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Equity Bottom-Up

<p>Since our last note on the company, Alkane Resources has announced its interim results, its Q325 quarterly activities report and, on 28 April, a merger of equals with Canada’s Mandalay Resources Corporation. The first two of these three have led us to increase our FY25 EPS estimate by over 40%, to 7.25c. The third has caused us to entirely re-evaluate the company as a merged entity from 30 June 2025.</p>

Since our last note on the company, Alkane Resources has announced its interim results, its Q325 quarterly activities report and, on 28 April, a merger of equals with Canada’s Mandalay Resources Corporation. The first two of these three have led us to increase our FY25 EPS estimate by over 40%, to 7.25c. The third has caused us to entirely re-evaluate the company as a merged entity from 30 June 2025.

Alkane Resources — On the road to Mandalay