ARL chart, page-1099

@AverageJoe
With regards your comment on capital raising, shares on issue and potential growth over CLQ. YES

Ardea is actually a Class 1 Nickel resource, The C1 operating cash cost is US $4.63 per pound/ nickel

Ardea also has cobalt in the resource, this is a very important by product and is targeted for recovery.
When you take the

C1 operating cash cost including the cobalt credit, our nickel production cost comes down to US $0.34c per pound. That's a remarkable result.​

That is only part of the story. We also have in the same ore body scandium and some magnesium.
Reality is that when we include the scandium and magnesium credits into our C1 OPEX costs you will end up with positive C1 OPEX costs, or an over recovery $. It does not get better than that imo.
Management are still working on this detail, so no figures are available yet.

You might wish to reference CLQ and AUZ to see which metals are currently included in their C1 opex costs, and what their projected costs are.

Regarding ARL behaving like a cobalt company, mate if you cast your attention further afield you will notice that we behave like all battery materials, Class 1 nickel, cobalt and lithium, its all been smashed.
This will turn, and when it does all ships will rise with the tide, some more than others.
I hope this helps.
RED

IMO, The market has this wrong.