Ann: GRR - Quarterly Report for 3 months ended 31 March 2024, page-21

"Maximise sustainable returns.Demonstrate the consistency of returns to ensure sustainable long-term growth in value."

Hi Footmax,

The above statement made by the BoD in their most recent announcement is a contributing factor in why GRR is a great dividend stock.

Also, once the automated block cave projects starts up there will be significant cost reduction in mining.

We have 1 mt pa offtake agreement with Shagang, with the remaining 60% of production receiving a premium of circa $20 USD on top of the standard pellet premium due to the high quality of GRR's pellets.

Recent furnace improvements carried out by Ben Maynard have further improved pellet quality as well as reducing our carbon footprint, sufficient to mitigate the need to go down the expensive hydrogen pathway.