Ann: Activity and Cashflow Reports for the December 2020 Quarter, page-7

My take on the quarterly;

1) From 2nd Highlight
"Contract signed with the São Paulo state research institute, IPT to conduct
metallurgical test work and pilot plant testing"
When metallurgical testing and pilot plant testing have been contracted simultaneously to IPT, it points to earlier process unknowns becoming knowns. In my humble opinion final process (and assaying methodology) are very close. positive outcomes from metallurgical tests should nail final process

2) From paragraph 2 under exploration.
"All holes intersected mafic intrusives as anticipated"
Further evidence of the disseminated nature of resource. Midnight26 is proven correct yet again.

3) "Detailed logging and sampling of all holes will commence in early 2021."
This means that in February or March (early 21) we will have an assaying methodology.

4) From the diagram :drilling status over local geology diagram, The total length of the dolerite (2 sections) is about 6 km.
That is pretty extensive. The concluded holes cover about 4.5 km (2 sections of dolerite.
All holes mineralized over 4.5 km so far is a big impact statement (see in relation point 2 above).

5) From section - Metallurgical test work and engineering design;
"BBX is continuing the development of its in-house analytical and related extraction technique in conjunction
with both IPT and a leading commercial laboratory. This work is aimed at maximising the extraction of other
precious metals in addition to gold. "
so we are maximising extraction of gold. Not just finding if we have gold at all as some here claim. I should add "and other precious metals"

6) " BBX´s preferred method involves a two-stage acid digestion followed
by precipitation of metals from solution."
For BBX to have a preferred method it means that they have worked on optimizing output. You would think it would be pretty high when some large numbers up to 300gm/ton of Au have been reported in the past . Furthermore, it seems to have one acid leaching stage less than previously mentioned in much earlier references. Process seems to be getting simpler and more effective.

7) "BBX continues to work on the isolation and precise measurement
of the individual metals, in conjunction with IPT."
Obviously BBX have developed a core competence in isolation and measurement to be working with IPT side by side.

8) "The engineering design of a metallurgical test plant by Onix Engineering is currently being re-initiated."
Again this points to final process being homed in on.

9) Under Corporate financial;
fees to a former director of $377k seem high. Possible acrimonious exit.

10) under subsequent events;
"The announcements released on the 20 January 2021 and 15 December 2020 include specific disclosure
to ensure compliance with JORC Code (2012 Edition)."
Do not know what this means but shows a sensitivity to JORC issues.

I am heartened by the closer reading. I suspect by end of March (stated early 21) , results will be out and this could be trading multiples of 31.5 cents. Perhaps many multiples.