Ann: Ceasing to be a substantial holder, page-13

Hey GM,

I believe they were original share holders well before the company went public. I can't say why they needed to sell but they have been in since the company was private pre listing. I imagine they needed the funds after having them tied up for circa 5 years?

Also if you look at each Annexure A at the end of each substantial holder announcement, it's 1 account with 3 names on that account from what I can see, so technically 3 names but only 1 account selling, a family trust?

The other thing which others have pointed out is that the volumes of new buyers has stepped up and that fits in with the explanation that institutions wanted larger exposure and our daily volumes are increasing and the SP has held up.

For a small cap register we have very high amount of institutional support at a very early stage. That alone says volumes about the positive perception of BGD amongst the more sophisticated end of town.

I specifically asked Alex about this when I called post the placement announcement after we came out of TH. From what I see Alex has played it smart to get us through the next period especially with such an aggressive strategy which costs money and everyone gets upset about CRs but so long as the money is going into the drilling and development and results ensue then that's all one can ask for in the small end of town.

People quickly forget that the rapid rate of expansion on a regional scale has been done at a very cost effective rate of 14 to 15 aud /Oz and we're now looking down the barrel of 2 million ozs as the backdrop of gold is breaking out to new ATHs. Quite a few ozs were added when the company was private also, so we had a head start upon IPO listing.

Also BGD has funded a large bulk of their efforts the last 3 years by non dilutionary means from mill clean outs and selling of the gold, govt grants and excess camp disposal and rentals. That's a lot less dilution which added more Gold ozs.

The larger context is positive and value accretive amd whilst I can't explain why some original holders are selling I can view the larger picture as positive and value adding.

Don't pay too much attention to the multiple aliases of our bitter and twisted neighbour who posts purposeful negative comments. That intent is purely driven out of spite because we won the bid for THE ONLY MILL in the region and surrounding assets and he missed out and he harbours a false sense of entitlement from his spoilt childish demeanour, just havjng a dook as he was bested by Alex and team and his ego is hurt, nothing more than that. Just another sore loser.

The goals that have been kicked and the progress to date are what has me here and I've spoken in depth with management and the team is Tier 1, as are the assets.

Once we digest this last placement, the chart set-up is looking very positive to the upside now that we have cleared the runway for the next 12 months in a massively bullish gold macro space.

Once concensus sees why gold is really running (and it ain't about the Fed and their rates policy as gold disconnected from rates back in late 2022) then the FOMO trade will kick in and things can get really wild.
There is lots of upside left in the PM space and equites haven't begun to catch a bid because consensus is still asleep, which ia fine more explosive catch up coming for equities.

The 3 year consolidation is a massive launching pad as the longer the consolidation the bigger the move.

Just my 2 cents.