Ann: Quarterly Activities Report, page-3

I was a little disappointed by the report as we have to wait to June Q 2019 (rather than the March Q 2019) for the results of exploration on the North Dune. There is also uncertainty around the the expected mine life of the South Dune (probably somewhere between (my guess) 2021 to at most 2024). I think the company needs to provide information/clarification to the market on this.

On the positive side, release of the Toliara PFS in the March Q 2019 remains on track. If the PFS demonstrates that the economics are attractive to highly attractive, then this could boost the BSE share price as I think the current share price does not appear to be factoring in such an outcome. Another positive is the commentary on the mineral sands market which provides confidence that BSE should be able to generate cash flow to finance a large part of the Toliara project (which I think is extremely important to avoid material debt funding to the maximum extent possible).

Patience is required with BSE as, like with the majority of mining and petroleum projects, it can take a long time for projects to evolve into providing healthy returns to shareholders.