Ann: Diggers and Dealers Presentation, page-22

I also hold both.

BPL is not a very liquid stock and the movement increase is on quite low volume. I thin the volume is related to the HMS in the Murray basin.

The following best and worst cases are from the perspective of COM IMO

Worst case COB need to cough up for the additional percentage and BPL dispute is upheld. COB pays for additional holding as per agreement and BPL is not diluted as a minor holder

Best case for COB that all complaints are overturned. However I suspect that if this is the case that more time will be applied to BPL to stump up and a CR will be needed to pay for share of drilling.

If I was BPL management I would be going hard to try and drive a good bit of perceived value from the HMS side of the business particularly if they can lever off China potentially restricting rare earth elements. I’m not sure they have time however.

If I see a flurry of announcement from BPL in my mind it will show which way the announcements are likely to go.

I believe that the agreement is clear. Mediation however often side down the middle and works off fairness rather that right IMO.