This year gold exploration and development company, Alt Resources (ASX: ARS), has become the subject of an off-market takeover unlocking Alt-imate value for it’s shareholders. In August this year Alt was subject to an offer by private Australian company Aurenne Group Holdings Pty Limited.
Alt Resources acquired the rights to the Bottle Creek Gold Mine in November 2017 for $4.5 million.
In just 24 months, Alt’s management; digitised a substantial historic database, delivered over 40,000m of RC and diamond drilling, added Resource of 571,300oz Au and 4.38Moz Ag, added Ore Reserve of 272,000oz Au and 2.1Moz Ag and reported a robust PFS demonstrating a long life, low-cost mining operation. The Company facilitated capital commitment of approximately $17 million over 24 months and within 24months received a takeover bid by a private equity group for ~$40 million at a 170% premium to pre-bid price. This year has been an interesting time for many but for Alt shareholders they have seen the Alt-imate value.