Ann: High Grade Copper Intersections at Kurrajong, page-22

Frankly, you cannot compare AIS to ARE, the only thing that they have in common is Torrens and AIS owns 70% against ARE 30%. The larger stake already values AIS much higher than ARE when comparing their market caps.
AIS is a copper producer and the 5th largest independent Cu producer in Australia producing 25,000 to 27,000 tonnes annually. The debt position is almost negligible now with US$25 million in debt plus US$5 million arranger fee which can be repaid in cash or shares. Last qtr AIS had $24.7 million in cash and receivables. AIS also has a working capital facility currently at AUD$17 million.
The Kurrajong deposit is also looking like a major resource judging from those high grade copper intersections. AIS is undervalued by 50% without even taking Torrens project into account.
AIS also has a tightly hold register that will multiply the increase if anything significant is found at Torrens, unlike ARE which has a huge number of shares 1.6 billion plus.