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Agreed IKy, I'm reslly interested to see the terms of "the deal". I believe we will.be involved in further exploration of Kamativi to really unlock it's potential. Under what guise I'm not sure. Maybe funded by another anther company similar but alot more lucrative than the deal AFP has with FQ, or perhaps another similar deal to our KCB sold licenses to SFR. Imo we are likely to see some sort of similar deal regurgitated and improved Upon that CB has used before accross his portfolio again.

Flipper/Analytical, I believe the same. Sell off some pawns to make some royalty pieces. There's some KCB licences sat there doing nothing. It would be ideal to get rid of those and Ferber. Our cash position as you say gives us a strong hand in any deal as we are not desperate or reliant on a sale to survive. If we can sustain the SP, I believe more investors will come also. We are one of the top risers of late, so that is an advertisement for us too

Thanks for sharing Iky, there is certainly something brewing behind the scenes. Looking forward to whatever it is.

The sp is holding up very well, this week when it could easily have dropped. Something feels different in a good way.

From the AGM, this week was supposed to be meeting week for Kamativi.....who knows the agenda or for what purpose, but the fact it is getting attention and we have directors being called to meetings to discuss our assets puts us in the driving seat. We sell whenever we want.

Good work Analytical! CB stated .7/.8 would be good going for Cu. We are winning if our average so far is above

Afterwards the AGM I asked about the dynamics of negotiation between a major and a minor during an asset sale. I.e could a major just offer anything as they know minors require their custom. GLR are confident that there is a market for our assets and we sit on a strong positition. I got the notion that the competition between majors drives them to buy up assets and puts minors in a good position

Not a bad day, just a breather. 33% up in 5 days is good going. It can't all be straight up. Let's see what tomorrow brings :-)

I would also take that!

Just for the sake of throwing some numbers around (purely speculation)

Kamativi drills were going to 100m deep max, most around 60-70m (open pit type depths)

Some drill cores reporting 1-2% concentration (all away for assay)

Lithium price per ton $29k

Average concentration per ton 1% in kamativi (assume)

Assume ore body 5m tons rock (same as Luansobe small open pit)

Gives 50k tons of contained Lithium

Gross value $1,450,000,000

If we sold that for 7% of gross

$101.5m

Lots of assumptions in there but just goes to show with the very high price of Lithium, you don't need that big of an ore body (small pit) to be worth alot of money.

*keep the faith

No problem all. At the start of the AGM, CB said he wished he had a theatre (forget which one he quoted) to speak to all investors and a couple of times made a point during answering questions that he'd like the narrative sending out and properly explaining by us in the audience to our peers where possible because he can't get the chance to do it personally

Example: Shinganda RNS and how we are testing and some drills won't be ground breaking som hopefully will. So keep the fair they are all useful.

Glenover £2.2m in April. He made that deal as recently it has took up to 5 years for a mining license transfer/app in SA, so he's mitigated that worst case scenario and done us well there

I can highly recommend going to the next AGM to anyone.

agreed flipper. with shinganda colin said 0.7/0.8% copper would be good going and 0.5gt gold same. at that concentration we would be talking $100 rock.

he said when you have a few hundred metres of drill core it would be irresponsible to release xrf results on gold and copper with the mineralisation zone being so big, so we await assays. he did say that a tell tale of gold is ****nic and we have that also from what they can tell on early core inspection

When I asked Martyn about the retained licenses he jumped to 253 and being excited about it, he made a comment along the lines of " ....as well as 254" . At then we went into detail on 253. At the time I didn't recognise 254 as a number and was back into listening about what he had to say about 253 ans the dynamics with our neighbours. So that's cleared that side comment up, thanks Analytical. It's all bundled up into that northern part of the KCB for us

Good point, I forgot about the KCB. There wasn't amy talk in the AGM. However Martyn was nice enough to stop back and chat to me about our retained licences. He's personally managing the relationship with Cobre and Sandfire regarding 253 "keeping the Neighbours Happy" he called it and seemed genuinely excited about that license. He confirmed that it has been renewed under its original area..he's looking forward to the terra leaching results back in a matter of weeks and the end game for this license is sale.....hopefully to the Neighbours.

Hi Agent,

Unsure at this time. I presume it is still under investigation. The format of the meeting was the 7 proposals to go through first and then open questions to the floor. There was a set time so the topics were steered by what people asked and unfortunately everything couldn't be covered

Hi Money

Imo we should be altho future PR campaigns was something not discussed in detail. Maybe something we can all help with over the various platforms as investors we use and participate in

Hi Money

Imo we should be altho future PR campaigns was something not discussed in detail. Maybe something we can all help with over the various platforms as investors we use and participate in

Hi Flipper

It very much seems that way, the North Western area seems to be a very exciting place for the whole industry. As you have said Ivinghoe just over the boarder are very successful and that looks to be mapping accross to Zambia. I was chatting to Martyn afterwards and he was very keyed into the future of that side of our business and how the markets eye may even shift to there as the next botswana KCB

No problem OD, i would be guessing tbh. However what I wrote ifls pretty much exactly what was discussed around the RNSs

