Comments from MD Graham McGarry regarding the...

Comments from MD Graham McGarry regarding the announcement:

Fellow Shareholder and Interested Party,

Geko MRE

We have attached an ASX announcement made this morning in respect of the Geko mine.

The MRE was delayed as we gathered all relevant information from the groups who have been involved in exploration and mining at Geko.

Inevitably the question is why did the previous mining operations fail

:reliant on custom milling ore with outside parties

:viscosity issues associated with clay type material made processing difficult

:substantial water inflows and collapse of the southern wall

Why Beacon

:we are milling through our own plant which is located closer than the custom mills used previously

:we will blend the ore to achieve throughput and minimise handling issues

:we are able to pump the water to Jaurdi and use in the plant and store in Panel 3

:the mining campaign will be undertaken over a short period which will require capital to stockpile ore

:we have a dedicated mining technical group

The mining ore reserve is well advanced and will be announced when complete.

Life of mine schedule will be recast and announced in August.