- Alkane Resources’ (ALK) Tomingley Gold Operations have met the company’s 2020 financial year production guidance
- The guidance forecast between 30,000 to 35,000 ounces of gold would be produced over the financial year, and Tomingley produced 33,507 ounces
- As of June 30, the company’s unaudited cash, bullion and listed investment position totalled $98.4 million
- The updated Tomingley mine plan is currently undergoing a final review and approval
- Alkane is up 2.45 per cent on the ASX this morning and is trading for $1.26 per share
Alkane Resources’ (ALK) Tomingley Gold Operations have met the company’s 2020 financial year production guidance
The guidance forecast between 30,000 to 35,000 ounces of gold would be produced over the financial year, and Tomingley produced 33,507 ounces. The all-in sustaining costs (AISC) was $1379 per ounce, and the ASIC guidance was set between $1250 to $1400 per ounce.
The strong 12 months follow a 25 per cent appreciation in the gold price as Alkane progresses with its demerger from Australian Strategic Materials (ASM).
ASM is going to demerge from Alkane and list separately on the Australian Securities Exchange, possibly by next month. Alkane says this move will allow the company to focus on its gold projects.
As of June 30, the company’s unaudited cash, bullion and listed investment position totalled $98.4 million. This included $66.9 million in cash, $5.8 million of bullion in hand and $25.7 million of listed investments.
The updated Tomingley mine plan is currently undergoing a final review and approval. This will be released alongside the 2021 financial guidance.
“The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance,” Managing Director Nic Earner said.
“With an updated mine plan soon to be released and the great potential being shown very close to the mine, through our exploration at Roswell and San Antonio, we remain buoyant about the longer-term prospects at Tomingley,” he added.
Alkane is up 2.45 per cent on the ASX this morning and is trading for $1.26 per share at 12:05 pm AEST.