Sensible post Jir and I know exactly where you are coming from. But there are alternative scenarios.
ARD's Achilles heel is the need to raise 80 million capex. I doubt is this can be achieved at the present time given that Kempfield is cash negative if capex is included (of course at the current silver price).
But if a nearby operation needing mill feed were to acquire Kempfield, either in a JV or tribute deal, then the only capex required would be prestrip which could be kept to a minimum and this would be supplied by the incoming party. Hence my suggestion that ARD looks for a partner.
A lessor alternative, and not really one I would like, is that Kempfield is taken over by Chinese interests to secure a source of future silver supply. Given the Chinese have a long term view, this is entirely possible.
If neither of these events happen, and there is no world calamity raising the silver price, then you are right, ARD does not have a silvery (horrible pun) future.
I would hope that management and directors are able to think laterally and are not just focussed on receiving their salaries and fees.
ARD Price at posting:
3.0¢ Sentiment: None Disclosure: Held
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