ARL chart, page-1268

Or we could just look at it objectively and note that it has held up the best of the 2 companies it is compared to.
That shows that both positions are correct- Red's stubborn holders & Ebner's hesitant buyers. We can argue which is the stronger force- the push or the pull- but ultimately is what it is. We have held up the best regarding share price, however one chooses to view it.

To Ebner's 20 mths of zero achievement we can reply creation of a PFS for a core asset, an expansion study building on that, taking on ( & in turn being taken on by ), KPMG, advancing a non core asset toward IPO to reward holders & of course sound management of our finances.
The last may not be an achievement but is a display of reassuring behaviour by management.

We don't have 'experts' selling the story here. Just people who like the vastly superior range of minerals & quantities of those ( not saying every inch of ground is stellar but every home needs a place to dump the compost ), & the way the Board works.

Low cost of production thanks to on site sulfuric acid production, on site neutraliser production, on site electricity generation, cost effective PAL as opposed to HPAL ( before the 'experts' send the arrows flying I'm not saying HPAL is inherently more expensive, just that it would be for us ), & no tailings dam etc.

A realistic admission of numbers- 100yr average price for nickel ( I'll stick with nickel alone to keep things simple ), of $7 per pound will give us a 18% IRR & meaningful investment by the board are also good indicators of confidence. Our costs can rise significantly & we'll still be lower than some.

We are developing what will become a mining complex, not just one small mine. While others have expected life of mine projections of around 30yrs that will be just the beginning for that complex. It will see a centralised processing hub fed by numerous sites offering a variety of minerals ( hedging against market fluctuations/technological developments ).

Such a thing can not be taken on by a small group & the kind of group that will take it on doesn't rush in to things. That's why I won't be surprised in the least if it's a nationally significant company that ultimately partners with us. We hold a globally significant range of minerals.

There's a big difference between confidence of progress and having one's head in the clouds. A bit like building a house as opposed to planning an apartment block. We are a small team right now. We are developing a large project to the point where someone who can make best use of it will be attracted.

All in all I still like how things are going- I think the pace set thus far has been just right- no deleterious Capital Raising here, minimal dilution & no taking on of debt. Most importantly no handing away control of any of our resource for free.

Cheers for both your posts and please stick around- we'll try to keep you from falling in to the ocean and you can stop us from burning our wings.
( Icarus and Acarus parable? Geez I'm getting old.. memories of Nintendo games decades ago and childhood fables are all merging in to one ).