Alkane Resources Significantly Increases Storheden Mineral Resource and Provides Exploration Update

US MBA mortgage applications fell -6.4% in the week ended July 24, with the purchase mortgage sub-index down -3.6% and the refinancing mortgage sub-index down -9.9%. The average 30-year fixed rate mortgage rose +7 bp to an 11.5-month high of 6.76% from 6.69% the prior week. The outlook for strong Q2 earnings, which continue this week, is a bullish factor for stocks.

Alkane Resources (ASX: ALK, TSX: ALK, OTCQX: ALKRY) reported updated Mineral Resources for the Storheden Deposit at its Björkdal operation in northern Sweden. Indicated Resources are 1.07 Mt at 2.51 g/t Au (87 koz) and Inferred Resources 1.85 Mt at 2.11 g/t Au (125 koz). Drilling in Jan-Mar 2026 included multiple high-grade gold intercepts and said mineralisation remains open.

Alaska Airlines reported a $76 million loss in Q2 2026, attributing it to higher fuel prices. The article cites oil-price pressure from conflicts involving Iran and Russia-Ukraine, plus West Coast supply limits from California refinery outages. It also notes Washington’s Cap-and-Invest rules may raise costs for Alaska’s Seattle-area ground vehicles, despite jet fuel being exempt.

Alaska Air Group said on its quarterly earnings call that it returned to profitability in June with a double-digit pretax margin despite fuel prices nearly 70% higher than a year earlier. It reported an adjusted Q2 loss of 92 cents per share and guided Q3 adjusted earnings to breakeven to $1 per share. Shares fell about 4% midday. Revenue and unit-revenue growth accelerated, while capacity growth is 2% to 3% from intercontinental flying.

Alaska Air Group reported Q1 2024 results showing operating revenues of about $2.2 billion, up from about $2.0 billion a year earlier, and GAAP net income of roughly $80 million versus near breakeven or a loss in Q1 2023. The company said operating profitability improved and guided 2024 capacity growth in the low to mid single digits and an adjusted pre-tax margin in the high single digits.

Brent crude rose above $100 a barrel as US-Iran tensions and Houthis attacks on Saudi oil tankers raised disruption concerns. Airlines reported earnings amid higher jet-fuel costs. American Airlines posted record $16.7B revenue but cut its full-year outlook, with fuel expense up 83% and adjusted EPS guidance swinging to a loss-to-profit range. Alaska Air and Southwest also reported losses or forecast cuts due to fuel costs.