Key points:1/ SS recovered only 108kt Ni, wasbased on ONLY:a/...

Key points:

1/ SS recovered only 108kt Ni, wasbased on ONLY:

a/ Ban Phuc DSS, drilling cutoff July.

b/ treated through new 4 or 6mtpa new mill.Plus d/stream.

2/ But intention is coming PFS [Q12021?] will:

a/ ADD post July Ban Phuc, ie ongoingKing Cobra

b/ ADD: part of 3 more satellite orebodies[adding MSV and some extra DSS?] esp. ongoing Ban Chang, also Ta Cuong, and BanKhoa / King Snake.

c/ ADD restarted existing 450ktpa mill,to treat higher grade MSV from BC etc,

PLUS the 4 or 6mtps new mill for DSS,

Thus major change in planned prodnconfiguration, run TWO mills.

d/ hence also add Cu and Co credits.Maybe PGE later.

So PFS will be major revamp, and will „recover“a lot more than 108kt Ni.

3/ Hence resources are coming for

a/ extra King Cobra [ie revised B Phucresources];

b/ additional 3 satellite orebodies, ie allfor inclusion in PFS.

Being satellite deposits the bar for achievingeconomic resources is lower than otherwise.

4/ Exploration. Total targets are approx.25 plus whatever new ones are found.

Intention is to drilltest [at least broadly] ALL these targets in next 12-18mos.

Not least to make sure initial mines are right ones.

5/ Vietnam, good jurisdictiony ANDspecific big opportunity feeding in country battery plant etc

6/ Importance of offtaker Ecopro support,also re debt finance. Also E do not have exclusivity on offtake.

7/ Given EV demand outlook BSX can look to sellevery lb of Ni they find, by extending life and increasing scale.