Tomingley Gold Operations Meets FY2020 Guidance - Alkane Resources Ltd
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Tomingley Gold Operations Meets FY2020 Guidance

Alkane Resources Ltd is pleased to announce its Tomingley Gold Operations in central west New South Wales has met its FY2020 production guidance of between 30,000 oz to 35,000 oz.

Key points:

  • Tomingley Gold Operations has met FY2020 guidance, which was upgraded after the September 2019 quarter.
  • FY2020 gold production was 33,507 oz (guidance 30,000 oz to 35,000 oz).
  • FY2020 preliminary AISC was $1357/oz (guidance $1,250/oz to $1,400/oz).
  • Group unaudited cash, bullion and listed investments position at 30 June 2020 totalled A$98.4M.
  • The updated Tomingley Gold Operations mine plan is undergoing final review and approval and will be released along with FY2021 guidance.

The Operations produced 33,507 oz of gold for the 12 months to 30 June 2020 with preliminary all in sustaining costs (AISC) of $1357/oz produced, which fell within cost guidance ($1,250/oz to $1,400/oz) for the same period. The strong 12 month performance at Tomingley has coincided with a 25 per cent appreciation in the gold price and the Company’s progress towards a demerger of Australian Strategic Materials Limited (ASM) to become a separate ASX listing, allowing Alkane to focus exclusively on its gold projects.

The Group’s unaudited cash, bullion and listed investments position at 30 June 2020 totalled A$98.4M, comprising $66.9M cash, $5.8M of bullion in hand and $25.7M of listed investments.

Alkane Managing Director, Nic Earner, said: “The team at Tomingley Gold Operations continues to perform very well, consistently meeting or exceeding guidance. 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. The Board and management acknowledge and thank the team at Tomingley for their strong and continued safety and production performance.”

View the ASX Release