Summed up beautifully there by @WHISKERS and @edgescape. Good management. Lots of potential if they find what they're looking for at Boda. Tomingley provides cashflow and pays the bills. They're in my Strawman.com portfolio, but they're the second smallest position at this point. I do not hold any in RL currently. I do hold Pantoro (PNR) shares however and if you like Alkane then Pantoro might also interest you. They are producing gold in WA's north (Halls Creek), and are developing a much larger project (hopefully - re-size) in WA's south, the Norseman Gold Project, where they own 50% and are the operators. The NGP is located half way between Kalgoorlie and Esperance.
The current Mineral Resource is 4.2 million ounces of gold with an Ore Reserve of 602,000 ounces. Pantoro announced a maiden Ore Reserve on the Norseman Project in conjunction with its Phase One DFS on 12 October 2020. Many of the Mineral Resources defined to date remain open along strike and at depth, and many of the Mineral Resources have only been tested to shallow depths. In addition, there are numerous anomalies and mineralisation occurrences which are yet to be tested adequately to be placed into Mineral Resources, with a number of highly prospective targets already identified.
The project comprises a number of near-contiguous mining tenements, most of which are pre-1994 Mining Leases. The tenure includes approximately 70 lineal kilometres of the highly prospective Norseman – Wiluna greenstone belt covering approximately 800 square kilometres.
The project is serviced by first class infrastructure at the project, local shire, and national infrastructure levels with everything required to commence mining already in place. Infrastructure is generally in good condition, however the processing plant requires reconstruction.
The reason I am mentioning them is that like Alkane, they are also a small producer developing a potentially larger project that could result in a serious positive market re-rating if they find what they think is there and the grades are good. I hold PNR shares, but it's a smallish position, and it's been a rollercoaster ride, as market sentiment changes, and people keep reassessing the risk/reward trade-off. If you're going to invest in developers, my thoughts are the ones with the least risk tend to be the ones that are already producing gold elsewhere, so they're actually producers first, and developers second, and there's significant upside if things go their way. However, there are less capital raisings, as a rule, and therefore less potential dillution to existing shareholders along the way. There will obviously be a BIG CR if they get to the FID stage (financial investment decision to build), but in the meantime they can cover most if not all of their exploration and development costs from their current gold production.