Ann: BCC June 2024 Quarterly Activities Report & Appendix 4C, page-10

Once again, Management / Board naivety in commercial dealings is exposed.

After showing a lack of appreciation of the likely inbalance in outcomes between partners when getting into the Zoleo JV deal, now we have on full display a total lack of appreciation of the cost of getting out of the jv.

# 30.10.23 announcement said $0.1M spent so far, with an expectered $1M more from there. = $1.1M total
# 24.4.24 announcement$1.3M expensed to date, expected to total $1.6M for full Year
# 26.7.24 announcement. Total paid $2.4M, but the actual costs incurred YTD were $3M (ie $0.6M yet to pay of work already done). And they are not saying $3.0M is the expected final figure, either.

So, in the last 3 months, the costs have blown out by more than $1.4M more than they expected just 3 months ago, and since starting on the arbitration process, the costs TO DATE have increased from an expected $1.1M to $3.0M.

AND THE CHAIR IS A BLOODY LAWYER who you'd think had some grasp on fees.

I hope the auditors have a very close look at this. ANy related party expenses here????????

What a cock up in execution of developing and marketing a damn good product.
And we pay the CEO how much for this brilliance??