Ann: New Exploration Licences Strengthens REE Portfolio, page-4

Amigos, it could be good news for GRLs' REE ambitions, but something doesn't add up. In NSW there is an application process for new exploration areas - first you submit an application fo an exploration licence (ie an ELA) for an area, then it takes around 12 months of assessment before the exploraion licence (ie EL) is granted. After which you can start talking to landowners for a permit to explore on their land. So I was puzzled by GRL's announcement that it has been granted EL6537 at Bingara. My thought was that either their process was very quick or they didn't tell the market at the time they applied for the ELA? (I have ELs myself plus an ELA which has been in the works for about 9 months, so I am familiar with the process.) Anyway, I looked at the Government's Minview website to check GRL's new area. I've copied the result below. The report on the right side says that GRL applied on 12/10/2022 for ELA6537. The map shows ELA6537 with the dotted line - it overlaps EL8233 which is an exploration licence for other minerals (sapphire, etc) not metals. The point is that Minview shows GRL has submitted an application for the exploration licence (2 months ago) and it will probably take some time before it is granted. I am sure that the team at GRL would know all of this, but I don't understand why 1) they have written an announcement calling it EL6537 when it should be ELA6537 and 2) why they say it has been granted, when there are many months of assessment by the department before it is granted as an EL? IMO it is very misleading to write at this stage of the process:

"The tenement is granted for a six-year period with an exploration strategy outlined that will see Godolphin complete initial in-depth desk-top data analysis, geological mapping and geochemical sampling supplemented with geophysics and drilling of suitable targets."

I will gladly apologise if I am wrong. I am a longterm shareholder of GRL, so I'm not writing this to down-ramp the company - just a concerned shareholder. What is going on?