Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-17

There is a lot of information in the quarterly, which gives me great hope for a very uplifting period ahead. I have read the report quite a few times now. I agree that it is slightly confusing as to whether Alpha Test ,4 has commenced, in progress, or imminent. That doesn't bother me greatly. What perhaps is vastly more important is the increasing value being created via the testing program.

Test 1 achieved 16 to 20% conversion of the blended sample of torbanite and cannel coal

Test 3 achieved 66% conversion of the blended sample with far higher asphaltenes ( exceeding 10%)

In short, the testing program has been incredibly successful, with Test 4, as they say, designed to again improve on the conversions. They must think this very important, as the metrics feed into the PFS which has been delayed. Why rush into a PFS, when the metrics just keep getting better and better, and the consultants are clearly saying hold off,

They have proved that the cannel coal ( really a schist) is a valuable contributor to the resource and will feed into far better economics.

They commenced a 55 drill program at Alpha on June 28, you will see, designed to increase the resource, and provide geotechnical data to facilitate mine design. So that should be completed in a few weeks, and I would be very surprised if we don't get a significant increase in the resource, and potential mine life.

It is frustrating that the PFS has been deferred a number of times, however, I can appreciate the rationale behind this.

The geothermal breakthrough technology (CeraPhiWell) could open up a vast business opportunity for GRV.

Two billion/s dollar business opportunities, in my view. Time will tell.