Ann: June 2019 Quarterly Activities and Cashflow Report, page-21

ARL & a peer.

ARL - spending $2,365,000 in total.
Wages- $574,000
Projects- $1,791,000*
*includes $400,000 for a shareholder rewarding spin off.
Cash position: $11,187,000

AUZ- spending $2,775,000 in total.
Wages- $1,175,000
Projects- $1,600,000*
*includes $350,000 for a discounted CR which looks to have damaged the share price.
Cash position: $8,809,000

ARL directors take less money, spend more on development & protect shareholder wealth.
ARL has more money in the bank.

A peer’s board costs more money, spend less on development & pulls a Capital Raise that deteriorates shareholder wealth.
That peer has less money in the bank.

Once again I am reminded as to why it was not ARL who gave away control of future potential production for free.
Comparatively speaking we can see that on a cost to productivity ( advancing company & protecting/growing shareholder wealth ), basis we truly are a cut above at least one of the companies we are compared to.


If any of our friends from the other side of the fence are upset by this they had best take it up with their board- it is merely a like for like, dollar for dollar, assessment based on the numbers presented.