Voting NO at upcoming AGM, page-54

Back in June @dwjd wrote the following - 'I began buying back then when we had virtually nothing going for us but a dream'. He's right we had nothing but a dream but we also had Simon Noon's iron-clad conviction that this project had been fundamentally mismanaged from 1972 until 2018 (& he's been proved right) And it's not as though the previous owners were minnows, one of them was BHP.

In late 2018 BML bought Sorby Hills from a liquidator at a liquidation price of $4 Million. We've only controlled this asset for four years.

So four years ago we had nothing and today at a minimum we have a 10 year mine life and during that time we will ship at least $1.87 Billion worth of Ore and BML will be very profitable. Sorby Hills will make $127 Million EBITDA in years one & two and we will average $75 Million EBITDA in each of the ten years. Our share in that is 75%. The truth is the economics of this project are as Shaw and Partners claim - exceptional.

These numbers are all before we increase the mine throughput by at least 1/3 and using historical long-term prices. Yes, there is some inflation in Capex and Opex to be factored in, but with the way the global macroeconomic backdrop is forming, IMHO BML will benefit way more from rising commodity prices than the inflationary impact on costs.

On top of this, Simon secured the complementary project of Manbarrum with existing resources (including 13 Million ounces of Silver, plus lead and plus Zinc), with an estimated $30-$50 Million of value, again for liquidation price. Simon also secured Eight Mile Creek as an adjacent site with significant exploration potential. Both Manbarrum and Eight Mile are 100% owned by BML. BML now controls all the significant sites available in the area.

V