AUZ - Don't do RE.
NTU - 4.8B SOI, $179M, project years ahead of AR3.
HAS - 1.7B SOI, $331M, project years ahead of AR3.
AR3 - 110M SOI, $109M. The next 3 years below.
Nature of the work to be undertakenExploration work will initially focus on gathering existing data and/or drill core samples for analysis and determination of the existence of the method of mineralisation proposed, along with further review of the literature describing the occurrences of this type of mineralisation and its economic exploitation. This phase will be followed by targeted drilling and collection of samples for additional analysis and testing to determine whether economic concentrations of the mineralisation can be identified. Finally, drilling and sampling sufficient to establish an initial mineral resource estimate of this type of mineralisation will be completed.
Schedule for the exploration programYear 1 – Collection of existing data and/or drill core available to verify the method of mineralisation proposed within the application area. Review of the literature describing the occurrences of this type of mineralisation and its economic exploitation.
Year 2 – Drilling and sampling to provide samples for analysis to determine whether economic concentrations of the mineralisation can be identified.
Year 3 - Drilling and sampling to provide samples for analysis at a density sufficient to establish a mineral resource estimate for this type of mineralisation
https://ar3.com.au/wp-content/uploads/2021/08/EL007719_Work-Program-Details.pdfAR3 has good potential but it's pretty obvious that the company is in an early stage of work and a very significant factor for the current and recent SP (and maybe the time ahead) is that it has a very low SOI compared to its' RE peers.
(20min delay)