Ann: $2.5m R&D refund raises Ardea cash position to $11.8m, page-18

I'm in a similar boat with another holding. They have held out on agreeing (less than favorable?) terms for an Argentina lithium mine at the bottom of the market. I for one am all for the tactic. It takes balls to do. The weak hand is to sell out and agree unfavorable terms just to get something locked away.

Fortunately due to good management, both this stock and ARL don't need to straight away and have bought some extra time. When would you rather a deal be struck, at the bottom of the market or when things are running hot, when deals are being done, sentiment is high and M&A activity is going on left, right and centre. With the EV outlook as strong as it is, IMO it's only a matter of time before this occurs. Until then, happy to put the money in he bottom drawer waiting for that time.

Green shoots appearing today across the sector btw. Long may it last!