Alkane Resources : Further significant drill intercepts at depth at TGO

17 November 2017

• Additional drilling of the Wyoming One deposit has proved continuity and extension to the mineralisation below the existing open cut operation.

• 15 diamond core drill holes have been completed totalling 6,993 metres of a 23 hole program designed to confirm continuity within the ore zones previously identified, adding to the drilling completed late 2016.

• The drilling specifically targeted the Hangingwall Zone and Porphyry Zone to 300 metres below the planned base of the open cut.

• Results include:

  • WY954D 16.7m @ 2.52g/t Au from 178.3 metres incl 4.0m @ 3.78g/t Au from 181 metres

    and 4.0m @ 4.00g/t Au from 189 metres

    and 47.15m @ 3.12g/t Au from 249 metres

    incl 15.0m @ 5.71g/t Au from 253 metres

    and 0.8m @ 26.7g/t Au from 278.4 metres

  • WY955D 12.0m @ 3.69g/t Au from 189 metres incl 5.3m @ 5.63g/t Au from 192.7 metres

    and 4.6m @ 3.51g/t Au from 206.2 metres

    and 44.0m @ 2.19g/t Au from 306 metres

    incl 18.25m @ 3.56g/t Au from 312 metres

  • WY957D 12.4m @ 3.40g/t Au from 378.6 metres incl 7.25m @ 5.01g/t Au from 379.75 metres

and 8.45m @ 4.36g/t Au from 394.55 metres

incl 3.3m @ 8.35g/t Au from 395.9 metres

and 2.25m @ 16.4g/t Au from 476.75 metres

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

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

MEDIA : HILL KNOWLTON STRATEGIES, CONTACT: IAN WESTBROOK, TEL +61 2 9286 1225 OR +61 407 958 137

Ground Floor, 89 Burswood Road, Burswood WA 6100, AUSTRALIA (PO Box 4384, Victoria Park WA 6979, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178www.alkane.com.au mail@alkane.com.au

Underground Mining Study

Investigations into the viability of developing an underground mining operation at the Tomingley Gold Operations (TGO), continued with a program of 23 core holes currently being drilled testing the Hangingwall Zone and Porphyry zones below the Wyoming One open pit. This program is a follow up to the drilling completed late 2016 (ASX announcement 19 January 2017) and results received to date are from 15 holes totalling 6,993 metres. The drilling is designed to extend known mineralisation at depth and improve continuity within the ore zones previously identified.

At Wyoming One, a porphyritic andesite forms the core of a narrow anticline structure with strong mineralisation developed near the nose and eastern contact of the andesite porphyry and with a separate linear lithology controlled hangingwall zone located immediately to the east in carbonaceous and volcaniclastic sediments. The hangingwall‐porphyry contact mineralisation has a strike length of over 300 metres and is open to the south. Most of the mineralisation has a near vertical or steep east dipping orientation. Other structurally cross cutting zones exist within the porphyry, and while of limited strike length, these are often very high grade. Ore zones tend to average around 5 metres in true width, but can range from 1 metre to 20 metres wide. The historic underground mine of Myalls United is located about 800 metres to the south in a similar lithological position. Much of this target zone remains untested.

As a result of earlier drilling, resource blocks had been previously assigned according to geological boundaries and grade. Within the broad mineralised envelope, high grade blocks of >2.5g/t gold were identified which could support an underground mining operation. Previously defined sub‐pit Ore Reserves and Mineral Resources at Wyoming One were based upon a feasibility study reported in ASX announcements 9 December 2015 and 22 September 2016. These current results have confirmed continuity of the gold mineralisation in the hangingwall and porphyry zones, and demonstrated continuity of the systems to ‐200m RL, 300 metres below the planned base of the open pit. The data will be incorporated into the resource model to form a basis for the underground mining study to be completed later this year.

