Ann: Change in substantial holding from HHL, page-5

JD

HHL have not been a significant seller. they only sold 1.3m shares of their 37.3m shareholding and ceased selling on 17 January. The % reduction in their shareholding is mostly due to the capital raising increasing the number of shares on issue.

The notice suggests to me that HHL decided to see if they could make some money on this investment before exiting (which they always do at some stage, eg their substantial holding in SBM was eventually sold out at a massive profit).

We awaits progress reports on production and costs over the next 6 months to indicate if we should give up on BLK or hold on for a wild ride to the sky.

loki