Alkane Resources Ltd (ASX:ALK) produced 70,253 ounces of gold for the 12 months ending June 30 at its Tomingley Gold Operations in Central West New South Wales, meeting the upper end of the company's updated FY2023 production guidance of 65,000 to 73,000 ounces.
The project south of the city of Dubbo has now met or exceeded guidance in every year of its operation.
Preliminary all-in-sustaining-costs (AISC) are expected to be in the mid-range of guidance, between A$1,550 and A$1,750 per ounce for the same period.
Outstanding year
The project has had an excellent year that also saw the Tomingley Gold Extension Project receive government approval and the underground exploration drive reach the Roswell deposit.
“Tomingley continues its outstanding performance, consistently meeting or exceeding expectations,” Alkane managing director Nic Earner said.
“With approval granted to extend the life of Tomingley past 2030, at increased production rates, and our growing Boda and Kaiser resources, we’re looking forward to the year ahead.
“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.”
Financial status
Separately, the company’s unaudited cash, bullion and listed investments position as of June 30, 2023, totalled A$107.2 million.
They comprised A$80.3 million in cash, A$8.3 million of bullion in hand and A$18.6 million of listed investments.
Alkane will provide Tomingley’s FY2024 production guidance in the June quarterly report to be released later this month.
Aiming high
Alkane has ambitions to become one of Australia’s multi-mine gold and copper producers.
The company has operated Tomingley since 2014 and is expediting a development pathway to extend the mine’s life beyond 2030.
Its most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which have the potential to provide additional ore for Tomingley’s operations.
The company believes its exploration success, including at the landmark porphyry gold-copper mineralisation discovery at Boda to the north of Tomingley, will solidify central west New South Wales’ reputation as a significant gold and copper production region.