Having been around in ALK for many a year (and Im still not...

Having been around in ALK for many a year (and Im still not going anywhere - I have watched the SP fall down to 18c and at that stage I had my first chat with Nic), one thing sadly remains constant.

ALK is prudent, it generates cash. It out performs itself regularly. But, in the eyes of the market it throws away its cash on massive pipedreams that the market simply believes won't ever happen. While it had the DZP rare earths project before the demerger ALK effectively traded at a discount. The DZP was a noose around the neck of the SP, which is why 99% of shareholders approved the demerger. While it existed the market assumed all cash will be thrown down this rare earth hole and it'll never return a dividend.

Now, with the Boda etc porphyry projects it's the same again. The ability for ALK to create a feasible project, and fund the billions required is seen as just a step too far. Cash is being sunk into a hole and unless a huge project is derisked and funded, the cash sunk into developing it to this point can never be recovered.

However, the reason I got into ALK, and will keep holding, is that it's a profitable company, massive upsides on existing mining even without the porphyry, exploration with no dilution due to impressive cashflow, and its basically a free hit on a potential mini Cadia.

If you want divvies this isn't really the place to be. Yet. But I still dream of that day... And for ASM too.