Godolphin Resources update on June 2024 Quarterly Activities Report

Godolphin Resources Limited (ASX: $GRL) provided an update on its activities for the quarter ended 30 June 2024. The company acquired the remaining 49% of the Narraburra Rare Earth Element Project, solidifying its 100% interest in the flagship project. Additionally, the company initiated the third phase of metallurgical testing for the Narraburra project and identified multiple new exploration targets. The company also defined a new gold-copper soil anomaly at the Spring Creek Prospect within its Copper Hill East project. Furthermore, Godolphin successfully completed a placement and entitlement offers, raising $1,236,000 to fund its exploration and development initiatives.

Executive Commentary on Recent Developments

Managing Director Ms Jeneta Owens expressed satisfaction with the company's achievements during the quarter, emphasizing the significant progress made in advancing the Narraburra Rare Earths Project. She highlighted the acquisition of 100% control of the asset, ongoing metallurgical testing, and additional exploration initiatives as key milestones. Ms Owens also noted the company's financial flexibility following the completion of the recent placement and entitlement offer, enabling the progression of project development and exploration activities.

Summary of June 2024 Quarterly Activities and Outlook

Godolphin Resources made substantial advancements during the quarter, securing full control of the Narraburra Rare Earth Element Project and progressing with metallurgical testing and exploration activities. The company's focus on the Narraburra REE project, including ongoing work to deliver its Scoping Study, is evident. The identification of multiple new rare earth exploration targets at Narraburra underscores the project's scale potential. Additionally, the discovery of a new gold-copper soil anomaly at the Spring Creek Prospect presents further exploration opportunities. The successful completion of the placement and entitlement offers provides the company with the financial means to advance its exploration and development initiatives. With sufficient funding and a clear strategic focus, Godolphin Resources is well-positioned to pursue its corporate strategy and capitalize on the potential of its projects.