Ann: Q1 FY23 Trading Update, page-4

"Rabbits being pulled out of the hat" pre AGM.
Good work Roger S but you have done this before - old tricks old game.
Shareholders remember,

• Directors noms close today.
• Roger S up for re election at AGM?
• 2nd Strike pending.
• Is EBITDA sustainable - current EBITDA prediction is first in 24 Quarters. Future??
• Global prices ???
• Margin on Lactoferrins - is there one?? BFC keeps presenting sales but no discussion on margin. Told lactoferrin price is sub A$500 kg. Payment terms on sales is/are??
• Product gross margin estimates are,
• Mozz - zero. Breakeven at best. Factory yield/costs must NOW be under control.
• Lactoferrins - Breakeven or max $100 kg. 20,000kgs = $2m
• Whey and Cream - good profits BUT we are never told. THIS LINE looks to be the PROFIT line

Is a Capital raise coming - BFC 868M issued shares. Could place approx 174m at say 4c = approx $7m. WOW.
Rights offer??

Where does NAB sit. Debt must be $50m ++

Help needed