Now that Yeoval MRE upgrade is off the table, Narraburra is the...

Now that Yeoval MRE upgrade is off the table, Narraburra is the only real potential short to medium term catalyst (unless we fluke a bonanza grade intersection at either Cyclops or Yeoval East, which is possible but seems unlikely due to the fact only 2400 meters of RC drilling is planned).

IMO, GRL needs to do a better job of communicating with holders. Once they publicly state they are going to do something within a specific timeframe (as represented in company presentations, for example), if they then decide to change their plans/timeframe behind the scenes, they should publicly let holders know ASAP that there has been a change of plans and not just leave holders in the dark for months expecting developments/announcements that aren't coming. Otherwise, they risk GRL's credibility (I.e., can I trust the information in this new company presentation, or will it also turn out to be inaccurate as with the timelines in the previous two company presentations?).

Somewhat worryingly (at least to me), it appears as though GRL management recently released information to the market which at the time of its it seems they likely would have known was inaccurate (or at least should have known so). Page 13 of the company's September presentation contains a timeline which stated that the Narraburra HyLogger results were due in Sept/Oct and that in-fill DD was set to begin in Oct/Nov. But we now know that at the time of the presentation's release, GRL management knew they had not even commenced Phase 2 testing and therefore there was really no way the timeline in that presentation could be adhered to. (Based on previous company statements, the Phase 2 test results were supposed to have commenced in June/July.) Knowing what we now know they knew at the time, it's hard to imagine how they could have failed to realise that the information contained in the presentation they were releasing to the market was inaccurate. But of course, I will give them the benefit of the doubt and assume it was just an unfortunate oversight. I'll leave it at that. (Just to be clear, I am not making any accusations/allegations of illegal, improper, or unethical behaviour against any individual or against GRL; I am just highlighting an inconsistency.)

I've also noticed that the stated planned drilling at the Caleua Prospect at the CHE Project (stated on page 13 of the May presentation) seems to have been dropped without any announcement. It appears in the May presentation but is absent from the June and October presentations. As far as I know, no statement or explanation of its disappearance from revised timelines has been provided. It's as though they just hoped no one would notice.

Therefore, taking all the above into account, my response to your question is as follows: Yes, I do think an improvement in the SP is possible, but only if we avoid further delays, stick to the new stated timeline, and get the Narraburra in-fill DD done and upgrade the resource at the project. However, I have to admit that GRL's future prospects are somewhat more fragile now that we have delayed Narraburra in-fill drilling until next year. The company clearly indicated Narraburra drilling was to occur in Q4 of 2023. These kinds of delays increase the risk of needing another CR before substantial progress is made (which means a low MC at the time of the next CR and more dilution than would be the case if substantial progress is made). Also, if GRL management continues to revise timeframes and delay planned drilling programs, holders will eventually begin to lose confidence in them and will become less trusting of their statements. Thankfully, I don't think GRL is close to that stage yet, but they do need to start doing a better job of adhering to their stated timeframes, of being transparent, and when communicating with holders.

(The above is all just my opinion, not financial advice, Etc.)