A little bit of learning from me. If you go to an AGM, you need a formal letter from your broker which i didnt have, meaning on the day I couldn't vote either way for the 7 proposals. ....I voted online which was enough for me anyway

However, when you're the only one not putting your hand up in the room to vote "For" a directors continuation, who is sat right infront of you it can get a little awkward. Hopefully he saw me do nothing on the "against" as well

hi olddrongo

i did ask the question on our policy of rns updates. example we haven't had one on luansobe for 9 months, ka****u 8 months. colin accepted that he needs to bring us along the journey more and that we are owed one on lunasobe......the small pit being an asset we turned down an offer for. whilst he didn't say what the content of the outstanding rns would be, i would imagine it may entail the subject or wording related to "offers" or "interest". he did say part of the reason of an rns not being given and time going by is due to the fast pace nature of the landscape changing. i.e we were intending to mine this ourselves. the chunese put a silly offer in, it got rejected, we told them we arw upgrading on site, they then came back with another a period of time after. quick succession changes for updates via rns when the plan keeps changing based on opportunities presenting themselves

the above rns startegy did have a caveat tho, he said he has never perfected what to do as the rns is generally 1 step behind the fast moving picture and often can stir up negative press rather than positive as shareholders rarely have the same up to date info as directors and a little bit of trust is required to bridge that gap

Participants and conversations still to be had "to get the most for the shareholders"

Shinganda got alot of air time. There is huge excitement over this asset. CB made a point of saying the last RNS was purposely matter of fact and not throwing in excitement while at this eqrly explorative phase. The asset is so big and things are looking so promising he wants to keep it on a level for now due to the journey ahead, example there will be good drill results and because of testing the extremities there will be some drills that are "duds"....all of which they are learning from and building the virtual model. Martyn is our expert with the help of our new appointments Mike Holman and Hunter Kennedy in understanding Shinganda and he tool alot of time explaining the process.

"Imagine a carrot 200m deep under the ground, the top being 1-2km in diameter, the body length deeper futher, and all round the body off shoots of faults also rich in copper/gold and iron". This is the picture we are trying to build

chinese companies are interested in several glr assets. offers have been tabled for several.

kamativi discussions with the chinese have happened with more to follow next week with martin leading the discussions. the chinese are "hoovering up everything" and planning on building smelters where there aren't even any assets there yet. confidence is high that the asset will be sold at a high enough price to create a win: win for everyone concerned. the exec mentioned an early exit strategy is under development and an end game for this asset is in play. looks like iky was correct (keep us up to date iky!). the exec mentioned a nearby potentially smaller asset recently sold for $100m.

regarding luansobe, the copper open pit has had several offers from the chinese which so far have been rejected by glr. in addition, the potentially larger underground element has had discussions with potential new owners of mopani (a likely underground extension into the glr license area from mufulira).

the splitting of the luansobe license area into two on the zambia cadastre with two applications - the open pit, and the underground element now makes sense in that context. the pit is worth significant monies so the exec will drive a hard bargain on this. i would not be surprised if a large $cash payment + royalties becomes the deal - as this frees up glr to focus on its strengths in finding and developing our other assets such as shinganda iocg which is showing huge promise and a key reason why they have beefed up the technical team.

not enough time to discuss ka****u but the chinese are likely to be in discussions as they were recipients of siege zinc ore under the zopco agreement. maybe a similar deal to luansobe?

cb has been speaking to ivanhoe, jupiter, blackrock - and the key message is that assets are now getting bought up and they expect a lot of acquisitions over the coming 8 months. therefore proving up shinganda for sale is on the cards - holding on to it, proving it up etc, and building max value into it. next drilling will be around some of the edges to find the extent of the asset.

this is not advice, it is general information, and you need to do your own research and make your own decisions. this is an opinion only, and likely a biased one!

Iv just come out of a really encouraging AGM. So useful and enlightening to be able to speak with the directors. They put alot of effort into helping us understand strategy, the science and political aspects of all the assets. I can highly recommend attending the next AGM

Attendance from GLR:

Colin Bird

Richard Wollenberg

Joel Silberstein

Martyn Churchouse

General update on Finances

12 month look ahead and what is the risk of dilution

"We have the current money in the bank" (£1m from the accounts my personal recollection.... actual figure not mentioned in the AGM)

Sandfire shares selling for over $6 meaning over £1.1m we can get access to in 24 hours

Afrimat shares £2.2m

Afrimat cash £2m due April2024

(Afrimat Mcap $400M, Sandfire Mcap over $1bn, so share value safe and likely to increase)

This will be used before any shareholders dilution is considered. Dilution was considered an option talked about when talking about cash. Colin referred to his personal stake and said even from his position he doesn't want further dilution

Our cash will carry us well into next year

I asked about our obligations

£4m luansobe

£1.5m kamativi/Bulwayo

£0.5m shinganda

All the above now settled! Meaning we have our % stake set out in each specific arrangement to each of the assets based on the expenditure obligation

Outstanding is £750k to be spent in 18months on the new North West Zambia asset

For me personally this was settling as I know now direct from Colin that there is no requirement for dilution and we have various options financing furthering our assets for an eventual sale