Ann: 2018 PFS Roadshow Presentation, page-104

No JSB, I think there are number of risk factors that may extend the timing, including financing, transportation options, port and storage agreements, government licensing and taxation, sub-contracting in remote locations, and other factors. We are not dealing with our own backyard in Western Australia here, this is remote Africa with distant ports.

The board have done a wonderful job, and are sounding very optimistic and enthusiastic, and I'm sure they know a lot more than me, but I've invested in other Lithium players (here and overseas), and all their experiences over the past couple of years have formed my opinion.

Even companies like AJM could have held out for financing at 10% but it may have delayed the mine build for 2 years, so they scoured the globe and ended up taking private equity at 15% (far too high - but that's what you pay if you are in a hurry, or in a remote location).

I think there is a reality check that will (eventually) come into focus here, especially to people who have not built and developed a Lithium mine before.

I'm optimistic though.

I think everything will be achieved for BGS, only it will take longer than suggested. Possibly not the 2 years I have suggested, but maybe a year or eighteen months longer. I don't want anyone to become disillusioned with board because it takes an extra year, it won't be their fault. And I don't want the board pressured into taking the first finance offer simply because of shareholder impatience or pressure. In these situations it's best to be prudent.

I just think that we need to temper our expectations a little, and expect to be a bit more patient.

Everything comes to those who wait, and BGS will be no exception.

I'm happy to wait as long as it takes, because the forecast for Lithium demand is up right through to 2025.

We'll get there, and it will be all the more satisfying (and profitable) when we do.

Gw