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Alaska Air Group (ALK - Free Report) ended the recent trading session at $40.74, demonstrating a -3.09% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.58%. Meanwhile, the Dow lost 1.18%, and the Nasdaq, a tech-heavy index, lost 0.32%.

The stock of airline has fallen by 11.05% in the past month, lagging the Transportation sector's loss of 3.23% and the S&P 500's loss of 0.36%.

The investment community will be closely monitoring the performance of Alaska Air Group in its forthcoming earnings report. On that day, Alaska Air Group is projected to report earnings of $0.48 per share, which would represent a year-over-year decline of 54.29%. Meanwhile, our latest consensus estimate is calling for revenue of $4.32 billion, up 14.65% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of -$1.74 per share and a revenue of $15.85 billion, demonstrating changes of -171.31% and +11.28%, respectively, from the preceding year.

Investors should also note any recent changes to analyst estimates for Alaska Air Group. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 139.22% lower. Alaska Air Group currently has a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 209, which puts it in the bottom 16% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

Alaska Air Group (ALK - Free Report) closed at $41.33 in the latest trading session, marking a -2.34% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.33%. At the same time, the Dow lost 0.7%, and the tech-heavy Nasdaq lost 0.12%.

Prior to today's trading, shares of the airline had lost 10.81% lagged the Transportation sector's loss of 1.96% and the S&P 500's gain of 3.87%.

The investment community will be closely monitoring the performance of Alaska Air Group in its forthcoming earnings report. In that report, analysts expect Alaska Air Group to post earnings of $0.46 per share. This would mark a year-over-year decline of 56.19%. Meanwhile, the latest consensus estimate predicts the revenue to be $4.31 billion, indicating a 14.53% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$1.76 per share and revenue of $15.83 billion, which would represent changes of -172.13% and +11.2%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for Alaska Air Group. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 142.05% lower. As of now, Alaska Air Group holds a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry currently has a Zacks Industry Rank of 176, which puts it in the bottom 29% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

PERTH, Australia, Aug. 23, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) (‘Alkane’ or ‘the Company’) is pleased to announce the latest exploration results highlighting the discovery of a new high-grade zone of the Cuffley Lode, and drilling results from the Sub-KC domain at depth below the Augusta mine and the Costerfield property in Victoria, Australia

Program Summary

23 new holes have been drilled in an unmined area between the historical Cuffley north and south high-grade grade panels, and 17 additional holes have targeted the Sub KC domain at depth below the depositA new grade pod with areas of very high grade gold and antimony was identified in the Cuffley infill area, in a sparsely drilled zone previously thought to contain low grade due to the influence of a crosscutting faultAdditional high grade infill intercepts have made in the Sub KC system, and the first target testing holes looking for repetitions of the structural setup have been drilledThe Cuffley pod is readily accessible from existing infrastructure and is being incorporated into the mine schedule Assay Highlights

From Cuffley 580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD26560.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275 From Sub KC28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK04473.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK04316.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048 Alkane Managing Director & CEO, Nic Earner, said:

“This discovery of unmined high-grade material directly adjacent one of Costerfield’s top-shelf historical orebodies showcases the importance of Alkane’s directive of revisiting and challenging old models and preconceptions surrounding mineralisation to extract value. We will continue seeking this new mineralisation alongside generating new targets within our leases.”

Costerfield Gold-Antimony Field

Alkane Resources Ltd 100%

The Costerfield gold-antimony deposit was discovered in 1861, antimony having been already identified in the district as early as 1853 as prospectors attracted to the McIvor (Heathcote) alluvial gold rush began to explore the surrounding hills for the primary deposits. Several lodes along a 3km corridor were rapidly opened up, the bulk of historical production coming from leases at the northern end of the field; the Costerfield (Main), Bombay and Minerva mines. Production from these mines primarily took place in two phases, between 1861-1883 and 1903-1924, and a short-lived attempt at redeveloping the mine occurred between 1933-1939.

Modern mining has been continuous since 2006, when Australian Gold Development commenced underground operations at Augusta, at the southern end of the field. AGD’s Costerfield operation was purchased by Mandalay Resources in 2010, and extraction of the vertically continuous vein system has progressively moved north. Firstly from the initial Augusta series of lodes, to Cuffley and N Lode in 2014 and the Brunswick in 2018. Costerfield’s current locus of mining is beneath the Costerfield, Minerva and Bombay group of mines, where Mandalay’s high-grade Youle and Shepherd lodes were accessed in 2019.

Figure 1. Regional map of the Costerfield Project in GDA2020 grid showing Alkane tenements and the main corridors of mineralisation identified, highlighting the location of the Cuffley and Sub KC deposits.

Deposit Geology

The Cuffley and Sub KC deposits are found within the Central Corridor of deposits at Costerfield. This corridor approximately traces the apex of the Costerfield Dome, a structural high which consists of Silurian marine siltstones with turbiditic intervals becoming common towards the base of the known sequence. The Cuffley Lode occupies a vertical shear, running along a N-S field-scale anticline (Cuffley Anticline) next to the Augusta Deposit. The lode sits on the gently dipping western edge of its 200m-wide hinge zone, N Lode occupies the corresponding eastern axial zone with a steep east-dipping limb. Mineralisation at Cuffley is of the “classic” Costerfield style, consisting of quartz-carbonate veining grading to massive stibnite, gold being found in both quartz and stibnite. Updip, the Cuffley lode is truncated by the Mamushi/Flat Fault set, which offsets the mineralisation above eastward by approximately 40m, where it is known as the historical Alison deposit. The Alison mineralisation is itself bounded updip by the major west-dipping Adder Fault thrust. The footwall of the Cuffley system is delineated by the similarly west-dipping King Cobra Fault thrust, which breaches and offsets the Cuffley anticline.

Down-dip from Cuffley, westward along the King Cobra Fault plane, mineralisation resumes with the Sub-KC deposit. Sub-KC occupies the steeply dipping east limb of the continuation of the Cuffley Anticline. If the approximately 300m of offset along the fault plane is restored, reconstructing the anticline and stratigraphy, the Sub-KC deposit correlates very well with the downward continuation of N Lode. The axis of the anticline hosts a strong gougey shear termed the Lyre Fault, which merges into the King Cobra Fault forming the hangingwall of the main Sub-KC domain between them. The Lyre Fault exhibits some clear post-mineralisation movement, evidenced by clasts of mineralised vein material in fault gouge recovered in earlier Sub-KC drilling. Most mineralisation associated with Sub KC sits in the immediate footwall of the Lyre Fault and reduces in tenor at distance from the fault plane. Strike control is not fully understood at this stage of drilling due to limited drilling orientations, but appear to be related to north-east trending splays from the Lyre Fault somewhat similar in nature to the East Fault at Cuffley. The most important of these are the Bird and Bustard Faults, represented on the Sub-KC long section below.

The veins of the Sub-KC deposit generally fall into three categories:

Early, laminated bedding parallel quartz veins (Figure 7, CSK043), reactivated and dilated during the mineralisation, the later quartz-stibnite vein generation is often discreet and confined to one side of the vein with the lamination adhering to the other contact. Gold is commonly found in the laminations of the older quartz generation.Single-generation quartz veins in subvertical orientations, linking between the laminated, bedded veins (Figure 7, CSK044). These structures most likely developed under extensional stress contemporaneous with the time of mineralisation.East-dipping veins found on the western limb of the Cuffley Anticline, crosscutting the bedding at a high angle. These veins appear to be exploiting an earlier axial, spaced fabric including jointing and minor faulting developed at the time of anticline formation. The existence of these veins indicate that while the Lyre Fault has some post-mineralisation movement, it is not necessarily a hard boundary to mineralisation in this domain. All veins have demonstrated the capability to host coarse, high-grade gold and varying amounts of massive stibnite. In general, antimony grades are of lesser importance within the Sub-KC deposit relative to other mined deposits at Costerfield, perhaps due to comparatively limited vein volumes which does not appear to influence gold prospectivity. “Rusty” gold after aurostibite is commonly observed, along with occasional veins containing native antimony metal (Figure 8) typically with small amounts of pyrrhotite. This assemblage indicates minor activity of a lower sulphur, relatively reduced ore fluid phase.

Drilling Results - Cuffley

23 growth and infill holes have been completed, totalling 3,255m of diamond drill core. This activity resulted in 18 new intercepts on the mineralised structure, the remaining five fault blanking as the bounds of the new domain was explored. Four drillholes intercepted mineralisation grading over 10g/t gold equivalent over mining width:

580.9g/t gold and 24% antimony over 0.61m (ETW 0.54m) in AD270 Including 0.25m @ 1360g/t gold & 19.7% antimony (Figure 6) 168.9g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD26560.1g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292124g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275 An additional four holes graded over 2g/t gold equivalent over mining width.

Drilling Results – Sub KC

Four target-testing holes were drilled for 3705.32m, and ten parent / two wedge growth and infill holes were completed for 8168.28m.

Several ore-grade intercepts were made within the system, including:

28.2g/t gold and 0% antimony over 0.99m (ETW 0.82m) in CSK04473.2g/t gold and 18.8% antimony over 0.19m (ETW 0.18m) in CSK043192g/t gold and 0% antimony over 0.17m (ETW 0.07m) in CSK04316.1g/t gold and 12.7% antimony over 0.37m (ETW 0.34m) in CSK048 The target testing holes explored the footwall of the Lyre Fault along strike north and south of the main Sub-KC block, testing for repetitions in zones modelled to have favourable structural setup. The two holes drilled approximately 400m north of the main block found the Lyre Fault plane to have stepped eastward in position, faulting out much of the inferred favourable east-dipping fold limb. These two holes intercepted moderate grades in the Adder Fault, located just into the wall from the collar point.

Conversely, the holes drilled approximately 300m south of the Sub-KC zone found an intact anticlinal position, without the presence of the expected Lyre Fault, which appears to be located further westward at this point. Both holes encountered veins with anomalous gold however no ore-grade intercepts were made.

Figure 2. Long Section of the Cuffley System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. New significant intercepts not associated with a named structure are represented as triangular icons. Older significant drill intercepts are displayed as smaller, unlabelled icons. Previous mining on the Cuffley Lode with face assays and depleted areas area are also shown.

Figure 3. Long Section of the Sub-KC System with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 4. Plan Section of the Cuffley and Sub KC deposits with vein best fit traces displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 5. Cross section looking north at mine northing 4900N showing the Cuffley and Sub-KC systems (veins represented schematically), and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons. New significant intercepts not associated with a named structure are represented as triangular icons.

Figure 6. Core tray photo of the high-grade Cuffley intercept in AD270. Note the very high gold interval of 1360g/t Au, and consistent high-grade antimony. Please refer to Appendix 1 for the relevant assay results relating to Figure 6.

Figure 7. Core tray photographs of the Sub-KC 405 Lode intercepts from drillholes CSK043 (bottom) and CSK044 (top). Intervals with grade above detection levels are labelled. Note the bedding-parallel nature of the major veins, due to reactivation of early laminated quartz structures acting as host structure, and the additional occurrence of high grade visible gold in very narrow veinlets (CSK044, 537m). Please refer to Appendix 1 for the relevant assay results relating to Figure 7.

Figure 8. Vein containing a significant volume of native antimony metal (metallic white) intercepted in CSK045W1 (538.15m). The vein also contained stibnite and pyrrhotite, and pyrite wallrock alteration can be seen in the image. Please refer to Appendix 1 for the relevant assay results relating to Figure 8.

Future Plans

The new grade pod at Cuffley has been integrated into the Costerfield mine plan and is scheduled to be mined. Considerable scope remains for further growth within the Sub KC domain with the structural information gained from the north and south target testing holes, however drilling will likely need to be undertaken from surface, or future development with improved intersection angles with the target areas.

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

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 (refer to ASX announcement dated 14 July 2026 titled ‘Alkane Extends High Grade Gold Trend at Brunswick South’). 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 Costerfield 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 Costerfield Exploration 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.

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 Cuffley and Sub KC drilling programs at Costerfield

Drill Hole IDFrom (m)To (m)Interval (m)Estimated
True Width (m)Au (g/t)Sb (%)Gold-equiv.
grade diluted
to 1.8 m (g/t)Interpreted
VeinAD26578.3179.210.900.78168.933.5107.4CuffleyAD26697.5098.701.200.886.72.46.1CuffleyAD27075.7076.310.610.54580.924.0192.0CuffleyIncluding76.0676.310.250.201360.019.7  AD27280.5980.960.370.290.00.00.0CuffleyAD27389.5389.690.160.134.21.20.5CuffleyAD27472.4272.560.140.130.82.40.5CuffleyAD27576.1176.340.230.22124.048.628.8CuffleyAD27680.7880.950.170.140.50.00.0CuffleyAD27780.6581.030.380.3317.80.93.6CuffleyAD27873.8174.460.650.616.90.93.1CuffleyAD28382.5283.020.500.410.10.10.1CuffleyAD28681.7682.080.320.260.00.00.0CuffleyAD290105.50105.620.120.0738.519.13.5CuffleyAD29272.7474.001.261.1760.115.262.9CuffleyAD29395.8196.070.260.180.00.00.0CuffleyCSK043503.40503.660.260.230.10.20.1Sub KC 401CSK044496.86497.420.560.510.11.20.9Sub KC 401CSK048522.80523.170.370.3416.112.78.8Sub KC 401CSK032461.24461.420.180.150.00.00.0Sub KC 402CSK042533.22533.440.220.200.10.00.0Sub KC 402CSK043511.23511.420.190.1873.218.812.0Sub KC 402CSK044504.42505.270.850.841.60.10.9Sub KC 402CSK046525.64525.800.160.150.30.00.0Sub KC 402CSK048531.03531.230.200.1910.626.27.6Sub KC 402CSK042497.87498.000.130.120.00.00.0Sub KC 405CSK043491.10491.210.110.103.20.00.2Sub KC 405CSK044484.73485.030.300.301.90.00.3Sub KC 405CSK048508.43508.560.130.1222.911.33.4Sub KC 405CSK043547.70549.091.391.150.70.30.8Sub KC 410CSK044536.70537.690.990.8228.20.012.9Sub KC 410CSK045549.38549.630.250.208.60.31.0Sub KC 410CSK045W1543.82547.083.262.701.00.72.7Sub KC 410CSK043712.30712.470.170.07192.00.06.9Sub KC 420CSK045670.90671.901.000.400.20.00.1Sub KC 420CSK035942.41942.540.130.100.00.00.0Sub KC 425CSK040667.34668.030.690.400.10.00.0Sub KC 425CSK040W1634.05636.001.951.243.20.02.2Sub KC 425CSK042624.48624.710.230.1252.30.03.6Sub KC 425AD269106.20108.382.180.782.81.02.3Cuffley Assoc.AD269111.51111.810.300.121.811.42.0Cuffley Assoc.AD27777.9278.030.110.095.914.72.1Cuffley Assoc.AD27779.2379.670.440.362.31.91.4Cuffley Assoc.AD27978.9279.130.210.2030.321.78.9Cuffley Assoc.AD27980.6281.060.440.2099.10.111.0Cuffley Assoc.AD27985.6686.460.800.594.40.21.6Cuffley Assoc.AD281119.20119.540.340.2540.63.66.8Cuffley Assoc.AD291170.25170.700.450.1015.95.71.7Cuffley Assoc.AD29279.6579.790.140.1122.10.01.3Cuffley Assoc.AD294165.19165.300.110.087.08.01.1Cuffley Assoc.AD294177.26177.580.320.174.719.94.9Cuffley Assoc.CSK0364.584.760.180.152.038.47.9Adder Ft Assoc.CSK040725.30726.000.700.577.30.02.3Sub KC Assoc.CSK043487.70487.830.130.116.728.64.7Sub KC Assoc.CSK043518.47518.600.130.112.37.31.2Sub KC Assoc.CSK044533.36533.560.200.2089.90.09.9Sub KC Assoc.CSK044573.44574.320.880.857.20.03.4Sub KC Assoc.CSK045W1538.15538.480.330.3225.45.77.1Sub KC Assoc.CSK045W1549.90550.250.350.317.30.01.3Sub KC Assoc.CSK045W1554.05554.630.580.553.50.01.1Sub KC Assoc.CSK048537.98538.200.220.214.32.11.1Sub KC Assoc.  Notes
 1.The AuEq (gold equivalent) grade is calculated using the following formula:
                              AuEq g per t = Au g per t + Sb%   x
 Sb price per 10kg × Sb processing recovery     Au price per g × Au processing recovery   
Prices and recoveries used: Au $/oz = 2,500 (Au US$/gram = 80.39); Sb $/t = 19,000 (Sb US$/10kg = 190); Au Recovery = 91% and; Sb Recovery = 92%. The Au recovery assumption and Sb recovery assumption is based on established processing and sales in respect of Costerfield. It is the Company’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold. 2.The estimated true width of composites that are not interpreted to be connected to a major vein (identified as “Other” in the above table) have been calculated using a generic, conservative intercept angle (alpha angle) of 45 degrees. 3.Composites that are not interpreted to be connected to a major vein and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here. 4.Gold-equivalent grades for intervals with estimated true width >1.8m are not diluted.
      Drill hole collar details from the Cuffley and Sub KC drilling at Costerfield covered in this release:

Hole IDNorthingEastingElevationDepthAzimuthDipDate CompletedAD265480615237968140.10314.1-0.32/01/2026AD266480615238968129.00323.1-12.65/01/2026AD269480615239968142.80331.2-19.36/02/2026AD270480115237969121.73308.114.913/01/2026AD272480215237969118.24321.49.116/01/2026AD273480615238968137.16321.7-6.512/02/2026AD274479915237969104.30274.917.917/01/2026AD275480015237968121.79301.8-2.018/01/2026AD27648061523896895.20310.7-9.025/01/2026AD277480015238969156.09305.224.021/01/2026AD278480115237969145.91291.221.023/01/2026AD27948051523897198.02295.034.226/01/2026AD280480615238971151.98314.835.229/01/2026AD281480615239967161.44327.3-28.110/02/2026AD283480615238968164.60316.9-10.01/02/2026AD284480615238968149.50325.3-19.84/02/2026AD285480615238969160.77315.515.325/02/2026AD286480615238970157.77317.723.623/02/2026AD290480615239968186.50334.9-14.115/02/2026AD291480615239968182.90338.0-22.020/02/2026AD292480615237969128.02307.14.823/04/2026AD293480615239969122.30331.76.926/04/2026AD294480615238970179.10327.418.929/04/2026CSK032503515301913899.50274.9-71.527/02/2024CSK033503515301913602.62291.2-67.019/03/2024CSK0344489154631030839.40263.5-72.131/01/2025CSK034W14489154631030940.00263.5-72.18/02/2025CSK0354489154631030995.57287.9-79.013/03/2025CSK036571014939945872.50133.8-33.810/03/2025CSK037571014939944881.35133.0-49.417/05/2025CSK040474415474865732.57290.0-55.69/06/2025CSK040W1474415474865656.40290.0-55.621/06/2025CSK042475815461865667.12302.4-50.122/06/2025CSK043475715461865934.90296.3-46.031/07/2025CSK044474415474865668.01280.3-48.021/09/2025CSK045475615461865760.50285.2-52.629/08/2025CSK045W1475615461865600.00285.2-52.67/09/2025CSK046475715461865659.14297.6-48.126/09/2025CSK048474515474866752.50298.9-44.020/10/2025CSK049474515474865760.22302.2-53.08/11/2025 Notes:

