Alkane lifts cash pile on strong March gold-equivalent output

Alkane Resources Ltd ( (AU:ALK) ) has provided an announcement.

Alkane Resources reported March quarter production of 45,776 ounces of gold equivalent from its Tomingley, Costerfield and Björkdal operations, with consolidated output of 44,669 ounces of gold and 377 tonnes of antimony. The company ended the period with A$374 million in cash, bullion and listed investments, remains effectively debt free aside from A$20 million in equipment finance, and confirmed full-year production and cost guidance is unchanged while noting no operational disruption from diesel supply issues.

Group sales for the quarter reached 42,550 ounces of gold and 280 tonnes of antimony, contributing to a A$130 million increase in cash and bullion compared with December. With pro forma liquidity of A$472 million including an undrawn revolving credit facility, Alkane signalled a strong balance sheet that underpins its growth ambitions and ongoing exploration across its operating mines and its Boda-Kaiser project in Central West New South Wales.

The most recent analyst rating on (AU:ALK) stock is a Buy with a A$2.25 price target. To see the full list of analyst forecasts on Alkane Resources Ltd stock, see the AU:ALK Stock Forecast page.

More about Alkane Resources Ltd

Alkane Resources is an Australia-based gold and antimony producer operating three wholly owned mines in New South Wales, Victoria and Sweden. Its assets include the Tomingley open pit and underground gold mine, the Costerfield underground gold and antimony operation, and the Björkdal underground gold mine, supported by ongoing near-mine exploration and the large Boda-Kaiser gold-copper project.

Average Trading Volume: 6,481,419

Technical Sentiment Signal: Buy

Current Market Cap: A$2.12B

For a thorough assessment of ALK stock, go to TipRanks’ Stock Analysis page.