What a surprise, page-34

Hi,

ARD are pretty flush with cash at the moment, approximately 2.5m. They did a capital raising at 3 cents per share in December so currently the market price is pretty significantly under that and represents a pretty good entry point in my opinion.

When they will need funds again depends on what they do with the current cash. Will they drill more in Kempfield or get another acquisition? That's anyone's guess at this stage.

ARD seem pretty good at getting government grants to support their exploration, last year they got just over $1m. So they seem fairly good to me at raising cash without too much dilution which is important.

ARD are explorers and raising capital is part and parcel of investing in junior explorers. In general these companies don't have revenue. By investing in them you run the risk that your investment goes down due to (a) lack of exploration success (b) dilution due to capital raising, (c) inability to raise capital.

On the other hand, if they have exploration success and/or if the price of the commodity they're in goes up significantly then you can have MASSIVE gains.

For me the value for ARD and the other ASX silver juniors is the optionality play on the price of silver. They already have defined resources, it's just that at current prices it's not profitable to mining them. However when silver breaks to the upside then we should see massive gains in these stocks.

I believe we're entering into another bull market for commodities including gold and silver. In previous commodity bull markets there were lots of 10 baggers amongst junior stocks and the occasional 50 or 100 bagger. Those 10 baggers or higher are what I'm after and why I'm invested in this very speculative space of the market. Now is the time in my opinion to take your positions and then patient.