Revenue was down 22% to $72.5 million on a 37% fall in gold sales to 32,995 ounces.

The average sale price rose 24% to $2199 an ounce.

The Tomingley gold operation in New South Wales posted a profit before tax of $30.3 million, down 5%.

The operation met guidance for the year with 33,507oz of gold produced at an all-in sustaining cost of $1357/oz.

Tomingley recently became an underground operation and guidance for FY21 is 45,000-50,000oz at AISC of $1450-1600/oz.

The rise in costs is attributed to the incorporation of lower grade material into the mine plan given the higher gold price.

Last week Alkane reported Tomingley and Peak Hill resources of 1.6 million ounces of gold.

Alkane had $98.4 million of cash, bullion and listed investments at June 30, including $66.9 million in cash.

It transferred $18.5 million of cash to spin-off Australian Strategic Materials on its listing last month.

Alkane's $25.7 million in listed investments comprise a 15.5% stake in Genesis Minerals and a 12.7% stake in Calidus Resources.

It has since participated in capital raisings by both developers and could move to as much as 19.9% of Genesis.

Alkane also owns the exciting Boda gold-copper discovery in NSW. Assays from a 30,000m program are due shortly.

Alkane came third in the 2020 MNN Awards' Explorer of the Year category for Boda, while managing director Nic Earner was runner-up in the New/Emerging Leader of the Year category.

Late last month, Alkane shares hit an eight-year high of $1.36. The stock dropped 4.3% this morning to $1.10, valuing the company at $655 million.