Ann: Trading Halt, page-14

Look on bright side

Ban Chang BC] is nearterm game changer for BSX?

Points to quickly doublingmooted project.

BSX SS offered largeinitial NPV for a total project producing Ni product for direct sale to batterymakers, but recovering only 108kt Ni from initial „reserves“.

And only from Ban Phuc[from drilling before end July] and excluding credits.

Meanwhile reported drillingfrom BC already points to significant MSV reserves, which BSX hopes to includein Q1 2021 PFS.

Thus obvious strategy isto feed BC MSV to restarted old 450ktpa plant, recover ~ 10ktpa Ni, not a lotless than the 12.7ktpa from mooted 4mtpa dissem. ore plant.

But then should build thesecond plant too, ie larger 4mtpa dissem. ore plant?

If there’s an initiallife of say 8yrs for both?

Meaning would look atdoubling downstream output, if market is there, which seems likely.

Aggressive ongoingexploration will be key value driver