Substantial Shareholders, page-2

Good analysis there Samscout. You are right as well about the dividend yield - while I personally think it should higher - 20% is very low though I like the idea as well that cash reserves are growing - it is the yield that attracted me to GRR in addition to the potential of that growing - 25 cents is a cheap entry price as well. Currently, the yield matched the best of the banks on offer.

I suppose getting 20% of the shares is not that big an obstacle but a T/O when there seems to be a lot of Chinese entities that hold the majority of shares - and there would be links of sorts to Shagang - would make any chance of getting a majority shareholding almost beyond reach. Maybe this is the reason we have not seen activity in that direction. Normally with the asset base and cash reserves as large as they are wedded to a SP so low, there would have been a lot of moves and interest by parties to make offers.

I do find the mothballing almost of the Southdown project unfathomable to be honest. Given that it would take time to get it up and running to full capacity (maybe a decade) and that the Savage River mine has a projected life span only up to 2034, it seems decidedly odd that GRR are not pushing partnership arrangements as a  matter of priority. The less cynical side of me would suggest the increasing cash reserves are to that end but I can't see any real movement by GRR to seek partnerships - nor alert share holders of what they are doing in that space. It appears to be a winner as projects go so I would be very surprised if no suitors are out there.

Southdown is the one issue that does concern me as an investor in GRR.