Alkane Resources Limited (ASX:ALK) is a major beneficiary of the S&P Dow Jones Indices rebalance announced today by being added to the S&P/ASX 300 Index.
This change will be effective at the open of trading on September 21, 2020.
Alkane’s market capitalisation has more than doubled since its March lows to more than $678 million.
The company recently delivered a profit after tax of $12.8 million for the financial year ended 30 June 2020 (FY2020).
The profit was largely driven by excellent production and cost performance at the Tomingley Gold Operation (TGO) in NSW where full-year guidance was met with 33,507 ounces of gold produced at an all-in sustaining cost (AISC) of A$1,357 per ounce.
Next steps at TGO
Alkane has commenced the approval process for the Roswell and San Antonio development deposits to the immediate south of TGO.
Consultations with regulators, landholders and other stakeholders, as well as on-ground assessments needed for the Environmental Impact Statement, is underway.
Purchasing of an additional underground fleet has occurred, as well as farm property to the immediate south of Tomingley.
With a major drill program ongoing at Boda throughout 2020, Alkane is confident of further consolidating Central West NSW’s reputation as a significant gold production region.