Ann: Farm-In & JV Agreement and Cooperation on Ophthalmia Project, page-35

Hi Sabine,

I think that early 2022 is the latest that a port decision will be made, so I'm working on a worst case scenario for a decision. Potentially the PH Authority review could be released really late this year, followed by a ministerial decision many weeks later, hence early 2022. I would really like a positive port outcome to be made really soon, but having held this stock and its predecessors since 2006, I've learnt not to expect quick outcomes.

The positive is that BCK holders now have in place an arrangement that unlocks the value of the tenements without needing to go to a value destroying capital raising, subject to receiving a berth at Port Headland. The 400MT that remain BCK's share is still conservatively over $40 billion AUD in value, about $4 per share which isn't too shabby. I look forward to reading the quarterly reports with details of the construction progress.