Liquid assets in the form of Alkane's holdings in Calidus and Genesis contributed a further A$0.06/share. Where before these had been the only two tangible contributors to Alkane's valuation, they had, at that time, been joined by Boda, which we estimated was worth an immediate US$125.5m (or US$0.21/share or A$0.31/share) to Alkane either as an in-situ resource or as a development project, albeit with the proviso that the project-based valuation would increase inexorably, both as a result of continued resource increases and upgrades and as a result of Alkane's de-risking the project by achieving future development milestones. As such, we calculated that Alkane's share price was more than 100% covered by the value of tangible assets (cf 56% previously), with up to A$0.59/share in additional upside available in the form of further exploration success in the Northern Molong Porphyry Project as well as the ever-increasing probability of the Roswell underground extension project being sanctioned.