Ann: Change in substantial holding, page-4

Exciting Indeed!
Mailer just out.



Dear Investors & Colleagues,

Noting that I provided one such update only 1 week ago, I am pleased to confirm that leading Australian fund manager Collins Street Asset Management (CSAM) has now increased its stake in BGD to 12.9% through further on market purchases.

This follows Collin's Street's emergence as a substantial shareholder during April 2024 with a 6.9% position, a subsequent on-market increase to 8.03% during August 2024, and a further on-market increase to 9.03% two weeks ago.

We are entering a very exciting time for the Company's development planning as we do the work to underwrite the transition to commercial producer on a lower-cost, lower-risk basis leveraging our fully permitted Central Gawler Mill. We are deeply honoured to have such strong support from Collins Street as we do so.

A link to these announcements can also be found on the Company's website here.

Regards,

Alexander Scanlon
Managing Director & CEO