Alkane Resources - Kaiser a winner

Since our last update note on 20 May, Alkane has announced 1) the results of its scoping study on the Boda-Kaiser project, 2) FY24 production of 57,217oz Au at an all-in sustaining cost (AISC) guidance of A$2,150–2,350/oz, 3) an updated five-year mining plan at Tomingley and 4) regional exploration results from the Northern Molong Porphyry Project (NMPP). This note updates our valuation of the company for each of these developments, of which the most important are the results of the Boda-Kaiser scoping study.