ALY - Running Commentary, page-3

Thanks Puckle.

As of just a year or so ago, ALY's assets consisted of the farmed-out Bryah Basin land to IGO (base metals) and to NST (gold) and a possible income from the sold Hermes deposit.

IGO made slow progress with its exploration (it was ok early) and NST did hardly anything, concentrating more on its 100% acquired Hermes tenement. So it was quite boring.

Then ALY acquired the Karonie gold tenements in WA which gave it some independence and the hope of a new discovery in a gold-endowed area.

Then it did the farm-in with HRR in NSW in the Lachlan fold.

So things started to look better for ALY and its shareholders. But, Karonie has not lived up to expectations yet and the main exploration at Overflow on the HRR tenement has been delayed for quite a long time pending the Native Title clearance. The activities at both K and O have therefore been of no consequence really as a result.

The excitement at Breaker Resources gold exploration site just north of Karonie that gave ALY a lift has died away, so that has taken some gloss off ALY's Karonie as well; but it's still a live possibility. News soon?

Overflow should spark up in a couple of months, and that does look a very good base metals possibility. I am quite excited about Overflow. It will happen, but the delay has taken away general market interest.

Then ALY farmed-in another area with HRR, one that has a different outlook - Summervale and West Lynn.

So, from the above info, that's these irons in the fire now:

1. Hermes income from gold mining by NST's successor, Superior Gold started march this year.
2. Hermes South (ex Wilgeena) gold drilling by Superior now with an updated resource - in the farm-in land. Superior has enlivened ALY's interests.
3. 100% gold exploration at Karonie.
4. Base metals exploration at Overflow etc via HRR.
5. Resource definition drilling at West Lynn as per your post and the various anns. Summervale to come. - both via HRR.
6. A totally re-enlivened farm-out of the Bryah Basin base metals with SFR about to get stuck into some drilling, hopefully spending at least $3.1m over the next 15 months. Exciting!!

So, it's quite a bit different from just a couple of years ago, and maybe it's about to get a lot better over the coming months.