Ann: Bass Metals Progresses to Completion of Stage 1, page-20

Hi guys, here is some additional tidbits I share with you that I gathered from our CEO Tim Mcmanus :

First of all, I wondered where is the dump truck, because there was no mention of it in the latest announcement, yet it was mentioned in the precedent operational update. Tim confirmed that indeed they bought a new dump truck to use for Mahefedok and it is currently sitting at the Port awaiting customs clearance.

Regarding the importance of the new mahefedok deposit (VS the old Lohorano deposit) Tim noted that the tonnage required to underpin a 20k mine plan can only come from Mahefedok, as it has the larger footprint of mineralisation. However he highlighted that Loharano is a nice to have.

Regarding my following comment : "The resources defined at lohorano and mahefedok are similar (around 350.000 tonnes of contained graphite for each deposit at 4% ore grade with similar metallurgies 70% recoverable large flakes) however we get the impression form management announcements that Mahefedok is much bigger, probably due to : 1- mahefedok being bigger in surface area with potential of further exploration and defining more resources and 2- they already have plans to further drill and expand mahefedok resources and are confident they will find much more graphite and at higher grade than lohorano deposit." Tim confimed I am right and that indeed they are aiming to deliver on both my points.

I asked him about any possible synergies BSM management has in mind between loharano and mahefedok when they talk about "longer term plans for loharano", he pointed out that there is a possibility they could blend the ore feed from Mahefedok with Loharano at some time in the future. However, he stressed that as stated they are only planning for the timee being on mining from Mahefedok.

I also asked him if there is any truth to the latest analysts paper stating that BSM intends to decommission the older plant and place it in Andapa and if this is even technically feasible. It is technically feasible and an option, but no decision has been made yet.

Finally I asked him if the did install the necessary equipment to screen different flake sizes up to 35mesh+ and if it is part of the drying and packaging circuit or as a separate equipment. He basically confirmed the ability now of the refurbished mine to screen and separate up to super jumbo flakes (35mesh+ or >500microns) and that this is part of the newly installed drying and packaging circuit. This is great news, having the ability to sell separately different flake sizes especially the bigger ones would ensure higher graphite basket prices. BSM economic moat is in the super jumbo premium priced stuff.

Cant wait for the announcement of first production from the newly refurbished mine ! one or two weeks to go ? exciting times ahead of us !