Coordinate System: Costerfield Local Mine Grid Appendix 2 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentarySampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.Aspects of the determination of mineralisation that are Material to the Public Report.In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. Sampling of Au and Sb mineralisation is from diamond drill core (HQ2 and NQ2).Due to the discrete mineralisation of the deposit, not all diamond drill core was required to be sampled. Sample intervals were determined and marked on the core by Alkane geologists using the following general rules:

All stibnite-bearing veins are sampled.Intersections of polyphase breccias, stockwork veins, laminated quartz veins or massive quartz veins were routinely sampled.A waste sample is taken either side of the mineralized vein (30–100 cm).Siltstone is sampled where disseminated arsenopyrite is prevalent.Fault gouge zones were sampled at the discretion of the geologist. Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been cut in half using the orientation line or cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling. The methodology was validated by the Costerfield QA/QC protocols. No sampling instruments required calibration. Assays were completed by On Site in Bendigo, which is independent of Alkane and holds current ISO/IEC 17025 accreditation. The general methods were as follows:

Gold grades were determined by either fire assay (25 g charge) with an AAS finish, screen fire assay or Chrysos photon assay technology.Antimony concentrations were determined using an aqua regia based acid digest with an AAS finish. Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Deepcore Drilling is the drilling contractor utilised for the whole of this project within the reporting period. All diamond drilling was completed from underground and was completed using LM90 drill rigs utilising HQ2 and NQ2 diameters. Core orientation is performed each run, typically using an AXIS Champ Ori kit.Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.Measures taken to maximise sample recovery and ensure representative nature of the samples.Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Diamond drilling was routinely checked for core loss during both drilling and sampling. Core loss blocks were added by drillers and then checked by geologists or field technicians when the core was measured, and depth marks made. If problems were encountered with recovery and core block depths, the drill shift supervisor was advised and depth marking stopped until the issue was rectified.No relationship between grade and sample recovery has been established. Ore zones with poor recovery are redrilled until a representative sample is achieved.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.The total length and percentage of the relevant intersections logged. All drill core was geologically logged as full core for the relevant rock quality designation, lithology, structural data, and sample intervals.Data capture was digital into the AcQuire software using validated codes.

All drill core was photographed wet with high resolution photographs stored on the site’s server, which is routinely backed-up.

Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.If non-core, whether riffled, tube sampled, rotary split, etc., and whether sampled wet or dry.For all sample types, the nature, quality and appropriateness of the sample preparation technique.Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.Whether sample sizes are appropriate to the grain size of the material being sampled. Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been halved for sampling (whole core sampled if representative halving was not possible) guided by the orientation line or a cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling. The following sample preparation activities were undertaken by Alkane staff for both diamond drill core and underground channel samples:

Sample information and characteristics were measured, logged, recorded in the acQuire database and assigned a unique sample ID.Sample material was placed into a calico bag previously marked with the unique sample ID.Calico bags were loaded into plastic bags such that the plastic bags weighed less than 10 kg.An assay submission sheet was generated and placed into the plastic bag.Plastic bags containing samples were sealed with a metal or plastic tie and transported to On Site in Bendigo via private courier or Alkane staff. The following sample preparation activities were undertaken by On Site staff:
Samples were received and checked for labelling, missing samples, etc. against the submission sheet.If the sample batch matched the submission sheet, sample metadata were entered into On Site’s LIMS. In the event that discrepancies were noted, Mandalay Resources was contacted by On Site to resolve the discrepancy prior to further work commencing. Records of all discrepancies and corrective actions taken are recorded by the Mandalay Resources database administrator.A job number was assigned, and worksheets and sample bags were prepared.Samples were placed in an oven and dried overnight at 106°C.Samples were weighed and recorded.The entire dried sample was crushed using a Rocklabs Smart BOYD Crusher RSD Combo with a jaw closed side setting of 2 mm.If the dried sample weight was less than 3 kg, the entire sample was retained for pulverisation. If the dried sample weight was greater than 3 kg, the sample was spilt to 3 kg using the rotary splitter that is incorporated in the BOYD crusher.Rejects from splits greater than 3 kg were retained as coarse rejects in labelled calico bags and returned to Mandalay Resources.The 3 kg sample was then pulverised in an Essa LM5 Pulverising Mill to 90% passing 75 µm. For fire assay and base metal samples:
The 3 kg pulverised samples were then subsampled to take a master ~200 g pulp split for assay by a manual scooping procedure across the full width and depth of the mill bowl and loaded sequentially into labelled pulp packets. For photon assay:
The ~3 kg pulverised samples were then subsampled to fill a ~280 g photon assay jar by a manual scooping procedure across the full width and depth of the mill bowl. For all methods:
For every 21 primary samples, a sample was randomly selected by LIMS and a duplicate 200 g split for fire assay or second jar for photon assay was submitted for analysis using the same analytical procedure as the primary sample.The remaining pulp was returned to its sample bag and then returned to Mandalay Resources for retention following the completion of assay. A quarterly check-assay program is in place to monitor the representative nature of sampling and assay methodology.Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The assaying protocols used at Costerfield have been developed to ensure expected levels of accuracy and precision are met for the style of mineralisation tested and utilised in the MRE. Samples were assayed for gold, antimony, arsenic, and iron using representative partial digest methodologies:

Gold grades were determined either by a 25g charge with lead flux fire assay and an AAS finish, or by Chrysos photon assay technology.Antimony, iron and arsenic concentrations were determined using an aqua regia based acid digest with an AAS finish. The quality control procedures utilised at Costerfield used CRMs prepared by commercial laboratories Geostats and OREAS.CRMs were either prepared using Costerfield material or were otherwise matrix matched to ensure a representative nature.

At least one CRM was submitted with every batch of diamond core samples and typically at a rate of 1 standard per 25 samples. Up to six CRMs covering the expected ranges of gold and antimony mineralisation were in rotation during routine sampling.

An assay result for a CRM was considered acceptable when the returned assay fell within three standard deviations of the CRM certification grade. Outside this range, the CRM assay was considered to have failed and all significant mineralised samples within the batch were re-assayed, where significant grades were defined as mineralised samples that may have a material-impact in future resource estimates. All actions or outcomes were recorded as comments in the QA/QC register.

Alkane submitted uncrushed samples of basalt as blank material sourced from Geostats into assay sample lots, at a rate of 1 in every 30 samples, to test for contamination during sample preparation.

The failure threshold for gold is 0.10 g/t, which was chosen since it represents ten times the detection limit of 0.01 g/t for AAS. The failure threshold for antimony is 0.05%, which was chosen for being five times the detection limit of 0.01% for AAS.

Pulp duplicates were collected routinely at a rate of 1:22 by On Site and submitted with the primary sample for analysis. Precision was in line for the expected a variance in both gold and antimony.

Umpire laboratory checks to three additional commercial assay laboratories are completed each year covering all new assays generated at the property.

Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.Discuss any adjustment to assay data. Sampling intervals and numbering were validated by geologists prior to cutting, with pre-numbered sampling bags systematically used by the field technicians to ensure the correct sample was submitted under each ID. Internal validation of significant intercepts was completed by the exploration and senior geologists. Photographs, logging, sample weights and assay results were checked to ensure manual errors were eliminated.

Key intercepts at Costerfield were also validated by the Resource Geologist and Competent Person during the interpretation and modelling or the Costerfield resource estimation.

Assay and sampling data was automatically uploaded into the Acquire database system and QA/QC validated at the point of upload. Any issues were entered into a QA/QC register and resolved before data acceptance.

Alkane staff conduct periodic visits to the On Site Laboratory in Bendigo and meet regularly with the Lab managers. In early 2023 a review was conducted by a third party (RSC Consulting Pty Ltd) to ensure the practices are appropriate. Nothing of major concern was found.

Twinned holes are typically only drilled intentionally to get full recovery of an ore zone when the initial hole has core loss. There are inadvertent twinned intercepts within the database, particularly when the collar position is close to the mineralisation. Twinned intercepts provide consistent correlation of structure and mineralisation character however due to the short range grade variability common structurally controlled gold systems, may not have the same mineralisation tenor. No adjustment has been made to the assay data.

Location of data points Accuracy and quality of surveys used to locate drill holes (collar and downhole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control. Drill hole collar locations have been determined by differential GPS or theodolite surveying methods, either by external surveyors or Alkane surveyors. A digital report is created and entered into the acQuire Database. Data entry accuracy is validated against a LiDAR topographic map and high-resolution satellite imagery.Downhole surveys are conducted using a digital Reflex EZ-TRAC tool, in both single-shot (30 m while drilling) and multi-shot mode (3 m spacing at end of hole) where required.

All downhole survey data is digitally uploaded to the Reflex EZ-TRAC and automatically imported into the acQuire database.

Data spacing and distribution Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.Whether sample compositing has been applied. The data spacing at Costerfield is variable. Initial drilling on any particular lode is sporadic but generally approximates 100 × 100 m spacing. This approach is considered appropriate for establishing a geological and grade continuity acceptable for an Inferred Mineral Resource. Following initial drilling and prior to mining, each lode is drilled to a spacing of approximately 40 m × 40 m. This is reduced in areas of structural complexity. This approach is considered appropriate for establishing a geological and grade continuity acceptable for an Indicated Mineral Resource.Where veins or mineralisation zones were sub-sampled, a full-length composite of variable thickness was used in the MRE.

Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Drill holes at Costerfield are designed to ensure an Alpha angle greater than 30°, indicating that the orientation of the drill holes (and therefore samples) is appropriate for the structure. The drilling orientation compared to that of key mineralised structures is not considered to have introduced any sampling bias as the structures are currently interpreted.

Sample security The measures taken to ensure sample security. All drill core was delivered to the Brunswick site, which is securely gated, with video surveillance, and time stamped swipe card access.Drill core logging and sampling was completed in this secure facility.

Sample bags containing sample material are placed in heavy duty plastic bags in which the sample submission sheet is also included. The plastic bags are sealed with a metal twisting wire or heavy-duty plastic cable ties.

The bags are taken to a storage area that is under constant surveillance.

A private courier collects samples daily and transports them directly to On Site in Bendigo, where they are accepted by laboratory personnel.

Sample pulps from On Site are returned to Alkane for storage. The pulps are stored undercover, wrapped in plastic.

Audits or reviews The results of any audits or reviews of sampling techniques and data. Internal reviews of the exploration process and procedures are completed by senior geologists.Routine monthly lab visits and reviews are conducted by site personnel and make up part of the QA/QC protocols.

RSC Consulting Pty Ltd reviewed the sampling and QA/QC procedures and practices in early 2023. There were no major outcomes related to sampling techniques and data.

Section 2 Reporting of Exploration Results
Criteria listed in the Section 1 also apply to this section.

CriteriaJORC Code explanationCommentaryMineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Alkane manages the Costerfield Operation and holds a 100% interest in licences MIN4644, MIN5567, EL5432, EL5519, EL6842, EL6847, EL8320 and RL007485 which comprise the Property. There are no advanced projects in the immediate vicinity of the Property, and there are no other Augusta-style gold-antimony operations in production within the Costerfield district. Exploration on adjacent tenements (EL5546, EL006504, EL006280, EL5490, EL006001, EL6951, EL7352, EL007348, EL007366, EL007382, EL007498, EL007499 and EL007481.

There are currently no known impediments to obtaining a licence to operate in the area. Alkane and its subsidiaries have been conducting both exploration activities and mining activities on the adjacent mining lease MIN4644 since 2006.

Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. The Costerfield Property has been explored using modern methods since 1966. Previous exploration by Mandalay Resources (2009–2025), prior to its merger with Alkane, represents the most significant period of exploration having discovered Cuffley, Youle and Shephard lodes in that time. Exploration Results prior to this have either been validated by more result drilling or are not considered material to the project.Geology Deposit type, geological setting and style of mineralisation. Narrow vein, gold-antimony and gold-only lodes are the targeted deposit styles at the Costerfield Property. Economic lode material consists of either a ‘typical’ gold-bearing quartz and carbonate with massive stibnite, or gold-only quartz and carbonate veining as seen in the Shepherd system. The mineralised shoots are understood to be structurally controlled, typically by the intersection of the lodes with major cross-cutting, gouge filled fault structures and shears. Notable west to northwest dipping thrust faults typically bound the mineralisation packages at the Costerfield Property but can become significantly mineralised themselves along the fault planes. Shallower and dominantly west dipping thrust faults, typically at very low angles or even parallel to bedding with a laminated quartz component, link between the larger order thrust faults. The link faults can also offset the vertical lode structures up to 50 m in an east–west sense. This structural framework leads to the subvertical, north–south extensional veining seen in the Augusta, Brunswick, True Blue and Shepherd systems, along with the moderately west-dipping fault reactivated deposit at Youle.

Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collarelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collardip and azimuth of the holedownhole length and interception depthhole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Refer to Appendix 1 for the summary of drill holes related to the Costerfield Property.Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.The assumptions used for any reporting of metal equivalent values should be clearly stated. Reported Exploration Results are intercept length weighted with no truncation of minimum and/or maximum grade applied. Exploration Results have been reported to represent the discrete structural shear or vein as determined by the resource geologist and Competent Persons. There is no cut-off grade for the inclusion of drill intercept if it is on structure.

Aggregates are full-width of target structures/lodes and limited in true width to underground ore development widths of mining of 4.5 m and rely on structures being interpreted as parallel in orientation and representative in nature of the continuous vein.

Gold is the dominant element of value and exploration results are reported as gold equivalent (AuEq) where:

                               AuEq = Au (g/t) + 2.39 x Sb (%)

And the AuEq factor of 2.39 is calculated:

at a gold price of US$2,500/ozan antimony price of US$19,000/twith 2025 predicted metal recoveries of 91% Au and 92% Sb. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘downhole length, true width not known’). Exploration Results that have been included in the resource are reported as drill widths and true widths as determined by the drill hole orientation relative to the vein. Those results not yet included in the resource have been reported as drill widths and estimated true widths.Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Appropriate cross sections, plan sections and long sections are included in the body of the report.Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. For veins that are interpreted though multiple drill holes all intercepts are tabulated in Appendix 1 and illustrated in the images within the body of the report. Any intercepts that are not interpreted at this stage, to be part of a wider structure are tabulated in Appendix 1 if the sampled grade is above 2g/t when diluted to 1.8m.Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. Additional exploration data used to assist and validate interpretations at Costerfield include the use of surface geological mapping and a 2D seismic line. Bulk density work using the immersion methodology was completed in 2021 on similar lode and waste material at the Costerfield deposit.

A regression formula is used for the BD of lode material:

Augusta, Cuffley, Brunswick Lodes:

     BD= ((1.3951*Sb%)+(100-(1.3951*Sb%)))/(((1.3951*Sb%)/4.56)+((100-(1.3951*Sb%))/2.74))

where the host rock BD is 2.74 g/cm3

Youle/Shepherd/True Blue:

If (Sb%>1) BD=((1.3951 × Sb%)+(100-(1.3951 × Sb%)))/(((1.3951 × Sb%)/4.56)+((100-(1.3951 × Sb%))/2.69) )If (Sb%<1) BD= (0.05661 × Fe%) + 2.5259where:Empirical formula of stibnite: Sb2S3.Sb%: Antimony assay as a percentage by mass.Molecular weight of antimony (Sb): 121.757.Molecular weight of sulfur: (S): 32.066.1.3951 is a constant calculated by 339.712/243.514 where 339.712 is the molar mass of Sb2S3, and 243.514 is the molar mass of antimony contained in one mole of pure stibnite.BD of pure stibnite: 4.56.BD of unmineralised gangue: 2.69, representing a ratio of 1:3 siltstone to quartz.Fe%: Iron assay as a percentage by mass. The host rock BD of waste rock is 2.76 g/cm3.There are no material occurrences of deleterious elements.

Further work The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. The Exploration Results reported in this document refer to areas of the Costerfield Property already in production as well as potential future production areas. Future exploration will be focused on advancing these areas through to an Indicated Resource, if drilling is successful. In addition, exploration will be conducted on the margin of currently operating areas to increase mine life where possible. 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

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/adb351a0-caf6-4777-bc9e-cb50336502b7
https://www.globenewswire.com/NewsRoom/AttachmentNg/1d81658e-65cf-4048-8608-4b95b4fedaaf
https://www.globenewswire.com/NewsRoom/AttachmentNg/085c1cf1-f271-4654-90f4-76ed3d2a06f4
https://www.globenewswire.com/NewsRoom/AttachmentNg/69045f50-831c-4367-bbf8-42141610be38
https://www.globenewswire.com/NewsRoom/AttachmentNg/a59f7d32-1bde-4a89-a114-1a8263eceea0
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fcf21c8-cc10-4992-bcdc-5d26fa4757e3
https://www.globenewswire.com/NewsRoom/AttachmentNg/91fe17a8-2985-440c-9397-ecc378e4ff17
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c94c948-755f-4ea5-83b5-f10a647effe7
https://www.globenewswire.com/NewsRoom/AttachmentNg/8c7f1cb1-e0aa-45c4-99a9-810efa4f926a

Benito Minicucci, Chief Executive Officer and President of Alaska Air Group, Inc. (ALK +0.57%), executed a direct purchase of 25,000 shares of common stock on August 20, 2026 according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value~$1.0 millionShares purchased25,000Post-transaction shares (directly held)256,582Post-transaction value$10.31 millionTransaction value based on SEC Form 4 weighted average purchase price ($40.06); post-transaction value based on August 20, 2026 market close ($40.18).

