Ann: Quarterly Activities Report, page-25

Happy Australia Day!!

Just wanted to highlight a few other points from the quarterly which are important progress points, but have been lost in the GPL debate.

Mardie Site Activities
- Construction of a large scale trial pond is scheduled to commence in early Q2 2021. This program will testpond wall design, construction methodology and construction materials, providing valuable input intodetailed design and the contracting process for the ponds and crystallisers.

Detailed Design and Optimisation
- The potential for increased production in thefinal project footprint is enhanced through the availability of additional tenements secured by BCIimmediately north of the Mardie Project

Evaporation and Processing Trials
- Nagrom has been engaged to construct and operate a salt pilot plant. The pilot plant is currently beingassembled and a minimum of 20 tonnes of high purity salt is scheduled to be processed in Q1 2021. Outcomesfrom the program will assist with flowsheet finalisation and generate additional salt samples for testwork bypotential offtake customers. The SOP pilot plant program is currently being scoped and is scheduled to occuris Q2 2021. Approximately 1 tonne of KTMS has been generated by the evaporation and crystallisation trialsto date and additional KTMS will be available for the program.

Funding
- BCIhas also initiated discussions and due diligence with Export Finance Australia regarding the potentialprovision of a medium tenor tranche of project finance debt.

IRON VALLEY MINE
- The December 2020 quarter produced a record result, with BCI EBITDA from Iron Valley of A$10.0M, includinga positive prior period adjustment of A$0.7M. Iron Valley operator, Mineral Resources Ltd (ASX:MIN), shipped1.6Mt for the December 2020 quarter comprising ~50% lump.

Cash and Debt Position
- BCI’s cash balance at 31 December 2020 was A$78.5M (30 September 2020: A$55.6M) and the Companyremains debt free,


All good, positive points from the company. As i've said many times before, patience is still required, but for those looking for a solid, long term investment, this Mardie project fits the bill perfectly.

Enough from me - i'm off to a BBQ! Enjoy your day.

GLTAH.