Ann: Quarterly Activities Report, page-30

The only reason BSR's SP is where it is presently, with sellers out weighing buyers to the tune of about 6 to 1 is solely due to the poor performance of it's Executive Chairman Mr Alex McKenzie and the team he has personally chosen. Maybe, the fact that BSR is again broke and unlikely to have an enough cash on hand to see out the March 2020 quarter may also be significant factor at this time. I suggest everyone take a closer look at Item 8 of the last report and consider what you are actually being told. I would be interested in knowing what others have gleaned from the statements made. The main thread I got from it was BSR urgently needs more money. I believe Alex is presently in Senegal. I do not believe he is there to help Andrew Goode build the concrete foundations for the upgrade plant that is apparently just sitting on ground there. He is more likely there in talks with Coris Bank trying to get the additional 2.45 million dollars in an effort to keep BSR in the game. Access to these additional funds apparently has been previously agreed to in principle between the parties. First I have heard of it, but best of luck Alex.

As far as our Chairman's and his chosen team's provided updates and other statements made to shareholders that I have had the unenviable privilege to experience for the past 5 1/2 years . I now feel I have had so much pelican s--t shoveled on top of me from both on the record and off the record sources that my height has risen from 6 to 15 feet. It is true. It can be stacked that high.

Also, when it comes to CVs, you can have all the letters after your name you want, a list of places you have previously worked and a list of all the Boards you have sat on. None are a good indication of anyone's real abilities in their chosen field of endeavour. Many potentially good companies have gone under simply due to the appointed managers trying to punch far above their actual pay grade, By the time everyone realises the real problem it is too late to take remedial action and the company simply disappears. I agree Mr Andrew Goode another of Alex's chosen team members has what appears to be an impressive CV. I believe he was originally contracted as project manager for a period of 2 to 3 months. However, according to some he is still there. I would like to know exactly what he has managed to achieve and personally ask him the reasons for any holdups including those due to any directives given to him by Alex. We all know by now, actually nothing happens with regard to BSR unless Alex has first approved it. There are times, I am not sure whether I have actually invested my $162,000.00 in a publicly listed company or have just made a loan to a Pty Ltd company with Alex being the only Director and Shareholder. No, cannot be the later I surely would have been getting some return on my money for the past 5 1/2 years.

My experience with company board appointments is that it operates similar to an old boys club. Existing board members chose new appointments for whatever reason and then they get the members to approve their selection. In BSR's case the selection task is clearly belongs to Alex. In the case of MGO our subsidiary, I believe it's board members are Senegal Government appointees only. That is why MGO has a Government Minister on it's board. Just try that in Australia. Talk about conflict of interest. Then again as we have come to learn anything is possible and acceptable in Senegal.

Apart from that, the question I would like to ask Mr Goode is why have the concrete foundations upon which the upgrade equipment is to sit, still not in place? Especially given your time as project manager on site and the delays in getting the upgrade equipment to the site. Some 10 months now? Surely, money could not have been an issue here..

According to Mincore's study outlining requirements of the Plant Upgrade released some years ago, 200 tonnes of steel and 300 cubic metres of concrete would be required. So it would appear there is still a significant amount of work still to be completed just on the foundations and reading the last report the project may still be waiting on equipment to be made and/or delivered to the site. This could be just the tip of the iceberg as to what is really is left to be done and the additional funds needed to finally get to production. By the way, any news of the appointment of the mining contractor or when they are likely getting to the site with their crushers. BSR according to Mincore was going to acquire it's own crushers. Maybe the money was better spent elsewhere. I am a little bewildered that a lot of what I would consider to be minor capital outlays such as the boundary fence, haulage road, additions to and new building structures and other site clearing activities were only started in earnest once the finance arrived. What was the 7.96 Million AUS$ raised from shareholders during the 20 months March 2017 to June 2019 expended on. Simply Development? What Development? Things must cost a lot more in Senegal than I envisaged.

If anyone out there, other than Alex or members of his team, believe they can clarify the actual situation with what work is left to be done and what money will be needed in order to get to production, I and my fellow mushroomers would definitely appreciate it. Otherwise, I suggest you just shut up, crawl back into your cocoon and let us vent our frustrations and supposed impatience in peace. The dark cloud that has been hanging over BSR since the granting of the exploitation permit in November 2016 has absolutely nothing to do with any postings made here. It is simply a reflection of the market's overall opinion of Alex's performance as BSR's Executive Officer or really lack there of. Remember he has chosen every member of his existing team and therefore the buck squarely rests with him for any of their inabilities to perform. Even a Blind Freddy would know the real cause for the constant lack of interest by the market in BSR and if you do not, then all I can say is you really have not learned much from the actual events of the past 3.5 years. Even a higher gold price or the the release of the infill drilling results, as promising as they appear to be, has not had any effect on the market's opinion at this point of time..

Presently, I believe Alex and his crew are frantically rushing to get some gold produced before the next AGM or at least before the 30th June. He actually stated as much in item 8.8 (3) of the last report. Alex is expecting BSR to be producing production revenues in the next 2 quarters BUT subject to the proviso that Coris come good with the extra funds and he is successful with the intended capital raising. He has been wrong before.

Of interest was the use of the word raising (singular), not raisings currently associated lately only with offers to sophisticated investors. Alex may have one or more large investors ready to throw significant cash into BSR this close to production or just maybe the opportunity for existing shareholders to acquire additional shares at knock down prices is just around the corner. Who knows they may even have a right attached. So get ready.

In any event I hope getting the additional funds from Coris and intended the capital raising both meet with success. According to Alex he needs both. If not, I believe it could be all she wrote and the end of the BSR fairytale. But I am also confident that existing shareholders would not let this happen being so close to the golden ring but one never knows for sure.

I can clearly see why BSR's SP is presently at 1.3 cents. It is miracle time again. Who knows those selling off now, may they just don't believe in miracles.

The next bit of significant news I expect to get, apart from the 2019 year end accounts, is Alex has been successful in his pleadings with the Coris for the additional funds and that he intends to raise another couple of million at least. He needs the Coris result first then he can determine the actual size of the required capital raising and how he intends to accomplish it

Best of Luck to All