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Alkane Resources Ltd ( (AU:ALK) ) just unveiled an announcement.
Alkane Resources Ltd has reported a record quarterly operational cash build, driven by a merger with Mandalay Resources Corporation, which has elevated the company into the ASX 300. The merger has resulted in a significant increase in production, with the combined operations producing 36,407 ounces of gold equivalent in the quarter. The company has also made notable progress in exploration, with high-grade gold intercepts at its Costerfield and Tomingley sites. Financially, Alkane has strengthened its position by repaying a A$45 million debt facility and managing merger-related costs, positioning itself well for future growth.
The most recent analyst rating on (AU:ALK) stock is a Hold with a A$1.00 price target. To see the full list of analyst forecasts on Alkane Resources Ltd stock, see the AU:ALK Stock Forecast page.
More about Alkane Resources Ltd
Alkane Resources Ltd is a mining company primarily engaged in the exploration and production of gold and antimony. The company operates multiple mines, including Tomingley, Costerfield, and Björkdal, and focuses on expanding its resource base and production capabilities.
Average Trading Volume: 8,288,972
Technical Sentiment Signal: Buy
Current Market Cap: A$1.43B
For a thorough assessment of ALK stock, go to TipRanks’ Stock Analysis page.