So, the first news since the second-rate June quarter report – and communication remains appalling. Management appears completely out of its depth running a listed company.
They are now going to develop a petite heap leach operation, and yet we still have no indication of feasibility results such as capex and opex, no idea how any possible development will be funded, and thus no idea of the value of the company. Would it even make enough money to justify process and other risk?
This is a company with around $2M cash (good for about 6 months at the current burn) and a market cap of about $9M at a share price of $0.067. They need money to survive, let alone develop. How will they do this and at what price to shareholders?
At present, in the absence of any real information on project development and finance, this appears to be an unduly risky investment. Take Care.
ARD Price at posting:
6.9¢ Sentiment: Sell Disclosure: Held
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