Ann: Presentation to Shareholder Meeting, page-245

Hi Jakers,

Let me try and expand on some of the issues you have raised as they were dealt with at the general meeting.

Firstly the PFS gave 5 scenarios of which the standout for the board was number 5.

NPV of this scenario is $638 million. This is the scenario the board will pursue.

Everyone including the board know that the PFS is flawed, it was started without knowing the full extent of the resource and for the wrong reasons, at the wrong time yet still established a viable project.

As for Capex, Darryl Butcher made reference to this in his presentation and stated that all equipment was the best available. He specifically stated that " they didn't go for Dodgy Dan equipment as that was only leaving them open to a bloody nose in the future when it broke down as it inevitably would".

They will improve the costs and work on more detail in the revised PFS which will be properly commissioned.

You stated that it is a "drain to see BGS at $58 mill". I prefer to see it as an opportunity.

Particularly when you consider the options available to us which not many other hopefuls have.

To commence the DFS without knowing what resource you have would be negligent imo and this board are certainly not going to go down that route i can assure you.

Most of the long term holders of BGS which includes most of the top 50 shareholders are not concerned with short term thinking, they are interested in long term profit.

This board will achieve that imo.

Good Luck Long Termers