I have had the exact same reaction over the last few weeks. I...

I have had the exact same reaction over the last few weeks.

I started buying this at 30-odd cents, and just kept buying more as funds and my risk appetite allowed.

The more I have looked across the sector, the more it has become apparent to me that ARL is simply the monster of all cobalt plays - our high grade zone alone is a beast and on the high grade zone alone we are undervalued next to peers. 81kt of cobalt and more to come - we will have enough for 3kt/cobalt/pa IMO just from the high grade.

The retail market has not grasped this from what I can tell reading across HC, but the institutions should soon, and they will be looking for big, long term positions as we go from PFS to DFS and this story unfolds.

I allowed emotion to get the better of me and bought a stack more in the 1.90-2.10 range. Seeing the sell side disappear above $2 had me thinking we would keep running. But realistically I had been thinking $1.50 by christmas, $3 by July 2018 and $5+ as we step through PFS and DFS. In the long run, this is a $b cobalt play in the making, I have no doubt.

So while it is emotionally challenging to watch the sell down, I have been gritting my teeth and buying the odd additional parcel. I am well overweight ARL now but am comfortable backing it in from this far out.

I regretted not going harder, earlier on some of the lithium plays 2-3 yrs ago, wont make that mistake again