Ann: Godolphin Farm-in on Advanced Rare Earth Element Project, page-10

Well, that's a whole lot different to the speculation on these boards the last 2 days.

Whilst RE is a hot commodity ATM (and I do hold ASM and understand how tying your wagon to them in the next few years will be worthwhile), I seriously question why mgmt see this as an appropriate course of action. They haven't really told us why this move is, in their view, the right option when they have so much potential in their current holdings.

To my way of thinking, I would have thought this new mgmt team ought to have spent some time evaluating what they have already, rather than running off in a totally different direction - unless of course they have a serious bent for RE and they have seen enough from their re-hashing of past geo data, that current tenements can be tied in with this approach. Can't see it myself, but then we haven't been afforded the courtesy of any type of dialogue from this new team. Nor have we been afforded a clear strategy for existing tenements esp with LP and CHE.

When you compare the detailed annts from KAL and the activity and clear direction happening there, this sibling 'appears' to be running around rudderless, appearing to change direction at every turn and not giving any one thematic a decent crack.

I may be wrong, and I acknowledge I haven't given a lot of thought to this annt and my comments here are purely reactionary, but I'm not a true fan/believer of this strategy from GRL at this stage.

J22