Highway

614000mE 615000mE

W y o m i n g T h r e e

W Y9 42D

W Y9 43 D

C a l o m a

614500 m E

W Y9 44 D

WY 97 0 D

W Y 964D

WY 965 D

W y o m i n g On e

Wyoming Two

W Y 950 D

WY958D

W Y 957 D

6394000mN

W Y 954 D

W Y 955 D

W Y 959 D

W Y 95 6 D

W Y 960 D

W Y 952 D

W Y 953 D

W Y 951 D

W y o m i n g O n e

C a l o m a T w o

W Y 949 D

WY947D

WY946D

W Y 966 D

W Y 961 D

W Y 963 D

W Y 962 D

W Y948D

6393500m N

EL 5 6 7 5 E L 5 8 3 0

Newell

639300 0m N Wyoming

One South

Alluvium

Siltstone (Cotton Formation)

Mingelo Volcanics

Plagioclase porphyritic andesitic sills Undiff volcaniclastic seds

Black graphitic mudstones Volcaniclastic conglomerate

0

Myalls

50 0m

ML1684

M L 1 6 8 4

W Y 966 D A

Section 55 °

WY945D

W Y 967 D

W Y 969 D

Cotton Formation siltstone

Feldspar porphyry Volcaniclastic sandstones,

siltstones & minor conglomerates

Andesite

Chlorite-talc schist Mineralisation Fault, inferred

Geological boundary, inferred

E L 5 6 7 5

W Y 968 D

0

W Y O M I N G O N E

200

Basaltic lava Chlorite-talc schist

Mineralisation

United

Mine

Tom i n g l e y Go l d O p e r a t i o n s

G e ology

an d Lo ca t i o n

W Y 955 D

2017 DDH - Wyoming One

W Y 950D

2016 DDH - Wyoming One

201 7 Co r e D r il lin g

South West

Rotated section 55° with 20m window

200m RL

WY1 pit design

WY952D

WY951D

WY953D

WY954D

WY955D

614200mE 6393550mN614300mE

North East

100m RL

7.6 m @ 4.35 g/ t Au fro m 17 0.4m

16 .7 m @ 2.52 g/ t Au from 178.3m in cl 4m @ 3.78 Au fro m 181m and 4m @ 4.0g/ t Au fro m 189 m

154.1 m

12 m @ 3.69 g/ t Au fro m 18 9 m incl 5.3 m @ 5.6 3 Au fro m 192.7 m

47 .15 m @ 3.1 2 g/ t Au fro m 24 9 m incl 15 m @ 5.71g/ t from 253m

2m @ 3 .09g/ t Au fro m 270 .9 m

0m RL

44 m @ 2.19 g / t Au fro m 306m in c l 18 .2 5 m @ 3.56 g/ t fro m 31 2m

WY 9 49 D

301.95m

275.5m

243.46m

353.6m

320.4m

WY 9 43 D

510m

469.1m

WY960D

396.07 m

4.6m @ 3.51 Au fro m 206.2 m

WY965D

333.28 m

6.3 m @ 3.03 g / t Au fro m 408 .3 m

-100m RL

551.12 m

W Y 942D

483.68m

3.9 m @ 2.74 g/ t Au fro m 473 .1 m

593.71 m

2.25 m @ 2 .94g/ t Au fro m 507m

-200m RL

636.75m

6.2 m @ 2.34 g/ t Au fro m 59 0.2 m

Alluvium

Siltstone (Cotton Formation)

Mingelo Volcanics

Plagioclase porphyritic andesitic sills Undiff volcaniclastic seds Black graphitic mudstones Volcaniclastic conglomerate Basaltic lava

Chlorite-talc schist

Mineralisation

Assay intercepts > 0.25 g/t Au

2017 Core drill trace with selected highlights

2016 Core drill trace

NB: Pre 2016 drilling not shown

0 1 00 m

W Y O M I N G ONE

R otated Section

W Y 953D to W Y 9 5 5 D

(20 m w indow )

6393400mN 6393600mN

Pit

Base of alluvium

(approx)

