Thanks nicto, much appreciated. Looks like we'll just have to...

Thanks nicto, much appreciated. Looks like we'll just have to talk amongst ourselves, so much going on elsewhere no-one has time for little old ARD.

Some thoughts:

Only used 50% for Kempfield because I thought 70% unlikely before June. Also I figured the market would not value using an NPV until an FS is completed.

I did not factor in extra overhead for contact miners, good pickup.

I am reasonably confident in management hitting their objectives given track record so far.

Really surprised some are giving away their ARDO at 3 cents at this point in the game. Suppose they must feel there are better deals elsewhere. But when I look at the numbers, and assuming POG & POS hold up, ARD seems a relatively low risk path for a tiny explorer to production & cash flow. Which means ARDO should be well in the money by June, so I'll hold mine.

Also like the short term factors that could boost upside such as possible near term mining at Bullant upper levels which could minimise need for CR and the fact it is open at depth - should lead to resource upgrades in the near term.

Of course, the market can be a strange animal, that's probably the biggest risk factor of all... but when I look at all the hype on AYN and SVL threads, I suppose if we get some of that before June the sp will move ;-)