Core Viewpoint - Alkane Resources Limited has updated its Mineral Resources and Ore Reserves estimates for its operations in Australia and Sweden, complying with the JORC Code, highlighting the strength and growth potential of the company [1][4]. Group Mineral Resources - Total Mineral Resources as of June 30, 2025, amount to 850,009 kt with a gold grade of 0.45 g/t, containing 12,143 koz of gold and 1.46 Mt of copper [2][8]. - Key locations include: - Tomingley: 20,254 kt at 2.25 g/t gold, containing 1,465 koz of gold [2][8]. - Boda Kaiser: 796,000 kt at 0.33 g/t gold and 0.18% copper, containing 8,280 koz of gold and 1.46 Mt of copper [2][8]. - Costerfield: 1,700 kt at 7.9 g/t gold and 2.3% antimony, containing 431 koz of gold and 39.4 kt of antimony [2][8]. - Björkdal: 32,055 kt at 1.91 g/t gold, containing 1,967 koz of gold [2][8]. Group Ore Reserves - Total Ore Reserves as of June 30, 2025, amount to 23,947 kt with an average gold grade of 1.7 g/t, containing 1,313 koz of gold and 10.7 kt of antimony [3][8]. - Key locations include: - Tomingley: 10,362 kt at 1.9 g/t gold, containing 620 koz of gold [3][8]. - Costerfield: 537 kt at 8.7 g/t gold and 2.0% antimony, containing 150 koz of gold and 10.7 kt of antimony [3][8]. - Björkdal: 13,048 kt at 1.3 g/t gold, containing 543 koz of gold [3][8]. Company Overview - Alkane operates three mines: Tomingley in New South Wales, Costerfield in Victoria, and Björkdal in Sweden, with ongoing exploration to enhance resource bases [4][5][6]. - The company is also developing the Boda-Kaiser Project, a significant gold-copper porphyry project, indicating a strong growth trajectory [7][4].

Financial Performance & Guidance - Ramelius achieved FY24 production of 293,033oz at an AISC of A$1,583/oz[15] - FY25 production guidance is 301,664oz at an AISC of A$1,550 – A$1,650/oz, expected to be at the lower end of the range[15] - Ramelius reported a record free cash flow of A$694.9 million for FY25[27] - Free cash flow per ounce produced in FY25 was A$2,304[32] - The company's FY25 margin over AISC is 63%[36] Resources & Reserves - Mineral Resources as of June 30, 2024, are 8.7Moz[15] - Ore Reserves as of June 30, 2024, are 1.1Moz, plus Rebecca-Roe 850koz and Eridanus 680koz[15] - Mt Magnet has a new 17-year mine plan with 2.1Moz, up 37% from 2024[15] Corporate & Strategic - Ramelius has a market capitalization of A$2.8 billion at A$2.45 per share[15] - Cash and gold holdings are A$809.7 million[15] - Investments total A$506 million, including a 20.95% stake in Spartan Resources[15] - Ramelius has a vision to become a +500koz/pa producer by FY30[13] - A transformational combination with Spartan Resources is planned, aiming for a 500koz pa vision by FY30[20] Spartan Resources Transaction - Ramelius is acquiring 100% of Spartan Resources via a Scheme of Arrangement[107] - Spartan shareholders will receive $0.25 cash and 0.6957 Ramelius shares for each Spartan share, implying a fully-diluted equity value for Spartan of ~A$2.4 billion[107] - Spartan shareholders (excluding Ramelius' existing 19.9% shareholding) will own 39.5% of the enlarged Ramelius (Combined Group) if the Scheme is implemented[107]

Financial Performance & Liquidity - Q2 2025 saw record quarterly operational free cash flow (FCF) of approximately US$42 million[18] - Cash and cash equivalents were approximately US$102 million at the end of Q2 2025[14, 18, 54] - Liquidity of approximately US$196 million was available, including an undrawn revolving facility of approximately US$59 million[13, 54] - C1 costs achieved for Q2 2025 was US$1.48/lb, with June 2025 achieving US$0.94/lb[18] - Total cash cost was US$2.17/lb[18] Production & Operations - Copper production increased by 23% quarter-over-quarter (QoQ) to 10,587 tonnes in Q2 2025[18, 34] - Copper grade was 4.4% for Q2 2025, an increase of 8% QoQ[18] - Record daily copper production of 385 tonnes was achieved under MAC ownership[18] - Capital expenditure increased in Q2 with higher capitalised development driven by a 46% increase in capital development meters compared to previous quarter combined with delivery of new operational drills[49] Growth Projects & Future Targets - The company is targeting copper equivalent production of over 50ktpa by 2026[13] - The ventilation project is progressing, targeting completion by Q3 2026[14, 19, 72] - First ore from the new Merrin Mine is targeted for Q4 2025[14, 19, 64] Harmony Transaction - MAC entered into Restructure Documents regarding the Harmony Transaction[19, 29] - The transaction is subject to shareholder and regulatory approvals[32]