Alkane Resources - Coming to fruition

Alkane Resources has made a number of seminal announcements since our last note. The first concerned a 244koz (or 37%) increase in the resource at Roswell, which brings the underground Roswell life extension in FY29–31 ever closer to fruition. However, by far the more important is the announcement of a maiden resource at Boda in the Northern Molong Porphyry Project of a globally significant 5.2Moz, or 10.1Moz AuE (cf a prior Edison estimate of 5.5Moz Au or 9.8Moz AuE – see Exhibit 1). This note looks at Boda in the wake of this announcement, including its potential valuation and development options.