Member Info for Fr.Jack.Hackett

Mr Corrumpo,

I read your previous email starting with . ". . .This is from someone who was there.. . ", as if you were reporting on behalf of someone who was there - and not that you were the person actually there - thats why I made reference to your sources being questionable if AL is still a board member.

General point:

Outside of everything else - I cannot see a position for EP in this outfit anymore for the following:

1) It is now nearly obvious to everyone that on the run-up to January (and after) EP was stating more porkies than there are piggeries in the world

2) It will be EP's job (or replacement) to go out and fix this mess - which will require some investment (CAPITAL) before the end of the year - and all organisations can see the character they are dealing with.

3) Forward statements in future RNS cannot be relied on

From information below:

If RNS issue on Tuesday stating AL is not voted for re-election then suggest the following may well be creditable:

1) Production is possibly at 6-7oz a day = 212 oz/month (this is suggested in GRL RNSs - or should I say the lack of RNSs indicate that production is very low)

2) 1000oz/month is still over a year away (well I never !!!)

If AL is still on the BofD - then Corrumpo sources are questionable.

One item I have noticed - GRL have been extremely cautious to ensure very little access to the AGM was available and little evidence of what said is available - I wonder why.

Mr Izzy,

Please do not dictate what can be posted here. Productive "stuff" can often be negative as well.

History is also important - the annual production outlook issues from 2022 has also appeared in 2025 - but are being largely dismissed by many.

As for lessons being learnt - these people say they bring in over 20+ years of knowledge!!

". . .and there’s serious progress from 2021. . . ", please enlighten - the company became comically in 2022 with their lowering of production figures where they finally made nearly 7000oz: "2022 production target of 7,000 ounces of gold (RNS: 30 September 2022) not yet achieved, but the shortfall ounces remain within the heap at various stages of recovery."

Only question left - if there is series progress from 2021 - where is the evidence ??? - do you think they will improve on the 2022 production figures and if so in what amount?

Advanced Mathematics: 7000oz / 12 months = 583oz gold (Ag) month

". . . It’s just a case of plucking gold out of the ground. Stacking it up and making sure the new operations team don’t have any hiccups.. . . "

- the issue is that there is little confidence that current management can even do this.

For pity sake - don't let them also get involved in the finances of the company - oh sorry they did !! result EV = 2xMCAP !!

Mr Izzy,

It is not about unforeseen things (which probably can be foreseen) occurring or temperatures in the kitchen - it's about the professionalism of the management and their actions and communications through RNS.

This poor poor professionalism is still visible today - and probably tomorrow - see last couple of months RNS - and probably the next few.

Bring on the Bash Street Kids.

https://en.wikipedia.org/wiki/The_Bash_Street_Kids I am sure Erbert can handle being CEO.

If you think they have been professional at all communications - then I suggest we have different interpretation of the word. I specifically compare GRL to CMCL for a purpose - comparison.

- Thought GRL would issue RNS on friday with at least latest production/financial figures before AGM.

- Thought this morning they would provide response to written questions for AGM.

If anyone does attend the AGM - please feel free to give your interpretations of the discussions that take place.

It is a little sad I write the first two points above - when another similar company (CMCL) are posting their Q2 results. A few years ago (as I have previously pointed out) GRL was MCAP £63m and CMCL £96m with both suggesting gold production of 50koz (for GRL) and 61koz (for CMCL).

Following taken from GRL RNS dated 30 Sept 2021: The Company expects to increase the planned gold production from the Company's original guidance of 14,400 ounces, stated in the Definitive Economic Plan ("DEP") announced on 19 June 2019 to around 50,000 ounces of gold per annum within the first year of production, which would represent an increase of more than 300% from the original production schedule.

It must be time for management to move on - maybe bring in the Bash Street Kids to turn this around.

Pretty big purchase that

" . . .she’s doing a decent job of late . . ",

Unfortunately I do not have the evidence to back up this statement.

Mr Makeabundle,

The doubts I have is whether this activity is generating revenue or not. Until EUA make a statement they have sold some sands - then I may have this inquisitive opinion - which I am surprised others don't have.

