Ann: Quarterly Activities Report, page-55

"What they are saying is that for the next 18 months they will do this..."

Yet, for one reason or another there's often a large disparity between what BLK say they will do & what they actually achieve. The quarterly migration of cut-n-paste commentary regarding the 'progress' of their Expansion DFS is a reasonable example of BLK disparity.....the operational results & SP trajectory between the Mar'18 qtr through to the Mar'20 quarter is a stronger example.

26/10/17 (Sep'17 qtr pg.1 & pg.5)
"Expansion Definitive Feasibility Study (Expansion DFS) well advanced."
"The Expansion DFS is now expected to be completed by the end of the Jun'18 quarter."

31/01/18 (Dec'17 qtr pg.6)
"Expansion Definitive Feasibility Study (Expansion DFS) is well advanced with the bulk of expenditure already incurred."

16/04/18 (Mar'18 qtr pg.6)
"The Expansion DFS is well advanced with the bulk of expenditure already incurred."

30/07/18 (Jun'18 qtr pg.8)
"The Expansion Definitive Feasibility Study is well advanced with the bulk of expenditure already incurred."

24/10/18 (Sep'18 qtr pg.9)
"The Expansion Definitive Feasibility Study is well advanced with processing studies continuing with a view to further de-risking the expansion opportunity."

31/01/19 (Dec'18 qrt pg.7)
" The Expansion Definitive Feasibility Study is well advanced with processing studies continuing with a view to further de-risking the expansion of the Operation."

28/02/19 (Feb'19 presentation pg.5)
"DFS on Stage 1 and 2 expansion to be completed in the Sep'19 quarter."

30/04/18 (Mar'19 qtr pg.2)
"New mine plan supports a staged transition to 250kozpa operation*. *Refer to ASX release dated 28 February 2019."

03/02/20 (Feb'20 presentation pg.18)
"Stage 2 expansion to 250kozpa planning/feasibility to commence in 2020 / 21". (...it begs the questions: "How well advanced was BLK's 250kozpa expansion DFS between Sep'17 to Feb'19 & also...."If the bulk of the 250kozpa DFS expenditure has already occurred, how is it that BLK are supposedly only 'commencing' Stage 2 planning/feasibility sometime in the next 6 months?" (according to the Mar'20 quarterly pg.9)

Past & present results seem to be a reasonable indicator of likely future performance, until Stage (1) is operational IMO.