Ann: Kaiser Resource Estimate of 4.7M Gold Equivalent Ounces, page-29

agree with all that and for any institutions to take large stake in ALK will be conditional for IG to sell to a level where he can't call all the shots.

ALK is in the market to acquire another business and for that they will need to do limited CR in order to avoid going too deep into debt. Hence why ALK may be seeking institutional support who can chip in when the time comes.

Why I think ALK is in the market? NE has mentioned few times that he wants ALK to be multi-mine company in near future. Without m&a deal I just can't see how ALK can achieve that. Boda is 10 years away from being operational.
Acquiring an explorer/developer is the only option for ALK - my view anyway. And as main candidate I see MGV who has all the right ingredients that suit ALK.
I see CAI as risky investment due to its low grade and anything with higher grade there needs to be trucked ~50km to the plant so it becomes high cost in this environment.
RXL (@subi1 pick) could be another candidate but I am more convinced that ALK could be in favor of MGV or some other company that holds similar assets like MGV.