Kaiser Development

In July 2024, Alkane released the Boda-Kaiser Project Scoping Study. It estimated that 370Mt of ore could be extracted and treated from Boda and Kaiser open pits. Proportionally, this would include 154Mt of Kaiser ore. Three feasible annual ore treatment rates were considered, and it was concluded that 20Mt per annum would be the most economically favourable. This would produce an annual average of approximately 225,000 ounces of gold equivalent at an all in sustaining cost of A$1,902 per ounce. The project capital cost was estimated to be A$1,783M, in 2024 dollars. The development pathway suggests that gold and copper production could commence in 2030.

Projected Boda and Kaiser Gold and Copper Production, July 2024 (Source: Alkane Resources Ltd.)

In August 2025, Mandalay Resources Corporation was successfully merged into Alkane. Alkane doubled its market capitalisation, doubled its disposable income and it has been admitted to the ASX300 and, subsequently, the ASX 200 groups of companies. The merger could permit Alkane to self-fund the capital cost of the Boda-Kaiser Project, should it so decide.

In April 2026, Alkane announced a potential timeline for the project. A development application is expected to be lodged with the NSW State Government by early 2028. This should include an environmental impact statement and a preliminary feasibility study which will update the Scoping Study 2024.