Ann: Response to ASX Appendix 5B Query, page-5

Good morning all.

Drawing from recent announcements;

Yesterdays BPL quarterly, p2;

"COB continues to be solely responsible for the risk and cost of work currently underway at Thackaringa that has not been approved by the TJV Management Committee."

What is the cost of this unapproved TJV spending?

Secondly, also per yesterdays BPL quarterly, p2;

"During the Quarter, COB advised BPL that it had satisfied the Stage 2 milestones under the TJV. After a period of review and validation, BPL conditionally confirmed that COB had satisfied the Stage 2 earn-in under the TJV."

Conditionally...? Would that mean if they haven't met the conditions they could actually be at 51%

And finally, regarding the Cobalt Concentration Intellectual Property. Correct me if I'm wrong but my understanding is that COB have now forfeited this?

What are the implications now for the HAV MOU;

MOU KEY POINTS:

• COB will carry out due diligence on the Mutooroo coppercobalt deposit by 30 April 2018.
• HAV will provide COB a representative 10kg Mutooroo sulphide ore sample. COB will perform laboratory test-work using its proprietary technology including crushing, grinding, flotation, calcining and leaching. Full results to be provided to HAV by 30 April 2018.
• Looking forward, further cooperation involving larger scale samples and joint marketing of cobalt sulphate is possible.
• The MOU may be terminated by either party.
• Potential to unlock cobalt district in Broken Hill.

Hmmm. What will COB do now that it is not managing the TJV?