ALK chart, page-26

Based upon the existing gold ore reserves, and subtracting the underground, TGO only has a couple of years left. Lets call it 3. So ALK should be trading on a low single digit PE multiple assuming this short minelife.

There would usually also be an equity component to large scale project funding. Or an asset sell down, offtake cash upfront, and a possible partnership.

Setting aside the non gold assets for a moment (which are still unfunded), ALK is trading on what could be considered a pretty full earnings multiple, in the absence of the go decision on minerals.