Ann: Update - Proposed issue of securities - GRL, page-5

I do believe we desperately need a new GM. Despite her inexperience, I was willing to give J.O. a chance. However, she has shown herself to be utterly inept at running a public company.

From veering the company into REEs at the top of the market, to consecutive cap raises and massive dilution, to failed deals, she’s been a disaster for GRL.

When J.O. took over the outstanding shares+options were approx. 84M; after this latest cap raise it will be well over 300M shares+options. And what has GRL achieved for all this dilution?

We have a 500,000 oz gold resource (for our combined projects). But gold speculators are unlikely to put money into GRL because of the REE focus. And now that J.O. has publicly stated her intention to flog off out gold assets to fund Narraburra, when the much-vaunted gold bull market finally arrives, GRL won’t even appear on the radars of most gold speculators (which gold speculator would want to invest in a company for its gold assets knowing they’ll likely be sold off before the gold bull market even takes off?).

And, in terms of deal-making, who accepts a $50K deposit (later $100K) on an $11M deal? That’s less than 1%--where’s the incentive to follow through? It should have been 5% ($500K) bare minimum. Where were the board members to advise her in this?

IMO, GRL has excellent gold/copper and gold assets—but its GM is a liability.