Key questionsWhat is the scale of the CEO's current equity interest following this purchase?
Following the acquisition of 25,000 shares, Minicucci holds 256,582 shares of common stock directly, which represents approximately 0.23% of the company's outstanding shares.What were the execution details regarding the transaction price?
The shares were purchased in multiple open-market transactions at prices ranging from $40.04 to $40.09, resulting in a final weighted average price of $40.06 per share.How does the current valuation environment compare to historical performance?
At the August 20, 2026 market close, shares were priced at $40.18, a level that reflects a one-year total return of -28% as of the transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-20)$40.18Market Capitalization$4.5 billionRevenue (TTM)$14.8 billionNet Income (TTM)-$175.0 millionCompany SnapshotAlaska Air Group operates a comprehensive air transportation network serving passengers and freight across approximately 120 destinations globally.The company generates revenue through passenger ticket sales, freight services, and ancillary aviation services, leveraging its extensive route network and subsidiary operations to maximize capacity utilization and market penetration.Alaska Air Group primarily serves leisure and business travelers, with particular strength in North American West Coast markets and regional connectivity, targeting both price-sensitive and premium customer segments.Alaska Air Group is a major airline carrier with a market cap of $4.5 billion, operating one of the most extensive route networks in the North American region. The company has faced recent headwinds, reflected in its trailing 12-month net loss of $175 million and 28.16% one-year stock price decline, though it maintains a substantial operational footprint with 31,596 employees.

As a legacy carrier with roots dating to 1932, Alaska Air Group continues to compete through its diversified business model and strategic positioning in high-demand global markets.

What this transaction means for investorsCEO Benito Minicucci's purchase of Alaska Air Group shares indicates he is bullish on the stock. His transaction at $40.06 per share suggests he believes that price represents a buy opportunity. The stock's 52-week low was $33.03 back in March.

Minicucci certainly didn't need to acquire more stock, given he already held over 200,000 shares before increasing his holdings by a substantial 11% in this purchase. The size of the buy also points to his conviction that the share price will bounce back after exceeding $50 in early August.

Alaska Air stock is down because the company reported a net loss of $76 million in the second quarter. That represents a big decline from the $172 million in net income achieved in 2025.

A key contributing factor to the lack of Q2 profitability was rising fuel prices as a result of the U.S. war with Iran. Consequently, Alaska Air's Q2 fuel costs skyrocketed 86% year over year.

Minicucci noted fuel costs are out of the company's control, but "underneath it, this company is executing better than ever," as Q2 revenue rose 10% year over year to $4.1 billion.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool recommends Alaska Air Group. The Motley Fool has a disclosure policy.

Fully Franked 2.0cps Final Dividend Declared  | Source: Alkane Resources Limited

PERTH, Australia, Aug. 21, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (‘Alkane’ or ‘the Company’) is pleased to release its results for the year ended 30 June 2026, with the Appendix 4E and full year statutory accounts attached. The table below is a summary of the financial results:

 June 2026June 2025ChangeChange
%Net profit after tax (A$'000)228,72233,043195,679592%Revenue (A$'000)935,822262,362673,460257%Basic earnings per share (cents)17.695.4612.23224%Gold sales (AuEq ounces)1164,87869,77495,104136%Gold production (AuEq ounces)*168,33770,12098,217140%Cash and bullion (A$ million)438.960.3378.6628%
* Gold production is presented on a full year basis and includes production from the Costerfield and Björkdal operations for the period prior to completion of the merger with Mandalay Resources on 5 August 2025. Gold production for the statutory reporting period, which consolidates the Mandalay operations from the merger date, was 162,440 AuEq ounces.

Alkane delivered a record performance in FY26, the Company’s first year as a multi-asset gold and antimony producer following completion of the transformational merger of equals with Mandalay Resources Corporation on 5 August 2025. The enlarged group’s three operations – Tomingley in New South Wales, Costerfield in Victoria and Björkdal in Sweden – delivered record full year gold equivalent production of 168,337 ounces1 which, combined with an average realised gold price of A$5,664 per ounce (FY25: A$3,770), drove record revenue, profit and cashflow. The Group closed the year with cash, bullion and listed investments of A$454 million.

Reflecting the record result and the strength of the balance sheet, the Board has declared Alkane’s maiden fully franked dividend of 2.0 cents per share in respect of FY26.

Alkane also re-iterates the FY27 guidance released to the ASX on 21 July 2026 group gold equivalent production of 163-177kozs gold equivalent ounces1 at an all-in sustaining cost of $2,900-3,200 per ounce. Guidance by operation is set out under FY27 Guidance below.

Alkane Managing Director, Nic Earner, said: “FY26 was a transformational year for Alkane. The merger with Mandalay created a three-mine gold and antimony producer of scale, and record production, revenue and profit in our first year as a combined group demonstrate the quality of the business we have built. The declaration of Alkane’s maiden dividend is a significant milestone in the Company’s history, and reflects both the strength of our balance sheet and the Board’s confidence in the outlook for the Company – a confidence underlined by our FY27 guidance.

“Alkane’s Board and management thank the employees and contractors of the Company for their strong and continued commitment to safety, production and exploration performance.”

Dividend information

The key dates for the FY26 final dividend are as follows:

EventDateEx-dividend date7 September 2026Record date8 September 2026Payment date1 October 2026
FY27 Guidance

Alkane re-iterates the FY27 guidance for the group released to the ASX on 21 July 2026, as set out below:

 TomingleyCosterfieldBjörkdalGroupGold equivalent production (oz)178-8444-4841-45163-177AISC (A$/oz AuEq)2,600-2,9002,700-3,0003,300-3,7002,900-3,200Growth capital (A$ million)90-10030-4040-50160-190Exploration (A$ million)15-1720-2310-1345-53Boda/Kaiser & Other Exploration   10-12
Alkane is not aware of new information materially affecting the guidance and its underlying assumptions continue to apply.

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

1Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market prices for the June quarter were $6,349/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and $30,675/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com). The AUD:USD exchange rate for the June quarter was 0.7098. Average market prices for the March, December and September quarters of FY26 were A$7,015/oz Au and A$29,449/t Sb; A$6,299/oz Au and A$30,245/t Sb; and A$5,283/oz Au and A$33,508/t Sb respectively, using AUD:USD exchange rates of 0.6946, 0.6565 and 0.6544. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance. Antimony is recovered into a gold-antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

ABOUT ALKANE ‐ alkres.com ‐ ASX:ALK | TSX: ALK | OTCQX: ALKRY
Alkane Resources (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 750km 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.

Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.

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 the Company 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.

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

ALK announces the appointment of Jacob Glenting as new Executive Vice President (EVP) and head of Global R&D, effective 1 September 2026. This position has been vacant since February 2026. Jacob Glenting is currently EVP, Corporate, Portfolio & Product Strategy (CPPS) and has been a member of the Executive Leadership Team since 2024. Prior to this, he headed up ALK’s commercial operations in international markets.

With more than 25 years of pharmaceutical, business development, and research experience, a PhD in vaccine development and immunology, and a Master’s degree in Biochemistry, Jacob Glenting brings a combination of scientific expertise and commercial acumen. This background makes him well suited to advance ALK’s R&D efforts according to the Allergy+ strategy by balancing innovation to support core-business growth with expansion into adjacent allergy therapy areas via internal pipeline activities, partnerships, and business development & licensing.

Since joining ALK in 2007, Jacob Glenting has worked at the interface between commercial and science. He has played a key role in several of ALK’s strategic developments, including the partnerships with Torii (now Shionogi) in Japan, Abbott in Southeast Asia, GenSci in China, and the licensing agreement for neffy® with ARS. He has also been deeply involved in ALK’s paediatric expansion, corporate strategy, business development, and the therapeutic area setup.

President & CEO Peter Halling said: “Jacob brings significant contributions to ALK and has been instrumental in our strategic partnerships. His scientific background combined with his strong experience in ALK and ability to connect our R&D and commercial strategy, makes him uniquely qualified to drive our innovation strategy. I am confident that he will be able to continue to grow ALK’s pipeline, strengthen our therapeutic areas, and expand our business through partnerships.”  

Jacob Glenting said: “Throughout my career, I have been deeply committed to allergy and ALK, and I’m honoured to take on the role of leading the R&D organisation. The company has a strong scientific heritage and a pipeline with real potential to address significant unmet medical needs. My focus will be on advancing ALK’s pipeline with scientific rigour and discipline while also drawing on our partners’ knowledge and capabilities. I look forward to working with the talented teams across the organisation and with our partners to ensure that our innovation ultimately delivers benefits to patients and prescribers.”

Following the appointment, ALK’s Executive Leadership Team consists of:

Peter Halling, President & CEOClaus Steensen Sølje, EVP & CFOJacob Glenting, EVP, Global R&DChristian G. Houghton, EVP, Product SupplyFlora Beiche-Scholz, EVP, Commercial Operations EuropeEdward Jordan, EVP, Commercial Operations North AmericaLika Thiesen, EVP, Global People & OrganisationJan Engel, SVP, Global Quality ALK-Abelló A/S

For further information please contact:

Investor Relations: Per Plotnikof, tel. +45 4574 7527, mobile +45 2261 2525

Media: Maiken Riise Andersen, tel. +45 5054 1434

About ALK
ALK is a global specialty pharmaceutical company focused on allergy. ALK's activities cover the entire value chain of developing, sourcing, producing, and marketing a diversified portfolio of products for diagnosing and treating respiratory allergies and severe allergic reactions (anaphylaxis) in both children and adults.  Headquartered in Denmark, ALK employs around 2,800 people worldwide and is listed on Nasdaq Copenhagen (Nasdaq: ALK B). Visit us at www.alk.net.

Press release_20August26_Appointment Head of R&D

Posted by Defense World Staff on Aug 15th, 2026

Assenagon Asset Management S.A. acquired a new position in shares of Alaska Air Group, Inc. (NYSE:ALK – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 26,959 shares of the transportation company’s stock, valued at approximately $1,407,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Atlas Capital Advisors Inc. purchased a new position in shares of Alaska Air Group during the fourth quarter worth $26,000. First Command Advisory Services Inc. boosted its stake in Alaska Air Group by 242.5% in the fourth quarter. First Command Advisory Services Inc. now owns 685 shares of the transportation company’s stock valued at $34,000 after acquiring an additional 485 shares in the last quarter. Cedar Mountain Advisors LLC grew its stake in Alaska Air Group by 963.3% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 840 shares of the transportation company’s stock worth $44,000 after buying an additional 761 shares during the last quarter. SBI Securities Co. Ltd. raised its position in Alaska Air Group by 30.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 910 shares of the transportation company’s stock valued at $46,000 after purchasing an additional 212 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in Alaska Air Group by 32.5% in the first quarter. Parallel Advisors LLC now owns 1,570 shares of the transportation company’s stock valued at $58,000 after purchasing an additional 385 shares during the period. 81.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of equities research analysts have recently commented on ALK shares. Weiss Ratings raised shares of Alaska Air Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday, August 4th. Susquehanna boosted their price target on Alaska Air Group from $50.00 to $70.00 and gave the company a “positive” rating in a research report on Tuesday, July 7th. Barclays set a $65.00 price objective on Alaska Air Group and gave the company an “overweight” rating in a research note on Wednesday, July 22nd. TD Cowen reiterated a “buy” rating and issued a $59.00 target price (up from $51.00) on shares of Alaska Air Group in a research note on Thursday, July 2nd. Finally, UBS Group restated a “buy” rating and set a $62.00 price target (up from $56.00) on shares of Alaska Air Group in a research note on Tuesday, June 23rd. Eleven analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.65.

View Our Latest Research Report on ALK

Alaska Air Group Price Performance Shares of NYSE:ALK opened at $45.88 on Friday. The company has a market cap of $5.11 billion, a P/E ratio of -29.22 and a beta of 1.29. Alaska Air Group, Inc. has a 52 week low of $33.03 and a 52 week high of $65.88. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 1.58. The business has a fifty day simple moving average of $48.38 and a 200-day simple moving average of $45.76.

Alaska Air Group (NYSE:ALK – Get Free Report) last released its earnings results on Tuesday, July 21st. The transportation company reported ($0.92) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.99) by $0.07. Alaska Air Group had a negative net margin of 1.19% and a negative return on equity of 3.11%. The business had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $4.09 billion. During the same period last year, the company earned $1.42 earnings per share. The company’s quarterly revenue was up 9.7% on a year-over-year basis. Alaska Air Group has set its Q3 2026 guidance at 0.000-1.000 EPS. Equities research analysts forecast that Alaska Air Group, Inc. will post -0.9 EPS for the current year.

Insider Transactions at Alaska Air Group In other Alaska Air Group news, EVP Andrew R. Harrison sold 5,300 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $49.67, for a total value of $263,251.00. Following the transaction, the executive vice president owned 25,528 shares in the company, valued at $1,267,975.76. The trade was a 17.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.00% of the stock is owned by company insiders.

Key Stories Impacting Alaska Air Group Here are the key news stories impacting Alaska Air Group this week:

Positive Sentiment: Zacks raised its Q3 2026 EPS estimate to $0.91 from $0.40 and its Q4 2026 forecast to $0.15 from a projected loss of $0.38. The firm also improved its FY2026 forecast to a loss of $1.54 per share, compared with its prior estimate of a $2.54 loss. Zacks Research Alaska Air Group estimates Positive Sentiment: Some later-period estimates were increased, including Q4 2027 EPS to $1.80 from $1.52, Q1 2028 EPS to $2.60 from $1.06, and Q2 2028 EPS to $2.17 from $1.87. These changes point to expectations for stronger earnings beyond 2026. Zacks Research forecast for Alaska Air Group earnings Neutral Sentiment: Zacks maintained a Hold rating on Alaska Air Group. Its revised forecasts remain uneven, with a current-year loss expected and profitability dependent on improvement in subsequent quarters. Negative Sentiment: Zacks reduced its Q1 2027 EPS estimate to $0.52 from $0.74, Q3 2027 to $1.94 from $2.34, and FY2027 to $6.20 from $6.31. The cuts temper the positive impact of the upgraded 2026 estimates and signal concern about the pace or durability of the recovery. Neutral Sentiment: A separate August 14 article discusses earnings forecasts for ALK, but the provided information does not include additional estimates or a new analyst rating. Neutral Sentiment: An article about tree-pollen and house-dust-mite allergy tablets recommended by the U.K.’s NICE concerns ALK-Abelló A/S (Nasdaq Copenhagen: ALK B), not Alaska Air Group. It is therefore not relevant to Alaska Air Group’s stock. About Alaska Air Group (Free Report)

Alaska Air Group is a publicly traded holding company headquartered in Seattle, Washington, that operates two main airlines—Alaska Airlines and Horizon Air. Through these carriers, the company offers scheduled passenger and cargo services across a network spanning the United States, Canada and Mexico. Its core business activities include domestic and international air transportation, loyalty program management under the Mileage Plan brand, and ancillary revenue streams such as baggage fees, in-flight sales and code-share partnerships with other global airlines.

The roots of Alaska Air Group trace back to the foundation of its flagship carrier, Alaska Airlines, in 1932.

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Posted by Defense World Staff on Aug 13th, 2026

California State Teachers Retirement System increased its stake in Alaska Air Group, Inc. (NYSE:ALK – Free Report) by 38.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,088 shares of the transportation company’s stock after purchasing an additional 12,453 shares during the period. California State Teachers Retirement System’s holdings in Alaska Air Group were worth $1,658,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Atlas Capital Advisors Inc. bought a new position in Alaska Air Group in the 4th quarter valued at $26,000. First Command Advisory Services Inc. raised its position in shares of Alaska Air Group by 242.5% during the fourth quarter. First Command Advisory Services Inc. now owns 685 shares of the transportation company’s stock worth $34,000 after acquiring an additional 485 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in shares of Alaska Air Group by 30.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 910 shares of the transportation company’s stock valued at $46,000 after acquiring an additional 212 shares during the period. Parallel Advisors LLC lifted its stake in shares of Alaska Air Group by 32.5% during the first quarter. Parallel Advisors LLC now owns 1,570 shares of the transportation company’s stock valued at $58,000 after acquiring an additional 385 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Alaska Air Group during the third quarter valued at $90,000. Institutional investors and hedge funds own 81.90% of the company’s stock.

Alaska Air Group Stock Down 2.0% Alaska Air Group stock opened at $47.42 on Thursday. The company’s 50 day simple moving average is $48.23 and its 200 day simple moving average is $45.78. Alaska Air Group, Inc. has a fifty-two week low of $33.03 and a fifty-two week high of $65.88. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of -30.20 and a beta of 1.29. The company has a debt-to-equity ratio of 1.58, a current ratio of 0.55 and a quick ratio of 0.51.

Alaska Air Group (NYSE:ALK – Get Free Report) last issued its earnings results on Tuesday, July 21st. The transportation company reported ($0.92) EPS for the quarter, beating the consensus estimate of ($0.99) by $0.07. The firm had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4.09 billion. Alaska Air Group had a negative net margin of 1.19% and a negative return on equity of 3.11%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.42 earnings per share. Alaska Air Group has set its Q3 2026 guidance at 0.000-1.000 EPS. As a group, sell-side analysts anticipate that Alaska Air Group, Inc. will post -1.02 EPS for the current year.

Wall Street Analysts Forecast Growth Several analysts have weighed in on ALK shares. Barclays set a $65.00 price objective on Alaska Air Group and gave the stock an “overweight” rating in a report on Wednesday, July 22nd. BMO Capital Markets raised their target price on shares of Alaska Air Group from $55.00 to $62.50 and gave the company an “outperform” rating in a research note on Thursday, July 2nd. JPMorgan Chase & Co. lowered their price target on shares of Alaska Air Group from $94.00 to $92.00 and set an “overweight” rating for the company in a research report on Friday, July 24th. Weiss Ratings raised shares of Alaska Air Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Tuesday, August 4th. Finally, Bank of America boosted their price target on shares of Alaska Air Group from $60.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, July 1st. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $65.65.

Get Our Latest Research Report on Alaska Air Group

Insider Activity In other news, EVP Andrew R. Harrison sold 5,300 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $49.67, for a total value of $263,251.00. Following the completion of the transaction, the executive vice president owned 25,528 shares of the company’s stock, valued at $1,267,975.76. The trade was a 17.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by company insiders.

Alaska Air Group Profile (Free Report)

Alaska Air Group is a publicly traded holding company headquartered in Seattle, Washington, that operates two main airlines—Alaska Airlines and Horizon Air. Through these carriers, the company offers scheduled passenger and cargo services across a network spanning the United States, Canada and Mexico. Its core business activities include domestic and international air transportation, loyalty program management under the Mileage Plan brand, and ancillary revenue streams such as baggage fees, in-flight sales and code-share partnerships with other global airlines.

The roots of Alaska Air Group trace back to the foundation of its flagship carrier, Alaska Airlines, in 1932.

