Capital works likely to be undertaken by the Perth-based company, working primarily in Central West NSW, includes a new 8.4 kilometre (km) section of the Newell Highway.

In its annual report released this week, the company reports of its hope that the Tomingley Gold Extension Project will be approved in mid-2022.

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The project would connect two recently-defined deposits with Alkane Resource's existing gold mine at Tomingley, operated by its wholly-owned subsidiary Tomingley Gold Operations.

Located south of the existing Tomingley mine, the San Antonio and Roswell deposits are underneath the Newell Highway.

"Alkane will construct a new 8.4km section of highway to bypass the development," the company says in the report.

"The smaller, local Kyalite Road also needs to be realigned since it currently runs through the proposed open cut."

The report reveals planning for open-cut and underground mining and the need to modify the processing plant at the Tomingley mine to allow for increased production.

"During the year, Alkane purchased seven properties, approximately 2700 hectares, for this project," the company says.

"Some of this land holds the San Antonio and Roswell deposits or is earmarked for waste rock emplacements and other supporting mine infrastructure.

"A number of properties are required for construction of the new section of Newell Highway, as well as biodiversity offsets.

"The remainder will be operated as a commercial farm."

In his "message" in the report, Alkane Resources chairman Ian Gandel thanked its employees and consultants who informed the design of the project through extensive environmental studies and community consultations.

"I also thank the community and stakeholders for their positive and willing engagement," he said.

"We are hoping for approval around the middle of 2022 and look forward to embarking on this next chapter at Tomingley."

The company expects to raise the $87 million from "operating cashflow and debt".

Meanwhile, Mr Gandel reports of "excellent progress in our quest to become Australia's next multi-mine gold producer" through its projects at Tomingley and Boda, east of Dubbo.

Alkane Resources has been drilling at Boda.

"..the encouraging results continue to fuel our optimism that there is potential for a large tier-one gold-copper project," Mr Gandel said.

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