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Alkane Resources Ltd ASX:ALK

1 opened or increased1 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

30 Sep 2025 to today

Commentary Showing 2 of 3

DateManagerActionSummary

31 Mar 2026Oracle Advisory GroupHeldOracle Advisory Group continues to hold Alkane Resources Ltd because the company's merger with Mandalay Resources has created a mid-tier gold producer, and while the combined entity is currently a high-cost producer, unit costs are expected to decline over the next few years following the merger, generating good operational leverage.

Gold MiningQuarterly Report, price recorded $1.42

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27 Nov 2025Cromwell Funds ManagementIncreasedThe manager increased their position in Alkane Resources through the purchase of Mandalay Resources shares prior to the completion of their merger, viewing the transaction as highly likely to close and presenting an opportunity to acquire exposure at a discount to the merged company's net asset value. The manager notes that the merger transforms Alkane from a single-mine producer into a multi-mine company, reducing asset concentration risk, improving earnings resilience, and unlocking index inclusion benefits including ASX 300 membership and an upweighting in the VanEck Junior Gold Miners ETF. The manager believes the combined company, led by long-standing CEO Nic Earner and now holding a 3% portfolio weighting following some trimming after an 88% return in Canadian dollar terms, continues to represent an attractive position.

Gold MiningMonthly Report, price recorded $0.98

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 2 managers first commented on ALK.

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About Alkane Resources Ltd

Materials, Metals and Mining

Alkane Resources (ASX:ALK), a gold producer, merged with Mandalay Resources to create a mid-tier gold company. In March 2026, Oracle Advisory Group said the merger created a mid-tier gold producer, noting Alkane is currently a high-cost producer but that costs are expected to fall as the combined operations ramp up. In November 2025, Cromwell noted Alkane has long been a holding of its Cromwell Phoenix Opportunities Fund, highlighting the transformational merger. Alkane Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 3 comments from 2 fund managers, including Oracle and Cromwell. Founded in 1969 and headquartered in Perth, Alkane produces gold from the Tomingley mine in New South Wales and, after merging with Mandalay Resources, operates the Costerfield gold-antimony mine in Victoria and the Björkdal gold mine in Sweden, while holding exploration and critical minerals interests including zirconium and rare earths.

Market cap: $2.3b
Price to earnings: 11.4x
Return on equity: 31.3%
Dividend yield: 1.1%
Price to book: 2.44x
Net margin: 24.4%
52-week range: $0.88 to $2.02

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Alkane Resources Ltd (ASX:ALK)?

Fund managers including Cromwell Funds Management have invested in Alkane Resources Ltd (ASX:ALK).

What opportunities or catalysts do fund managers highlight for Alkane Resources Ltd?

Oracle and Cromwell highlight the transformational merger with Mandalay creating a diversified mid-tier gold producer, with costs expected to decline.

What are the key risks to the Alkane Resources Ltd investment thesis, according to fund managers?

Oracle notes Alkane is currently a high-cost producer, so integrating the merger and lowering costs is key.

What does Alkane Resources Ltd (ASX:ALK) do?

Alkane Resources Ltd. is an Australian-based company focused on gold production and the exploration of copper, zirconium, niobium, and rare earth elements. Founded in 1969 and headquartered in West Perth, the firm develops and operates key assets, including the Tomingley Gold Project and the Northern Molong Porphyry Project. Its portfolio encompasses the production and development of gold, silver, copper, zirconium-hafnium, niobium-tantalum, and yttrium-rare earth deposits. Alkane Resources provides investors with exposure to diversified precious and critical mineral projects located in Australia.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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