200m RL

100m RL

WY948D

2 @ 0.2g/t

WY951D

17.75 @ 2.01g/t

WY949D

3.3 @ 3.86g/t

WY951D

3 @ 4.89g/t

WY949D

4 @ 3.37g/t

WY953D

7.6 @ 4.35g/t

WY954D

16.7 @ 2.52g/t

WY955D

WY950D

11 @ 4.21g/t

WY947D

incl 3 @ 6.69g/t

WY952D

12 @ 3.69g/t

6 @ 2.93g/t

WY949D

5.8 @ 4.23g/t

WY954D

WY948D

7.2 @ 3.17g/t

1 @ 21.8g/t 47.15 @ 3.12g/t

incl 15 @ 5.71g/t

WY949D

WY948D

3.75 @ 3.48g/t

4 @ 2.43g/t

WY953D

WY950D

19.7 @ 5.36g/t

0m RL

WY966AD

WY946D

3.2 @ 3.82g/t

2 @ 3.60g/t WY950D

3.7 @ 5.61g/t

WY957AD

2.35 @ 1.27g/t WY952D

12.4 @ 3.4g/t

WY967D

WY945D

20 @ 4.19g/t

1.15 @ 3.93g/t

WY955D

44 @ 2.19g/t

incl 7.25 @5.01g/t

WY943D

16.4 @ 2.64g/t

incl 3 @ 10.6

2 @ 2.01g/t

WY962D

6.72 @ 2.52g/t

WY963

18.25 @ 3.56g/t

WY956D

4 @ 5.13g/t

WY944D

2 @ 3.29g/t

-100m RL

WY968D

pending

WY945D

2 @ 1.35g/t

pending

WY962D

2.08 @ 7.04g/t

WY961D

WY959D

1.1 @ 7.59g/t

WY957D

WY942D

1.7 @ 1.53g/t

WY964D

5.7 @ 3.65g/t

pending

WY969D

pending

Hangingwall selected pierce points

2017 core drilling with intercepts

2016 core drilling with intercepts

Pre 2016 drilling

Hangingwall target zone

WY956D

5.1 @ 1.45g/t

WY958D

1.5 @ 10.43g/t

3 @ 2.9g/t

WY960D

1.23 @ 13.9g/t

WY956D

6.2 @ 2.34g/t

-200m RL

Porphyry selected pierce points

2017 /core drilling with intercepts 2016 core drilling with intercepts Pre 2016 drilling

Porphyry ore zone

WY959D

10.1 @ 2.55g/t

0 1 00 m

W Y O M I N G O N E

Han gin gw all an d P o rp h yry

D i agr a m m a t i c L ong Se ct i o n

Competent Person

Unless otherwise advised above, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr C Pridmore MAusIMM (Geology Superintendent TGO) and Mr D I Chalmers, FAusIMM, FAIG, (director of the Company) who each have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pridmore and Mr Chalmers consent to the inclusion in this report of the matters based on his information in the form and context in which it appears

Disclaimer

This report contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.

This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.

ABOUT ALKANE ‐ www.alkane.com.au‐ASX: ALK and OTCQX: ANLKY

Alkane is a multi‐commodity company focused in the Central West region of NSW, Australia. Currently Alkane has two advanced projects ‐ the Tomingley Gold Operations (TGO) and the nearby Dubbo Project (DP). Tomingley commenced production early 2014. Cash flow from the TGO has provided the funding to maintain the project development pipeline and will assist with the pre‐ construction development of the DP.

The NSW Planning Assessment Commission granted development approval for the DP on 28 May 2015 and on 24 August 2015 the Company received notification that the federal Department of the Environment gave its approval for the development. Mining Lease 1724 was granted on 18 December 2015 and the Environment Protection Licence was approved on 14 March 2016. Financing for this project is in progress and when completed should make Alkane a strategic and significant world producer of zirconium, hafnium and rare earth products with production targeted for 2019‐20.

Alkane's most advanced gold copper exploration projects are at the 100% Alkane owned Bodangora, Wellington and Elsienora prospects. Wellington has a small copper‐gold deposit which can be expanded, while at Bodangora a large monzonite intrusive complex has been identified with porphyry style gold copper mineralisation. Gold and base metal mineralisation has been identified at Elsienora.