AR has $71.8M cash and $336M debt and other obligations (June 30). Insiders own 1.8% and have been net buyers over the last six months. AR came out with production guidance last week and noted full year production at the Magino Mine will not meet forecasts due to a slower ramp up. This is not unusual for a new mine. Exploration potential we would consider 'good' but it is hard to quantify as it depends on drilling. But certainly the company has enough targets identified. We will get more information with its results Nov 14. AR has experience no community, labour or other disruption issues that have plagued some peers. We would agree management 'sounds' a bit more optimistic. Getting commercial production from a new mine is always a good achievement.
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