Ann: CARLOW CASTLE Au-Cu-Co METALLURGICAL UPDATE, page-53

Yea, i got that Dav, and i agree about the resources. I think the sp reflects the markets contempt for the company and a believe that they lack the expertise to pull off what is still a big job.
Some posters equate the high value minerals with the price of the refined metal. A long way from the truth. Arv aren't producing Cobalt, Platinum etc, they are producing a material that may have a good %of those minerals but the value is in the next stage of processing. Also the market factors in the time before the mining begins. The company made it look like that was going to happen soon. More effects of bad management. Had they been upfront with the information they released and not lied by omission the sp may have still been in the high 20s. 
I have spoken to Wayne and think he is a good operater, I just hope he does not get knobbled by a board whose culture runs deeper than just DL.