Alkane Significantly Increases Storheden Mineral Resource and Provides Exploration Update

PERTH, Australia, July 28, 2026 (GLOBE NEWSWIRE) — Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) (“Alkane” or “the Company”) is pleased to announce the latest exploration results and an updated Mineral Resource for the Storheden Deposit at its Björkdal Operation in northern Sweden.

Program Summary

• The Storheden Deposit is located approximately 700 m north of the Björkdal mine, with recent drilling intercepting gold-bearing Quartz veins along 2.7 km strike length and to a depth of 464 m. The mineralisation remains open in all directions.
• 16 extensional diamond drill holes were completed at Storheden during January-March 2026, intercepting high-grade mineralisation within target zones defined through previous drilling campaigns.
• The recent drilling has contributed to an improved understanding of the lithostructural controls on gold-bearing Quartz veins, defining units that form targets for follow-up drilling.
  • New modeling at Storheden including drilling over 2025 and 2026 has improved confidence, with inclusion of Indicated Resources, higher grade and significantly higher contained gold ounces.
    • Indicated Resources        1.07 Mt grading 2.51 g/t Au (87 koz) and;
    • Inferred Resources         1.85 Mt grading 2.11 g/t Au (125 koz)
    • Details to follow in the annual NI43-101 Björkdal Technical document in September 2026

Assay Highlights

• From the Storheden Resource Growth campaign
  • 36.1 g/t gold over 0.5 m (ETW 0.35 m) in SH26-004
  • 50.9 g/t gold over 0.95 m (ETW 0.82 m) and
  • 39.2 g/t gold over 0.6 m (ETW 0.46 m) in SH26-010
  • 107.0 g/t gold over 0.4 m (ETW 0.35 m) in SH26-011
  • 27.4 g/t gold over 0.70 m (ETW 0.49 m) in SH26-012

Note: ETW refers to the Estimated True Width of the intercept. A full list of significant Storheden Intercepts can be found in Appendix 1.

Alkane Managing Director & CEO, Nic Earner, said:

“Storheden represents an exciting new growth prospect at Björkdal. The positive drilling results of this latest campaign begin to demonstrate the scale of the deposit, with the extent and depth continuity still unknown and open. Additionally, portions of the Mineral Resource have now been drilled to a density sufficient to estimate Indicated Resource. Encouraged by continued positive results coupled with the potential Storheden provides, Alkane will continue to define the extents of the deposit and lift confidence in resources alongside the commencement of mine development to Storheden and the progression of permitting requirements for extraction.”

Björkdal Mine

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The Björkdal Gold Mine is located on the eastern margin of the Early Paleoproterozoic Skellefte Belt in northern Sweden, which hosts numerous base and precious metal deposits, including polymetallic massive sulphide (Zn-Cu-Pb-Au-Ag), meso- and epithermal gold, porphyry Cu, and magmatic Ni-Cu (figure 1). The mine is located approximately 30 km northwest of Skellefteå and 750 km north of Stockholm.

Figure 1: Regional geological map of the eastern Skellefte district, showing major deposits and merged outlines of exploration permits held by Alkane Resources.

The deposit was discovered in 1983 by Terra Mining AB through a glacial till sampling program that identified anomalous gold values. Follow-up exploration led to the discovery of gold mineralisation in bedrock in 1985, with open pit mining commencing in July 1988. Underground mining started in 2008, while the open pit remained in operation until it was paused in 2019. Since production began in 1988, the Björkdal Mine has produced approximately 1.69 million ounces of gold.

Deposit Geology

The Björkdal and Storheden Deposits are hosted in volcanics and associated intrusives belonging to the regional Skellefte Group and located within a fold-and-thrust system that developed along the northwestern margin of the Björkdal dome (Figure 2). Free-milling gold occurs in association with steep to subvertical Quartz veins that formed in proximity to major stratigraphic contacts, where the rheological contrast between volcanic, intrusive and sedimentary units favoured multi-phase deformation, alteration and fluid flow across the ductile-brittle transition. The mineralisation is classified as Mesothermal orogenic gold.¹

Figure 2: Geology of the Björkdal dome and surroundings, showing outline of currently held exploration permits and mining concessions at the Björkdal, Storheden and Norrberget deposits.

