Ann: Director Resignation, page-47

It really will come down to how quickly they can get product shipped off and earn money. They've had issues in the past and the quarterly made it sound like they expect less though still expect issues from planned maintenance of infrastructure moving forward. Assuming they could get 4 lots off or more every month (as suggested), they should be able to get by. They should be holding around 78M or so currently which if they can stick to guidance, is enough to service this quarters needs and then some. However, if they have ongoing issues (like they have in the past) then one would expect that, without some debt deferral, that exploration/development/activity would be cut back or stakes may be sold.

To my mind, the director resignation (back-to-back) implies that they already know moving forward what the situation is going to be like I'm not sure why GR would wait all this long while to resign only do it days after ML. The cynic in me thinks that they definitely have great insight into the period coming and are taking what they can now as logistics are terrible.

If they can sell product and keep the operation on track, then this is well-valued currently. If not, then there are still many options prior to voluntary administration and receivership. I continue to hold but full disclosure I am sitting on some tremendous paper losses over the past year and have made, and continue to make, many poor investment decisions.

This has so many red flags currently. Having said that, I am looking for price stability before considering adding to my severely discounted holdings.