Largest cobalt resource with lowest valuation, page-1232

Thanks Shokan and RED,
As we are doing some amateur sleuthing work here, I will venture more uninformed (from me) analysis.
The Heron board members are not represented in any shareholder list that we have available, apart for Mr Buckhorn.
When the spin-off was considered at Heron, I can't see why the individuals on the Board could not have sought some options as a reward for their efforts, but they did not.
The Ardea Board only has Ian Buckhorn who holds an interest in Heron. No other board members attempted or were selected to go on to ARL board.
Since float, Katina Law has accumulated to 500,000 shares, which would have put her in the top 20 at the time. (This is assuming that her shares were purchased in her name.
Mr Buckhorn has accumulated a further 634,425 shares since float.
The CEO, Matthew Painter has acquired 130,000 shares possibly at IPO or after.
The ARL board is small and experienced, they are working efficiently as a team.
Mr Buckhorn works tirelessly for ARL (He has returned calls to me at the end of long days). He has drawn down $0 of his $40,000 p/a entitlement as a director.

So, what we have is virtually no Heron presence in ARL apart from Mr Buckhorn. He is working 7 days for no salary to make ARL work. Two other members of the Board have invested own capital, even though they have the options entitlement.

My humble assessment: Heron wanted to flick Ardea, and the only shares Heron has is what was given to help launch the company. (I believe $400,000 was spent by Heron, and they got this allocated in startup shares). Greenstone was given their in-specie allocation of 5.4 million shares (for their 13% stake in Heron), but there is no evidence that they have bought in at IPO or since then. Therefore, the only major (+10%) shareholder who is actively accumulating is Mr Buckhorn. He believes in this project, has committed substantially to it, and works tirelessly for it (us). He also knows his stuff, being one of the most experienced geologists in WA.

As far as I'm concerned, I am not going to panic until I see Ian Buckhorn panic. IMHO.