Ann: Godolphin Farm-in on Advanced Rare Earth Element Project, page-37

G'day @RED328, I've always appreciated your positivity and calm, clear thoughts. I do hold some concerns here - as I have stated, but there is certainly no confusion. My concerns are not so much with venturing into REE projects (as I have a sizeable holding in ASM), my concerns are directed at GRL's past inability to stay focussed with a clear direction on one (or any) project. You obviously have some involvement/holding in ASM or have followed the story, but to suggest this project could mimic ASM is a tad too positive and premature, IMV anyway.

Firstly, ASM Dubbo project has been in train since around 1999, and has had many specialists involved just to get it to this stage - pre-finance. But the biggest differentiation would be the 'mines to metal' goal that it harbours. This metallisation aim of ASM will hold it above any, and every, REE project in the foreseeable future. IMV, that's where ASM has had its SP run, not the Dubbo mine aspect (but that will come soon, I feel).

And that, in a nutshell is my concern here. Do we have the required focus to move this JV forward? Past activity would suggest possibly not.

I have noted the preso out this am from JO, which is a welcome move in the right direction (has she adopted the Matt Painter approach to gantt chart projects and progress?). I hope so, because that gives us 'clueless' SH's (I speak for myself here) a chance to measure the coy's activity/success along the journey. And that's the base line we can hope for as SH's.

But, I do believe it will lead into a CR, because they don't have the funds to give justice to their published list of programs up coming, including NarraBurra, Yeoval, LP and Gundagai. But that's not a negative, because I'd rather steady activity and progress, rather than piecemeal activity because of a lack of funds!

J22