Ann: Godolphin Farm-in on Advanced Rare Earth Element Project, page-50

Amigo, I'll have one last try then give up. Yes, it's about Copper Hill East and the Turrawonga prospect. I thought that the new team at GRL has plenty of experience with Cadia-style copper-gold porphyries in the Lachlan Fold Belt? So, why have they relegated Turrawonga (CHE) to the reserves? My guess, is that the board has put CHE on the market and is waiting for an offer. But IMO that is not a good strategy for GRL or its shareholders. The cost of a discovery drilling at CHE is not an excuse. Surely a targeted scout 10 hole RC program could be carried out to a depth of 200m - at say $100 per metre = 10x200x$100 = $200,000. Let's imagine that it blows out to $400,000, it's still affordable. The analysis of the pathfinder metals alone would give the team answers to questions that have been guesswork at this stage. If the RC drilling is not conculsive, then not too much is lost, but if it does help target the follow-up diamond drill holes, a discovery hole is much closer. I know I'm going against the grain, but let's go back 12 months. Page 4 of announcement on 2 March 2021 (copied below) is worth reading in full. It talks about the follow up drill program (that never happened!). It also talks about the spectral image analysis which infers (interprets) actinolite, a key mineral for inner potassic region of copper-gold porphyry-style deposits. But that is only interpreted - drilling is needed to test the analysis of the satellite spectral data. Meanwhile, in recent times GRL carried out an RC and 700m diamond drill program at Gundagai, before that GRL did a diamond and RC drill program at Lewis Ponds, and before that a drill program at Mt Aubrey. Now they are going to do a diamond drill program at Yeoval. I've got absolutely no complaints about those programs - GRL has to test all of its areas. And after testing, the next step is to concentrate on the best prospects. We are still waiting on Gundagia and Yeoval, and they may surprise us, yet the best prospects are stiill the Lewis Ponds area and Turrawonga. Perhaps the team may have been put off by the IP survey at Turrawonga, but that was very inconclusive. From memory the wire in the farm fencing caused major problems. So, IMO the team needs to get its mojo and back its geological nose for copper-gold porphyries. That's all from me.