ARL chart, page-3490

Success will NOT come
You haven't educated anyone on anything, your lack of understanding on the topic of ARL is alarming.

Capital raises are a feature of junior mining companies the world around
Furthermore Ardea will need capital in a projected 2.77 quarters, they have $10.6 million dollars at last count, there is considerable time between now and then.

Essential spend only is in my reference, to continue the Japanese MOU negotiations and keep the company developing the Goongarrie resources.
These are the most important tasks the Ardea board are dealing with, They should continue this. In my opinion.

Secondary and of lesser importance are the other developing projects Ardea is dealing with, The $10.6 million dollars Ardea have will likely be reserved mostly for Essential spend on Goongarrie at this most advantageous time negotiating with the Japanese Consortium.

Secondary importance projects would be exploration of the compelling exploration targets like Nickel Sulphide, Rare Earths, GOLD and the multitude of other minerals within the Ardea portfolio. Those will be there tomorrow and the day after.
Prudent professional cash management is the difference between Ardea and your pet money hole in North QLD

The difference between competent Ardea management and your very shaky incompetent management in the North Queensland peer is simply illustrated with these tables below.
Just to be clear, I do this research work for my due diligence purposes, I share this with Ardea shareholders and people looking for information, don't flatter yourself thinking this is for you, its not. Thank you for the opportunity to bring it out though,

The very obvious illustration shown in the tables below is that Ardea Resources gets more done with less raised capital,
The very obvious illustration is that Ardea has lower comparative Staff and Administration costs by HALF+- the cost of QLD peer.
The very obvious illustration is that Ardea higher productivity using the funds for Exploration and development Double+- that of QLD peer
RED

Ardea Resources		Australian Mines
Capital Raising Events
		8/02/2017	$1,000,000.00
		5/04/2017	$2,000,000.00
15/09/2017	$5,540,000.00	6/11/2017	$20,000,000.00
		11/09/2018	$12,000,000.00
		27/02/2019	$5,000,000.00
		17/07/2019	$5,800,000.00
9/10/2020	$4,800,000.00	14/04/2020	$14,500,000.00
		26/07/2020	$5,200,000.00
28/06/2021	$5,700,000.00	28/07/2021	$6,500,000.00
22/02/2022	$21,500,000.00	30/05/2022	$3,700,000.00
		17-06-2022 Retail	$710,965.00
		22/11/2022	$4,550,000.00
		02/12/22 Rtail	$1,611,905.00
		KPM Underwritten	$1,238,095.00
		8/03/2023	$7,400,000.00
		5/05/2023	$200,000.00
		2/06/2023	$400,000.00
		30/06/2023	$200,000.00
		12/07/2023	$200,000.00
Total Raised	$37,540,000.00	Total Raised	$92,210,965.00
Market Capitalisation	$131,499,501.00	Market Capitalization	$11,114,980.00
Value created $	$93,959,501.00	Value Created $	-$81,095,985.00
Value created %	250.29%	Value Created %	-87.95%
Loss Multiplier	Value Created	Loss Multiplier	829.61%
Date 19/08/2023		Date 19/08/2023
NOTE		NOTE
ARL M/C is worth substantially MORE than		AUZ's M/Cap is worth $81 Million less than the
the capital raised, therefore it stands to reason		Total capital raised since 2017 to date
that management are CREATING VALUE		That is a TERRIFYING Dilutionary Tale
		Your money depleted by %	829.61%
MY CLOSING THOUGHTS
RICH DAD		POOR DAD

Furthermore, these are the distilled Quarterly 5B reports illustrating similar patterns of behaviour.
Note: That Ardea comparatively spends about half that of the QLD peer on Administration and staff, a very good prudent outcome for Ardea.
This shows that Ardea management are prudent with unnecessary spending, looking after and using shareholder funds sparingly.

Australian Mines
5B Quarterly costs (6 Quarter Rolling Average)
	29-Apr-22	28-Jul-22	27-Oct-22	30-Jan-23	27-Apr-23	28-Jul-23
Staff Costs	$289,000.00	$312,000.00	$512,000.00	$250,000.00	$225,000.00	$221,000.00	$1,809,000.00
Admin & Corporate Cost	$967,000.00	$460,000.00	$512,000.00	$190,000.00	$566,000.00	$267,000.00	$2,962,000.00
							TOTAL
TOTAL COST	$1,256,000.00	$772,000.00	$1,024,000.00	$440,000.00	$791,000.00	$488,000.00	$4,283,000.00
Ardea Resources
5B Quarterly costs (6 Quarter Rolling Average)
	28-Apr-22	19-Jul-22	28-Oct-22	31-Jan-23	27-Apr-23	28-Jul-23
Staff Costs	$188,000.00	$172,000.00	$100,000.00	$215,000.00	$115,000.00	$123,000.00	$913,000.00
Admin & Corporate Cost	$145,000.00	$267,000.00	$347,000.00	$408,000.00	$220,000.00	$414,000.00	$1,801,000.00
							TOTAL
TOTAL COST	$333,000.00	$439,000.00	$447,000.00	$623,000.00	$335,000.00	$537,000.00	$2,177,000.00

Note: That Ardea comparatively spends about DOUBLE that of the QLD peer on Exploration and Development, a very good outcome for Ardea.
This shows that the company is focussed on value creation.

Australian Mines
5B Quarterly costs (6 Quarter Rolling Average)
	29-Apr-22	28-Jul-22	27-Oct-22	30-Jan-23	27-Apr-23	28-Jul-23
Exploration & Evaluation	$60,000.00	$105,000.00	$71,000.00	$63,000.00	$10,000.00	$4,000.00	$313,000.00
Development	$1,557,000.00	$1,827,000.00	$1,135,000.00	$940,000.00	$782,000.00	$699,000.00	$6,940,000.00
							TOTAL
TOTAL COST	$1,617,000.00	$1,932,000.00	$1,206,000.00	$1,003,000.00	$792,000.00	$703,000.00	$6,550,000.00
Ardea Resources
5B Quarterly costs (6 Quarter Rolling Average)
	28-Apr-22	19-Jul-22	28-Oct-22	31-Jan-23	27-Apr-23	28-Jul-23
Exploration & Evaluation	$1,103,000.00	$1,645,000.00	$888,000.00	$2,065,000.00	$1,120,000.00	$753,000.00	$7,574,000.00
Development & F/Studies	$976,000.00	$895,000.00	$1,081,000.00	$2,008,000.00	$1,264,000.00	$2,691,000.00	$8,915,000.00
							TOTAL
TOTAL COST	$2,079,000.00	$2,540,000.00	$1,969,000.00	$4,073,000.00	$2,384,000.00	$3,444,000.00	$ 13,045,000.00