Alkane Resources is applauding its "great team" at Tomingley Gold Operations (TGO) after announcing a net profit after tax of $12.2 million for the six months ending December 2018.
The profit comes "off the back of continued good performance" by TGO in a "strong price environment for Australian gold", the Australian Security Exchange reports.
In the six-month period almost 30,500 ounces of gold was sold at an average price of $1717 an ounce.
Alkane Resources reports of having $80.5 million in cash, bullion and listed investments.
Managing director Nic Earner said its strong balance sheet "positions us well to execute our growth plans into 2019",
"With our development underground, our encouraging exploration, our development-ready Dubbo Project and our strategic investments we look forward to the rest of this year," he said.
TGO is transitioning from open-pit to underground mining.
The first ore from the underground operation is expected to be brought to the surface in the second half of this calendar year.