Overall, a good result. The tonnage was higher than I expected;...

Overall, a good result. The tonnage was higher than I expected; the grade was within the range of what I expected. (I was expecting around 80Mt at between 700-900 ppm TREO.)

Now we need the additional metallurgical test work to show that the leaching can be done economically. The preliminary leaching results were okay but not excellent. The fact that aqua regia was not required was the main thing; that would have dealt a death blow to the economic viability of the project, IMO.

As I've stated before, based on my research (as a layperson in such matters), PH2 seems fine (perhaps even good) but the duration and temperature used to achieve the higher recoveries might be a bit of a concern. But these were only preliminary results. No doubt the process will be refined and optimized with further ANSTO lab work.

Therefore, I think we have cause to be relatively optimistic concerning the metallurgy of the project.

The recent announcement: Leach Testing Highlights Exceptional Narraburra Recoveries stated:

The Company expects to receive quantitative mineralogical data on the six samples from ANSTO during April 2023, which should enable the Godolphin team to identify the components of the various materials in the deposit to refine our understanding of which materials should be targeted for further bench scale work. This will complete the preliminary metallurgical testing in the Project’s development.

The preliminary metallurgical results completed by ANSTO will be used by the Company to inform a larger scale metallurgical testing and bulk sampling program to determine the ideal extraction processing options at Narraburra and develop processing pathways. Additional metallurgical test work will focus on testing different samples of the same materials, identifying the optimal range of pH levels, temperature and residence timing to determine the behavior across the resource to refine and improve the metallurgical process. This is expected to be completed over the coming months, with the larger scale testing and bulk sampling to commence late in the 2023 calendar year.

So we can expect further news concerning the metallurgy soon.

In the second half of 2023, the company is also planning to do metallurgical test work to see if the REEs present in the fresh bed-rock portion of the Narraburra deposit can be extracted in an economically viable manner. Personally, based on my research, I would say the chances of this are not high. But if the REEs can be economically extracted from the fresh bedrock, it could add up to another 52.4Mt to todays updated JORC. We will know whether or not the REEs in the fresh bedrock are economically viable later this year.