Not an easy question to answer in this market.
However, go and look at today's ARL presentation on the HRR forum this morning you might get a better idea there.
Cobalt Blue (COB) which raised $10 million and well oversubscribed could also be a guide as it will list first but imo,
it doesn't have a real lot going for it in comparison with Ardea. Not only in the size and grade of its Cobalt resource, but in general terms, ARL has some great potential with its other projects (gold, chrysoprase, nickel) to name but a few, and the likelihood of at least one spin off out of Ardea.
delineated a cobalt resource of 49 m/t @ 0.12 per cent, page-3
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