Ann: Ardea appoints Andrew Penkethman as Managing Director, page-8

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Sally_Will

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05/02/20

19:01

Post #: 42765742
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Originally posted by RED328 ↑

I think the restructure is necessary, the changes are welcomed by me, my reasons are:

That Andrew is an exceptional candidate to represent Ardea and sell the company to a prospective partner, to have credibility in these negotiations he needs a board position of authority.

Ian Buchhorn will ensure a very solid stable ethic of one foot in front of the other, steady as she goes, he will not want dilution, I do not want dilution.
Financially conservative practice will continue in Ardea. IMO.

Katrina Law has been a very capable guiding hand at Ardea, but there comes a time when other skills are needed at the top, the next level for Ardea will be a paradigm shift. IMO. I think we are preparing, getting ready for this change.
Thank you Katrina

Ardea is all about KNP and Goongarrie, there is more to be done certainly, but we can confidently say that with what is already known and proven about the resources, the flow sheet and the plant requirements to get to production as outlined in our PFS and Scoping Study a shift in priorities is taking place.
The need for a partner to be involved in the DFS is clearly understood and this could still take a while, lets not beat around the bush, we are looking for $1.4 billion Aus and that is a very substantial commitment. We need to be prepared for the worst case, not the best case when it comes to financial management, I think we are doing the following.
- Conserving our very strong financial wellbeing.
- Progressing our search and recruitment of a suitable partner by putting the best foot forward.
- Progressing our studies of WINNER, Neutralizer, Power and all governmental approvals as needed sensibly without blowing the budget.
- Progressing our nickel sulfide exploration sensibly in order to compliment the offerings to our potential partner.
- Progressing our GOLD PGM exploration sensibly without blowing the budget, maintaining statutory lease requirements.
- Reallocation of resources and critically evaluating the needs moving forward in light of our financial means.

I think management are acutely aware that investors have been of the highest quality and stability, to maintain this goodwill in our changing environment management have to change and evolve, they have to be seen to do the right thing, to take action appropriately wherever needed.
I believe this is happening, IMO.

I would like to see another change at BOD level, I voted against this persons remuneration in the last AGM. Dilution is my concern.

We need partnership progress as a priority, the distractions (NSW) are gone and we are now at the business end of tying everything together.
The above comments are my best interpretation of what is going on considering all factors.
IMO
RED

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Good post RED328. Good to see some patient and optimistic holders stating opinions.
It has already been stated by some that many of us have perhaps been expecting a trading halt followed by a type of announcement we yearn for. All things considered we have perhaps expecting a bit much with the current nickel price and to convince a potential partner without a DFS is possibly an added problem but it doesn't alter the fact that ARL has huge resources of higher grade nickel which I believe they are endeavouring to improve and that doesn't include other mineral/metal credits.

Andrew Penkethman's appointment is a great move and he has certainly demonstrated his abilities since joining Ardea and I am sure we will be all over him and the rest of the Ardea team when the announcement we have awaited comes to fruition.
Good luck to all at Ardea and all ARL shareholders.

ARL Price at posting: 50.0¢ Sentiment: Buy Disclosure: Held
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