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Alkane Resources (ASX:ALK) upgrades Tomingley gold forecast after strong quarter – The Market Herald

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  • Shares in Alkane Resources (ALK) surge more than 12 per cent this morning after news its Tomingley Gold Operations have exceeded its production forecasts for last quarter
  • December quarter production was at 18,301 ounces of gold, bringing the first half of the 2023 financial year total to 37,790 ounces
  • The update lifts expectations for the year’s production by up to 10,000 ounces, resulting in 70,000 ounces at the higher end from the operations in the central west of New South Wales
  • Meanwhile, Alkane is still waiting for approvals to extend the Tomingley project from the Department of Planning and Environment
  • Shares are up 12.2 per cent, trading at 64.5 cents at 12:10 pm AEDT

Shares in Alkane Resources (ALK) have surged more than 12 per cent this morning after news its Tomingley Gold Operations have exceeded its production forecasts for last quarter.

December quarter production was 18,301 ounces of gold, bringing the first half of the 2023 financial year total to 37,790 ounces.

The news lifts expectations for the year’s production by up to 10,000 ounces, resulting in 70,000 ounces at the higher end from the operations in the central west of New South Wales.

Alkane has been operating Tomingley since 2014.

The company held $114.1 million at the end of December, including $86.3 million cash, $6.9 million in bullion and the rest in listed investments.

Alkane Managing Director Nic Earner described Tomingley’s delivery as an “outstanding performance” which has resulted in an upgraded guidance for the 2023 financial year.

Despite this, the company is still awaiting approvals from the Department of Planning and Environment for the Tomingley Gold Extension Project, which includes the Roswell deposit.

“With approvals expected shortly to extend the life of Tomingley beyond 2030 at increased production rates, we’re looking forward to developing the Roswell resource in the year ahead,” he said.

Shares were up 12.2 per cent, trading at 64.5 cents at 12:10 pm AEDT.

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