I understand your concern. How many transitional companies can you say that about with today's wannabes? Even when the current management team doesn't have a solid track record of finishing projects, getting to production seems miles away. Seeing 'potential' is what matters.
In the current climate, it seems that there are many companies on the cusp who aspire to be new suppliers but are side tracked on exploration. However, I'm hopeful that a 'true' ionic clay project which this is, debunks that common misperception. Also, Travis Beinke's appointment as MD comes from mid-tier player OZ Minerals, now absorbed by BHP, does bring a broad range of skills including 'strategic' and commercial expertise.
I take a different perspective, especially as ionic clay projects (not many to speak of) is a relatively new operating model outside of China. AR3's mining process is a heap leaching technique which is quite straightforward and requires very little capital ($30 - 60 million) than a typical mining endeavour. Also, rehabilitation occurs as they go through the resource. This could resemble something more like 'gardening'.
Additionally, there is a view that value is in the 'discovery'. The updated Kazakh-uranium style of recent assays offers a compelling bonus story.
All IMO, DYOR, GLTA(patient)H
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