Ann: Change in substantial holding for GRL, page-5

I'm of the opinion given my extensive history in M&A that ARR has taken this position with the end goal of acquiring the Narraburra REE JORC resource to reintroduce and diversify back into the Australian resources sector. Which makes sense as we're still ASX listed, and have "extensive australian based skillset teams," and those associated costs need to be justified to shareholders now. Also, I would expect to see the continued accumulation up to 20% or more in the coming weeks and months however, we have passed an important milestone at 15% if the goal is to acquire all of GRL or just the REE business. Given the price point of GRL, a slow and steady accumulation is the wisest choice and most likely near term outcome. Strategically allowing GRL to continue building out their JORC REE resource and other projects draining their piggy bank progressing as much as they can for as long as they can, before we step in with a takeover offer, is almost guaranteed IMO... Also, the way their CEO answered my question publicly a few weeks back lent credence to the likely takeover, compounded by our continued accumulation. If (when)* we get another announcement re continued accumulation then it's a certainty that a complete takeover of GRL and its rebranding to American Rare Earths is our end goal. Our new management and BOD are savvy and ruthless!

Prawn you also mentioned the colossal hedge with the half million oz gold JORC resource. This is very advantageous given the long term trajectory of the AUD. Especially, given the state of the world economy heading into next year and the certainty of a global downturn, with Australia already having entered a per capita recession.