Ann: Company Update and Request for Extension of Suspension, page-34

It is obviously clear to all investors that CGB, has not delivered on their promises, and like all these speculative stocks has not delivered on so many projects. I do have to smile whenever the Port Mourilyan discussion comes up though, and wonder if anyone actually investigated this. Well I have. Even though Port Mourilyan is set up for exporting sugar, molasses etc, the announcement to shareholders stated that the QBL team had made an arrangement with Port of Mourilyan to export its Bauxite ore once mined.. Is that how everybody reads it?

As today seems to be a day at looking back, and this point was raised, I thought it would be good to check it again.

This has been debated in this forum many times by both sides and from my reading I seemed to believe that the contrarian side was arguing that QBL could not export ore from this harbour as both the facilities were not there and some thought that there was insufficient harbour depth. I think it is always good to check the facts again.

So let's put this to bed.
1) Is there any proof that Port Mourilyan has exported ore "of any type" from its harbour that would have prompted QBL to inform shareholders that it could indeed export bauxite if it was ever mined? We all know that QBL had not yet had that mining license approved.

So 139,947 tonnes of magnetite ore shipped from Port Mourilyan in 2017 according to the Port Authority's reports. Magnetite is a mineral whose primary component is an iron oxide that contains equal amounts of iron(II) and iron(III). Its empirical formula is Fe3O4, and it is often expressed as iron(II,III) oxide. In the past, it has been called ferrous–ferric oxide and triiron tetraoxide.

My next question related to bulk density of magnetite to bauxite in relation to shipping abilities.

Bauxite bulk density:1,100 - 2,000 kg/m³.
Magnetite bulk density: 4,800-5,100 kg/m3

So it seems that Magnetite is about three times more dense that Bauxite ore, in general. So if Port Mourilyan claims in their reports for the Years 2015 - 2017 to have shipped ~206,000 tonnes of a heavier ore out of its harbour.

So my question really is for what I have read today, if the environmental conditions had been right , and if QBL had secured an offtake partner (which they didn't) Did QBL lie to its shareholders by claiming that a potentially lighter ore, Bauxite which was close to the harbour could be shipped or have some posters just got it wrong here? I am addressing only the announcement, not their failure to deliver.

2) The second question raised was to do with harbour depth. Some posters claimed that Port Mourilyan was too shallow to allow bulk ore carriers to transport Bauxite ore out. Well I think the first post shows that ore was indeed transported. So I looked at a similar export Port for goods to Mourilyan ; the Cairns harbour to check its berth depth. I also checked Weipa (Rio Tinto) which is a specific Bauxite port for larger ore carriers and checked its berth depth. .

CAIRNS PORT

MOURILYAN PORT


WEIPA PORT



It was inferred that some posters have just disappeared, so I just thought it would be good to look at and address what facts are facts, and what presented posts may just be speculation for the sake of a respectful debate.

CGB appears to have not delivered on this project but it was good to look at this topic again.

Re Port Mourilyan did they lie to us, or were all the posts on here about Port Mourilyan and the Port not being able to ship bauxite possibly white noise and people got it wrong? I am just presenting a question as a shareholder.

I am in the hole for a significant amount so I am definitely not here singing anybody's praises. Let me make that clear. But I do like the proper facts out there, even if the company has tanked on this deal. I am happy also to be shown facts from any documents which will prove that the announcement about shipping ore from that facility was indeed fake news. I will then take it further myself.