Alto Metals (ASX: AME) – focus on Sandstone Gold Project

COMPANY SCOREBOARD

Pro Plus	Pro	Con Plus	Con
	a director, Terry Wheeler (Geochemist), holds 16% Current mining lease Potential corporate transaction with RXL	Require substantial cash to complete planned 50km RC drilling in CY2023 WGX takeover off table (reducing position)	Slow resources growth

ABOUT COMPANY

Alto Metals (AME) (https://altometals.com.au/) explores gold in Western Australia. The company’s flagship is the Sandstone Gold Project WA.

CAPITAL STRUCTURE


ASX Code	Share Price	Shares	Option (In)	Market Cap	Cash/Asset ($m)
AME	0.043	721523172		31025496.3960	2.8/0


Holders No	Top 20 (Cur)	Top 20 (Pre)	Director Hold	Performance Right	Note
2231	60.67%	69.61%	1.85%	24650000	last raise $5m@6.5c; pre raise $7m@9c

The company was subject to cash takeover bid at 6.5c – 7c range in 2020.

WGX purchased 18.9m shares in April 2021, but sold all in July 2023, HRN bought 60m (9.91%) for $3.1m.

FLAGSHIP ASSETS

Sandstone Gold Project WA (900km2)

Youanmi - Gold - RMS, RXL, VMC

Project Data

The company hasn’t found scalable resources, the resource upgrade has been incremental. However, majority of the resources are shallow within 150m from surface.

Below is the project’s 2023 resources:

SUMMARY

The WGX‘s 2020 takeover price (7c) was perhaps the right valuation for the company, the company won’t see that price again!

Regional neighbour HRN bought a 10% stake at 5.2c in July 2023.