Ann: Quarterly Activities and Cash Flow Reports 30 June 2024, page-30

The rationale for getting involved in Narraburra was straight forward. At the time, the lithium price was soaring and had been for some time. The price of gold was underwhelming and many small gold explorers were jumping on the lithium bandwagon. Although the LFB is not known being prospective for lithium, the price of REEs had also started to soar, and to many people (including Jeneta) REEs looked like they were about to become the next lithium. So GRL jumped on the REE bandwagon. Unfortunately for GRL, it didn't pan out the way Jeneta had hoped. Both lithium and REE prices collapsed.

GRL took a punt on REEs and lost; I have no problem with that at all. (If it had gone the other way I'd likely be singing Jeneta's praises right now.) The problem I have is that, in light of collapsed REE prices, once it became apparent that Narraburra was low-grade and non-ionic, GRL should have acknowledge that the gamble had been lost and cut its losses. Instead, GRL management doubled, tripled, and quadrupled down on Narraburra.

I hope you're right about Jeneta having insights into Narraburra that the rest of us don't. I found myself hoping that was the case quite a few times over the past couple of years, to no avail. Every time I thought the SP had finally bottomed out, it soon resumed its decline and it's now less than 10% of what it was when Jeneta became MD.

I've been investing in small-cap miners/explorers for over twenty years, and I don't have a problem with taking on measured risk or accepting the consequences of my actions. That's par for the course in speculation. And I sincerely hope I'm wrong about Narraburra (because I've sunk quite a lot of money into GRL since 2021, and I'd love to turn a profit at some point). Let's hope Jeneta has an ace up her sleave. Maybe REE prices will lift off again and the hype will return to the sector once the US starts cutting interest rates later this year, and maybe the scoping study will surprise everyone to the upside and the SP will lift off.