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Alkane Resources (ASX: ALK)

Last close As at 02/07/2024

AUD0.49

▲ −0.02 (−3.00%)

Market capitalisation

AUD311m

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.

Our valuation of Alkane continues to be underpinned by Tomingley (A$0.60/share). Combined, we value Boda and Kaiser at A$0.40-0.50/share as an in-situ resource or A$0.45/share as a producing asset. In addition, Alkane has a number of ‘contingent assets’ dependent on future exploration success, which we estimate could add a further A$0.53/share to its valuation. Finally, valuing its assets at current metals prices takes the total to A$2.95/share.

Latest Insights

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Metals & Mining | Update

Alkane Resources — Kaiser takes on the World

Metals & Mining | Update

Alkane Resources — Boda continuing to add value

Metals & Mining | Update

Alkane Resources — The Bodas continue to grow

Metals & Mining | Update

Alkane Resources — Expanding its resources
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)

1.1

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (9.6) (12.7) (26.4)
Relative (9.9) (12.6) (33.4)
52 week high/low A$0.8/A$0.5

Financials

A period of intense exploration activity at Alkane has resulted in an updated Kaiser resource of 3.74Moz AuE to add to an updated Boda resource of 10.9Moz AuE, a doubling in the underground ore reserve at Roswell and a 36% increase in the overall reserve. These last two give the company more than enough reserves and resources to execute the Tomingley Gold Extension Project and almost enough reserves to execute the Roswell underground extension project as well. In the meantime, a scoping study at Kaiser-Boda is anticipated imminently.

Y/E Jun Revenue (A$m) EBITDA (A$m) PBT (A$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 165.0 87.5 52.1 3.63 13.4 2.1
2023A 190.5 94.9 60.6 7.00 6.9 3.0
2024E 186.2 70.5 40.0 4.68 10.4 4.1
2025E 247.4 98.7 67.5 7.72 6.3 3.0

Research

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

Metals & Mining

Update

Alkane Resources — Kaiser takes on the World
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

Flash note

Alkane Resources — A strong opening

Outlook

Metals & Mining

Alkane Resources — Coming to fruition
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