Ann: NAIF Approval of A$450M Loan for the Mardie Project, page-58

The issue at this time is the seemingly fleeting agreement with the pipeline(s) owners.

After two years of discussion/negotiation for access over the pipeline easement - nothing. The “commitment” BCI have given to the pipeline owners seems to be going nowhere. What influence can the state have to help resolve the apparent impass which involves pond1, pond 2 and the seawater pump station? It appears the state doesn’t want to get involved.

it won’t matter how much money BCI can raise, without clearance from the pipelines owners it’s likely environmental and state approval of the project IN ITS CURRENT LAYOUT it can’t proceed.

A relocation of the ponds and the pump station to avoid crossing the gas pipelines would result in amended state submissions and new approvals putting the project back many many months.

I trust BCI isn’t pulling the wool over shareholders eyes on this matter and hope those agreements with the pipeline owners for the current project layout are advised to the ASX soon. GLTAH