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Posted by Defense World Staff on Aug 7th, 2026

Amundi bought a new position in shares of Alaska Air Group, Inc. (NYSE:ALK – Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 59,956 shares of the transportation company’s stock, valued at approximately $2,205,000. Amundi owned approximately 0.05% of Alaska Air Group at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Atlas Capital Advisors Inc. purchased a new position in Alaska Air Group during the fourth quarter valued at approximately $26,000. First Command Advisory Services Inc. increased its holdings in shares of Alaska Air Group by 242.5% in the 4th quarter. First Command Advisory Services Inc. now owns 685 shares of the transportation company’s stock valued at $34,000 after acquiring an additional 485 shares during the period. SBI Securities Co. Ltd. raised its position in shares of Alaska Air Group by 30.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 910 shares of the transportation company’s stock worth $46,000 after acquiring an additional 212 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Alaska Air Group by 32.5% during the 1st quarter. Parallel Advisors LLC now owns 1,570 shares of the transportation company’s stock worth $58,000 after purchasing an additional 385 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new stake in shares of Alaska Air Group during the 3rd quarter worth $90,000. Hedge funds and other institutional investors own 81.90% of the company’s stock.

Alaska Air Group Trading Down 2.7% NYSE ALK opened at $50.66 on Friday. Alaska Air Group, Inc. has a 12-month low of $33.03 and a 12-month high of $65.88. The company has a fifty day simple moving average of $47.90 and a two-hundred day simple moving average of $45.80. The company has a current ratio of 0.55, a quick ratio of 0.51 and a debt-to-equity ratio of 1.58. The stock has a market cap of $5.64 billion, a P/E ratio of -32.26 and a beta of 1.29.

Alaska Air Group (NYSE:ALK – Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The transportation company reported ($0.92) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.99) by $0.07. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.09 billion. Alaska Air Group had a negative net margin of 1.19% and a negative return on equity of 3.11%. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.42 earnings per share. Alaska Air Group has set its Q3 2026 guidance at 0.000-1.000 EPS. On average, analysts forecast that Alaska Air Group, Inc. will post -0.73 earnings per share for the current year.

Insider Activity at Alaska Air Group In related news, EVP Andrew R. Harrison sold 5,300 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $49.67, for a total value of $263,251.00. Following the sale, the executive vice president owned 25,528 shares in the company, valued at $1,267,975.76. This represents a 17.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.00% of the stock is owned by company insiders.

Analysts Set New Price Targets Several equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Alaska Air Group from $94.00 to $92.00 and set an “overweight” rating on the stock in a research note on Friday, July 24th. Morgan Stanley reduced their price objective on shares of Alaska Air Group from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Wednesday, April 22nd. Barclays set a $65.00 target price on shares of Alaska Air Group and gave the company an “overweight” rating in a research report on Wednesday, July 22nd. Evercore set a $60.00 price target on shares of Alaska Air Group in a report on Friday, April 17th. Finally, UBS Group reaffirmed a “buy” rating and set a $62.00 price target (up from $56.00) on shares of Alaska Air Group in a research report on Tuesday, June 23rd. Eleven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $65.65.

Get Our Latest Research Report on ALK

About Alaska Air Group (Free Report)

Alaska Air Group is a publicly traded holding company headquartered in Seattle, Washington, that operates two main airlines—Alaska Airlines and Horizon Air. Through these carriers, the company offers scheduled passenger and cargo services across a network spanning the United States, Canada and Mexico. Its core business activities include domestic and international air transportation, loyalty program management under the Mileage Plan brand, and ancillary revenue streams such as baggage fees, in-flight sales and code-share partnerships with other global airlines.

The roots of Alaska Air Group trace back to the foundation of its flagship carrier, Alaska Airlines, in 1932.

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Key Takeaways Alaska Air is reshaping its revenue mix around premium travel, loyalty, long-haul flying and fleet upgrades. Premium revenue rose 15%, while managed corporate revenue climbed 30% in the second quarter. ALK expects nearly all third-quarter capacity growth to come from long-haul flights out of Seattle. Alaska Air Group (ALK - Free Report) is pushing through a costly transition aimed at improving the quality of its revenue base. The strategy centers on premium travel, loyalty growth, long-haul flying and a more modern fleet.

The plan could make the combined Alaska and Hawaiian network more durable over time. It also raises execution demands at a point when fuel, leverage and operating complexity remain real constraints.

Alaska Air Leans Into Premium DemandAlaska Air’s premium revenue increased 15% in the second quarter, while managed corporate revenue rose 30%. Those gains show demand is shifting toward customers who pay for a better travel experience and broader network access.

The company has completed 737 cabin retrofits, adding expanded first and premium class seating. The Hawaiian combination also adds lie-flat seating on select long-haul routes, giving Alaska a stronger premium offer as it competes with Delta Air Lines (DAL - Free Report) and United Airlines Holdings (UAL - Free Report) for higher-value travelers on global routes.

ALK Turns Loyalty Into a Larger Revenue EngineLoyalty is becoming a bigger part of Alaska Air’s revenue mix. Loyalty program other revenue increased 23% in the second quarter, while loyalty cash remuneration rose 19%.

Atmos Rewards gives Alaska and Hawaiian a single loyalty platform across a larger customer base. That matters because the combined network now spans more than 140 destinations, giving members more ways to earn, redeem and stay engaged across Alaska and Hawaiian routes.

Alaska Air Shifts Growth Toward Long-Haul FlyingFor the third quarter, Alaska Air expects capacity to increase 2% to 3% year over year. Nearly all of that growth is expected to come from long-haul international flights out of Seattle, while North America capacity is expected to remain essentially flat.

This mix broadens ALK’s market reach and supports its ambition to build more global relevance from Seattle. It also brings added costs, including crew training tied to the international widebody ramp and the operational complexity of scaling a larger long-haul network.

ALK Modernizes Aircraft and ConnectivityFleet modernization remains a central part of the long-term plan. Alaska has extended its Boeing delivery stream through 2035, supporting replacement of older aircraft and measured growth with newer, more fuel-efficient planes.

Product upgrades are part of the same strategy. Fleetwide Starlink Wi-Fi installation is expected to be completed by the end of 2027, turning connectivity into both a customer-experience improvement and a point of differentiation.

Alaska Air Expands Maintenance InfrastructureAlaska Air is also investing in the maintenance base needed to support a larger and more complex fleet. The company is building a new maintenance hangar at Portland International Airport with an investment of more than $135 million.

The facility is expected to be completed in the second quarter of 2028. It will add about 125,000 square feet of indoor aircraft maintenance space and 60,000 square feet for offices, workshops, and support functions, with the capacity to service up to three narrowbody aircraft or two widebody aircraft simultaneously.

ALK’s Scores Temper the Trend StoryThe bottom line is that Alaska Air’s strategic direction is clear, but the payoff is not yet clean. Premium revenue, loyalty and international expansion can improve revenue quality, while fleet and maintenance investments can support efficiency and resilience.

ALK currently carries a Zacks Rank #3 (Hold). Its Value Score of B suggests the stock has a relatively attractive value profile, especially for investors focused on entry valuation. You can see the complete list of today’s Zacks #1 Rank stocks (Strong Buy) here.

On the basis of forward price-to-sales ratio (P/S F12M), shares of ALK trade at a lower multiple compared to its industry.

Image Source: Zacks Investment Research

The Growth Score of F, Momentum Score of F and VGM Score of D temper that view. Style Scores are designed to complement the Zacks Rank, and the weaker growth and momentum grades signal that Alaska’s strategic trends have not yet translated into a convincing near-term earnings or market momentum setup. 

Alaska Air Group (ALK - Free Report) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this airline have returned -10.6% over the past month versus the Zacks S&P 500 composite's -1.5% change. The Zacks Transportation - Airline industry, to which Alaska Air belongs, has lost 13.8% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate RevisionsHere at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Alaska Air is expected to post earnings of $1.02 per share for the current quarter, representing a year-over-year change of -2.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -30.1%.

For the current fiscal year, the consensus earnings estimate of -$0.73 points to a change of -129.9% from the prior year. Over the last 30 days, this estimate has changed -4.7%.

For the next fiscal year, the consensus earnings estimate of $6.95 indicates a change of +0% from what Alaska Air is expected to report a year ago. Over the past month, the estimate has changed -0.1%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Alaska Air.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Alaska Air, the consensus sales estimate of $4.31 billion for the current quarter points to a year-over-year change of +14.4%. The $15.83 billion and $16.96 billion estimates for the current and next fiscal years indicate changes of +11.2% and +7.1%, respectively.

Last Reported Results and Surprise HistoryAlaska Air reported revenues of $4.07 billion in the last reported quarter, representing a year-over-year change of +9.7%. EPS of -$0.92 for the same period compares with $1.78 a year ago.

Compared to the Zacks Consensus Estimate of $4.09 billion, the reported revenues represent a surprise of -0.73%. The EPS surprise was +5.15%.

Over the last four quarters, Alaska Air surpassed consensus EPS estimates two times. The company topped consensus revenue estimates two times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Alaska Air is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Alaska Air. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Planes cue on the runway for takeoff as another lands at New York's LaGuardia airport in New York City, U.S., May 22, 2026. REUTERS/Shannon Stapleton/File Photo Purchase Licensing Rights, opens new tab

WASHINGTON, July 24 (Reuters) - Major U.S. airlines will need to retrofit planes by the end of 2030 to address potential wireless ​interference after a new auction of wireless spectrum, but the carriers will be ‌eligible for as much as $2.2 billion in government rebates to cover the costs, the Federal Aviation Administration said on Friday.

The FAA is requiring all altimeters to meet next-generation performance requirements to ​address interference from 5G signals in spectrum that could cause inaccurate ​readings.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

The rebates will be funded by some of the ⁠government's proceeds of the C-Band wireless auction run by the Federal Communications ​Commission. The FAA estimates the cost at $80,000 to $120,000 per airplane.

Other aircraft will ​need to be retrofitted by later 2034 and the FAA estimates the total cost of retrofitting civilian airplanes at up to $7.1 billion.

The 2030 deadline covers "flights by the major ​domestic and international airlines that affect the flying public, have the highest ​public expectation of safety, perform a significant majority of low-visibility operations that would otherwise be ‌restricted ⁠to protect from hazardous interference," the FAA said.

Foreign operators will not be eligible for rebates. The FAA requirements only apply to airplanes flying in U.S. airspace.

FCC Chair Brendan Carr said this week that the agency and ​FAA processes "will together provide ​for the ⁠upgrade radio altimeters and provide rebates to support eligible domestic aircraft operators and owners in this effort."

In 2022, ​there were brief disruptions at some U.S. airports as international ​carriers canceled ⁠some flights over concerns that 5G service could interfere with airplane altimeters, which provide data on a plane's height above ground and are crucial for bad-weather ⁠landings.

​The issue was resolved after a voluntary agreement ​was reached between Verizon, AT&T and major air carriers, but there were other headaches as air ​carriers have worked to upgrade altimeters.

Reporting by David Shepardson; Editing by David Gregorio

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Alaska Air Group, Inc. (ALK) Q2 2026 Earnings Call July 22, 2026 11:30 AM EDT

Company Participants

Ryan St. John - Vice President of Finance, Planning & Investor Relations
Benito Minicucci - President, CEO & Director and CEO of Alaska Airlines
Andrew Harrison - Chief Commercial Officer & Executive VP
Shane Tackett - CFO & President of Alaska Airlines
Emily Halverson - VP of Finance and Treasury, Controller & Principal Accounting Officer of Alaska Airlines, Inc
Andrew Harrison - Executive VP & Chief Commercial Officer of Alaska Airlines Inc

Conference Call Participants

Atul Maheswari - UBS Investment Bank, Research Division
Duane Pfennigwerth - Evercore ISI Institutional Equities, Research Division
Conor Cunningham - Melius Research LLC
Savanthi Syth - Raymond James Ltd., Research Division
Brandon Oglenski - Barclays Bank PLC, Research Division
Catherine O'Brien - Goldman Sachs Group, Inc., Research Division
Thomas Fitzgerald - TD Cowen, Research Division
Michael Goldie - BMO Capital Markets Equity Research
Scott Group - Wolfe Research, LLC
Andrew Didora - BofA Securities, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the Alaska Air Group 2026 Second Quarter Earnings Call. [Operator Instructions] Today's call is being recorded and will be accessible for future playback at alaskaair.com. [Operator Instructions]

I would now like to turn the call over to Alaska Air Group's Vice President of Finance, Planning and Investor Relations, Ryan St. John.

Ryan St. John
Vice President of Finance, Planning & Investor Relations

Thank you, operator, and good morning. Thanks for joining us today to discuss our second quarter 2026 earnings results. Yesterday, we issued our earnings release along with several accompanying slides detailing our results, which are available at investor.alaskaair.com. On today's call, you'll hear updates from Ben, Andrew and Shane. Several others of our management team are also on the line to answer your questions during the Q&A portion of the call.

Air

Key Takeaways Alaska Air's Q2 loss beat estimates as fuel expense surged 86%, adding about $600 million in costs.Unit revenue rose 8.6%, supported by higher yields, premium demand, corporate sales and loyalty growth.Alaska Air expects Q3 earnings from breakeven to $1 per share as fuel costs ease from Q2 levels. Alaska Air Group, Inc. (ALK - Free Report) reported a second-quarter 2026 adjusted loss of 92 cents per share, narrower than the Zacks Consensus Estimate of a 97-cent loss, with an average surprise of 5.2%. The company had posted adjusted earnings of $1.78 per share a year earlier.

Operating revenues increased 9.7% year over year to $4.07 billion but missed the consensus mark of $4.10 billion by 0.7%. Revenue per available seat mile rose 8.6%, while an 85% increase in economic fuel cost weighed heavily on profitability.

ALK's Unit Revenue Growth Supports the Top LinePassenger revenues increased 9% year over year to $3.64 billion. Loyalty program other revenues climbed 23% to $258 million, while cargo and other revenues advanced 17% to $163 million, reflecting strength across the company’s diversified revenue streams.

Premium revenues grew 15%, managed corporate revenues rose 30% and loyalty cash remuneration increased 19%. However, historic rainstorms in Hawai‘i disrupted spring-break travel and reduced system unit revenues by approximately 3 percentage points during the quarter.

Alaska Air Sees Yield Gains Despite Softer TrafficConsolidated traffic, measured in revenue passenger miles, declined 0.8% while capacity increased 1%. The load factor fell 1.6 percentage points to 82.3% as passenger volumes decreased 1.2% to 15.1 million.

Yield increased 9.6% to 18.21 cents, and passenger revenue per available seat mile rose 7.5% to 14.99 cents. Total revenue per available seat mile reached 16.72 cents, up from 15.39 cents a year earlier, as stronger pricing offset weaker traffic trends.

ALK Faces a Sharp Increase in Fuel ExpenseTotal operating expenses surged 24% to $4.23 billion. Aircraft fuel expense increased 86% to $1.31 billion as economic fuel cost rose to $4.43 per gallon from $2.39. The increase added approximately $600 million of fuel expense during the quarter.

Wages and benefits rose 6% to $1.24 billion, while landing fees and other rentals increased 10%. Other operating expenses climbed 22%. These increases more than offset lower special-item costs and a slight decline in third-party regional carrier expenses.

Alaska Air Keeps Core Costs Below Prior GuidanceCost per available seat mile excluding fuel, freighter costs, performance-based pay and special items increased 6.5% to 11.40 cents. This was better than the company’s prior expectation for high-single-digit growth.

Around 2.5 percentage points of the increase came from transitory factors. These included an employee recognition award tied to completing a single passenger service system, the absence of prior-year aircraft sale gains and crew training costs for the international widebody expansion.

ALK's Profitability Weakens Under Fuel PressureThe adjusted pretax loss was $176 million against adjusted pretax income of $295 million a year ago. Adjusted pretax margin fell to negative 4.3% from positive 8%. Adjusted net loss totaled $102 million versus adjusted net income of $215 million.

On a reported basis, Alaska Air recorded an operating loss of $168 million against an operating income of $277 million. GAAP net loss was $76 million, or 68 cents per share, against net income of $172 million, or $1.42 per share, in the prior-year quarter.

Alaska Air Strengthens Liquidity as Leverage RisesOperating cash flow totaled $185 million during the second quarter and $606 million for the first six months of 2026. The company ended June with $3.8 billion in available liquidity after completing $1 billion of financing during the quarter.

Cash and cash equivalents stood at $1.06 billion, while marketable securities totaled $1.60 billion. Long-term debt and finance leases increased to $5.78 billion from $4.83 billion as of 2025-end. Adjusted net debt to EBITDAR rose to 4.8 times from 2.9 times, while debt to capitalization increased to 65%.

ALK Expects a Third-Quarter Earnings InflectionFor the third quarter of 2026, Alaska Air expects adjusted earnings between breakeven and $1 per share. The Zacks Consensus Estimate is currently pegged at $1.41 per share. Capacity is projected to rise 2%-3%, with nearly all growth coming from long-haul international flights out of Seattle.

Unit revenue is forecast to increase in the low double digits, while non-fuel unit costs are expected to rise in the low to mid-single digits. The outlook assumes an economic fuel cost of $3.75 per gallon, below the second quarter’s level, as refining margins moderate.

Currently, Alaska Air carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q2 Performances of Other Transportation CompaniesDelta Air Lines (DAL - Free Report) reported second-quarter 2026 earnings (excluding 88 cents from non-recurring items) of $1.56 per share, beating the Zacks Consensus Estimate of $1.51. Earnings declined in double digits (% wise) from a year ago as sharply higher fuel costs pressured profitability.

Revenues rose on a year-over-year basis to $17.67 billion but missed the consensus estimate of $17.76 billion. Broad demand strength lifted adjusted total revenue per available seat mile, or TRASM, 12.4%, while premium and diversified revenue streams continued to expand.

United Airlines Holdings, Inc. (UAL - Free Report) ) reported second-quarter 2026 adjusted earnings of $1.99 per share, down 48.6% year over year but above the Zacks Consensus Estimate of $1.92 by 3.7%.

Operating revenues rose 16% to $17.67 billion and were essentially in line with the $17.68-billion consensus mark. A 12.1% increase in total revenue per available seat mile, or TRASM, and broad-based gains across premium, loyalty and cargo revenues supported the top line despite sharply higher fuel costs.

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported second-quarter 2026 earnings of $1.91 per share, up 45.8% from $1.31 a year ago. The figure beat the Zacks Consensus Estimate of $1.71 by 11.7%.

Operating revenues climbed 19.4% year over year to $3.50 billion and surpassed the consensus mark of $3.19 billion by 9.5%. Higher volumes and pricing across several businesses supported growth, led by a 10% increase in Intermodal loads.

