Ann: Annual General Meeting Presentation November 2020, page-12

G'day Simo

I saw today some whining on the forums asking why ARL spun out GRL rather than working on the project themselves. Not sure that argument really carries much weight but even if the answer wasn't obvious (it's easier to raise funds for a new entity with prospective projects in it, and better for one company to focus on each major project) the value of gold, silver and copper have increased immensely since the resource updates and the GRL spin-off IPO announcement.

Looks to me like the value of the goods have increased dramatically since the IPO announcement and the resource updates, yet the price isn't that far off the IPO price (20 cps).