I still don't believe it's the same horse.
The photos of the BAY foal were taken in december 2012 and the photos of the GREYING-out chestnut were taken in august 2012. Why would a foal who is clearly greying out in August become a bay in December?
Also, and I may be entirely wrong here (I realise foals often go through a fugly stage) - so I apologise in advance if so, but the bay foal looks to be not nearly the quality of the greying one.
Wonder if photos somehow got muddled - what with so many foals being born....