Gold-bearing Quartz veins in the Björkdal deposit are localised along a sheared, partially offset and skarn-altered marble horizon, which hosts pockets of irregular but high-grade Quartz veins (figure 3). The marble acted as a major detachment between moderately W- to NW-dipping thrust-duplex systems that developed within its respective hanging and footwall, in conjunction with folding and antiformal doming. Mineralised Quartz veins in the Storheden Deposit are similarly located along steeply dipping shears that developed within the Upper Skellefte Group, along the contact with sediment in the overlying Vargfors Group. Reverse shears acted as conduits for ore-bearing fluids and facilitated fracturing in surrounding rocks. Major structures and contacts subdivide the deposits into blocks with distinct styles of veining, with high-grade mineralisation favoured by structural complexity.

Figure 3: Plan overview and sections of Björkdal-Storheden, showing Storheden drill intercepts in relation to modelled mineralised veins and major contacts. A close-up of Storheden is provided in figure 4.

In both Björkdal and Storheden, the principal set of mineralised Quartz veins strike NE-SW, with veins ranging from centimetre- to metre-scale. Visible gold is often found along reactivated vein margins and is closely associated with Bismuth-Tellurides and Scheelite. Pyrite and Pyrrhotite constitute common sulphides, which occur with lesser Chalcopyrite, Bornite, Molybdenite, Sphalerite and Galena. Arsenopyrite occurs in a subset of veins at Storheden, while rare Magnetite veinlets are present below the marble in the Björkdal deposit.

Two main phases of hydrothermal activity have been proposed within the Björkdal dome:

• Early widespread hydrothermal alteration (Silica-Biotite-Albite-Actinolite-K-feldspar-Hematite-Epidote-Sericite) in the interior of the dome has been compared to a porphyry-style or intrusion-related system (figure 2). Although no significant Cu-Au-Mo mineralisation has so far been identified within the dome, this alteration could be associated with early porphyry Cu±Au±Mo and intrusion-related gold deposits elsewhere in the district, such as Tallberg and Älgträsk located 30 km west of Björkdal (figure 1). The alteration event may have preceded the deposition of the marble, which is interpreted to mark an erosional unconformity.
• Late hydrothermal activity was linked to orogenic-style gold mineralisation, where competence contrasts enhanced by early alteration likely influenced later structures. At this stage, the marble acted as an impermeable cap for hydrothermal fluids and provided a favourable environment for gold precipitation. The sheared offset of the marble in the Björkdal deposit (figure 2) provided a pathway for mineralised fluids across the stratigraphy, linking mineralisation in Storheden with the Björkdal deposit and several smaller gold prospects extending towards the SE.

Storheden

Mineralisation at Storheden was discovered by Terra Mining AB, prior to the establishment of the tailings dam. Subsequent exploration efforts have been hampered by a lack of understanding of the mineralisation and the limitations imposed by the expanding tailings.

Starting in 2023, a renewed focus was placed on Storheden, including a re-evaluation of the geology based on the structural controls established within the Björkdal deposit. Three diamond drilling campaigns were conducted from 2023 to 2025, leading to the merger of Mandalay Resources with Alkane Resources. These campaigns extended the known footprint of the Storheden Deposit to more than 2.7 km strike length and a depth of 464m, resulting in an initial Inferred Mineral Resource of 1.77 Mt grading 1.74 g/t Au (99 koz Au).²

Auriferous Quartz veins at Storheden are distributed across several stratigraphic intervals in the Upper Skellefte Group and its transitional contact with the overlying Vargfors Group, with the style and geometry of veining influenced by the nature of the host rock (figure 3-4). Within the Skellefte Group, steeply SE-dipping mineralised veins occur preferentially within sheared and altered andesitic units, which dip moderately (40-50°) to the north. Higher up in the stratigraphy, closer to the Vargfors Group, Quartz veins appear to form larger panels, dipping steeply (70°) towards the W-NW. The change in geometry is similar to the difference observed in the Björkdal deposit between veins located below and above the marble (figure 3). The similarities between the two deposits could indicate that there is a degree of structural repetition, in which the distribution of mineralised zones in Björkdal could help inform on mineralisation in Storheden.

Veining in Storheden is further influenced by the presence of massive mafic sills, which constitute rheological anomalies within the stratigraphy (figure 4). They are interpreted to act as focal points for deformation and fluid flow, often defining the hanging and footwall of mineralised zones. These units provide useful exploration targets for future drill testing.

Figure 4: Detailed plan view, long section and cross section of Storheden, showing 2026 intercepts in relation to previous drilling, modelled wireframes and target zones.

