ARL chart, page-3469

Within a few weeks time we will know for sure if Consortium is going to fund the Dfs or not. If they do:

A) ARL don't need to spend a dime on DFS

B) Stock will rerate and market cap will be higher

C) the current cash on hand plus liquid investments will be available to fund sulphide exploration and g&a.

With regards to opex, the estimates are in the PFS released to the market which was put together by qualified experts. Not sure why you even mentioned that?

Best course of action is to wait for the earn in agreement and then be patient until official DF S is completed. It's a waiting game. Stock price will rerate as we derisk. No short cuts.