GRV - Share price & chart discussion, page-1371

My questions and responses are below.

• Is the proposed geothermal power option in place of, or in addition to, the proposed solar/turbine generator proposition originally detailed for the Alpha project?

At this stage thegeothermal/lithium projects are proposed to be developed in conjunction with ahybrid solar plant.

• The DFS was to follow the MRE. The original plan to have a PFS was bypassed in favour of proceeding directly to a DFS as the Company believed there was sufficient information available to do so, and this would save time and money in bringing the project to fruition. It seems we are now going back to a PFS before we will see a DFS. Do we have a timeline on both the PFS and DFS?

On its own Alpha is arelatively boutique and simple project with robust economics (subject tofeasibility verification) which we believe to be quite straightforward todevelop with all products marketable to local end users. On this basis wedecided to progress directly to a DFS. However, Alpha is a carbon projectwhich produces carbon emissions which are required to be offset by carboncredits and approvals to develop Alpha would almost certainly be delayedwithout verification of offsetting carbon credits.

We have been researching thebest way forward to generate carbon credits sufficient to support developmentof Alpha. Neil Biddle and Matt Healy have been analysing granitic basementgeothermals in Qld with a view to develop Direct Lithium Extraction technologyin conjunction with production of emission free geothermal energy. Their workhas culminated in 4 geothermal licence applications overlain by EPM mineralapplications covering historical deep hydrocarcarbon exploration drill holes.Greenvale will be expanding on this strategy in due course and will update themarket accordingly when our geological models are further advanced.

We believe the best wayforward is to develop Alpha and the geothermals as complementary projects to berolled into one final feasibility study preceded by a PFS to support ourfinancial models.

• Georgina. When can we expect the lab assay results for the drill samples that have been completed?

Georgina results are beingcompiled and modelled by our geologists and results are expected shortly.

The Alpha project is clearly delayed while a solution to generating sufficient carbon credits is developed. The solar/hybrid option appears to not be able to generate sufficient carbon credits on it's own otherwise the Alpha project would proceed now and there would be no need to pursue the geothermal/lithium option. The delay will cost time and money, and may come to nothing, resulting in the Alpha project remaining stalled.

Having said that, it is my view that the pursuit of the geothermal lithium option is an exciting and potentially rewarding one, that GRV seems forced to have been able to pursue in order to generate carbon credits to make the Alpha project viable.