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Alkane Resources (ASX: ALK)

Last close As at 01/11/2024

AUD0.57

▲ 0.02 (2.70%)

Market capitalisation

AUD345m

Alkane Resources has two main assets in Central West New South Wales: the Tomingley gold mine, where recent exploration has increased the mine life by at least eight years, from FY23 to FY31, and its Northern Molong Porphyry project, which is shaping up to be a tier 1 alkalic porphyry district.

In the wake of the Boda-Kaiser scoping study, we value Tomingley (plus cash) at A$0.30/share plus a further A$0.40–0.50/share for Boda-Kaiser as a resource or A$0.43/share for it as a producing asset (risked to its current stage of development). In addition, we estimate that ongoing exploration could add a further A$0.51/share to Alkane’s valuation, while performing all valuations at current metals prices raises the total to A$1.81/share.

Latest Insights

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Metals & Mining | Update

Alkane Resources — Seamlessly shifting to Roswell

Metals & Mining | Update

Alkane Resources — Kaiser a winner

Metals & Mining | Update

Alkane Resources — Kaiser takes on the World

Metals & Mining | Update

Alkane Resources — Boda continuing to add value
Alkane-Resources_resized
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director of Content, Mining

Key Management

  • Ian Chalmers

    Technical director

  • Ian Gandel

    Chairman

  • Nic Earner

    MD

Balance Sheet

Forecast net debt (A$m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 26.7 31.0 (4.2)
Relative 28.4 29.5 (20.7)
52 week high/low A$0.7/A$0.4

Financials

On 14 October, Alkane released its Q125 quarterly activities report, showing almost all of its operating parameters in line with both guidance and our expectations for the full year. The exceptions were its head grade, which exceeded the upper end of the guidance range by 6.1%, and AISC, which improved upon the lower end of the guidance range by 9.1%. Most significant however was confirmation that AISC guidance reflects a one-off cost for decline development that is accounted as sustaining capital (rather than as an operating expense) and as a result we have increased our earnings estimates for FY25 by A$21.2m, or 85.8x (8,479%).

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2023A 190.5 94.9 60.6 7.00 8.1 N/A
2024A 173.0 59.8 24.3 2.87 19.9 N/A
2025E N/A N/A N/A N/A N/A N/A
2026E N/A N/A N/A N/A N/A N/A

Research

Update

Metals & Mining

Alkane Resources — Kaiser a winner

Update

Metals & Mining

Alkane Resources — Kaiser takes on the World

Metals & Mining

Update

Alkane Resources — Seamlessly shifting to Roswell
Alkane-Resources_resized

Update

Metals & Mining

Alkane Resources — Boda continuing to add value
Alkane-Resources_resized

Update

Metals & Mining

Alkane Resources — The Bodas continue to grow
Alkane-Resources_resized

Update

Metals & Mining

Alkane Resources — Expanding its resources
Alkane-Resources_resized

Flash note

Metals & Mining

Alkane Resources — Guidance increased again
Alkane-Resources_resized

Outlook

Metals & Mining

Alkane Resources — A self-sufficient outlook
Alkane-Resources_resized

Flash note

Metals & Mining

Alkane Resources — Continuing to turn hope into reality

Flash note

Metals & Mining

Alkane Resources — Tomingley Gold Extension Project approved

Flash note

Metals & Mining

Alkane Resources — Production impresses at Tomingley
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