As you stated, ". . .I like what WK is generating. . ." , please, if you willing, share with everyone exactly what EUA are generating.

Mr Wilco,

I (and others) may have missed something in the RNS. All the activity they listed normally cost some spondoolies - I think most agree. These activities have been going on for the last 6+ months it appear - however there is no sign of revenue being generated. Leaves to a few questions - are they generating revenue and not informing the markets - or are they currently spewing into their cash reserves and possibly needing funding soon (especially if they still not generating revenue - such as selling the sands).

EUA made it clear - this activity is undertaken to maintain their licence agreements - they stated numerous times in the RNS.

Until they have the courtesy to inform their investors - then it is difficult to be assured this is revenue generating.

Its been sometime since anything of interest arrived from EUA. The update appears to be positive - and appears well received by the overall market. The wording in the RNS refers often to comply with licencing requirements - which gives the impression all this effort (and expenditure) was not preferred to be undertaken by the EUA board.

Unfortunately - no AISC is stated - just reiterated a target value originally issued before 2020.

It also does not indicate that all this effort will resort in actual revenue (just to comply with licence requirements) - this work needs funding and normally there are 3 ways of funding - 1) self funding by generating revenue by the activities; 2) seeking monies elsewhere (maybe from the new exchange), 3) Fundme page on Facebook. Suspect options 1 & 2 are the most likely.

If not sold - it will appear as assets on balance sheet now it is out of the ground.

We know what the COMPANY is spending money on - it be reassuring to know if it is generating any russian readies or just building a pile of sand. One thing we know - its not generating £ or $.

Mr Lennie,

". . May be the div will be increased:. . ",

I think I heard 6 months ago that CMCL are expecting to mine a high ore-grade in anticipation to increase revenue to offset the costs for the development of Bilboes (and possibly to minimise dilution). Therefore I would not be surprised if dividends remain as they are - until Bilboes supplies a contribution to profit before tax.

That said, maybe CMCl will increase dividends in line with share price increase to maintain the yield - to look favourable for new investors.

No further comment

Mr Izzy,

" . .A stupid or very distressed seller. . ", are these the only options you are prepared to consider?

Could it be a well inform shareholder (as they have enough shares to sell to get the BOD ear) - deciding to sell for a known reason to them - and hidden so far to the market?

What I feared - lowering targets as the year goes on - not good - like in 2022 RNS.

Thanks for correcting me HarChris - but I suspect its not a nice feeling to correct me - as the fact GRL are constantly lowering their target as the year evolves.

Question raise to all !! what will the next lowered target for the year be ? 800 oz by september, 600 oz by December?

I see why little share buying activity here - as BoD communications is now down to mandatory statements they need to release only (rather than all the ramping up production waffle).

The performance criteria is still 650oz gold (Au).

Mr HarChris,

I have never seen a production target figure stated by GRL of 1000 dore/815 troy gold production per month.

The only clear target stated (ignoring the fairy-tails from 2022); - dated 11 Nov 2024: Remain on schedule to meet the Company's target of 1,000 ounces gold production per month from January 2025, from 48,000 tonnes of stacked agglomerated ore per month.

It clearly states gold (Au) - but it does not state oz or troy oz - but as a gold miner - it would be by default, troy.

This also applies to the super low bar objectives the management have set themselves to scope over 5% of the company when achieve 650oz a month for three months.

Its the risk factor - and it was visible 5 years ago.

I keep on saying - the assets of GRL I am sure will be profitable - the issue is will it be within GRL ownership !!

If anyone wants a guidance on how gold production mining should be recorded - suggest review RNS issued today (as they do every quarter) from CMCL.

It also shows how close the guidance to actual production can be achieved with professionalism. Suggest a certain CEO takes note.

For anyone interested - CMCL was just double the MCAP of GRL 4 years ago (140m v 70m)- and now are 50x GRL MCAP.

Mr Wasarunner,

I still find the notification by AIM strange - as they were already over 25% and I understand they don't need to declare until 30%.

It also never stated they actual purchased shares - just their % holding increase.

Maybe I haven't read it correct .

. . .mainly the statements issued in the RNS.