Doray drilling operations.

Doray, Alloy up on drill success

Mt Pleasant-based gold junior Alloy Resources is up 28.6 per cent today after a find at its Horse Well joint venture with Doray Minerals.

Doray said the deposit was high grade, at around 2.6 grams per tonne.

In May, the two companies signed a farm-in agreement for the location in the north-east Yilgarn of Western Australia, giving Doray the ability to earn up to 80 per cent of joint venture’s proceeds.

To successfully reach this threshold, Doray must spend $4 million over three years.

Doray managaing director Allan Kelly said the results confirmed the company's belief the project could contain economic gold mineralisation.

Shares in Alloy were at 0.9 cents each at the time of writing, while Doray was up 7.3 per cent to 29.5 cents per share.

Doray was hit by a $50 million impairment in August, due to the falling gold price, and the company’s share price has fallen more than 50 per cent in the ensuing three months.

It operates the Andy Well gold mine, near Meekatharra, and recently produced its 100,000th ounce of gold, but faces increasing costs as the mine ages.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
2ndKopore Metals370267%20%
34thResource Mining Corporation425%84%
223rdOtto Energy49%2%
505thGTI Resources-8%-13%
650thAlloy Resources-33%-9%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

$13k Bought
$13k Bought
$13k Bought
Total value as at the date of the transaction
Source: Morningstar


283rd↓Otto Energy$36k
284th↓Kopore Metals$36k
285th↑Alloy Resources$35k
286th↓GTI Resources$35k
287th↑Resource Mining Corporation$32k
499 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Alloy Resources

892ndAndy Viner$131k
1576thKevin Hart$17k
Ranked by total remuneration from all listed WA companies

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