Ann: Quarterly Activities Report, page-4

Thought this was suppose to be released tomorrow......

Wow, with all the calls for updates from the company, i would have thought there would have been great debate - but 2 posts......???

My important out takes -

• Pond 0 complete, seawater intake station 60% complete, and accommodation village 80% complete
• Average salt and SOP prices increased by 11% and 30% respectively during the quarter, and by 26% and 85% since mid-2021
• Cost inflation observed across construction packages; Current cost and design review ongoing
• Project schedule extended due to approval delays, severe weather, and measured capital spend during the cost and design review
• BCI is well funded for its modified FY23 construction program, with $209M cash, access to $100M of convertible notes, ongoing Iron Valley royalty earnings and potential asset sales
• Completion of the structure and the filling of Pond 0 is anticipated in late Q4 2022, a notable milestone which will signal these components of the Mardie Project transitioning from construction to operation
• The marine structures are on track against plan with 100% structural design received and 60% of mechanicaldesigns completed. The jetty will be constructed by McConnell Dowell using a traveller and crane to drivepiles and extend the jetty head. The traveller is under construction, and procurement of materials (piles andfabricated steel) has commenced. Jetty construction may commence in early 2023, subject to final secondaryapprovals, completion of the jetty causeway, and resolution of procurement constraints.
• Given ongoing market volatility, and until the cost and design review is finalised, BCI has decided to defer the award of selected new contracts at Mardie. However, work is continuing at the seawater intake station, Ponds 1 to 5, Mardie Village and supporting infrastructure, as well as important ongoing front end engineering design on key project components to improve design maturity and price confidence.
• The time required to complete the cost and design reviews together with delays to secondary approvals,weather related delays, the impact of COVID protocols and other factors is expected to result in an extensionto the first salt on ship date, indicatively to 2H 2025.
• BCI will have sufficient construction funding to cover all current and scheduled contractawards for the full financial year to June 2023 without requiring further capital.
• BCI expects that capital cost estimation and design maturity will be sufficiently advanced to enablemeaningful discussions with debt and equity providers in relation to funding the project to completion, tocommence before the end of 2022.

Maybe peeps have got bored chose to sell out.....

I bought more today. GLTAH.