Great article Sally, thank you. Here is an encouragement for...

Great article Sally, thank you.

Here is an encouragement for those on the sidelines:

"Investors seeking cobalt exposure through ARL shares can be assured that they are paying a reasonable price."

"Weighing Clean Teq’s advantages against the fact that the KNP has seen more historical work and contains significantly more cobalt, a discount anywhere between 50-70% seems more realistic. This suggests an ARL share price anywhere between A$1.38- A$2.14 (assuming that the company can stave off dilution for the foreseeable future through the exercise of IPO and Loyalty Options)." (This was based on KNP alone - excluding Lewis Ponds)

"Here the best-case scenario is that we see US$50 cobalt or higher within the next two years. This would lead to some absolutely jaw dropping economics at the KNP – think after-tax NPV of A$1.5b and likely much higher."

"Assuming that the company can avoid equity dilution until the construction financing is raised, this suggests that ~A$2.00 is an appropriate share price for Ardea given the tremendous upside presented by further increases in the cobalt price."

"Ardea’s share price is beginning to show signs of life. Given the company’s tight share structure and relative obscurity, we may not be below A$1 for much longer. Prospective investors are advised to get involved soon, and then assess the investment once the KNP Prefeasibility Study is published in early 2018."

This could be a giant ramp, but it would be hard to know who he is representing. I'm sure the Instos don't want mums and dads noticing Ardea yet.

Great stuff
BE