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Alkane’s Q326 quarterly activities report revealed record quarterly gold production for the second quarter in succession of 45,776oz AuE (183,104oz pa annualised cf unchanged FY26 guidance of 160–175koz) at an AISC of A$2,928oz AuE (cf unchanged FY26 guidance of A$2,600–2,900/oz). All three mines outperformed our prior expectations, with Björkdal, in particular, producing 1,977oz Au (18.9%) above our prior estimate. As a result, we have increased our FY26 EPS estimate by 0.7%, and it now sits towards the top end of the range of expectations for the full year. Note that, if the current price of gold of US$4,573/oz prevails throughout FY27, our EPS estimate almost doubles from that shown below to A$0.29. As from 22 April, Alkane is also no...