Alkane’s Q127 results revealed gold production of 40,740oz AuE (equivalent to 163koz per year annualised, cf FY27 guidance of 163–177koz) at an all-in sustaining cost of A$2,805oz AuE (cf A$3,011/oz in Q426 and FY27 guidance of A$2,900–3,200/oz), of which 38,348oz AuE were sold at an average price of A$5,369/oz Au after provisional pricing adjustments to generate revenue of A$205.9m. Site operating cash flow during the quarter amounted to A$102m and cash, bullion and listed investments as at 30 September were valued at A$459m ex-dividend (cf A$454m at end-Q4 cum-dividend). Just over a year since its merger with Mandalay, the company is undertaking a major investment programme to mitigate cost inflation, grow its resource and extend the lives of its operations as well as seeking further corporate expansion opportunities, prior to developing Boda-Kaiser. Note that, if the current price of gold prevails until June 2028, our FY28 EPS forecast would rise from A$0.08 to A$0.23.