Thanks, Giovanni. I’ve read it.Very interesting, esp. the 55%...

Thanks, Giovanni. I’ve read it.
Very interesting, esp. the 55% IRR and 21mth payback period, and only $71m mine dev budget. I don’t mind the 8yr LOM, cos the cares of the material world won’t matter much to me by then. But the 400m+ SOI and 2.8c do trouble me for now.

Many investors forget that it is quite a done thing to compare totally different industries prior to their personal FID.
They limit themselves to comparing only what they think are “apples” to “apples” (eg. Ni mines to Ni mines), overlooking the fact that the real apples to compare are the common denominator bottom lines expressed in $$$.

ARL’s GHR PFS metrics is the benchmark I use to compare with other potential investments.
In terms of the bottom line $$$, I have recently been watching the Cu equivalent to GHR. Yes, to rank it at the level of GHR is to speak highly of it.

Twiggy invests in Ni via his personal company, Wyloo. But he also invests in Cu via FMG, which holds 31% of Alta Copper.
I have a very high regard for Twiggy and for FMG, in terms of leadership quality and doing the right thing for employees and the wider community. Much better for 31% be held by FMG or Twiggy than held by JPM, GS or Macquarie.

I won’t type out ARL’s metrics as we know them by heart now.
The comparison…
Canadian company, quoted on TSX.
SOI 91m.
SP 47c usd, equivalent to 70c AUD.
Cu resource 7.5mT, 100% owned.
Polymetallic, with Au (1moz) and Ag.
PEA stage, equivalent to PFS stage.

Two factors causing hesitation are forex and US/Ca regulations incl. tax; and sovereign risks in Peru.

But it is an excellent alternative to ARL.
After ARL has rerated > $3, I’ll do a partial swap if there is good arbitrage gain, share price wise.
For now, patience, patience.