GRL SP, page-29

"When GRL first announced a concentration shift to the Narraburra RRE Project, after results from just 3 or 4 shallow drill holes some were very quick to dismiss the project as low grade etc."

Perhaps the reason for this was that most of those who bought in before Narraburra (including me) were used to gold projects and had little experience or knowledge with rare earths. For me, it has been a bit of a learning curve. I had to learn the difference between hard rock and clay deposits (and also between ionic clay and non-ionic clay), Etc.

While Narraburra is definitely GRL's imminent catalyst for value creation, longer term, GRL's LFB landholdings have copper/gold porphyry potential, IMO. The consensus among prominent gold industry experts (at least the ones whose work I follow) is that, as large high-grade gold discoveries become more and more rare, large low-grade copper/gold porphyries will become an increasingly important source of global gold production. I think it's only a matter of time before things start to heat up in the LFB.

I am really looking forward to GRL proving up its JORCs at both Lewis Ponds and Yeoval.

I've been investing in gold stocks since 2002 and one of the things I've learned that there is an important psychological barrier at the 1Moz+ resource mark. Many of those who speculate in small amounts gold stocks won't even consider a company with less than a million ounces under their belt. Once we breach the 1Moz+ mark, we will begin to show up on the radars of an entire new class of gold stock speculator.

It's at the 1Moz+ mark that this kind of speculator starts doing the sums in their heads and assigning $ values to ounces in the ground. I.e., $20 x 1Moz resource = $20,000,000 company valuation, or $30 x 1Moz resource = $30,000,000 company valuation, Etc.

So it's very important for GRL to prove up its combined gold resource over the 1Moz+ level in the not-to-distant future (hopefully later this year!). We already have significant additional assays from Lewis Ponds which haven't yet been added to the maiden resource there. These results can be added in along with results from the next drilling program when GRL upgrades the Lewis Ponds resource. Also, Jeneta has confirmed that the next round of drilling at Yeoval will take place later this year. By combining additional results from both Lewis Ponds and Yeoval, GRL should be able to increase its total gold resource to 1Moz+ in the near future.

Considering the impressive potential of its projects and the catalysts for value creation, it's remarkable that GRL's market cap is under $10M! But that's just how the market is at the moment.

The above is just my opinion and should not be considered financial advice.