Good posts. I agree mostly with what you are saying. Just to add...

Good posts. I agree mostly with what you are saying.
Just to add a little balance though, two things worry with ARD.

1) A 1.5mtpa with multiple floatations will be an horrendously expensive beast. This is really just a guess but it could easily cost in the 200m range. The grades are not stellar and we are dealing with oxide, sulphide and transitional ore. If the cost is large (and we will have a better idea once the DFS is released), then we will be looking at massive dilution in order to get kempfield off the ground.

2) GCR sold 30% of kempfield for 3m. ARD don't have any other projects that are close or likely ever to being close, of being economic. Therefore this places a value of 10m on the whole of kempfield.

I am not saying ARD will not turn out to be a good buy at the 20c mark. The costs of the mill are just speculation at this stage and if silver continues the great run it is having, then it will be largely immaterial.

I will wait until the DFS is released before making a decision to buy or not.