The company says the 336 per cent jump in profit was driven by the performance of its Tomingley Gold Operations (TGO) as well as the "highly successful" demerger of Australian Strategic Materials (ASM), which owns the Dubbo Project.

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"Excellent production and cost performance at the Tomingley Gold Operations resulted in 56,958 ounces of gold produced at an all-in-sustaining cost of $1320 per ounce," Alkane Resources informed the Australian Securities Exchange.

"The demerger and listing of Australian Strategic Materials..resulted in a profit after tax for Alkane of $22.1 million.

"ASM's market capitalisation went on to rise through $1 billion at the end of the financial year and is now in excess of $1.5 billion."

Alkane Resources launched TGO in 2014.

Its nearby exploration efforts may see the life of the gold mine extended beyond 2030.

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