Alkane Resources posts record H1 revenue and profit as gold and antimony prices surge

Key Highlights:

• H1 FY2026 revenue jumped 233% to $404 million
• Net profit surged 392% to $64.9 million
• Strong gold and antimony prices lifted margins and cash generation
• Company remains on track to meet FY2026 production and cost guidance
  
   

Alkane Resources delivers record first-half earnings amid strong metals market

Alkane Resources Ltd (ASX: ALK) has reported record first-half FY2026 financial and operational results, highlighting the impact of higher gold and antimony prices alongside expanded production following the integration of additional mines into its portfolio.

For the six months to December 2025, Alkane generated revenue of $403.9 million, more than tripling year-on-year, while net profit rose sharply to $64.9 million. Stronger realised commodity prices played a major role in the earnings surge, with the company achieving an average realised gold price of $5,421 per ounce and an antimony price of $41,023 per tonne during the period. 

The financial momentum translated into robust operating cash generation, with cash flow from operating activities rising to approximately $154 million, strengthening the company’s balance sheet and supporting ongoing development and exploration programs. 

Managing Director and CEO Nic Earner described the results as the strongest quarter in Alkane’s history, noting that the company’s multi-mine portfolio delivered exceptional operating performance during a period of elevated gold and antimony prices. He added that the strong cash position positions the company well to support future growth initiatives while maintaining operational momentum into the second half of FY2026.

Source: ALK Company Announcement 

Production growth driven by expanded asset base

Operationally, Alkane produced approximately 72,732 ounces of gold and 391 tonnes of antimony during the half year, translating into roughly 74,000 gold-equivalent ounces. The increase reflects both improved production levels and the inclusion of additional operations following the Mandalay Resources merger completed in August 2025, which significantly expanded Alkane’s operating footprint. 

Higher throughput and improved processing efficiencies at the Tomingley mine, along with steady performance from the Costerfield and Björkdal operations, helped support the overall production uplift. Although operating costs rose modestly due to the enlarged production base, cost performance remained broadly stable, enabling margins to expand as commodity prices strengthened.

Costs steady despite expansion

Cash operating costs for the period increased only moderately to approximately $2,106 per gold-equivalent ounce, while all-in sustaining costs averaged about $2,841 per ounce. These relatively contained cost increases were notable given the scale expansion of operations, suggesting that operational efficiencies are partially offsetting inflationary pressures across the mining sector.

Industry-wide, gold producers globally have been navigating rising labour, energy, and processing costs over the past two years. Against this backdrop, Alkane’s stable cost profile underscores the operational leverage created by higher production volumes and diversified asset exposure.

Guidance intact as company builds growth pipeline

Despite revising the production midpoint slightly lower, Alkane reiterated FY2026 cost guidance and confirmed that it remains on track to meet its broader operational targets. Growth and exploration capital expenditure is expected to remain within the previously guided range, supporting continued drilling programs near existing mines and across regional exploration targets.

The company ended the half year with cash, bullion, and listed investments totalling approximately $246 million, reinforcing its financial flexibility as it advances development and exploration initiatives. 

Market perspective

Alkane’s performance reflects a broader trend across the precious metals sector, where elevated gold prices have significantly improved profitability for producers worldwide. With gold continuing to trade near multi-year highs and antimony demand rising due to its role in industrial and defence applications, producers with diversified metal exposure are increasingly positioned to benefit from favourable market dynamics.

For Alkane, the combination of record earnings, strong cash generation, and an expanded multi-mine portfolio suggests the company is entering the second half of FY2026 with strengthened operational momentum and a platform for continued growth.

Source: Company announcement and interim financial results (13 February 2026)