sellers dried up, page-11

Pescefritte,

Frustrating as it may be, I think the management is working away on exactly what they need to be at the moment.

Recalibrating the scoping study for modular production is critical, as it brings the project capex down to realistic levels for attracting a strategic partner, finance and getting into production. We know there is plenty of ore in the Speewah Dome, and it isn't going anywhere.

Let's see where things are at later in the year. The work they are doing at the moment isn't sexy, but it is crucial - re metallurgy, pilot plant, working towards a PFS. They aren't burning too much cash doing this, which is critical at the moment as it is a terrible time to have to CR - there have been some shocking dilutions in the sector in the last month from companies going to market.

The sector has been smashed, and you could overlay the SP chart of a whole bag of companies and see the same thing ATM. IMO it does give the opportunity to add to positions in juniors with potential world class assets that will rise to the fore when sentiment turns. The risk/reward outlook has recently become compelling IMO as some SHs now seem happy to give away their holdings at ridiculous levels.

Think about how different the markets were only 3-4 months ago; in volatile times you have to stick with your convictions, whatever they may be (buy, sell, hold), as otherwise the rollercoaster of the markets can be an emotional rollercoaster too.

Back your judgement, whatever it may be.

GLTA