A a hunch:

With a big raise of $65m, very well supported by instos, and the prospect of sizable CFs from the JV over Think Big, AAR effectively looks fully funded on the equity side. With that view and with gold still looking attractive, I think AAR is poised to the get the re-rate other key peers (i.e. AUC) have enjoyed. A re-rate that will probably be a gradual, ongoing melt up.