Ann: Resource and Reserve Statements FY23, page-36

Another point of interest for me is that the SP is moved by very few shares (low liquidity). The local and overseas institutions, Directors and management and some retail T20 investors comprise nearly 50% of SOI. I monitor the T20 list and there has been little movement over the last 6 months but the SP has fallen some 35%. The small vols can have a significant effect on SP for illiquid stocks. It takes very little to spook small retail and I feel that is what has happened to ALK. It takes time to get drill results for an explorer. Our production revenues are effectively funding our exploration activities and to me that is great. How many other explorers have to continually re-enter capital markets and raise at the wrong time and heavy discounts leading to heavy dilution. Our mob are anti-dilution (so glad the boss has a large shareholding) and therefore have wisely mixed production revenues, hedging and capital investment in a wise way. This may not suit small retail investors who want results every day. Therefore on a conservative basis of EPS and a multiple of 10, the estimated intrinsic value for me is about 80cents. Hence my increased investment in ALK.