Roadmap For An Upside Explosion In The Silver Market, page-42

See resource announcement 30/5/2018
There is 26Mt at 40g/t Ag for 33Moz of silver. This is the in ground amount present currently. Then there are small amounts of Au, Pb, Zn, that are subeconomic on their own but may be recoverable depending on the processing route chosen. Adding these on gets to the 100Moz silver equivalent number.
Then there is the exploration target that is substantially larger but not well enough defined to be considered a resource. Those numbers whilst being an educated guess, are too speculative to consider as metal in the ground.
To drill out the exploration target and convert it to resource requires $ that ARD currently do not have.
IMO ARD are trading at current levels due to:
1) low silver price, at the current silver price Kempfield is uneconomic. There are those who think the silver price must go for a run soon, which I partly believe, but I have been hearing such claims continuously since 2008.
2) The R&D tax fiasco. At some point ARD are going to have to pay the tax claim money back along with penalties. They are rightly trying every avenue to avoid this but I have little confidence in these efforts. Will paying these monies bankrupt the company? Until this issue is addressed enough people think that this is a zombie company and will price it accordingly.
I am glad to see that they are getting out of Sunny Corner. Now they have to get some money for, or JV, Loch Lily and the Tasmanian assets. With the current porphyry mania in NSW (ALK, MAG, EVN), I think the West Wyalong lease is valuable worth continuing with.
For me these shares are in the bottom draw in the hope that things improve. GLTAH, we need it.