Hi Early, I agree with you that on paper the company does have potential. With such a low market cap even a modest NPV on the project of say $100m would infer the potential for a 10 bagger.
i think specifically the negativity for me would be the fact that the initial PFS was due in Q4 2011 then Q2 2012. From April 2012 to the latest qtr release there has been NO announcements by ARD and during this time the share price plummetted. If you were a shareholder of say PGI you get much better treatment with news announcements and being kept informed on a constant but reasonable level.
DnD originally recommended this company in 2011 then abandoned it with the comment that nothing much appears to be going on. I think that assessment still holds true.
ARD Price at posting:
5.5¢ Sentiment: None Disclosure: Held
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