To date, no direct connectivity has been established between the Storheden and Björkdal deposits. However, their comparable style of mineralisation indicates that that they share a common source of ore-bearing fluids at depth, likely at the base of the fold-and-thrust system hosting both deposits (figure 3). Mineralised veining in Björkdal currently extends to almost double the depth that has been tested at Storheden, further indicating that it has significant down-dip potential. Storheden also remains open to the west, where there is a possibility for the mineralised system to connect with veining above marble in the Björkdal deposit, although drilling in this area is challenging due to thick overburden and the location of the tailings.

Drilling Results

Following the last update on the Storheden Deposit³, 16 extensional diamond drill holes have been completed between January and March 2026, totalling 7,965 m (figure 3). Drilling was focused on Target Zones A and B, defined during previous drilling campaigns. These are situated close to existing mine infrastructure, both surface and underground, at a horizontal distance of 700-800 m.

A total of 14 holes were drilled in Target Zone A, including SH26-001 to SH26-012, and SH26-015 to SH26-016, which successfully extended high-grade mineralisation 450 m along strike to the east (figure 4). Mineralisation in this zone remains open to the west and east, as well as at depth. These drill holes intercepted mineralized Quartz veins with an encouraging consistency in frequency, strike and dip. Visible gold occurred in multiple veins, returning high-grade intercepts including 50.9 g/t Au over 0.95 m from 406.2 m in drill hole SH26-010 and 107 g/t over 0.40 m from 293.3-293.7 m in drill hole SH26-011 (figure 5).

Figure 5: Core tray photograph of high-grade veining in SH26-010 (406.2-407.15 m), and in SH26-011 (293.3-293.7 m).

There remains a gap between wireframes modelled from the 2026 campaign and previous drilling, due to a lack of accessible drill sites to test this area. However, veining is expected to be continuous across this gap, and new surface sites are being prepared to allow this space to be targeted with follow-up drilling.

In the 2026 campaign, two additional drill holes (SH26-013 and SH26-014) also depth-tested Target Zone B, with hole SH26-013 intercepting multiple veins with visible gold (figure 4). Current drilling is insufficient to define a resource in this zone, but the intercepts demonstrate its potential to host further mineralisation and will be targeted with follow-up drilling.

Updated Mineral Resource

The Storheden Mineral Resource estimate has been updated to incorporate 28 additional diamond drill holes (14,061 m drilled) completed during the 2025 exploration program and the first months of 2026 (figure 6). The updated geological model comprises 74 mineralised wireframes, with all previously interpreted mineralised domains reviewed and refined where required to incorporate the new drilling information. The revised interpretation provides improved confidence in the geometry and continuity of the mineralised zones and forms the basis of the updated Mineral Resource estimate.

The updated Mineral Resource includes Indicated Resources of 1,075 kt at 2.51 g/t Au (87 koz Au) and Inferred Resources of 1,846 kt at 2.11 g/t Au (125 koz Au). This marks an increase of approximately 26% in Inferred contained gold from the previous Inferred Resource (1.77 Mt grading 1.74 g/t Au for 99 koz⁴) as well as the creation of Indicated Resources totalling 87 koz of contained gold. The increase in Mineral Resources reflects the successful conversion of recent drilling results into the geological and resource models, resulting in an expansion of the interpreted mineralised domains together with improved definition of existing mineralisation.

Mineral Resources at Storheden, as of 7 June 2026

Notes:

1. Mineral Resources are estimated using drill hole and sample data as of 7 June 2026.
2. Mineral Resources are classified and reported in accordance with the guidelines of the JORC Code (2012); the classifications are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions).
3. Mineral Resources are estimated using an average gold price of US$3,100/oz and an exchange rate of 10.0 SEK/US$.
4. High gold assays for the underground mine were capped at 60 g/t Au for the first search pass and 40 g/t Au for subsequent passes.
5. Interpolation was by inverse distance cubed (ID3) utilising diamond drill, reverse circulation, and chip channel samples.
6. Underground Mineral Resources are estimated at a cut-off grade of 0.65 g/t Au.
7. A nominal 2.5 m minimum mining width was used to interpret veins.
8. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
9. Numbers may not add due to rounding.
10. Competent Person for the Storheden Mineral Resource estimates is Reno Pressacco, M.Sc.(A)., P.Geo., FGC, Associate Principal Geologist with SLR, who is a Competent Person as defined by JORC (2012).

