Ann: 2018 PFS Roadshow Presentation, page-102

All the big global Lithium players are doubling and tripling production, so there may not be the urgent need to bring many of the smaller players to production, certainly on the part of the banks.

Lithium stocks have come right off, especially the explorers and developers.

It's proving difficult for the small cap Lithium players to get finance, especially from the banks, and especially if one of the bigger players has not taken an interest.

And China has tightened it's technical specifications for batteries, and withdraw some state funding, which is why companies like OptimumNano in China have shut up their factories and sent their staff home for 6 months.

It's going to take much longer for BGS to develop a mine in Mali, certainly a few years longer than the 2020 time-frame mentioned in the presentations - IMHO.

The project is a long way from the coast, and it requires $250m to fully develop, so some funding bodies are saying why risk this when we can just pour a couple of hundred million into a huge producer like SQM for them to double/triple production - it's a much safer financial bet, and much less risk, and a guaranteed return.

The sell off is a reality check, and it's not just BGS, as has been mentioned, it's all small cap explorers and developers in Lithium across the globe, because the financiers are preferring to fund expansion of the large global players instead.

BGS will require some further patience. Let's hope the funding packages (when they come) are not at exorbitant interest rates.

Time to just hold, and see where this current share price fluctuation moves.

Gw