I think it's premature to look at ARD as a mining project which...

I think it's premature to look at ARD as a mining project which will be producing in the near future.
I think we could be a couple of years away yet.

The way I look at it we have results of more drill holes up-coming, we have an update JORC to come, we have the intent of the company to continue to zero in on the presumed Cu-Au 'motherlode' at Kempfield.

Then we have Trunkey and Pine Ridge which are in close proximity to Kempfield : significant gold finds there will add exponentially to the over-all economics of the project.
(And we also have Sunny Corner mentioned as potentially providing 'feedstock' for a mine-in-being at Kempfield).

These are all big developments which will happen against a back-drop of appreciating silver / gold prices....a new bull market has begun.

Any maths being done now on the economics of a Kempfield mine will be obsolete in short order.

And considering the SP value of ARD as a whole, the second factor that could diametrically change the value of the company will be a significant Au-Cu find at West Wyalong.

A lot of (positive) developments to play out before the true picture emerges.