Ann: ARV Share Purchase Plan - Underwritten to $1.5 million, page-59

Jonathon

I have not posted much since the AGM last year, when I attempted to report what was said as best I could. You are quite right, many of us, myself included, have been lead up the garden path. I am very disappointed that most of the questions that were put to the management at the time in good faith received responses that now read like fiction noir. I failed like others to ask second and third order questions about what was being spruiked, specifically can any of this be mined economically in the near future.

Your points about the ownership are interesting in that none of the top 20 has changed much since late 2017, albeit with some name changes for the same amount of shares. If anything some of the largest nominee holding have increased their stake. I also understand that the main player has a family history of prospecting in the region. At the AGM there was an individual who claimed to have quite a lot of exploration experience on the ground in the area, but had been unable to raise the funds to acquire the tenements. He was adamant that Carlow Castle was a potential mine. I note that the previous Chairman's holding of 25 million shares does not appear anywhere in the Top 20 shareholder listing.

The whole Novo debacle reads like an academic spat, I continue to be amazed at the paucity of information that is being released in Canada. My view of the main protagonist here is that of a kid in the candy store that runs from jar to jar, but never makes his mind up what to choose. My conclusion is that he has absolutely no idea about his thesis. The last time I read up on how gold is formed it is when stars collide, not on some bio matt in a shallow sea. The shallow sea may have concentrated the heavier elements like gold in certain areas, but it is clearly not continuous, but rather appears in discrete patches, albeit across the Pilbara, which at the time may have been a large internal sea not connected to the ocean. The source of the gold nuggets and their specific form suggest it occurred very early in the earth's history when meteor showers hit, look at the landscape of the moon. The more I look at this sad story the more it looks like the proverbial pot of gold at the end of the rainbow, unattainable.

This has been a very expensive exercise and I remain to be convinced that it will turn around anytime soon. This fairytale has a rather sad end.