Alaska Air Group (ALK - Free Report) came out with a quarterly loss of $0.92 per share versus the Zacks Consensus Estimate of a loss of $0.97. This compares to earnings of $1.78 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +5.16%. A quarter ago, it was expected that this airline would post a loss of $1.61 per share when it actually produced a loss of $1.68, delivering a surprise of -4.35%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Alaska Air, which belongs to the Zacks Transportation - Airline industry, posted revenues of $4.07 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.73%. This compares to year-ago revenues of $3.7 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Alaska Air shares have lost about 8.5% since the beginning of the year versus the S&P 500's gain of 8.7%.

What's Next for Alaska Air?While Alaska Air has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Alaska Air was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.41 on $4.31 billion in revenues for the coming quarter and -$0.06 on $15.85 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, JetBlue Airways (JBLU - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.

This airline is expected to post quarterly loss of $0.70 per share in its upcoming report, which represents a year-over-year change of -337.5%. The consensus EPS estimate for the quarter has been revised 26.4% higher over the last 30 days to the current level.

JetBlue Airways' revenues are expected to be $2.7 billion, up 14.4% from the year-ago quarter.

Hawaiian Airlines-branded Boeing 737-800s will replace the retiring Boeing 717 fleet, bringing proven, reliable aircraft with premium interiors and fast, free Starlink Wi-Fi to Neighbor Island flying. The future fleet will be based in Honolulu (HNL) and flown and crewed by Honolulu-based pilots and flight attendants. This represents the next step in the journey to bring more value to Hawai'i and the Hawai'i traveler, building on an expanded network, industry-leading loyalty program and comprehensive investments across technology, aircraft, airports, guest experience and community. , /PRNewswire/ --  Alaska Airlines, Inc. today announced the future fleet plan for Hawaiian Airlines' Neighbor Island flying – a modern fleet of Hawaiian-branded Boeing 737-800 aircraft that will replace Hawaiian's retiring Boeing 717 fleet, delivering a significantly improved guest experience and greater reliability for Hawai'i and the Hawai'i traveler.

The 737-800 aircraft will feature a modern premium onboard experience that includes:

Alaska Airlines, Inc. selects 737-800s to strengthen Hawaiian Airlines’ Neighbor Island service, enhancing the guest experience and increasing capacity

Alaska Airlines, Inc. selects 737-800s to strengthen Hawaiian Airlines’ Neighbor Island service, enhancing the guest experience and increasing capacity

Twice as many First Class seats and the addition of more than 30 Premium Class seats, creating more upgrade opportunities for Huaka'i by Hawaiian and Atmos™ Rewards members Fast, free Starlink Wi-Fi on all flights More room in cargo for surfboards Reclining leather Recaro seats throughout the aircraft 110V power outlets, USB charging and seatback device holders at every seat "Neighbor Island service is part of the fabric of life in Hawai'i, and we know how deeply our guests, employees and communities care about its future," said Diana Birkett Rakow, CEO of Hawaiian Airlines. "This decision reflects our commitment to invest in Hawai'i for the long term, to strengthen Hawaiian Airlines and to honor the local expertise, culture and care that have made Hawaiian the airline of Hawai'i for nearly a century."

The future fleet will carry the Hawaiian brand and focus on Neighbor Island service, based in Honolulu (HNL). The airline's plan is for these aircraft to be flown by Honolulu-based pilots and flight attendants once the integration is complete, sustaining the safe, reliable and frequent service Hawai'i residents depend on for work, school, family, medical care and everyday life across the Islands while delivering a more modern and premium onboard experience for all guests.

Neighbor Island flying is uniquely demanding, with short segments, frequent daily cycles and operations in a salt-air environment. The 737-800 is a durable, reliable and proven aircraft with airframes and engines that can withstand the high cycles of Neighbor Island operations, while enabling the airline to maintain capacity to meet demand with a full schedule of frequent departures from morning to evening.

"The 737-800 gives us a proven, capable platform for the next chapter of Neighbor Island flying," said Jim Landers, Head of Hawai'i Operations. "It is well suited to the operational needs of the Islands and gives our teams a clear path to transition from the 717s while continuing to deliver the reliable service our guests expect."

The goal is to begin the fleet transition in 2028 and move quickly to bring this additional capacity and enhanced experience to our guests. Additional details will be shared as planning continues.

To sustain frequency and capacity and meet the needs of Hawai'i's communities in the near-term, prior to the transition, Alaska will supplement 717 Neighbor Island flying with 737 capacity. Starting in October, one Alaska-branded 737 aircraft will fly three round trips per day between Honolulu and Kahului (OGG). This 737 will operate out of Terminal 1 at Honolulu's Daniel K. Inouye International Airport, and guests will be able to check in at Terminal 1.

The fleet decision is a key step in Alaska Accelerate, Alaska Air Group's strategic plan to deliver long-term growth by strengthening the company's dual-brand strategy, expanding the reach of Hawaiian Airlines and investing in the markets that matter most to guests. Strength in Hawai'i and continued investment in the Hawaiian Airlines brand are central to that plan.

Since combining Alaska Airlines and Hawaiian Airlines, the company has continued to invest in Hawai'i, strengthening connectivity through a broader network, launching a new, more valuable loyalty program, improving technology, planning a new Honolulu lounge and airport improvements across Hawai'i, and elevating the guest experience while deepening its commitment to local communities. The future Neighbor Island fleet builds on that journey, serving Hawai'i better together while honoring and sustaining two strong and beloved brands.

 "We fly for Hawai'i and have the privilege of serving and representing Hawai'i through the Hawaiian Airlines brand, which will be reflected across even more flights as our operational integration continues. Investment in a dedicated Hawaiian Airlines-branded 737-800 fleet is about more than aircraft. It is about protecting the connections that make life possible across the islands and ensuring Hawaiian remains strong for the future," added Birkett Rakow.

About Alaska, Hawaiian and Horizon
Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. Members of our Atmos Rewards loyalty program can earn and redeem points with oneworld airlines and our additional global partners that serve over 1,000 worldwide destinations. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

SOURCE Alaska Airlines

ALK stock is moving. Watch the price action here. Alaska Air Q2 Details      Alaska Air Group reported quarterly losses of 92 cents per share, which beat the Street estimate for losses of 99 cents, according to Benzinga Pro data.

Quarterly revenue came in at $4.07 billion, which missed the consensus estimate of $4.09 billion.

The air carrier reported fuel cost of $4.43 per gallon in the second quarter, up 85% year over year.

"Our second quarter results were defined by a fuel spike outside our control — but underneath it, this company is executing better than ever," said CEO Ben Minicucci.

"We led the industry in on-time performance for the first half of the year, completed the last major milestone of our Hawaiian integration, launched service to Europe and returned to profitability in June,” Minicucci added.   

Looking ahead, Alaska Air Group expects third-quarter EPS between zero cents and $1, versus the $1.38 analyst estimate.

ALK Stock Price Activity: According to data from Benzinga Pro, Alaska Air shares were down 2.35% to $44.39 in Tuesday’s extended trading.  

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1 in the industry in year-to-date on-time performance

Expanded international service to include transatlantic flights from Seattle to Rome, London, Reykjavík

Achieved single passenger service system for Alaska and Hawaiian and recognized employees with 75k Atmos Points for major integration milestone

Q3 RASM expected to have double digit growth year-over-year

, /PRNewswire/ -- Alaska Air Group (NYSE: ALK) today reported financial results for the second quarter ending June 30, 2026.

"Our second quarter results were defined by a fuel spike outside our control - but underneath it, this company is executing better than ever," said CEO Ben Minicucci. "We led the industry in on-time performance for the first half of the year, completed the last major technical milestone of our Hawaiian integration, launched service to Europe, and returned to profitability in June. Absent the fuel headwind, we would have delivered a solidly profitable quarter. I have never been more confident in our people, our plan, and the long-term earnings power of Alaska Air Group."

Quarter in Review:

Air Group reported second quarter Generally Accepted Accounting Principles (GAAP) pretax margin of (5.3)% and GAAP net loss of $76 million, or $0.68 per share. Air Group's second quarter adjusted pretax margin was (4.3)% and adjusted net loss was $102 million, or $0.92 per share.

Q2 2026 Results

Prior Expectation

Actual Results

Capacity (ASMs) % change versus 2025

Up ~1%

Up 1.0%

RASM % change versus 2025

Up high single digits

Up 8.6%

CASMex % change versus 2025

Up high single digits

Up 6.5%

Economic fuel cost per gallon

$4.50

$4.43

Adjusted loss per share

~($1.00)

($0.92)

Second quarter total revenue grew 10% year-over-year to $4.1 billion on capacity growth of 1%, with unit revenue up 8.6%. Yields strengthened through the quarter, with June producing double digit unit revenue growth and double digit pretax profit margins.  

Our revenue performance was impacted by historic rainstorms in Hawai'i in March which had a meaningful impact on April spring break travel and reduced system unit revenue by approximately 3 points in the quarter, modestly above the 2 points originally expected. Outside of Hawai'i, demand remained resilient across the network and our diversified revenue streams continue to outpace system growth: premium revenue increased 15%, cargo revenue increased 21%, and managed corporate revenue accelerated 30% year-over-year respectively. Loyalty performance was also robust, with loyalty cash remuneration up 19%.

Non-fuel unit costs increased 6.5% year-over-year on 1% capacity growth, better than prior guidance. The year-over-year increase reflects 2.5 points of transitory factors, including a one-time employee recognition award tied to achieving a single passenger service system, a year-over-year headwind from prior-year aircraft sale gains, and crew training costs for our international widebody ramp. Outside of these transitory items, core cost management was strong, gaining momentum moving into the second half of the year.  

Second quarter economic fuel cost was $4.43 per gallon, an increase of 85% year-over-year, resulting in $600 million of incremental fuel cost for the period. In response to the elevated and unpredictable fuel price environment, we proactively raised $1 billion in financing during the quarter, deliberately bolstering liquidity to the top end of our target range of 15% to 25% of trailing-12-month revenue. As the fuel environment stabilizes and our earnings profile improves, we expect to put excess liquidity towards paying down debt and bring liquidity back to the midpoint of our target range.

Third Quarter Forecast Information:

With a strong demand backdrop and an improving unit cost trajectory, we expect a widening spread between unit revenue and unit costs in Q3. Coupled with continued execution on our strategic initiatives, we expect a meaningful inflection in financial performance beginning in Q3.

Third quarter capacity is expected to be up approximately 2% to 3% year-over-year, with nearly all growth coming from long-haul international flying out of Seattle, while capacity within North America will be essentially flat year-over-year.

Unit revenue is expected to improve sequentially from the second to third quarter to low double-digit growth year-over-year, supported by strong yields and demand. While Hawai'i remains a 2-3 point unit revenue headwind in the third quarter, loads are recovering and new bookings are coming in at system level yields, showing demand returning to historical levels in September.

Third quarter non-fuel unit costs are expected to increase in the low to mid single digits year-over-year, a meaningful step-down from the first half of the year, as transitory cost items are behind us and productivity improvements compound. While fuel prices remain volatile, economic fuel cost is expected to come down from second quarter levels as refining margins have recently moderated. Our guidance assumes a fuel price of $3.75 per gallon in the third quarter, reflecting July fuel costs of $3.60 per gallon, and average spot prices of $3.85 for August and September.   

Q3 2026 Expectation

Capacity (ASMs) % change versus 2025

Up 2% to 3%

RASM % change versus 2025

Up low double digits

CASMex % change versus 2025

Up low to mid single digits

Economic fuel cost per gallon

$3.75

Adjusted earnings (loss) per share(a)

$0.00 to $1.00

(a) Q3 earnings per share guidance assumes non-operating expense of approximately $60 million, a tax rate of approximately 35%, and shares outstanding of approximately 113.5 million.

Operational Updates:

Led the industry in year-to-date on-time performance. Transitioned to a single passenger service system (PSS), marking a key integration milestone that consolidates reservation and customer service platforms across Alaska and Hawaiian, and delivers a more streamlined guest experience. Launched new transatlantic service from Seattle with flights to Rome, London, and Reykjavik, further expanding our international network and reinforcing our position as the fourth-largest global airline in the U.S. Took delivery of six 737-8 aircraft, two E175 aircraft, and added one E175 under CPA with SkyWest. Announced agreement to add four 737-800 freighter aircraft to Alaska's cargo fleet, effectively doubling the cargo fleet's capacity. The aircraft are expected to enter service in the first half of 2027. Completed the 737 cabin retrofits, adding expanded first and premium class seating and refreshed cabin interiors. Announced expansions in our domestic route network, including the addition of new routes from Santa Rosa, the return of service between Seattle and Long Beach, new service from Honolulu to Burbank, Spokane, and Boise, and increased service between Honolulu and Las Vegas. Commercial Updates:

Hawaiian Airlines joined the oneworld alliance, connecting Hawai'i to over 900 global destinations across more than 170 territories. Opened the newest Alaska Lounge at Portland International Airport, which is twice the size of the previous Portland lounge and underscores our continued investment in premium travel. Announced plans for a new world-class Alaska Lounge in Seattle. The new lounge is set to open in 2027 and will span across two floors, featuring showers, premium bars, à la carte dining, and chef-curated seasonal menus. Liquidity Updates:

Generated $606 million of operating cash flow during the first six months of 2026. Held $3.8 billion in available liquidity, including unrestricted cash, marketable securities, and undrawn credit facilities. Total liquidity includes $1 billion in financing completed in the second quarter, comprising $500 million of 6.5% senior unsecured notes and $500 million in term loans secured by assets associated with the Atmos™ Rewards program. Had approximately $20 billion of unencumbered assets at June 30, 2026, including 131 aircraft and the unencumbered portion of our loyalty program assets. Other Highlights:

Elected Shane Tackett as President and Chief Financial Officer of Alaska Airlines. Appointed Mike Sievert, Vice Chairman and former CEO of T-Mobile, to Air Group's board of directors. Celebrated our employees' efforts in achieving a single PSS and dedication throughout the Alaska-Hawaiian integration by awarding 75,000 Atmos Rewards points to all Alaska, Hawaiian, and Horizon employees. Opened new premium check-in experience in Seattle for business class Suites guests and Atmos Titanium members. CEO Ben Minicucci named Executive of the Year - North America at FlightGlobal's 2026 Airline Strategy Awards. Hawaiian Airlines named "Most Comfortable Airline" on WalletHub's 2026 Best Airlines list.   Alaska Airlines and Hawaiian Airlines were recognized with APEX Best Awards for Best Cabin Service and Best Wi‑Fi, respectively. Alaska Airlines recognized by the Port of Seattle's Sustainable Century Awards for Environmental Performance and Innovation and Greatest Use of Ground Power and Pre‑Conditioned Air Systems. A conference call regarding the second quarter results will be streamed online at 11:30 a.m. EDT/ 8:30 a.m. PDT on July 22, 2026. It can be accessed at www.alaskaair.com/investors. For those unable to listen to the live broadcast, a replay will be available after the conclusion of the call.

References in this update to "Air Group," "Company," "we," "us," and "our" refer to Alaska Air Group, Inc. and its subsidiaries, unless otherwise specified.

This news release may contain forward-looking statements subject to the safe harbor protection provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. These statements relate to future events and involve known and unknown risks and uncertainties that may cause actual outcomes to be materially different from those indicated by our forward-looking statements, assumptions or beliefs. For a discussion of risks and uncertainties that may cause our forward-looking statements to differ materially, see Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Some of these risks include competition, labor costs, relations and availability, general economic conditions, increases in operating costs including fuel, uncertainties regarding the ability to successfully integrate operations following the acquisition of Hawaiian Holdings, Inc. and the ability to realize anticipated cost savings, synergies, or growth from the acquisition, inability to meet cost reduction and other strategic goals, seasonal fluctuations in demand and financial results, supply chain risks, events that negatively impact aviation safety and security, cybersecurity risks, and changes in laws and regulations that impact our business. All of the forward-looking statements are qualified in their entirety by reference to the risk factors discussed in our most recent Form 10-K and in our subsequent SEC filings. We operate in a continually changing business environment, and new risk factors emerge from time to time. Management cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on our business or events described in any forward-looking statements. We expressly disclaim any obligation to publicly update or revise any forward-looking statements made today to conform them to actual results. Over time, our actual results, performance or achievements may differ from the anticipated results, performance or achievements that are expressed or implied by our forward-looking statements, assumptions or beliefs and such differences might be significant and materially adverse.

Alaska Airlines, Hawaiian Airlines and Horizon Air are subsidiaries of Alaska Air Group, and McGee Air Services is a subsidiary of Alaska Airlines. We are a global airline with hubs in Seattle, Honolulu, Portland, Anchorage, Los Angeles, San Diego and San Francisco. We deliver remarkable care as we fly our guests to more than 140 destinations throughout North America, Latin America, Asia, the Pacific and Europe. Guests can book travel at alaskaair.com and hawaiianairlines.com. Alaska and Hawaiian are members of the oneworld alliance. With oneworld and our additional global partners, guests can earn and redeem points for travel to over 1,000 worldwide destinations with Atmos Rewards. Learn more about what's happening at Alaska and Hawaiian at news.alaskaair.com. Alaska Air Group is traded on the New York Stock Exchange (NYSE) as "ALK."

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Alaska Air Group, Inc.

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except per share amounts)

2026

2025

Change

2026

2025

Change

Operating Revenue

Passenger revenue

$    3,644

$     3,355

9 %

$    6,564

$     6,163

7 %

Loyalty program other revenue

258

210

23 %

485

417

16 %

Cargo and other revenue

163

139

17 %

316

261

21 %

Total Operating Revenue

4,065

3,704

10 %

7,365

6,841

8 %

Operating Expenses

Wages and benefits

1,239

1,165

6 %

2,481

2,292

8 %

Variable incentive pay

65

61

7 %

95

123

(23) %

Aircraft fuel

1,305

700

86 %

2,101

1,381

52 %

Aircraft maintenance

256

240

7 %

472

460

3 %

Aircraft rent

64

64

— %

125

126

(1) %

Landing fees and other rentals

305

278

10 %

596

520

15 %

Contracted services

158

146

8 %

309

291

6 %

Selling expenses

115

105

10 %

214

205

4 %

Depreciation and amortization

207

199

4 %

411

393

5 %

Food and beverage service

107

97

10 %

202

182

11 %

Third-party regional carrier expense

68

69

(1) %

124

133

(7) %

Other

302

247

22 %

605

508

19 %

Special items - operating

42

56

(25) %

77

147

(48) %

Total Operating Expenses

4,233

3,427

24 %

7,812

6,761

16 %

Operating Income (Loss)

(168)

277

(161) %

(447)

80

NM

Non-operating Income (Expense)

Interest income

21

22

(5) %

40

48

(17) %

Interest expense

(86)

(66)

30 %

(162)

(132)

23 %

Interest capitalized

13

9

44 %

23

21

10 %

Other - net

6

(4)

NM

15

(12)

NM

Total Non-operating Expense

(46)

(39)

18 %

(84)

(75)

12 %

Income (Loss) Before Income Tax

(214)

238

(531)

5

Income tax expense (benefit)

(138)

66

(262)

(1)

Net Income (Loss)

$       (76)

$       172

$     (269)

$          6

Basic Earnings (Loss) Per Share

$     (0.68)

$      1.45

$     (2.39)

$      0.05

Diluted Earnings (Loss) Per Share

$     (0.68)

$      1.42

$     (2.39)

$      0.05

Weighted Average Shares Outstanding used for computation:

Basic

111.127

118.847

112.702

120.979

Diluted

111.127

120.930

112.702

123.183

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

Alaska Air Group, Inc.

