Ann: Corporate Presentation, page-37

King
BCI will have NAIF in the second half of its Mardie Project. It will fund $400 mil from equity. As at today it has already funded about $30 mill of the project from cash reserves and has $100 mill in the bank and $120 mill after the June quarter which is half over. No risk with that future income that I can see.

The company has been talking to banks for a long time. It can access low interest loans to cover project construction before it needs to tap shareholders. So why the rush to sell rights shares below $1.00? I’d be very disappointed if the company issued rights at less than $1.00.

There is simply NO RUSH TO DO THAT unless they want another key investor on the share register. Why would they want that? It will complicate the future takeover of BCI. I believe a takeover probably before production (2024) is a certainty.

Anyway I’ve made a lot of money out of BCI through my own logic and guidance and will make a lot more before before I sell. I have affection for BCI. Unlike some I see the pimples under the makeup with BCI. And comment accordingly.

I hope some people have seen my comments and arguments (and the abuse I have worn) as helpful in your quest to make a buck. No more comments on HC from me.

GLTAH