Ann: Interim Financial Report - Half Year Ended 31 December 2017, page-10

I just feel like ARD has been treading water for the last 12months. The old board was good at managing the cash but also very poor at giving shareholders a sense of purpose and direction for the company. I think they were savy and opportunistic picking up some very cheap assets, but they did not apply any 'big picture' thinking for the company and so it drifted sideways under their guidance.

In saying that I would like to know what the new board's strategic direction is for ARD. They have had enough time to review the assets and the resources to date..... so what is next? Where is ARD heading?

Are their plans to produce a PFS for Kempfield? Or will more holes be needed, if so how many and when?

I get the impression West Wyalong needs a lot more holes drilled before the source of the 'Porphyry copper - gold system' can be confirmed.... so what is the plan there. A new drill campaign?

My objective hat thinks for this company to get ARD moving a big cash injection is needed.... like $4-5mil. Then some serious holes can be put down and a bigger plan can be executed.

I definitely feel the market is waiting for another cap raise..... the question is when, how big and what price the SOs are willing to pay.