Alkane Resources' (ASX:ALK) underlying free cash flow result of AU$84 million as per its December 2025 quarterly production data was a solid beat on expectations, and a major improvement on a seasonally softer September 2025 quarter result, Euroz Hartleys said in a note on Tuesday.
Alkane reported December 2025 quarterly production of 43,663 ounces of gold equivalent, up from 14,852 ounces in the same period last year. It also reaffirmed its fiscal-year guidance of between 160,000 and 175,000 gold equivalent ounces production at an all-in sustaining cost of AU$2,600 to AU$2,900 per gold equivalent ounce.
Euroz Hartleys added that its gold price forecasts lift 6% on average over the period from 2026 to 2031.
The investment firm maintained its buy rating on Alkane Resources and raised the price target to AU$2.30 per share from AU$1.68 per share.