FY2021
ASM demerger separates the gold business
The July 2020 demerger left Alkane operating its Australian gold business. Discontinued-operation profit is separately identified in the financial comparison.
ASX: ALK · Five-year financial review
(ASX: ALK) Alkane Resources Financial Review - FY2021~25
Tomingley’s FY2025 production and recovery improved while a stronger realised gold price lifted revenue. Costs also rose, and operating cash did not fully cover investing outflows. The five-year story combines mine expansion with a shift from cash exceeding external borrowing to a modest net borrowing position.
Reading the figures: Units are stated above each table or beside the metric. Brackets denote negative amounts. Supported nil is shown as zero; unlike reporting bases remain separately labelled.
FY2025 revenue
A$262.362m
Statutory continuing-operations revenue.
Gold poured
70,120 oz
Tomingley FY2025, not post-merger output.
FY2025 AISC
A$2,561/oz
Issuer-defined sustaining-cost measure.
Operating cash
A$71.978m
Before investing and financing flows.
Five years in context
The ASM demerger affected FY2021 all-operations profit, while a Genesis investment reclassification drove a large FY2022 gain. Mine output and continuing revenue therefore provide essential context for the statutory earnings record; not every profit spike came from gold production.
Tomingley’s extension and Roswell development required substantial expenditure. The Mandalay transaction was completed after the June 2025 boundary and its purchase-price allocation was still incomplete at reporting. This review does not retroactively present a combined three-mine group.
Events behind the numbers
FY2022
Higher output and an investment gain
Tomingley exceeded production guidance. A separate Genesis derecognition gain boosted statutory earnings, and investment sales supplied cash.
FY2023
Extension approval
Approval in February 2023 supported the Tomingley extension plan; the exploration drive subsequently became the Roswell production access.
FY2024
Roswell begins mining; recovery pressure
Roswell underground mining commenced in April. Lower Caloma Two recovery and a slower ramp-up affected output while expansion work lifted cash investment.
FY2025
Improved recovery and stronger gold pricing
The fine-grind circuit supported recovery improvement. Higher sales volume and price lifted revenue, although input costs and sustaining expenditure also increased.
FINANCIAL REVIEW / 01
Higher gold sales and realised price lifted revenue
FY2025 recovered from the previous year’s lower production. Recovery rose from 78.4% to 85.45%, and the issuer attributed the improvement to completed growth projects including the ultra-fine-grind circuit. Sales prices rose, but so did C1 cost and AISC.
Gold poured and sold
ounces of gold
Tomingley gold pouredGold sold
AI-generated presentation · values from Tomingley production and sales; no missing values plotted as zero.
Realised price versus AISC
A$ per ounce
Average gold price realisedAll-in sustaining cost (AISC)
AI-generated presentation · values from Tomingley realised price and site cost measures; no missing values plotted as zero.
Tomingley production and sales
ounces of gold
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Tomingley gold poured | 56,958 | 66,802 | 70,253 | 57,217 | 70,120 |
| Gold sold | 55,929 | 66,883 | 70,498 | 57,592 | 69,774 |
Poured production and sales are separate quantities; inventory timing can make them differ.
The post-June 2025 Mandalay transaction does not add Costerfield or Björkdal production to these historical Tomingley series.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Tomingley realised price and site cost measures
A$ per ounce
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Average gold price realised | 2,286 | 2,467 | 2,703 | 3,004 | 3,770 |
| C1 cash cost | 940 | 1,153 | 1,124 | 1,541 | 2,039 |
| All-in sustaining cost (AISC) | 1,320 | 1,460 | 1,601 | 2,137 | 2,561 |
Issuer-reported non-IFRS unit measures, not statutory cost of sales or a gross-margin reconciliation.
FY2025 AISC includes site operating costs, royalties, mine exploration, sustaining capital and mine development plus allocated corporate costs per ounce sold; it excludes share-based payments, production incentives and inventory net-realisable-value provisions.
Roswell decline development affected sustaining cost classification. AISC should not be read as the cost of all expansion spending.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 02
Separate gold revenue from non-recurring gains
FY2022 includes a A$48.334m Genesis derecognition gain. In FY2025 a A$7.024m Roswell impairment reversal increased earnings; the pre-amortisation historical impairment amount is not added again. These items help explain why the profit path differs from mine production.
The operating summary’s rounded FY2025 gold revenue differs from statutory revenue. The packet identifies expired put-option costs as a revenue offset under hedge accounting; statutory revenue is the financial-table anchor.
Continuing revenue
A$ million
Continuing-operations revenue
AI-generated presentation · values from Revenue and statutory earnings; no missing values plotted as zero.
Continuing versus total attributable profit
A$ million
Profit after tax - continuing operationsProfit attributable to owners - all operations
AI-generated presentation · values from Revenue and statutory earnings; no missing values plotted as zero.
