Ann: Carlow Castle Update & Board Changes, page-13

Yeah - as others have said - the whole narrative around the CR was based on the resource estimate reaching some sort of threshold for tonnes and grade. With the competent person in the consulting geologist giving ARV management heads up that continuity was poor, and the resource update had more of a downside than an upside, this would have obviously burnt participants of the CR pretty bad.

The question is - how will they "create value" at Carlow Castle now, they don't have the CR and the funds to pay for drilling so the solution is possibly not going to involve drilling at this stage, and they have no money anyway, so presumably this resource estimate will come out with the consultants suggestions as to what steps of relogging/re-interpreting and additional exploration around Carlow Castle would produce more tonnes and grade. Maybe they can look at the SAM survey and do some ground geochemistry around Carlow Castle - but even that will eventually require follow up drilling to prove anything.

Pretty much all the options cost money though, drillers don't drill for free and geophysical contractors don't do work for free.

And its not like the drilling at Patterson is going to be cheap either.