Buy rating for Alkane Resources with its target price decreased to $1.70 from $2.20 following a solid June quarter production report undermined by a flat FY27 outlook.

The operation produced 42.5koz of gold equivalent during the quarter at an all-in sustaining cost of $3,011 per ounce, culminating in a $104m cash build aided by lower capital expenditure and a $20m security bond refund.

Management's guidance outlines flat production alongside higher operating costs and a significant capital expenditure increase to -$343m for FY27, prompting the broker to question the return profile on this accelerated investment phase.

In response to the diminished free cash flow outlook, the analyst lowers the price to adjusted cash flow multiple from 6.0x to 5.0x, while incorporating an anticipated 2.0c per share annual dividend across the forecast period.

Moelis retains a positive rating purely on valuation grounds but views other gold equities as offering more compelling growth momentum and clearer catalysts.

FORECAST
Moelis forecasts a full year FY27 dividend of 2.00 cents and EPS of 20.60 cents.
Moelis forecasts a full year FY28 dividend of 2.00 cents and EPS of 26.30 cents.