Hmmmm. $8.5M in the bank and they need to raise cash?
Could it be for Laos? Doubt it... local labour not that expensive $3-4M should keep that going for a year.
Alford? Nope... will only chew up $1M over the next 6-12 months.
Torrens... Nope. Thats free carried.
Must be Kroombit. Its the only thing that can swallow $8M quickly (other than a dodgy bookkeeper of course) and require a capital raising so maybe they are moving towards a JV and a mine? Thats my take on todays announcment.
I read with great interest in the annual financial report that ARE actually own 85% of the land which the Kroombit Mining Lease is on. Why buy the land unless you are going to do something serious with it?
Spoke to a geologist a while back familiar with the area, and there is a lot more Copper/zinc thats on the adjoining exploration leases that is yet to be properly explored. So the upper end of the PFS estimate is most likely scenario, which probably further enhances the possible case for some sort of JV/Development of Kroombit
ARE Price at posting:
17.6¢ Sentiment: Buy Disclosure: Held
