Ann: Expansion of Mineralisation at Kempfield NW Zone, page-5

These results are average at best.

Problem with these drill campaigns is they don’t drill deep enough holes, they focus on these shallow intercepts which they already have an idea of more of less they will hit something to keep the news flow happening without blowing the budget.

Rock chip sampling is also another area which doesn’t materially move the share price but keeps the announcement flow coming for any impending capital raise for directors to rinse and repeat so they can extract another years salary.

Near term I doubt much will happen to move the share price unless we get some deep diamond drilling done north of 500 meters deep.

One way or another ARD will be raising $3 - $5 million via cap raise in the next 6 months so the next raise will have serve dilution for all holders due to where the share price sits right now allowing ARD directors another year, more rock chip sampling and cheap shallow RC holes.

ARD should look for a solid JV partner for this project with willingness to spend $10 - $20 million on deep diamond holes as the best way to increase the project value. These shallow RC holes aren’t doing much to add value as they’re so shallow and there’s clearly more resource to be found at depth.