(in millions, except share amounts)

June 30,
2026

December 31,
2025

ASSETS

Cash and cash equivalents

$     1,064

$       627

Restricted cash

33

28

Marketable securities

1,598

1,496

Receivables - net

681

565

Inventories and supplies - net

253

203

Prepaid expenses

261

278

Other current assets

46

69

Total Current Assets

3,936

3,266

Property and equipment - net of accumulated depreciation and amortization of $5,205 and $4,945

12,009

11,857

Operating lease assets

1,345

1,268

Goodwill

2,723

2,723

Intangible assets - net of accumulated amortization of $102 and $74

787

815

Other noncurrent assets

446

432

Total Noncurrent Assets

17,310

17,095

Total Assets

$    21,246

$    20,361

LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable

$       403

$       324

Accrued wages, vacation and payroll taxes

727

881

Air traffic liability

2,398

1,689

Other accrued liabilities

1,217

1,055

Deferred revenue

1,778

1,722

Current portion of long-term debt and finance leases

452

721

Current portion of operating lease liabilities

217

197

Total Current Liabilities

7,192

6,589

Long-term debt and finance leases, net of current portion

5,783

4,834

Operating lease liabilities, net of current portion

1,164

1,141

Deferred income taxes

739

1,004

Deferred revenue

1,752

1,711

Obligation for pension and post-retirement medical benefits

349

369

Other liabilities

597

595

Total Noncurrent Liabilities

10,384

9,654

Shareholders' Equity

Preferred stock, $0.01 par value, Authorized: 5,000,000 shares, none issued or outstanding

—

—

Common stock, $0.01 par value, Authorized: 400,000,000 shares, Issued: 2026 - 147,087,872 shares; 2025 - 145,115,659 shares, Outstanding: 2026 - 111,566,970 shares; 2025 - 115,530,889 shares

1

1

Capital in excess of par value

1,034

961

Treasury stock (common), at cost: 2026 - 35,520,902 shares; 2025 - 29,584,770 shares

(1,951)

(1,701)

Accumulated other comprehensive loss

(175)

(173)

Retained earnings

4,761

5,030

Total Shareholders' Equity

3,670

4,118

Total Liabilities and Shareholders' Equity

$    21,246

$    20,361

SUMMARY CASH FLOW (unaudited)

Alaska Air Group, Inc.

(in millions)

Six Months Ended
June 30, 2026

Three Months Ended
March 31, 2026(a)

Three Months Ended
June 30, 2026(b)

Cash Flows from Operating Activities:

Net Loss

$               (269)

$               (193)

$                (76)

Adjustments to reconcile net loss to net cash provided by operating activities

453

229

224

Changes in working capital

422

385

37

Net cash provided by operating activities

606

421

185

Cash Flows from Investing Activities:

Property and equipment additions

(523)

(338)

(185)

Other investing activities

(112)

169

(281)

Net cash used in investing activities

(635)

(169)

(466)

Cash Flows from Financing Activities:

472

(428)

900

Net increase (decrease) in cash and cash equivalents

443

(176)

619

Cash, cash equivalents, and restricted cash at beginning of period

684

684

508

Cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

$              1,127

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$              1,064

$                451

Restricted cash

33

27

Restricted cash included in Other noncurrent assets

30

30

Total cash, cash equivalents, and restricted cash at end of the period

$              1,127

$                508

(a) As reported in Form 10-Q for the first quarter of 2026.

(b) Cash flows for the three months ended June 30, 2026 can be calculated by subtracting cash flows from the three months ended March 31, 2026 from the six months ended June 30, 2026.

OPERATING STATISTICS (unaudited)

A manual recalculation of certain figures using rounded amounts may not agree directly to the actual figures presented in the table below.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

Change

2026

2025

Change

Consolidated Operating Statistics:(a)

Revenue passengers (000)

15,056

15,234

(1.2) %

28,388

28,393

— %

RPMs (000,000) "traffic"

20,011

20,179

(0.8) %

37,311

37,436

(0.3) %

ASMs (000,000) "capacity"

24,306

24,058

1.0 %

45,876

45,277

1.3 %

Load factor

82.3 %

83.9 %

(1.6) pts

81.3 %

82.7 %

(1.4) pts

Yield

18.21¢

16.62¢

9.6 %

17.59¢

16.46¢

6.9 %

PRASM

14.99¢

13.94¢

7.5 %

14.31¢

13.61¢

5.1 %

RASM

16.72¢

15.39¢

8.6 %

16.06¢

15.11¢

6.3 %

CASMex(b)

11.40¢

10.70¢

6.5 %

11.85¢

11.14¢

6.4 %

Fuel cost per gallon(c)

$4.43

$2.39

85.4 %

$3.74

$2.49

50.2 %

Fuel gallons (000,000)(c)

295

293

0.7 %

562

556

1.1 %

ASMs per gallon

82.4

82.0

0.5 %

81.6

81.5

0.1 %

Departures (000)

139.0

139.6

(0.4) %

264.5

263.5

0.4 %

Average full-time equivalent employees (FTEs)

31,726

31,299

1.4 %

31,596

30,536

3.5 %

Operating fleet(d)

422

409

13 a/c

422

409

13 a/c

(a) 

Except for FTEs, data includes activity under a capacity purchase agreement with a third-party regional carrier.

(b) 

See a reconciliation of this non-GAAP measure and Note A for a discussion of the importance of this measure to investors in the accompanying pages.

(c) 

Excludes operations under the Air Transportation Services Agreement (ATSA) with Amazon.

(d) 

Includes owned and leased aircraft as well as aircraft operated under a capacity purchase agreement with a third-party regional carrier.

GAAP TO NON-GAAP RECONCILIATIONS (unaudited)
Alaska Air Group, Inc.

We are providing reconciliations of reported non-GAAP financial measures to their most directly comparable financial measures reported on a GAAP basis. Amounts in the tables below are rounded to the nearest million. As a result, a manual recalculation of certain figures using these rounded amounts may not agree directly to the amounts presented. These reconciliations include adjustments intended to improve comparability and provide a clearer view of the Company's core operating performance.

Losses (gains) on foreign debt and other primarily reflect unrealized and realized gains or losses resulting from changes in foreign currency exchange rates on certain debt. In 2025, these expenses also included mark-to-market fuel hedge adjustments.

Special items - operating primarily relate to costs associated with the integration of Hawaiian Airlines, including employee-related costs, technology costs, and other merger-related expenses. In 2025, these expenses also included costs related to changes in Alaska flight attendants' sick leave benefits pursuant to a collective bargaining agreement ratified in the first quarter of 2025.

Pretax Income (Loss), Net Income (Loss), and Earnings (Loss) per Share, adjusted

Three Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income 
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (214)

$  (138)

$    (76)

$  (0.68)

$ 238

$     66

$    172

$   1.42

Adjusted for:

Losses (gains) on foreign debt and other

(4)

1

Special items - operating

42

56

Total adjustments

$   38

$     64

$    (26)

$  (0.24)

$   57

$     14

$     43

$   0.36

Adjusted

$         (176)

$    (74)

$  (102)

$  (0.92)

$ 295

$     80

$    215

$   1.78

GAAP pretax margin

(5.3) %

6.4 %

Adjusted pretax margin

(4.3) %

8.0 %

Six Months Ended June 30,

2026

2025

(in millions, except per share amounts)

Loss
Before
Income
Tax

Income
Tax

Net
Loss

Per
Share

Income
Before
Income
Tax

Income
Tax

Net
Income

Per
Share

GAAP

$         (531)

$  (262)

$  (269)

$  (2.39)

$    5

$     (1)

$      6

$   0.05

Adjusted for:

Losses (gains) on foreign debt and other

(7)

3

Special items - operating

77

147

Total adjustments

$   70

$     95

$    (25)

$  (0.22)

$ 150

$     36

$    114

$   0.92

Adjusted

$         (461)

$  (167)

$  (294)

$  (2.61)

$ 155

$     35

$    120

$   0.97

GAAP pretax margin

(7.2) %

0.1 %

Adjusted pretax margin

(6.3) %

2.3 %

CASMex Reconciliation

Three Months Ended June 30,

Six Months Ended June 30,

(in millions, except unit metrics)

2026

2025

2026

2025

Total operating expenses

$        4,233

$        3,427

$        7,812

$        6,761

Less the following components:

Aircraft fuel

1,305

700

2,101

1,381

Freighter costs

52

48

104

89

Performance-based pay

64

49

92

101

Special items - operating

42

56

77

147

Adjusted operating expenses

$        2,770

$        2,574

$        5,438

$        5,043

ASMs

24,306

24,058

45,876

45,277

CASMex

          11.40¢

          10.70¢

          11.85¢

          11.14¢

Adjusted Capital Expenditures Reconciliation

Six Months Ended June 30,

(in millions)

2026

2025

Aircraft, aircraft purchase deposits, and other flight equipment

$            415

$            613

Other property and equipment

108

128

Capital expenditures

523

741

Adjusted for:

Property and equipment acquired through the issuance of debt

48

69

Proceeds from sales of aircraft and other equipment

(7)

(62)

Adjusted capital expenditures

$            564

$            748

Debt-to-capitalization, including leases

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases, net of current portion

$                 5,783

$                 4,834

Operating lease liabilities, net of current portion

1,164

1,141

Adjusted debt, net of current portion

6,947

5,975

Shareholders' equity

3,670

4,118

Total Invested Capital

$               10,617

$                10,093

Debt-to-capitalization ratio, including leases

65 %

59 %

Adjusted net debt to earnings before interest, taxes, depreciation, amortization, fixed portion of operating lease expense, and special items

(in millions)

June 30, 2026

December 31, 2025

Long-term debt and finance leases

$                    6,235

$                    5,555

Operating lease liabilities

1,381

1,338

Adjusted debt

7,616

6,893

Less: Total unrestricted cash and marketable securities

2,662

2,123

Adjusted net debt

$                    4,954

$                    4,770

(in millions)

Twelve Months Ended
June 30, 2026

Twelve Months Ended
December 31, 2025

Operating Income (Loss)(a)

$                     (224)

$                      303

Adjusted for:

Special items - operating

180

250

Gains on foreign debt and other

(13)

(3)

Depreciation and amortization

813

795

Fixed portion of operating lease expense

279

279

EBITDAR

$                    1,035

$                    1,624

Adjusted net debt to EBITDAR

4.8x

2.9x

(a) 

Operating income (loss) can be reconciled using the trailing twelve month operating income as filed quarterly with the SEC.

Note A: Pursuant to Regulation G, we provide reconciliations of reported non-GAAP financial measures to the most directly comparable GAAP financial measures. We believe these non-GAAP measures provide meaningful supplemental information to investors for the following reasons:

Pretax income (loss), net income (loss), and earnings (loss) per share are presented on an adjusted basis. Adjustments are made for special charges that are unusual or nonrecurring in nature, as well as for gains and losses on foreign debt, as these adjustments enhance comparability of our core operations to prior periods and to the rest of the airline industry. CASMex is a key measure used by management and the Air Group Board of Directors to evaluate cost performance. It is also commonly used by industry analysts to compare airlines. Because U.S. carriers are generally similarly affected by changes in jet fuel prices over the long run, aircraft fuel costs are excluded to focus on more controllable, company-specific cost drivers. Costs related to freighter aircraft operations, including those incurred under the ATSA with Amazon, are excluded to enhance comparability with carriers that do not operate freighter aircraft. Performance‑Based Pay (PBP) expense is excluded as it is dependent on the Company's achievement of annually established financial and operational goals. Certain special charges are excluded as they are unusual or nonrecurring in nature. Adjusted capital expenditures includes certain amounts that are not classified as investing cash outflows within our consolidated statements of cash flows, but are viewed by management and other stakeholders as significant long-term investments in the business. Management believes these adjustments provide a more complete view of capital expenditures during the year. Liquidity and leverage measures, including debt-to-capitalization and adjusted net debt to EBITDAR, are presented to provide insight into the Company's financial position and flexibility. In 2026, we made adjustments to the calculation of these metrics to enhance comparability with our peers. The debt-to-capitalization ratio now excludes the current portion of operating and finance lease liabilities, with prior periods recast for consistency. Additionally, EBITDAR was adjusted to reflect the fixed portion of operating leases rather than total aircraft rent to better reflect performance, with prior periods recast accordingly. GLOSSARY OF TERMS

Adjusted debt - long-term debt, plus operating and finance lease liabilities

Adjusted net debt - long-term debt, plus operating and finance lease liabilities, less unrestricted cash and marketable securities

Adjusted net debt to EBITDAR - represents adjusted net debt divided by EBITDAR (trailing twelve months earnings before interest, taxes, depreciation, amortization, fixed portion of operating leases, and special items)

ASMs - available seat miles, or "capacity"; represents total seats available across the fleet multiplied by the number of miles flown

CASMex - operating costs excluding fuel, freighter costs, Performance-Based Pay (PBP), and special items per ASM, or "unit cost"

Debt-to-capitalization ratio - represents adjusted debt, net of current portion, divided by total equity plus adjusted debt, net of current portion

Diluted Earnings per Share - represents earnings per share (EPS) using fully diluted shares outstanding

Diluted Shares - represents the total number of shares that would be outstanding if all possible sources of conversion, such as stock options, were exercised

Freighter Costs - operating expenses directly attributable to the operation of B737 freighter aircraft and A330-300 freighter aircraft exclusively performing cargo missions

Load Factor - RPMs as a percentage of ASMs; represents the number of available seats that were filled with revenue passengers

PRASM - passenger revenue per ASM, or "passenger unit revenue"

RASM - operating revenue per ASMs, or "unit revenue"; operating revenue includes all passenger revenue, freight & mail, loyalty program revenue, and other ancillary revenue; represents the average total revenue for flying one seat one mile

RPMs - revenue passenger miles, or "traffic"; represents the number of seats that were filled with revenue passengers; one passenger traveling one mile is one RPM

Yield - passenger revenue per RPM; represents the average passenger revenue for flying one passenger one mile

SOURCE Alaska Air Group

PERTH, Australia, July 20, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX:ALK; TSX:ALK; OTCQX:ALKRY) (‘Alkane’ or ‘the Company’) is pleased to present its Quarterly Activities Report for the period ending 30 June 2026 (‘Q4 FY26’):

Operations

Q4 FY26 gold equivalent production of 42,491 AuEq oz @ AISC of $3,011/AuEq oz1,2.FY26 gold equivalent production of 168,337 AuEq oz @ AISC of $2,925/AuEq oz1,2.Site operating cash flow of $174 million for the quarter.FY27 production guidance of 163-177kozs gold equivalent at an AISC of $2,900-$3,200 per ounce1,2. Exploration

At the Northern Molong Porphyry Project (NMPP) drilling between the Boda and Kaiser deposits has intersected further Au-Cu mineralisation. Highlighted results include intersecting magmatic-hydrothermal breccias between Boda and Kaiser grading 23.5 m at 0.17g/t Au 0.14% Cu and 42.1 m at 0.16g/t Au 0.14% Cu. Also, a Mobile Magnetotellurics (MMT) survey flown over the NMPP has defined new target areas to be assessed.3
Finance and Corporate

Gold equivalent sales for the quarter of 47,411 ounces1 for revenue of $257 million at an average realised gold price of $5,442/oz and an average realised antimony price of $24,276/t.Cash, bullion and listed investment balance of $454 million after $18 million of corporate income tax payments during the quarter.8,500 ounces of hedges filled during the quarter.S&P Dow Jones Indices announced that they would include Alkane in the S&P/ASX 200 effective prior to the open of trading on Wednesday, 22 April 2026.Proposed maiden fully franked dividend of 2 cents per share for FY264.
Managing Director and CEO, Nic Earner, commented: "It has been another great quarter for Alkane, producing 40,949 ounces of gold and 456 tonnes of antimony (42,491 ounces of gold equivalent) over the full quarter, which places full year FY26 production at 168,337 ounces of gold equivalent, in the top half of guidance. Our site operating cashflow was $174 million for the quarter, resulting in a balance sheet with $454 million in cash, bullion and listed investments at quarter end. Reflecting this strong financial position and our confidence in the business, the Board has proposed Alkane's first ever dividend of 2 cents per share, fully franked — a significant milestone for the Company and a tangible return to the shareholders who have supported our growth. We expect to deliver consistent performance again next year, our full year FY27 guidance is 163-177kozs gold equivalent at an AISC of $2,900-$3,200 per ounce."

Q4 FY2026 OPERATING & FINANCIAL RESULTS WEBCAST

The Managing Director & CEO, Mr Nic Earner, and CFO, Mr James Carter, will host a conference call and webcast to discuss these results. Details to participate are as follows:

The accompanying presentation slides will be available on the Company’s website – HERE.

A replay of the webcast will be available on the Company’s website – HERE.

GROUP SUMMARY STATUTORY REPORTING PERIOD1,2

Gold-Antimony Production

Alkane produced 40,949 ounces of gold and 456 tonnes of antimony in Q4 FY26, resulting in a Group quarterly production of 42,491 gold equivalent ounces (Q3 FY26: 45,776 AuEq oz) at an AISC of $3,011/AuEq oz (Q3 FY26: $2,928/AuEq oz)1.

Production during the quarter was lower than Q3 FY26, driven by normal, planned, grade variation across the group.

Alkane processed 693,607 tonnes of ore in total at an average gold grade of 2.07g/t Au producing 40,949oz of gold. Tomingley processed 325,689 tonnes of ore with an average gold grade of 2.27g/t. At Costerfield, the average grade of gold was 9.32g/t, and the average grade of antimony was 1.40%, with 36,441 tonnes of ore processed. Björkdal processed 331,477 tonnes of ore with an average gold grade of 1.08g/t.

