is this it, page-12

Need to be pragmatic with these sorts of plays...

Plenty of points have been ticked of in geological terms, but the drilling always does the talking.

They are in elephant country, but like all exploration plays, there is no guarantee of success.

Initial studies look good...even initial drill results are encouraging...BUT...and it is a big but, they cannot make money from what they have found to date.

They need some bonanza hits, in reasonable widths...then it will be a whole new ball game.

This is very difficult country to explore...very steep and hard to access, and with plenty of thick undergrowth making ground recon a tough ask.

The vast majority of exploration results in no material discoveries. We invest in these sorts of plays with the hope of success, but always with one eye on the likelihood of failure.

If you accept this simple fact before you buy, there will be less disappointment.

Having said this however, ARX has barely drilled this thing yet...and as with most exploration programs, the best zones are never were you expect them.

Good luck all.

Cheers!