the past, page-29

Gidbro states:

"Of course they do. But so does reinvesting profits and increasing from 12m tpa to 24m tpa, expanding from a 1bt resource to a 2bt resource etc...

That's merely the tip of the iceberg.

we have 160bt up our sleeves, with strong operating cashflow as a result of the pilot 1bt, what do you think is going to be the next step"

All that is copied above is incorrect. ARH has a contractual "right to mine" 1bt only. There is no resource upside for ARH, only for Mineralogy. Accordingly, your valuation expectations are flawed in the first instance.

This is also why the Resourcehouse float is a dud for minority investors, as noted in the article a few posts above. Same deal - not real tenure and Mineralogy controls your destiny.