Table 1: June Quarter 2026 operational performance summary5

OperationsUnitsTomingleyCosterfieldBjörkdalTotalOre minedt392,323 42,388 266,286 700,996 Mined ore gold gradeg/t2.32 8.34 1.31 2.30 Mined ore antimony grade%0 1.37 0 1.37 Processed oret325,689 36,441 331,477 693,607 Processed ore - milled head grade goldg/t2.27 9.32 1.08 2.07 Processed ore - milled head grade antimony%0 1.40 0 1.40 Recovery gold%87.66% 95.24% 85.61% 89.50% Recovery antimony%0 91.10% 0 91.10% Gold producedoz20,896 10,117 9,935 40,949 Antimony producedt0 456 0 456 Gold equivalent produced1oz20,896 11,659 9,935 42,491       Ore stockpiles - contained goldoz14,831 7,901 15,488 38,220 Ore stockpiles - contained antimonyt0 369 0 369 Gold equivalent in circuit, finished concentrate and bullion1oz3,837 2,578 1,950 8,365            Table 2: FY26 statutory reporting period operational performance summary5

OperationsUnitsTomingleyCosterfieldBjörkdalTotalOre minedt1,307,110 143,004 931,824 2,381,938 Mined ore gold gradeg/t2.37 8.65 1.30 2.32 Mined ore antimony grade%0 1.08 0 1.08 Processed oret1,274,507 129,442 1,218,334 2,622,283 Processed ore - milled head grade goldg/t2.33 9.72 1.16 2.15 Processed ore - milled head grade antimony%0 1.09 0 1.09 Recovery gold%88.53% 93.97% 87.41% 89.97% Recovery antimony%0 86.85% 0 86.85% Gold producedoz82,973 37,134 38,243 158,350 Antimony producedt0 1,224 0 1,224 Gold equivalent produced1oz82,973 41,225 38,243 162,440       Ore stockpiles - contained goldoz14,831 7,901 15,488 38,220 Ore stockpiles - contained antimonyt0 369 0 369 Gold equivalent in circuit, finished concentrate and bullion1oz3,837 2,578 1,950 8,365            Revenue

Gold equivalent sales for the quarter of 47,411 ounces1 (Q3 FY26: 43,373 AuEq oz) for revenue of $257 million (Q3 FY26: $275 million) at an average gold price of $5,442/oz (Q3 FY26: $6,330/oz) and an average antimony price of $24,276/t (Q3 FY26: $34,394/t). The decrease in revenue was mainly due to the lower realised gold price as compared to the previous quarter. Revenue from Tomingley includes 8,500 ounces delivered into forward contracts at $2,870/oz.

Björkdal´s and Costerfield´s average realised gold price at $5,462/oz and $6,160/oz respectively, is a simple average for the quarter of revenue divided by ounces sold for the quarter. Sales revenue for the quarter at these operations include adjustments to provisionally priced concentrate sales, which are then revalued at each reporting date (by using the current market price at the end of each reporting period). Metal prices decreased during the quarter, leading to negative provisional pricing adjustments of $6 million at Björkdal and $4 million at Costerfield.

Operating Costs, Cash Operating Costs per Gold Equivalent Ounce Produced, All-In Sustaining Costs (“AISC”) per Gold Equivalent Ounce Produced and Capital Expenditures

Group AISC was $3,011/AuEq oz1 for the quarter and group cash costs were $2,346/AuEq oz for the quarter. These were higher than Q3 FY26 AISC of $2,928/AuEq oz and operating cash costs of $2,037/AuEq oz, primarily due to overall lower feed grades compared to Q3. This combined with externally influenced price increases pushed the FY26 AISC just above the top end of guidance.

Total operational sustaining, growth and exploration capital expenditure during Q4 FY26 was $52 million.

Sustaining capital was ~$21 million. This included $9 million for capital development across the sites and $4 million for mobile equipment rebuilds and purchases at Tomingley and Costerfield.

Growth capital of ~$20 million includes $8 million for the Newell Highway realignment at Tomingley (due for completion in the first half of CY 2027) and $5 million for tailings storage facility construction at Björkdal.

Exploration expenditure of ~$11 million was split between $8 million at Costerfield and $3 million at Björkdal and Tomingley. At Costerfield, exploration expenditure was primarily focused on the Brunswick South infill drilling program, with supplementary programs completed at True Blue and Kendal North. At Björkdal, spending was distributed between the Storheden drilling campaign and extension drilling targeting areas adjacent to the current mine. At Tomingley, expenditure was directed towards drill testing programs within the mining licence and along the broader regional trend.

Newell Highway works looking east.

Table 3: June Quarter 2026 financial performance summary

FinancialsUnitsTomingleyCosterfieldBjörkdalTotalGold equivalent sold1oz24,924 12,333 10,154 47,411 Average realised gold price$/oz5,131 6,160 5,462 5,442 Average realised antimony price$/t0 24,276 0 24,276 Revenue for the quarter$'000127,899 77,675 61,484 267,057 Gold provisional pricing adjustments$'0000 (1,107)(6,023)(7,130)Antimony provisional pricing adjustments$'0000 (2,429)0 (2,429)Total revenue from mining operations$'000127,899 74,138 55,461 257,498 Mining$'00027,420 13,319 18,695 59,434 Processing$'00015,427 4,717 8,098 28,242 G&A$'0003,692 4,093 4,211 11,996 Cash cost$'00046,540 22,129 31,003 99,672 Inventory movements$'000(4,085)(588)992 (3,681)Royalties$'0003,145 2,128 123 5,397 Corporate costs$'0000 0 0 4,578 Rehabilitation$'000584 330 150 1,064 Sustaining Capital$'0005,666 5,941 9,302 20,909 All-in sustaining cost$'00051,849 29,940 41,571 127,938 Exploration$'0001,230 8,396 1,261 10,888 Growth capital$'0009,680 1,750 8,976 20,407 All-in cost$'00062,760 40,087 51,809 159,233       Gold producedoz20,896 10,117 9,935 40,949 Antimony producedt0 456 0 456 Gold equivalent produced1oz20,896 11,659 9,935 42,491       Cash cost$/oz2,227 1,898 3,121 2,346 All-in sustaining cost$/oz2,481 2,568 4,184 3,011 All-in cost$/oz3,003 3,438 5,215 3,747       Mine operating cash flow$'00075,682 49,673 48,467 173,821           

Table 4: FY26 statutory reporting period financial performance summary5

FinancialsUnitsTomingleyCosterfieldBjörkdalTotalGold equivalent sold1oz84,820 42,213 37,845 164,878 Average realised gold price$/oz4,917 6,422 6,582 5,664 Average realised antimony price$/t0 32,032 0 32,032 Revenue Year to date$'000417,060 271,766 231,605 920,431 Gold provisional pricing adjustments$'0000 1,815 17,473 19,287 Antimony provisional pricing adjustments$'0000 (3,897)0 (3,897)Total revenue from mining operations$'000417,060 269,684 249,077 935,822 Mining$'00098,503 44,660 65,722 208,885 Processing$'00057,211 14,606 26,597 98,414 G&A$'00013,463 13,764 15,410 42,638 Cash cost$'000169,178 73,030 107,729 349,936 Inventory movements$'000(3,944)2,398 (461)(2,007)Royalties$'00013,571 7,376 388 21,334 Corporate costs$'0000 0 0 16,909 Rehabilitation$'0002,616 2,545 354 5,515 Sustaining Capital$'00020,153 16,153 44,167 80,473 All-in sustaining cost$'000201,574 101,501 152,176 472,161 Exploration$'0002,725 24,623 6,724 34,073 Growth capital$'00029,034 3,258 12,949 45,241 All-in cost$'000233,333 129,382 171,849 551,474       Gold producedoz82,973 37,134 38,243 158,350 Antimony producedt0 1,224 0 1,224 Gold equivalent produced1oz82,973 41,225 38,243 162,440       Cash cost$/oz2,039 1,772 2,817 2,154 All-in sustaining cost$/oz2,429 2,462 3,979 2,907 All-in cost$/oz2,812 3,138 4,494 3,395       Mine operating cash flow$'000232,496 178,642 156,330 567,468            Cash flow

Alkane closed the quarter with cash, bullion and liquid investments of $454 million – comprising $432 million in total cash, bullion ($7 million) and liquid investments ($15 million). This result was driven by Group gold sales at 47,411 gold equivalent ounces1 at a realised gold price of $5,442/oz (Q3 FY26: $6,330/oz) and a realised antimony price of $24,276/t (Q3 FY26: $34,394/t) generating $257 million in revenue. Alkane´s operations generated $174 million in mine operating cashflows with the achieved margin of $2,431/AuEq oz over AISC1.

Tax outflows were $18 million during the quarter, which is the total of monthly instalments towards future tax obligations across the business. Corporate and other cashflows were $20 million. This includes $8 million of corporate cash outflows, $2 million of Boda & regional NSW exploration, $10 million on Lupin closure costs, $3m investment in the Nagambie project and $4 million net repayment of equipment loans partly offset by $4 million received from the divestment of a non-core asset in Chile and interest income of $4.5 million. The group received $20 million of cash returned from cash backed bonds during the quarter.

OPERATIONS AND PROJECTS

Tomingley Gold Operations - NSW
Tomingley Gold Operations Pty Ltd (100%)

Tomingley Gold Operations (Tomingley) is a wholly owned operation of Alkane, located near the village of Tomingley, approximately 50km southwest of Dubbo in Central Western New South Wales. Tomingley has been operating since 2014. Mining occurs underground on four gold deposits (Wyoming One, Caloma One, Caloma Two and Roswell).

Operations Performance

The primary source of ore continues to be from Roswell. Underground Ore mined was above plan at 392,323t which is a quarterly record. Multiple ore sources and mass firings contributed.

Processing continues to perform well with milling exceeding plan primarily because of the continued use of a mobile crusher to pre-crush material prior to entering the processing circuit. Mill grade was above plan and recovery was under forecast. The main reason for the lower than forecast result is reduced leach residence time from the increased throughput combined with some downtime on individual CIL tanks periodically throughout the quarter. Pre-crushing of material to different sizes prior to entering the circuit continues and has seen an increase in milling rates to approximately 1.3mtpa, work continues in this area to optimise product sizing to optimise throughput.

Tomingley set new records for annual ounce production, mined ore tonnes from underground and mill throughput for Financial Year 2026.

A total of 20,896 ounces of gold was produced for the quarter (Q3 FY26: 21,652oz). The site cash costs for the quarter were $2,227/oz (Q3 FY26: $2,021/oz ) with an AISC of $2,481/oz (Q3 FY26: $2,444/oz).2 Gold sold for the quarter was 24,924 ounces at an average sales price of $5,131/oz, generating revenue of $128 million. Bullion stocks totalled 1,156 ounces, valued at $7 million using the closing price at quarter end. The site’s operating cash flow was $76 million for the quarter.

Work continued on the Newell Highway diversion during the quarter with continued good progression of offline works, although some time was lost because of wet weather. Work commenced on the 'northern tie-in' of the offline works and current alignment during the quarter.

Exploration

Exploration drilling at Tomingley for the quarter has focused on prospective targets both near mine and regionally. The northern extension of Caloma was tested as well as the potential southern extension to the Roswell deposit. Drilling was also commenced testing the areas between the Roswell and Wyoming One deposits.

Further from the mine exploration continued to work up regional targets in the surrounding exploration licenses, as well as drilling on the Mining Leases testing the Wyoming Three deposit and other near mine targets. The regional drilling targets being progressed include the Patons, Tomingley One and Two, Peak Hill and Glen Isla prospects.

Geological map of Tomingley showing areas of exploration during Q4 FY26.

Costerfield Gold-Antimony Operations - Victoria

Mandalay Resources Costerfield Operations Pty Ltd (100%)

Costerfield Gold-Antimony Operations (Costerfield) is a wholly owned operation of Alkane. Costerfield is located within the Costerfield mining district of Central Victoria, Australia, approximately 10 km northeast of the town of Heathcote and 50 km east of the city of Bendigo.

The property encompasses the underground infrastructure supporting the Augusta, Cuffley, Brunswick, Youle and Shepherd deposits; the Augusta Mine Site (Augusta), the Brunswick Processing Plant; the Splitters Creek Evaporation Facility; the Brunswick and Bombay Tailings Storage Facilities (TSF) and associated infrastructure.

Operations Performance   

Costerfield delivered another steady operational performance for the quarter, with both ore mining and milling rates exceeding plan. Tonnes mined were strong and mining advance tracked reasonably well, although head grades came in below plan. Challenging ground conditions slowed drilling rates and restricted access to some planned mining areas, which in turn weighed on overall plan compliance. The operation continues to work on targeted improvement programs including drill and blast optimisation, transitioning to owner operator capital development, enhanced operator training, increased focus on the mine planning function and the transition to emulsion explosives to improve recovery and reduce dilution.

Processing continued to focus on blend control to maximise throughput, recoveries and produced metal. Successful trials continued during the quarter with respect to pre-crushing ore feed to further improve throughput, crusher downtime and blend control with continuous optimisation of blending and recovery. Work continues in this area.

Work continues to achieve operational consistency across all aspects of the operation. As part of this, a Maintenance Manager has been employed during the quarter whose role is to coordinate and manage all aspects of fixed and mobile plant maintenance for site.

A total of 11,659 gold equivalent ounces1 was produced during the quarter (Q3 FY26: 11,691 AuEq oz). The site cash costs for the quarter were $1,898/AuEq oz (Q3 FY26: $1,567/AuEq oz) with an AISC of $2,568/AuEq oz (Q3 FY26: $2,521/AuEq oz).2 Gold sold for the quarter was 10,522 ounces at an average sales price of $6,160/oz and antimony sold for the quarter was 535 tonnes (384 tonnes post payability) at an average sales price of $24,276/t, generating revenue of $74 million. Finished product stocks were 2,578 ounces. The site’s operating cash flow was $50 million for the quarter.

Exploration

During the quarter, exploration activities comprised approximately 26,670m of surface and underground diamond drilling across multiple deposits and targets, focusing on resource infill, resource growth, geological model validation, and target testing. Drilling programs were completed at Cuffley, Kendal North, Alison North, Brunswick South, and True Blue, with the Alison North resource growth program commencing to investigate extensions around the historic Alison mining area6.

Drilling at Brunswick South during the quarter extended the high-grade gold trend at the deposit. Highlight intersections (downhole widths, with estimated true widths (ETW)) included 50.1g/t Au and 26.2% Sb over 2.17m (ETW 1.08m) in BD468; 109.9g/t Au and 3.1% Sb over 0.65m (ETW 0.62m) in BD433; 50.2g/t Au and 33.3% Sb over 0.86m (ETW 0.62m) in BD424; 39.8g/t Au and 0.7% Sb over 1.3m (ETW 1.15m) in BD408; 25.0g/t Au over 1.7m (ETW 1.64m) in BD513; and 21.6g/t Au and 6.7% Sb over 1.65m (ETW 0.92m) in BD49678.

Map of Costerfield showing areas of exploration during Q4 FY26.

Björkdal Gold Operations - Sweden
Björkdalsgruvan AB (100%)

Björkdal Gold Operations (Björkdal) is a wholly owned operation of Alkane. The Björkdal property, containing both the Björkdal mine and the Storheden and Norrberget deposits, is located in Västerbotten County in northern Sweden. Björkdal is located approximately 28 km northwest of the municipality of Skellefteå and approximately 750 km north of Stockholm. The Björkdal property is accessible via Swedish national road 95 or the European highway route E4 followed by all-weather paved roads.

Operations Performance

Björkdal delivered another quarter of consistent mining performance, including preparation for the upcoming summer vacation period. Mined grade was in line with planned grades, with slightly increased development tonnes in higher grade areas. Mill throughput was consistent, projects to improve recovery across varying mineralisation are continuing. Capital works on lifts to the tailings dam facilities ramped up further during the quarter.

A total of 9,935 gold ounces was produced during the quarter (Q3 FY26: 12,433 oz). The site cash costs for the quarter were $3,121/oz (Q3 FY26: $2,506/oz) with an AISC of $4,184 /oz (Q3 FY26: $3,699/oz).2 Gold sold for the quarter was 10,154 ounces at an average sales price of $5,462/oz, generating revenue of $55 million. Finished product stocks were 1,950 ounces. The site’s operating cash flow was $49 million for the quarter.

Exploration

At Björkdal during the quarter drilling progressed on the northern and eastern extensions of the Björkdal mine targeting the open continuation of the deposit. Commenced during the quarter was the skarn extension program targeting the depth continuation of the Lake Zone Skarn body discovered in 2025. Drilling also continued on Storheden targeting the southern portion of the deposit approximately 800m to the northeast of Björkdal.

Geological map of Björkdal showing areas of exploration during Q4 FY26.

Northern Molong Porphyry Project (NMPP) (gold-copper)
Alkane Resources Ltd 100%

Exploration around the Boda-Kaiser Au-Cu deposits for the quarter consisted of drilling a total of 2,555 m testing areas for new Au-Cu mineralised centres. One diamond core drill hole and one RC drill hole were completed testing the area between the Kaiser and Boda deposits. Three RC drill holes were completed to the northeast of Boda-Kaiser testing targets generated from IP and surface geochemical surveys. The diamond core drill hole intersected a magmatic root zone to an intrusive-hydrothermal breccia with two significant intercepts of 23.5m grading 0.17g/t Au 0.14% Cu and 42.1m grading 0.16g/t Au 0.14% Cu. Further drilling is planned to test along strike and up-dip of this breccia3.

District exploration included four RC drill holes for a total of 1,258m testing IP chargeability targets hosted by the Comobella Intrusive Complex at the Haddington and Glen Hollow prospects. The program confirmed the chargeability anomalism intersecting monzonites with pyrite and lesser Cu-Au mineralisation in the drilling with a best intercept of 3m grading 1.74g/t Au 0.07% Cu3.

Mobile Magnetotellurics (MMT) was flown over the project area north of the Boda-Kaiser deposits, defining six high priority targets for porphyry style systems at Driell Creek, Murga, Gollan North, and two new prospects named One Tree and Old Station. On ground validation of these targets has commenced.

Environmental baseline studies to inform the development approval of the Boda-Kaiser Au-Cu resources have continued in the quarter.

Geological map of the Northern Molong Porphyry Project showing areas of interest during Q4 FY26.

