Ann: Letter to Shareholders, page-52

graham hi,

please note my proposal for an OUTLINE for discussion,

- it is a simple matter of yes/no, and we can wrap this up,

if it is not acceptable to GL,

and BCN continues to promote the proposal to shareholders as is,

despite the negative Independent Report,

i see no alternative,

but to state my position and reasoning to the shareholder body,

so that they are better informed,

i have since December 20, tried to impress that a 50% reduction

in mill output, cash flow, dividend, opportunity costs,

over this long period, will negatively impact BCN,

I also raised the issue, that the more probable rise in gold price

(at the time approx. AUD 2700) would result in an even

more disproportionate outcome for GL, on the back of our

subservient mill and operations, and stunt our opportunities,

with the Independent Report stating clearly that this arrangement

is NOT FAIR, it is now up to the shareholder body

(without a conflict of interest) to clean up this mess,

and get a deal that FULLY compensates GL and strengthens BCN,

the directors and management are conflicted, and need to step aside,

strategically, GL’s interest is with BCN, it is the long run play,

see this as strengthening your investment and control of BCN,

which all investors will support and back,

the math is bad, control + self dealing is worse,

and the argument that BCN is getting Lady Ida for free is false,

- a free promise (no cost entry), and we become paying tenants,

starting with up start up costs and continuing to restorations,

i apologize if this note is a little strong,

but so is it’s urgency and purpose,

this matter is materially critical to BCN and needs shareholder clarity,

the GL/management proposal has been Independently Reported,

and the right thing to do, is accept it and stop promoting,

it is up GL to decide between between,

a knockout win for themselves or a win-win for themselves and BCN,

as for me personally, a Spartan, a life lived by the sword, is a good life,

kind regards, colin

On 7 Jul BE 2567, at 11:50, colin petroulas <[email protected]> wrote:

Graham hi,

GL and BCN are intertwined with respect to Lady Ida,

the history is behind us, there is no plus or minus,

it is what it is, we are all united on the work and the best future,

BCN is the common denominator for everyone and our future,

the following are my assumptions, for discussion

-Graham, Sarah and Darren, are company ‘officials’

-Geoff to represent GL

-Oceanic and Colin to represent BCN

GL and BCN to sit down and thrash out an agreement,

- GL is fully compensated

- BCN is the vehicle that carries the project forward,

- the BOD and the ‘officials’ are not restricted in their work,

the difficulty this process has had was because the base premise

of the ASX is to support the shareholder - we are a public company,

and the conflict of interest was obvious, not shareholder friendly,

if a shareholder led agreement is ticked off by our Independent,

every one should be satisfied, and seen to be so,

we set out parameters and narrow this down to points,

i am fully open to and transparent to the input of Oceanic

and other shareholders on behalf of BCN,

if we can generally agree we can refer this to Graham and Sarah,

for the comments and or approval,

Graham please let Jeoff know i welcome a call at his convenience,

regards, colin