Alice Queen (ASX: AQX) - Horn Island Gold Study, Cash and the Share Price
Alice Queen Limited (ASX: AQX) is a gold company with a market value of about A$14 million. Its study values the Horn Island Gold Project in the Torres Strait at A$706 million before tax, at a gold price of A$6,000 an ounce [R1]. We are writing now because gold in Australian dollars is back at about that level, drilling has just finished, and on 6 October 2026 the company said its founder and managing director is leaving [R8]. This piece looks at why the market values it so far below its study.
All prices in this piece are as at the close of ASX trading on 19 October 2026. Global prices for gold and the Australian dollar were updated at 2.55am Perth time on 20 October 2026.
The Alice Queen Story and the Horn Island Gold Project
Horn Island sits off the tip of Cape York in Far North Queensland (FIG. 01). The company says gold was mined there from 1894 to about 1920 and from an open pit in 1987 to 1989. The old site is now in the Queensland Government's abandoned mine lands program [R2][R1].
