on page 2 of this ann,
"The contained metal equivalence formula is based on the following assumptions made by Argent:
Silver price: $US 30/oz ($US 0.9645/g) Gold price: $US 1,500/oz"
The assumptions on Ag and Gold price was too high and never yet been reached over the past few years.
And also check on the grade, is a bit low compared with its peers.
Anyway that is probably the reason for the share price.
IMHO
Ann: Additional Information - Presentation to Investors-ARD.AX, page-2
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