Ann: Calidus Corporate Presentation, page-18

https://www.edisoninvestmentresearch.com/research/report/alkane-resources67785/full

Edison have done an in-depth report on Alkane. There are several references to their investment in Calidus particularly interesting is the valuation they put on Alkane’s investment compared to resources discovered by Calidus - ‘accumulating 10% of the company at an average price of US$2.4/oz of resources (A$3.4/oz).’
AND ‘which compares to the average in-situ value of ASX-listed gold explorers of US$24/oz Au and a global average of US$16/oz Au‘

Saying, therefore, Alkane got CAI shares at a big bargain price