Ann: Change in substantial holding, page-100

BEZ has received so far from Quantum USD 15mio.

Now another USD 10mio is due to arrive at month end so that makes USD 25mio.

Suppose you convert this to AUD at the current foreign exchange rate of 0.6325 that is AUD 39.5mio.

BEZ now has listed on the ASX 418,100,906 CDIs.

For simplicity sakes I divide the CDIs by the AUD amount and i get a supposed cash backing of 9.4c per CDI.

And that does not include the current JORC of 3mio oz at the current gold bullion price of AUD 3,030 per oz (who knows what the AUD price of gold will be when they produce it). In gross revenue terms (obviously got to build a mine and pay for the gold to get it out of the ground and the concentrate is transported to Quantum to turn into bullion) of $9,090,000,000. I am not going to divide that gross revenue number by how many CDIs on issue or come up with a hypothetical cost per oz as that is not my skill set. Finally, what happens if the JORC is increased to 6 or 9 mio oz of gold. Then you just double or triple that gross revenue number.

This gives you some sort of elementary numbers of what we are dealing with here. And I am not a resource analyst.

But I will stick to a cash backing of 9.4c per CDI with no JORC resource valuation for now at the current price of 13c.

Now you figure out if you want to be part of this investment journey?