2005 & 2006 profit forecast & cash flow

* BMX has financial end at December.

Based on the Ord Minnete Research report at 21 December 2005, the profit forecasts are listed below.

*The 2005 profit forecast is 2.2m (mainly die to the Bunbury Operation in WA). The un-audited result may be announced by end of Feb and fully audited by end of March 2006.

* The 2006 profit forecast is 21.5m

* Cash at the end of December quarter is 40.5 m (refer to Appendix 5b and December quarterly report)

* The expected cash outflow for the next quarter is 11.3m.

* The full commissioning at Broken Hill & upgrade in Bunbury will be completed by End of February 2006 and the ramp up to full production should be completed by late March or April 2006 and sale of Zircon and TiO2 from Gingko & Snapper project can start by then.. So IMHO no new cash issue (Right issue, placement, etc) will be required.

As always, do your own research,

Cheers,
BL