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Alkane Resources (ASX: ALK)

Currency in AUD

Last close As at 01/12/2023

AUD0.67

▲ −0.02 (−2.90%)

Market capitalisation

AUD413m

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). Liquid assets contribute a further A$0.03/share with Boda and Kaiser estimated at a combined A$0.29 per share. We also value a potential A$0.52 per share additional upside in the event of further exploration success at the Boda Two and Three deposits (within the Northern Molong Porphyry Project).

Latest Insights

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Metals & Mining | Update

Alkane Resources — The Bodas continue to grow

Metals & Mining | Update

Alkane Resources — Expanding its resources

Metals & Mining | Flash note

Alkane Resources — Guidance increased again

Metals & Mining | Outlook

Alkane Resources — A self-sufficient outlook
Alkane-Resources_resized
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Equity Analyst

Lord Ashbourne

Lord Ashbourne

Director, Energy & Resources

Key Management

  • Ian Chalmers

    Technical director

  • Ian Gandel

    Chairman

  • Nic Earner

    MD

Balance Sheet

Forecast net cash (A$m)

97.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 16.1 3.8 10.5
Relative 12.4 6.2 13.5
52 week high/low A$0.9/A$0.5

Financials

Alkane confirmed FY23 production figures at Tomingley of 70,253oz (cf guidance of 65,000–73,000oz) at an all-in sustaining cost of A$1,602 per oz (cf guidance of A$1,550-1,700/oz). Tomingley’s mine life has been increased from CY23 to at least CY31 and subsequent exploration has delineated a maiden inferred resource at Boda of 10.1Moz gold equivalent (AuE) and one of 4.7Moz AuE at Kaiser. This exploration is expected to produce an updated resource at Boda in Q4 CY23, including a maiden resource at Boda Two and Three. Alkane is also aiming to produce a conceptual mine plan at Boda later this year.

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 18.5 N/A
2023A 190.5 94.9 60.6 7.00 9.6 N/A
2024E 172.4 72.4 63.0 7.24 9.3 N/A
2025E 229.3 89.6 80.6 9.27 7.2 N/A

Research

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

Metals & Mining

Update

Alkane Resources — The Bodas continue to grow

Alkane-Resources_resized
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

Update

Metals & Mining

Alkane Resources — Boda resource estimate within five months

Update

Metals & Mining

Alkane Resources — Boda and Tomingley continue to deliver
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