1) 50:50 with Orion Resources to acquire the Cloncurry Gold project from the administrators of Tombola Gold. ($5m spend by Dec 2027) 2) Three-way joint venture AKN/Orion/Tick Hill to develop Tick Hill gold project
3) Various farm-outs of previous ventures to which I assign no value
AKNcurrently has approximately 1.1bn shares (after in-the-money options andRiverfort convertible note shares). A present market cap of about $8m.
Outstanding debt including Director’s loan and Riverfort facility debt drawdown so far is about $1.4m? I am havingtrouble working this out. So an EV of about $9.5m ?
Available financing is the $4.5m left of the Riverfort facility, presumably 50% of the Nebari $8m facility (since it is a joint facility with Orion). Although it seems like a matter of time before Orion completely takes over AKN.
I don’t know: a) how much Orion will have to pay for the Cloncurry project, b) what sort of dilution can be expected when Orion completes the reverse takeover of AKN, c) how the 3 way JV will eventually pan out
On balance though, things seem to be happening fast. There seems to be value if gold price remains elevated for the foreseeable future, which is my expectation.
@eastwest101 really appreciate your views on this one so far, but keen to hear views of more.
AKN Price at posting:
0.7¢ Sentiment: Hold Disclosure: Held
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