Ann: Phase 2 Metallurgical Testing Underway Narraburra Rare Earth, page-4

Three points to make:

Firstly, I have discovered recently that the in-fill drilling program at Narraburra will not commence until results from Phase 2 testing have been received. This is disappointing news because it is at odds with the timelines included in the two most recent presentations released by GRL (see page 13 of both presentations if you want to check for yourselves).

Secondly, despite previous statements to the contrary, GRL apparently has no near-term plans for an updated MRE for the Yeoval Project at this stage. The updated MRE was something I was greatly anticipating so it's a bit of a personal blow to my own expectations. (If you are interested in reading GRL's previous statements concerning the updated Yeoval MRE, they are referenced if my previous posts on the subject.)

Thirdly, as I'm sure all of you are already aware, GRL will soon have to provide its Narraburra JV partner with $1M worth of GRL shares which at the current SP will mean significant additional dilution.

Despite all the above, I'm still quite optimistic about GRL's future. According to the Quarterly, we have three quarters of funding remaining. I think 2024 could be a very good year for us so long as we can make some solid progress before another CR is necessary.

GLTAH.