I believe it’s having a resource, not reserve and being at PFS...

I believe it’s having a resource, not reserve and being at PFS completed, not DFS completed stage that has us priced how we are. That list in the photo shows what stage each project is at.

The resource to reserve transition generally gives a lower number, but the higher level of certainty provides the market with more confidence- as I believe a DFS can be ‘taken to the bank’. To balance that, keep in mind that we are still finding/expanding our awareness of more resources, as evidenced by the recent sulfide work.

The details of that can be found on other threads.

A bit of fun for those of us up to date with where ARL is at:
https://www.mining.com/from-ancient-pups-to-warships-miners-find-more-than-just-ore/

Oz is said to be an ‘old’ country. I wonder what fossils might be found if/when we really start digging?

Might we find some homework from the late Neolithic period? ‘I swear a dinosaur ate it!’