Nagambie Project
Period of Earn-In

Under the Earn-in agreement between Nagambie Resources and Alkane Resources, two LM90 drill rigs were mobilised to the Nagambie Mine site during the quarter. A total of 527m of diamond drilling was completed in June focused on Resource delineation drilling of lodes within the Au-Sb Inferred Resource.9

Lupin Reclamation Project
Lupin Mines Inc 100%

Lupin is currently in the process of final closure and reclamation. During the quarter, expenditures were incurred for earthworks and demolition, as well as costs related to procurement, engineering and project management services, site operations and water management.

Reclamation work to achieve the majority of closure obligations continues to take place in the 2026 calendar year. As at 30 June 2026, approximately $12 million in restricted cash stands as a deposit against the present value of certain reclamation cost obligations, with potential for this to be released in the future as the work is completed, providing partial funding.

La Quebrada Exploration Project
Minera Mandalay Limitada 100%

The Company divested this non-core asset by the sale of all shares in Minera Mandalay Limitada to Minera San Geronimo on 18 March 2026 for consideration of US$5 million. All consideration has now been received and there will be no further updates in relation to this matter.

CORPORATE

Cash, Bullion and Listed Investments

 UnitsQ1 2026Q2 2026Q3 2026Q4 2026Cash$M160218328432Bullion$M1414347Cash and bullion sub-total$M174232362439Listed Investments$M17141215Total cash, listed investments and bullion$M191246374454       Dividend

Following a year of record production and cashflow, the Board has proposed Alkane's maiden dividend of 2 cents per share, fully franked, in respect of FY26. While the Company does not have a prescriptive dividend policy, it is Alkane's intention to pay sustainable dividends over time, having regard to the prevailing commodity pricing environment, the Company's capital requirements and competing growth opportunities. The proposed dividend has not been declared and remains subject to completion of the audit, satisfaction of the section 254T dividend tests under the Corporations Act, and final Board confirmation.

FY27 Guidance

FY27 production guidance is 163-177kozs gold equivalent at an AISC of $2,900-$3,200 per ounce1. Group exploration expenditure is expected to be $55 to $65 million. Group growth capital is expected to be $160 to $190 million. The primary growth projects are the Newell Highway diversion at Tomingley, the development of Brunswick South at Costerfield, commencement of development to Storheden and tailings dam expansion at Björkdal and mining equipment replacements across the group.

Banking Facilities

At the end of the quarter, the Company had $17 million of equipment financing.

Following the early repayment of the $45 million project finance facility in August 2025, and to provide additional flexibility, liquidity, and broaden banking relationships, Alkane executed an $110 million Revolving Credit Facility (RCF) and $40 million Contingent Instrument Facility (CIF) under a syndicated facilities agreement with Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia, Macquarie Bank Limited and Westpac Banking Corporation. The RCF may be used for general corporate purposes. The CIF will allow cash used to back performance guarantees to be returned. Financial close to utilise the facilities occurred on the 8 May 2026. During the June quarter the group received $19 million of cash from previously cash backed bonds.

Investments

At the end of the quarter, Alkane held ~9 million shares in Sky Metals (ASX:SKY) valued at $1.9 million, 30 million shares in Medallion Metals Limited (ASX:MM8) valued at $11.7 million and ~166.7 million shares in Nagambie Resources (ASX:NAG) valued at $1.5m.

Gold Forward Sale Contracts

Tomingley holds the following forward sale contracts:

QuarterAverage Forward Price
$/ozOuncesSeptember 20262,8847,800December 20262,8967,200March 20272,8217,300June 20272,8446,650Total2,86228,950    The Björkdal operation has 43,800 ounces of put options with expiry dates over the period July 2026 to June 2027 at an average strike price of SEK 31,611/oz (~$4,720/oz).

Share Capital

Alkane closed the quarter with the following capital structure:         

 As at 30 June, 2026Fully Paid Ordinary Shares1,366,204,821Performance Rights11,751,603Total1,377,956,424   Canadian Continuous Disclosure

Alkane Resources Limited is now a "designated foreign issuer" as defined in National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers of the Canadian Securities Administrators. As a designated foreign issuer, Alkane is subject to the foreign regulatory requirements of the Australian Securities Exchange (ASX) and the Australian Securities and Investments Commission (ASIC), including the ASX Listing Rules and the Corporations Act 2001 (Cth), rather than to certain Canadian continuous disclosure requirements that would otherwise apply to it as a reporting issuer in Canada.

GROUP SUMMARY FULL YEAR1,2,6

Table 5: FY26 YTD operational performance summary

OperationsUnitsTomingleyCosterfieldBjörkdalTotalOre minedt1,307,110 153,006 1,000,864 2,460,980 Mined ore gold gradeg/t2.37 8.64 1.28 2.31 Mined ore antimony grade%0 1.05 0 1.05 Processed oret1,274,507 141,606 1,338,893 2,755,006 Processed ore - milled head grade goldg/t2.33 9.58 1.13 2.12 Processed ore - milled head grade antimony%0 1.07 0 1.07 Recovery gold%88.53% 93.86% 86.97% 89.79% Recovery antimony%0 86.63% 0 86.63% Gold producedoz82,973 40,103 40,837 163,912 Antimony producedt0 1,298 0 1,298 Gold equivalent produced1oz82,973 44,527 40,837 168,337       Ore stockpiles - contained goldoz14,831 7,901 15,488 38,220 Ore stockpiles - contained antimonyt0 369 0 369 Gold equivalent in circuit, finished concentrate and bullion1oz3,837 2,578 1,950 8,365            Table 6: FY26 YTD financial performance summary

FinancialsUnitsTomingleyCosterfieldBjörkdalTotalGold equivalent sold1oz84,820 45,19739,810169,827 Average realised gold price$/oz4,917 6,3366,5195,651 Average realised antimony price$/t0 33,357033,357 Revenue$'000417,060 286,083259,508962,651 Mining$'00098,503 48,78270,141217,427 Processing$'00057,211 16,37328,628102,212 G&A$'00013,463 15,01316,70945,185 Cash cost$'000169,178 80,168115,479364,824 Inventory movements$'000(3,944)3,133603(208)Royalties$'00013,571 7,60740821,585 Corporate costs$'0000 0016,909 Rehabilitation$'0002,616 2,7513695,735 Sustaining Capital$'00020,153 17,27346,10683,533 All-in sustaining cost$'000201,574 110,931162,964492,379 Exploration$'0002,725 26,3787,19736,300 Growth capital$'00029,034 3,25812,94945,241 All-in cost$'000233,333 140,568183,110573,920       Gold producedoz82,973 40,10340,837163,912 Antimony producedt0 1,29801,298 Gold equivalent produced1oz82,973 44,52740,837168,337       Cash cost$/oz2,039 1,8002,8282,167 All-in sustaining cost$/oz2,429 2,4913,9912,925 All-in cost$/oz2,812 3,1574,4843,409       Mine operating cash flow$'000232,496 178,748155,013566,257          This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

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

Alkane Resources (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 750km 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.

Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.

Competent Person

As an Australian Company with securities listed on the Australian Securities Exchange (ASX), Alkane is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act 2001 and the ASX. Investors should note that it is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia is in accordance with the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Alkane's ore reserve and mineral resource estimates and reporting comply with the JORC Code.

Alkane is also subject to certain Canadian disclosure requirements and standards as a result of its secondary listing on the Toronto Stock Exchange (TSX), including the requirements of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Investors should note that it is a requirement of Canadian securities law that the reporting of mineral reserves and mineral resources in Canada and the disclosure of scientific and technical information concerning a mineral project on a property material to Alkane comply with NI 43-101.

Unless otherwise advised above or in the ASX Announcements referenced, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled and approved by Mr Chris Davis who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Alkane Resources Limited. Mr Davis has 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 JORC Code and as a Qualified Person under 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 it appears.

The information in this announcement that relates to previously reported exploration results, mineral resources and ore reserves is extracted from the Company’s ASX announcements noted in the text of the announcement and available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that the form and context in which the Competent Person’s findings are presented have not been materially altered.

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", "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.

Non-IFRS Performance Measures

This announcement contains references to all-in sustaining costs which is a non-IFRS measure and does not have a standardised meaning under IFRS. Therefore, this measure may not be comparable to similar measures presented by other companies. All-in sustaining costs include total cash operating costs, sustaining mining capital, royalty expense and accretion of reclamation provision. Sustaining capital reflects the capital required to maintain a site’s current level of operations. All-in sustaining cost per ounce of gold equivalent in a period equals the all-in sustaining cost divided by the equivalent gold ounces produced in the period.

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 Gold equivalent ounces calculated by multiplying quantities of gold and antimony in period by respective average market price of commodities in period, adding the two amounts to get ‘total contained value based on market price’ and dividing that total contained value by the average market price of gold in period. I.e., AuEq = ((Au Produced x Au $/oz) + (Sb Produced pre-payability x 70% payability x Sb $/t)) / (Au $/oz). The average market prices for the June quarter were $6,349/oz Au (being the average of the daily PM price, sourced from www.lbma.org.uk) and $30,675/t Sb (being the average Shanghai Metal Market Price sourced from www.metal.com). The AUD:USD exchange rate for the June quarter was 0.7098. Average market prices for the March, December and September quarters of FY26 were A$7,015/oz Au and A$29,449/t Sb; A$6,299/oz Au and A$30,245/t Sb; and A$5,283/oz Au and A$33,508/t Sb respectively, using AUD:USD exchange rates of 0.6946, 0.6565 and 0.6544. Metallurgical recoveries for gold and antimony are well established through current and historical plant performance, and actual recoveries achieved during the period are set out in Tables 1, 2 and 5. Antimony is recovered into a gold-antimony concentrate and sold under existing offtake arrangements. It is the Company’s opinion that all of the elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.
2 AISC is a non-IFRS measure and does not have a standardised meaning under IFRS and might not be comparable to similar financial measures disclosed by other companies. Refer to "Non-IFRS Performance Measures" at the end of this announcement.
3 Refer to ALK Announcement dated 10 June 2026 titled “Boda-Kaiser Regional Exploration Update”.
4 Subject to completion of the audit, satisfaction of the section 254T dividend tests under the Corporations Act, and final Board confirmation. No assurance can be given that any dividend will be declared, or as to the final quantum or timing of any dividend that is declared.
5 As the merger with Mandalay Resources was completed on 5 August 2025, Alkane’s statutory reported production for FY2026 reflects production from Costerfield and Björkdal only from that date. Full year production and costs can be found in tables 5 and 6 at the end of this report.
6 Assay results from the True Blue program were reported in ALK announcement dated 6 July 2026 titled “Costerfield – True Blue Exploration Update”.
7 Refer to ALK announcement dated 14 July 2026 titled “Alkane Extends High Grade Gold Trend at Brunswick South”.
8 Gold equivalent values for these exploration results are calculated as AuEq (g/t) = Au (g/t) + 2.39 x Sb (%), with the factor of 2.39 based on a gold price of US$2,500/oz, an antimony price of US$19,000/t and predicted metallurgical recoveries of 91% for gold and 92% for antimony, based on current and historical performance of the Costerfield processing plant. Both gold and antimony are recovered and sold under existing arrangements, and it is the Company’s opinion that all of the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.
9 Refer to NAG announcement dated 15 November 2024 titled “Gold-Antimony JORC Resource Updated”.

Photos accompanying this announcement are available at: 

https://www.globenewswire.com/NewsRoom/AttachmentNg/26fd2410-57ce-4558-ac6e-78343932a54d

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Wall Street analysts forecast that Alaska Air Group (ALK - Free Report) will report quarterly loss of -$0.97 per share in its upcoming release, pointing to a year-over-year decline of 154.5%. It is anticipated that revenues will amount to $4.09 billion, exhibiting an increase of 10.5% compared to the year-ago quarter.

Over the last 30 days, there has been an upward revision of 76.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.

Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

With that in mind, let's delve into the average projections of some Alaska Air metrics that are commonly tracked and projected by analysts on Wall Street.

The collective assessment of analysts points to an estimated 'Total Passenger Revenue' of $3.71 billion. The estimate indicates a year-over-year change of +10.5%.

Analysts forecast 'Revenue- Loyalty program other revenue' to reach $224.08 million. The estimate indicates a change of +6.7% from the prior-year quarter.

Analysts' assessment points toward 'Revenue- Cargo and other' reaching $163.01 million. The estimate suggests a change of +17.3% year over year.

The combined assessment of analysts suggests that 'Passenger Load Factor' will likely reach 84.0%. The estimate compares to the year-ago value of 83.9%.

Based on the collective assessment of analysts, 'Total revenue per ASM (RASM)' should arrive at N/A. The estimate is in contrast to the year-ago figure of N/A.

The consensus estimate for 'Available seat miles (ASM)' stands at 24.28 billion. The estimate compares to the year-ago value of 24.06 billion.

According to the collective judgment of analysts, 'Revenue passenger miles (RPM)' should come in at 20.45 billion. The estimate compares to the year-ago value of 20.18 billion.

The consensus among analysts is that 'Fuel Expenses' will reach $1.33 billion. The estimate compares to the year-ago value of $700.00 million.

Analysts predict that the 'Passenger Yield' will reach N/A. Compared to the present estimate, the company reported N/A in the same quarter last year.

Analysts expect 'Fuel gallons' to come in at 296 millions of gallons. Compared to the present estimate, the company reported 293 millions of gallons in the same quarter last year.

The average prediction of analysts places 'Operating expenses per ASM, excluding fuel and special items' at N/A. Compared to the current estimate, the company reported N/A in the same quarter of the previous year.

It is projected by analysts that the 'ASMs per fuel gallon' will reach $82.0 gallons. The estimate is in contrast to the year-ago figure of $82.0 gallons.

View all Key Company Metrics for Alaska Air here>>>

Shares of Alaska Air have demonstrated returns of -0.8% over the past month compared to the Zacks S&P 500 composite's +0.5% change. With a Zacks Rank #3 (Hold), ALK is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

July 15, 2026 20:15 ET  | Source: Alkane Resources Limited

PERTH, Western Australia, July 15, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (‘Alkane’) will release its Q4 FY2026 Operating Financial Results on 21 July 2026. Following this, the Managing Director & CEO, Mr Nic Earner, and CFO, Mr James Carter, will host a conference call and webcast to discuss these results. Details to participate are as follows:        

The accompanying presentation slides will be available on the Company’s website – HERE.A replay of the webcast will be available on the Company’s website – HERE.Investors may submit questions for the event by sending their questions to [email protected].
This document has been authorised for release to the market by Nic Earner, Managing Director and CEO.

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

Alkane Resources (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 750km 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.

Interactive Analyst Centre™
Comprehensive financial, operational, resource and reserve information for Alkane Resources is available through the Interactive Analyst Centre™ located in the Investors section of our website at alkres.com.

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

The market expects Alaska Air Group (ALK - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 21, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis airline is expected to post quarterly loss of $0.97 per share in its upcoming report, which represents a year-over-year change of -154.5%.

Revenues are expected to be $4.09 billion, up 10.6% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 76.07% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Alaska Air?For Alaska Air, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.88%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Alaska Air will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Alaska Air would post a loss of$1.61 per share when it actually produced a loss of -$1.68, delivering a surprise of -4.35%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Alaska Air doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAmong the stocks in the Zacks Transportation - Airline industry, Controladora Vuela (VLRS - Free Report) , is soon expected to post loss of $0.97 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of -79.6%. This quarter's revenue is expected to be $849.63 million, up 22.6% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Controladora Vuela has been revised 51.4% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Controladora Vuela will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Alaska Air Group (ALK - Free Report) closed the most recent trading day at $49.42, moving -1.44% from the previous trading session. The stock's change was less than the S&P 500's daily gain of 0.42%. At the same time, the Dow added 0.29%, and the tech-heavy Nasdaq gained 0.29%.

Heading into today, shares of the airline had gained 7.46% over the past month, outpacing the Transportation sector's gain of 0.73% and the S&P 500's gain of 2.2%.

Analysts and investors alike will be keeping a close eye on the performance of Alaska Air Group in its upcoming earnings disclosure. The company's earnings report is set to go public on July 21, 2026. In that report, analysts expect Alaska Air Group to post earnings of -$0.97 per share. This would mark a year-over-year decline of 154.49%. Meanwhile, the latest consensus estimate predicts the revenue to be $4.09 billion, indicating a 10.55% increase compared to the same quarter of the previous year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$0.25 per share and a revenue of $15.85 billion, indicating changes of -110.25% and +11.32%, respectively, from the former year.

Any recent changes to analyst estimates for Alaska Air Group should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 75.05% higher. Alaska Air Group is currently a Zacks Rank #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 173, finds itself in the bottom 30% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow ALK in the coming trading sessions, be sure to utilize Zacks.com.

Alaska Air Group (ALK - Free Report) ended the recent trading session at $50.41, demonstrating a -1.33% change from the preceding day's closing price. This change lagged the S&P 500's daily gain of 0.72%. Elsewhere, the Dow gained 0.3%, while the tech-heavy Nasdaq added 1.12%.

Shares of the airline witnessed a gain of 19.31% over the previous month, beating the performance of the Transportation sector with its gain of 4.32%, and the S&P 500's loss of 0.9%.

Market participants will be closely following the financial results of Alaska Air Group in its upcoming release. It is anticipated that the company will report an EPS of -$0.97, marking a 154.49% fall compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $4.1 billion, reflecting a 10.64% rise from the equivalent quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.65 per share and a revenue of $15.84 billion, signifying shifts of -126.64% and +11.22%, respectively, from the last year.

Any recent changes to analyst estimates for Alaska Air Group should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Within the past 30 days, our consensus EPS projection has moved 36.04% higher. Right now, Alaska Air Group possesses a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. At present, this industry carries a Zacks Industry Rank of 194, placing it within the bottom 22% of over 250 industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

In the latest trading session, Alaska Air Group (ALK - Free Report) closed at $53.86, marking a +1.07% move from the previous day. This change outpaced the S&P 500's 0.05% loss on the day. Meanwhile, the Dow lost 0.09%, and the Nasdaq, a tech-heavy index, lost 0.24%.

Heading into today, shares of the airline had gained 14.38% over the past month, outpacing the Transportation sector's gain of 5.43% and the S&P 500's loss of 1.42%.

Analysts and investors alike will be keeping a close eye on the performance of Alaska Air Group in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of -$0.93, marking a 152.25% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $4.1 billion, up 10.64% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.72 per share and revenue of $15.84 billion, which would represent changes of -129.51% and +11.22%, respectively, from the prior year.

Investors should also pay attention to any latest changes in analyst estimates for Alaska Air Group. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 30.54% higher. Alaska Air Group currently has a Zacks Rank of #3 (Hold).

The Transportation - Airline industry is part of the Transportation sector. This industry, currently bearing a Zacks Industry Rank of 210, finds itself in the bottom 14% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.