RE:alohaar has around 10 million oz gold, alo has around 3 million oz (not including sulphide or san fran part ownership) for 13 million oz in safe countries, production of around 240k oz, for a current combined market cap of cad $250 mil. that looks pretty cheap to me.
ar guided $40-$50 million free cash flow for 2020 at $1500 gold price. with gold over $1600, ar could have $100 million cash by the end of the year.
if alo can ramp up their phase 2 leach pad in time, maybe they can break even in cash for 2020 or even add to that $100 million free cash in q4. that should be enough to start one of their low cost projects and grow production even more. looks like a bright long term future if one can look past the short term.