Ann: Company Update 12 November 2021, page-9

Amigo, I'll have a go. It seems that most explorers & their shareholders are after the next copper/gold porphyry - with very large tonnage and grades of up to 1% copper + up to 1ppm gold. However, there are many other types of systems that have been successfully mined in the Lachland Fold Belt. From what I have read in GRL's announcements, Turrawong (of Copper Hill East) and Yeoval are considered to be very prospective for copper/gold porphyries. Lewis Ponds is different - Toms, Spicer and maybe Quarry are steeply plunging lodes with good grades of gold, silver and base metals. Normally I don't contact an ASX company, but earlier in the year I made an exception and rang GRL, and spoke to CEO David Greenwood. My interpretation was that he was excited by the possiblity of developing an underground mine at Lewis Ponds. The diagram below is copied from the 2nd Feb JORC announcement and it shows the high grades run from surface to at least 500m below surface. Greenwood said (going on my memory) that once underground mining was underway, it would be possible/economic to drill from the stopes of the underground mine to below the existing resource, in order to follow the mineralisation at much greater depths. I don't know what relative emphasis is being placed by GRL on Lewis Ponds given the recent RC results - @saintkitts7 has raised plenty of questions which could be answered in the next few months. It looks to me that possibly GRL is going to give all its prospects a round of exploration and see which one gives the most promising results?