Ann: Carlow Castle Update and Proposed Capital Raise, page-32

Like most here, I'm pretty furious - jumped out at 12c a few weeks back when it was clear they'd need to raise $$ soon, and foolishly jumped back in once they announced "Artemis completes $10m capital raise to accelerate Carlow Castle and Paterson Central drilling campaigns." last week.

Not sure why they're slanting the message that "the Board have taken the decision to defer drilling and cancel the proposed
capital raise announced to the ASX on 12 May 2021." Would appear more likely that the decision was made by the insto investors after one of them maybe did a bit of due diligence? Either ARV were in breach of a condition of the raising (ie promises broken about Carlow resource), or they've let the instos off the hook for $10m at the expense of shareholders. Doesn't sound like a very complete capital raise at any rate.

So, spitting out salty tears and looking forward; it appears Project 1m has now become project 700k?


So there's still (inferred) money in the ground. Grades down a bit but tonnage increased from 8M to 14.3M.

My question is what are they worth now? (Excluding the incalculable wet dream that is the Patersons tenements). Curious to see the final resource report in 2 weeks I guess. Damage done for now anyway.

They're still going to need to raise cash pretty soon, so I can see why they've halted drilling at Carlow to re-assess. With a previous quarterly cashburn of around $3.4m and only $3.7m left in the kitty, initial drilling at Patersons may be all they can afford.

Hail Mary time?