Ann: Quarterly Activities Report, page-37

I see the price following a fairly predictable path, based on market opportunities here and elsewhere.
My simplistic analysis over the last few weeks -

Tomingley
Tomingley Paste Plant - not project risk free, but looking okay
Tomingley Fine Grind Plant - not project risk free, but looking okay
Road diversion Project - all risks remain. Cost risk, execution risk, total debt risk during execution.
Will generate significant free cashflow over five years - and when the deeper resources are included, project life will extend to at least ten years.

NM
Boda - interesting project, with significant potential for large upside on the proviso of appropriate partner - yet to be seen
Boda region - possibility for great improvement in economics if higher grade resources are found closer to the surface.

I sold about 20% of my super holding at $.545 on July 18th (marginal profit), thinking that all things being equal - the price was likely to fall in the short term.
Did not sell any private holding - and should have.

Taking a ten year view - Alkane was about $0.19 - $0.22 up to 2020, at which time they spun out ASM, and went to $1.40. Their price at the time was based on people wanting to share in the ASM float dividend, and huge Boda hype (in my view). This should not be the value that their current price is compared with, although I am unsure what price should be used.
The passage of time has made clear that in 2020 Boda inflated Alkane's price for it's "possibilities", rather than it's demonstrated value. (We were early in the hype cycle - and those who invested back then should view their decision as flawed, rather than the company as having failed)

Management continue to do what they have told us they will do - and I'm not critical of them for that - but there are good goldies to invest in, that are likely to return price appreciation before Alkane does.

I am no chartist, so am unsure at what price it represents superb value. - Is it now???

So that is my Monday musing, for what it is worth (probably not that much ~smile~).