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ARRRF - Ardea Share Price Buoyed By Godolphin Spin Out
Ardea Resources Ltd
The MJG partnership has owned shares of Ardea Resources (ASX: ARL, OTCPK: ARRRF) since mid 2017 – with an average cost basis of C$0.58. An investment in Ardea remains a leveraged bet on the prices of nickel and cobalt. I am not generally a fan of these so-called “optionality bets” (i.e. large, low-grade development-stage assets uneconomic at current metal prices but acutely leveraged to metal price increases). However, I’ve made an exception for Ardea due to (a) the company’s outsized working capital position which will stave off further dilution for at least another 18