My guess is that SVL is a year or two more advanced than ARD in...

My guess is that SVL is a year or two more advanced than ARD in the Exploration department.
Plus they (SVL) have a few institutional investors such as Sprott, Regal etc. that are invested in the company.
I don't think ARD have any institutional investors at the moment. They have one pretty big player who has a fair lot of shares though.
In the latest company presentations, SVL has Mineral resource of 275 moz @ 66.8 Ag Eq g/t.
ARD's presentation has them having a mineral resource of 100 moz @120 Ag Eq g/t. Almost twice the grade of SVL.
Capex costs for SVL @ $245 million is an enormous amount of money to raise especially having a M.C. of around $82 million.
Who know's what kind of financial package Sprott might come with to advance the mine.
ARD's capex is calculated at $100 million and with a M.C. of approx $9 million wouldn't have a show in hell of raising that amount of money.
However if ARD's M.C. was closer to SVL'S current Market cap -say $ 80 million then they possible could,especially if the IRR was good.
So to do that ARD need to get good results from the drill bit and a lot of drilling.
So to answer your question, ARD is a bit cheap at the moment me thinks, but needs to tick a few boxes first. Roll on Q1 2020.
I just reckon it is easier for ARD to get to a m.c. of $100 million than SVL going to $800-900 million. Just my opinion!

A bit long winded, but that's how I see it.