ARL chart, page-3791

We of course will ( my assumption ), raise capital between now and the day we start making money but we should remember that, from page 17 of the recent presentation :

https://ardearesources.com.au/downloads/presentations/arl_p2024050901.pdf

’Staff, corporate and other’ expenses are covered by the $98.5M the JC are putting in for the DFS.



After a call with the company yesterday it is my understanding that those expenses relating to Kalgoorlie Nickel ( the proposed JV ), will reduce Ardea’s own expenses over the next 18 mths or so ( as guessed in a post last week ).

That means Ardea’s own cash burn will slow. Thereby reducing the need for dilution.

We need to understand that we aren’t in the same situation as before the proposal was agreed upon which now just requires executing via the shareholder agreement etc.

The major dilution regarding the Goongarrie hub is now behind us ( contingent on the proposal being executed ). It will take time for the wider market to digest just how much progress that will bring- how much value will be unlocked thanks to it.

Also let’s not forget what happened in 2017 & 2022 before we had any kind of partnership.. some scary news and bam! We went to $2

With partners and a DFS? Things could get wild at some stage. Wild as in our share price could rise very quickly to & beyond that $2 mark.

This isn’t all for either of you guys but to other readers.