Revenue and statutory earnings
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Continuing-operations revenue | 127.833 | 165.010 | 190.527 | 172.991 | 262.362 |
| Profit after tax - continuing operations | 33.567 | 70.251 | 42.450 | 17.677 | 33.043 |
| Profit attributable to owners - all operations | 55.701 | 70.251 | 42.450 | 17.677 | 33.043 |
FY2021 includes A$22.134m from discontinued operations associated with the ASM demerger. Continuing and all-operations profit are separated rather than spliced together.
Statutory profit also contains non-mining items: FY2022 includes the Genesis derecognition gain and FY2025 an impairment reversal. Neither is a measure of recurring mine margin.
FY2025 statutory revenue is used rather than the rounded A$263.1m operating-summary amount; expired put-option costs offset revenue under hedge accounting.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 03
Expansion absorbed more than operating cash generation
FY2024 plant and development payments stepped up sharply. FY2025 payments fell, but total investing outflows still exceeded operating inflows. Borrowing and repayments need to be read alongside the modest increase in closing cash.
Closing cash
A$ million
Closing cash
AI-generated presentation · values from Operating cash generation, investment and funding; no missing values plotted as zero.
Development and exploration cash outflows
A$ million
Property, plant, equipment and development paymentsExploration payments
AI-generated presentation · values from Plant, development and exploration cash payments; no missing values plotted as zero.
Operating cash generation, investment and funding
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Operating cash flow | 71.116 | 86.476 | 95.546 | 52.903 | 71.978 |
| Investing cash flow | (102.726) | (33.238) | (91.428) | (123.520) | (78.655) |
| Financing cash flow | 2.264 | 5.665 | (1.721) | 35.845 | 9.247 |
| Closing cash | 18.991 | 77.894 | 80.291 | 45.519 | 48.089 |
FY2022 investing includes A$53.034m investment-disposal proceeds; a smaller net outflow does not mean lower gross project expenditure.
These are reported cash categories, not issuer-defined free cash flow.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Plant, development and exploration cash payments
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Property, plant, equipment and development payments | (59.477) | (42.581) | (33.695) | (115.969) | (58.052) |
| Exploration payments | (26.642) | (40.935) | (58.105) | (19.528) | (17.541) |
Development expenditure and exploration are separately reported cash outflows. They are already contained within investing cash flow.
The expenditure categories do not identify every item as sustaining versus growth capex. No unsupported free-cash-flow series is created.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
FINANCIAL REVIEW / 04
External borrowing grew through the expansion phase
The selected external-borrowing measure exceeded cash at the end of FY2024 and FY2025. That calculation excludes lease liabilities and is not a replacement for the full liability schedule. The post-year Mandalay share consideration is not FY2025 cash financing.
External borrowings less cash
A$ million
External borrowings less cash
AI-generated presentation · values from External borrowing and the cash offset; no missing values plotted as zero.
External borrowing and the cash offset
A$ million
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| External borrowings - current plus non-current | 9.216 | 15.046 | 13.546 | 49.018 | 59.324 |
| External borrowings less cash | (9.775) | (62.848) | (66.745) | 3.499 | 11.235 |
The calculated net measure uses external borrowings only; lease liabilities and other obligations are not silently included. It is not a claimed issuer-defined net-debt KPI.
A negative value means cash exceeds the selected external borrowing measure, not that total liabilities are negative.
Source: Annual-report extractions; report editions are listed once in the consolidated source registry.
Reading the figures
- Only frozen per-year extracted data was used. No raw annual reports, fresh DB query, web financial research or MiniMax drafting. Primary-author review only; published.
- FY2021 all-operations profit includes discontinued ASM results. FY2022 investment reclassification and FY2025 impairment reversal are not recurring mine margins.
- Tomingley production and sales remain separate. FY2025 Mandalay consideration and the future combined group are outside the June reporting boundary.
- AISC and C1 are issuer-defined non-IFRS measures. AISC includes sustaining development, but not all growth spending or all statutory expenses. No invented free-cash-flow metric is used.
- Borrowings less cash is explicitly calculated from external borrowing rows; leases, gold inventory and other liabilities/assets are not silently included.
- The detailed operating table and corroborating operating claim support FY2025 AISC of A$2,561/oz; a rounded A$2,560/oz narrative value is not used in the trend.
Annual-report source registry
- Alkane Resources - Annual Report to shareholdersJune-year accounts and Tomingley metrics; demerger, investments and post-year combination separately identified.
- Alkane Resources - Annual Report to shareholdersJune-year accounts and Tomingley metrics; demerger, investments and post-year combination separately identified.
- Alkane Resources - Annual Report to shareholdersJune-year accounts and Tomingley metrics; demerger, investments and post-year combination separately identified.
- Alkane Resources - Annual Report to shareholdersJune-year accounts and Tomingley metrics; demerger, investments and post-year combination separately identified.
- Alkane Resources - Annual Report to shareholdersJune-year accounts and Tomingley metrics; demerger, investments and post-year combination separately identified.
Prepared solely from the existing year-by-year extraction datasets. No raw annual-report body, PDF, new database lookup or financial web research was used. Review is against those stored extractions, not a new independent original-document audit.
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