Ann: Quarterly Activities / Appendix 5B Cashflow Report, page-94

"Why are you on the BML thread?"

Appreciate the opportunity to answer your question. Thank you.

I'm here (as I am elsewhere) to provide factual based opinions on the quality of the stock and the associated risks.

BML carries significant downside risk because the general market sentiment makes it very difficult to (a) obtain off-takes and (b) get finance to build the plant. The FED said last night that interest rates won't be dropped for at least a few more months, which pushes out any hope of securing finance at a decent and affordable rate that fits the economics of this project.

This means management will probably need to tap AC for some of the capital and when they do (by issuing shares), it will place downward pressure on the share price, because AC will won't to convert it to a profit as quickly as possible.

If the financial conditions don't improve, then there will be further delays and further spend of the AC capital, downward pressure on the share - a potential death loop. There is the possibility of another capital raise, depending on timing and quarterly spend, which adds to the uncertainty.

What's more important to focus on, is the updated milestone list timelines. I don't recall seeing one, so at the moment all of the important milestones are open ended. More risk.

Well, I think that's about it, unless others have something to say.