Ann: BCC December 2023 Quarterly Activities Report & Appendix 4C, page-2

Great report, positive cashflows in this financial climate is a great thing. I expect that BCC should not get its SP impacted today due to this 4C, whlst positive there is nothing major in it that will shift the SP needle either to + or -.

The arbitration is progressing with the arbitration hearing scheduled for end of April and with the process forecasted to wrap up by the mid 2024.

The cash balance has not really moved in any material way, however, considering that the business has incurred $.8M in arbitration costs to date (with additional $.7M to be expensed by the end of the arbitration process) and they are investing heavily in product development (~$2M this year to date), at least BCC are not running negative due to that arbitration stress whilst still maintaining their growth trajectory/plan.

Shareholders should keep their eyes on the arbitration outcomes, that should materialise within the next 6 months. If the outcomes are as per BCC's communications then it will materially impact the SP.

Cashflow is expected to stay positive for the remainder of the year. Perhaps we may see a bit of an uptick in the SP?

GLTAH.