ARDEA IPO (spin-out of assets), page-14

For an explorer/feasibility stage company, it doesn’t hurt to have a couple of projects for the reasons you mention (diversification etc). The market typically don’t ascribe value to multiple projects here anyway.

However when you reach the more expensive stages like development the company usually has to take a decision on which project it wants to develop and which one it wants to spin off/JV.

In our case, we know the most likely JV will be on the Ni/Co side and if there is minimal cost contribution for ARL to develop the project as indicated (via strategic partner debt financing in exchange for JV% & offtake etc) then this allows us to focus on other projects Au/Base Metals, the next Ni/Co laterite project etc. 

For me personally, long term I’d be happy with an IGO type scenario where they have a diversified set of commodities incl. Nickel, Copper etc and a large stake in their Tropicana gold project but if we end up having spinoffs along the way to keep the commodities/project separate I wouldn’t be too fussed.