I highly doubt that Sprott would be interested in a micro cap...

I highly doubt that Sprott would be interested in a micro cap explorer like ARD, as it's just too illiquid for institutional buyers. They seem to more focus on the big end of the explorer town, such as WAF, that they view as a takeover target by big gold producers who have not invested enough in organic growth. 

However this does not necessarily mean ARD isn't a great buy. I remember one of Rick Rule's interviews where he mentioned the real advantage of being a retail investor is the ability of trading small cap stocks. One of the favourite things he used was to sell into the 'newsletter' rallies where a certain small cap stock covered by a newsletter would rally 20% to 30% a day, and buy the stock back weeks later when the hype dies down with its price.