Figure 6: Perspective view of the Storheden Block Model looking to the NE.

Future Plans

Additional surface drilling is planned at Storheden with the aim to grow its resource base and delineate the limits of the system, with an initial 10,000 meters planned for FY2027. This drilling will also inform on the design of a planned underground exploration drive for which development is scheduled to commence in September 2026. The drive will provide a platform for depth-testing the Storheden Deposit as well as additional infill drilling, while also being designed to support potential future production.

Regional exploration is focused on delineating satellite deposits that can complement the Björkdal mine. Historically, exploration has focused on the marble horizon that rims the Björkdal dome and is closely associated with the Björkdal and Norrberget deposits. However, the Storheden Deposit demonstrates the potential for economic mineralisation outside of this stratigraphic interval.

This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

ABOUT ALKANE ‐ www.alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY

Alkane (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.

Alkane’s wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Björkdal underground gold mine northwest of Skellefteå in Sweden (approximately 750 km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.

Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.

Competent Persons Statement

Certain information in this announcement relating to Exploration Results has been previously released to the ASX. Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.

The information in this report that relates to the Storheden Exploration Results is based on, and fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).

Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).

For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement relating to the Storheden Results has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a “qualified person” as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.

Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

The information in this report that relates to the Storheden Mineral Resource is based on, and fairly represents, information compiled and verified by Mr Reno Pressacco, P.Geo., who is a member of the Association of Professional Geoscientists of Ontario.

Mr Pressacco has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves” (JORC Code).

For the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘NI 43-101’), the scientific and technical information contained in this announcement relating to the Storheden Mineral Resource has been prepared under the supervision of, and approved by, Mr Reno Pressacco, who is a “qualified person” as defined in NI 43-101. Mr Pressacco is employed by SLR Consulting (Canada) and is considered independent of Alkane within the meaning of NI 43-101.

Mr Pressacco consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.

Cautionary Note Regarding Forward-Looking Information and Statements

This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively Forward-Looking Information). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of Alkane to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-Looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative connotation of such terms, are intended to identify Forward-Looking Information.

Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price.

Forward-Looking Information is designed to help readers understand Alkane’s views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Disclaimer

Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.

APPENDIX 1 – Tabulated Drilling Results

Significant intercepts from the Storheden Resource Growth drilling program:

Notes:

1. Where true widths are greater than 1m, grades are not diluted and are presented as the grade over the intercept true width.
2. Intercepts that are below 0.5 g/t Au when diluted to 1 m are not reported in this table.

Drill hole collar details from the Storheden Resource Growth drilling program:

Notes:

1. Coordinate System: SWEREF 99TM

APPENDIX 2

JORC Code, 2012 Edition – Table 1 Report – Storheden Resource

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

CONTACT:  NIC EARNER, MANAGING DIRECTOR & CEO, ALKANE RESOURCES LTD, TEL +61 8 9227 5677

INVESTORS & MEDIA:  NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556

¹ Weihed et al. 2003 – Structural Evolution of the Björkdal Gold Deposit, Skellefte District, Northern Sweden: Implications for Early Proterozoic Mesothermal Gold in the Late Stage of the Svecokarelian Orogen. Economic Geology 95, p.1291-1309.
² ASX announcement 15 October 2025 – ‘Björkdal Resources and Reserves Statement FY25’
³ ASX announcement 19 December 2025 – ‘Alkane Doubles the Tested Depth Extent of the Storheden Deposit at Björkdal’
⁴ ASX announcement 15 October 2025 – ‘Björkdal Resources and Reserves Statement FY25’

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/0bd8dbe7-beb1-4096-acd8-3e038bb749a0

https://www.globenewswire.com/NewsRoom/AttachmentNg/805aedf4-5c51-4939-93ec-277b58448f16

https://www.globenewswire.com/NewsRoom/AttachmentNg/a3fdcf4b-7ccf-424b-b40f-1549dae602fd

https://www.globenewswire.com/NewsRoom/AttachmentNg/060ca71f-aa15-4c9e-bdd9-eb99a87ea216

https://www.globenewswire.com/NewsRoom/AttachmentNg/b0bc6b42-357c-44ad-ae67-0a9178a4d77a

https://www.globenewswire.com/NewsRoom/AttachmentNg/34365455-4903-4214-acb7-720c4a3376c7

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