Alkane Resources - Reborn
On 30 July, Alkane achieved its goal of demerging Australian Strategic Materials (ASM) in order to become a purely gold-focused miner. Since then, it has announced FY20 results, including an updated reserve & resource statement and the results of additional drilling at Boda, which continue to be consistent (in our opinion) with its hosting a multi-million-ounce gold resource. This note updates our financial forecasts and valuation in the aftermath of the ASM demerger in particular and also the material (12.0%) strengthening of the Australian dollar vs the US dollar.Alkane Resources is a mining and exploration company with a focus on gold, copper, zirconium, hafnium, niobium and rare earth elements. Co. has two reportable segments, being gold operations and the exploration and evaluation of rare metals. Co.'s projects and operations are located in the Central West of New South Wales in eastern Australia. Primary among them are the Tomingley Gold Operations, a medium-sized gold operation near Dubbo in which Co. is engaged in the production of gold. Co. is also developing the Dubbo Zirconia Project, which will produce zirconium, hafnium, niobium and rare earths.
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