They released a scoping study for their Boda project (large, low grade project).

https://hotcopper.com.au/threads/ann-boda-kaiser-scoping-study.8090436/?source=email

Hot Copper seems excited, I'm not particularly. They used a 7% discount rate, which tells me that the project isn't that good.

I think Boda is basically leverage on the gold or copper price increasing.

Alkane might be starting to look interesting at this price, but there has been further director selling.

It's just been Ian Gandel selling as far as I can see. It seems like previous sales were for the cap raise at ASM, but I'm a bit unsure of this selling.

I haven't looked at Boda enough (and probably don't have the skill) to know if this might be the reason for the sell of as it is rather low grade.

Alkane released a Youtube Video here. https://www.youtube.com/watch?v=pMlXVp9G4T8

Looking at the grade, I think they'll struggle to mine it at current copper/gold prices, but I really don't know as it looks like a bulk resource - it seems like there's a good chunk of both gold and copper in the potential revenue. Worth noting with that graph below is that it is logarithmic.

10.1 MEqoz, at 0.51g/t AUeq.

Essentially, massive, but low grade. If the gold price goes significantly up this will be worth a matzah. I've got no idea if it has value at this grade currently.

https://hotcopper.com.au/threads/ann-boda-resource-estimate-of-approx-10-1m-gold-eq-ounces.6768697/

Just doing some ballparking on Alkane.

Current market cap is 556 mil. (94c/share)

Tomingley mine extension was listed as a capital cost of 87m. (Let's round that up to 100m to include funding costs)

Running their figures through a DCF @10%, with an AUD gold price of $2300 and AISC of $1320 for the next two years and $1400 thereafter for 8 more years, we get a value of 334mil. I'm not sure if there are further years predicted after this - I just took it from the YouTube clip.

44m current liabilities, 33m cash and similar.

They also hold investments in Genmin currently worth 75 mil (just under 20%) and Calidus currently worth 23mil (just under 10%).

Value of Tomingley + investments = 334m - 100m + 33m - 44m + 75m + 23m = 321m. (or ~57.5c/share)

I like Alkane's management. They have a produced shareholder returns and would expect them to hit or exceed their projections.

This leaves Boda and any other projects they have. I haven't looked at these in detail. One thing I should have mentioned with Boda previously is that while many of their hits have been low grade, they have been massive intersections (500m+).

I haven't looked at Boda in detail and am not sure how to value it.

Further drilling results released near Boda. They seem low grade to me, but these drilling results expand the target area. Hot copper seems to think the area is massive.

https://hotcopper.com.au/threads/ann-high-grade-continuity-north-west-of-boda.6492743/