Ann: Entitlement Offer Closing Date Reminder, page-12

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MrSetarcos

220 Posts.

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12/06/24

08:32

Post #: 74270583
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Originally posted by prawn_man: ↑

Amigos, I was a holder of GRL from the IPO, but lost faith when GRL bought the Narraburra project. I also lost my hard earned on GRL, but accept that as part of the rough and tumble of investing in junior explorers. The directors were the ones who took GRL down the rare-earth path. In fact, when the previous Technical Manager (David Greenwood) resigned, Owens and the geological team were selected as replacements by the Directors because of their previous record of working on Copper-Gold porphyries in NSW (not their experience with rare earths). Then not long after her appointment, Narraburra was purchased and it became the focus of the company's exploration (at that time GRL had a shareprice of about 15 cents - see Chart below). GRL paid far too much for it, IMO, and the company has been cap raising ever since. GRL sold off some copper-gold prospects to Orange (ASX: OMX), and recently was unsuccessful in trying to sell off their best copper-gold prospect, Lewis Ponds. The major shareholder of GRL who is also a director, has a record of buying old prospects and building them up as strong prospects. He then often spins them off as new companies. When the prospects are explored and found to have little chance of success, you can't blame the Technical Manager, can you?

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Are there any circumstances under which you would consider buying back into GRL?

GRL still has a 500,000 oz gold resource. At current market cap, that's only about $8 per oz.

GRL Price at posting: 2.2¢ Sentiment: Hold Disclosure: Held
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