Share Price Plummeting: How Low will it go? 40c, 30c, Back to IPO 20c???, page-41

Due to technical problems on my side I could not get this information into my post soIts here as an addendum

Ardea Resources		Australian Mines
IRR Internal Rate Of Return (Post Tax)
27%		15%
Higher percentage returns		Lower Percentage returns
Average C1 Operational Costs ( Inclusive of Credits)
(US $0.34) /LB NICKEL		US $0.48 / LB NICKEL
Nickel / Cobalt		Nickel / Cobalt / Scandium
Over Recovery due to cutoff grades		This $ recovery includes Scandium
Average C1 Operational Costs ( NICKEL Only)
US $4.63 /LB NICKEL		US $5.73 / LB NICKEL
Nickel Only		Nickel Only
Higher cutoff grades result in lower cost/ ton		Sconi/ lower cutoff grade higher cost
		More ore needs processing
Additional C1 Operational Credits (Not accounted for YET)
Sufficient Onsite Neutralizer		NO Onsite neutralizer
Autoclave Ore Neutralizer is an onsite resource		Autoclave Ore Neutralizer is a buy in cost
Scandium exists NOT accounted for YET		Scandium Fully accounted for in C1
Rare Earths exist NOT accounted For YET		No Rare Earths
Nickel Feed Grade
0.81% Nickel		0.67% Nickel
Higher Grade		Lower Grade
Higer C1 operational cost recovery		Lower C1 operational cost recovery
Cobalt Feed Grade
0.1% Cobalt		0.1% Cobalt

Ardea Resources		Australian Mines
Capital Raising Events
		8/02/2017	$1,000,000.00
		5/04/2017	$2,000,000.00
15/09/2017	$5,540,000.00	6/11/2017	$20,000,000.00
		11/09/2018	$12,000,000.00
		27/02/2019	$5,000,000.00
		17/07/2019	$5,800,000.00
9/10/2020	$4,800,000.00	14/04/2020	$14,500,000.00
		26/07/2020	$5,200,000.00
28/06/2021	$5,700,000.00	28/07/2021	$6,500,000.00
22/02/2022	$21,500,000.00	30/05/2022	$3,700,000.00
		17-06-2022 Retail	$710,965.00
		22/11/2022	$4,550,000.00
		02/12/22 Rtail	$1,611,905.00
		KPM Underwritten	$1,238,095.00
		8/03/2023	$7,400,000.00
Total Raised	$37,540,000.00	Total Raised	$91,210,965.00
Market Capitalisation	$84,893,872.00	Market Capitalization	$19,378,739.00
Value created $	$47,353,872.00	Value Created $	-$71,832,226.00
Value created %	126.14%	Value Created %	-78.75%
Date 28/12/22		Date 28/12/22
NOTE		NOTE
ARL M/C is worth substantially MORE than		AUZ's M/Cap is worth $71 Million less than the
the capital raised, therefore it stands to reason		Total capital raised since 2017 to date
that management are more effective		That is a very sobering thought
MY CLOSING THOUGHTS
RICH DAD		POOR DAD