I'd also add that -1) only recently (with the bullant sale...

I'd also add that -

1) only recently (with the bullant sale announcement) ARD stated publicly that is intending to focus on being a 'pure silver play'. However by which time it had already missed the silver bull run that the other plays enjoyed. My worst case is that silver may correct a little and then take off again in autumn, by which time the bullant sale will be sorted and things should get interesting from March, just as jbmurc suggests.

2) perhaps difficulties in raising cash in the past correlate with lack of broker support which probably contributes to undervalued sp