Ann: Response to ASX Query, page-21

I'm sorry you made a loss on your investment and hope you make the most of it for your tax affairs this year. There will likey be opportunities in the future to buy back in at a more favourable price IMO.

You seem correct about the non-binding word salad, at least it shows Vingroup are aware of the nickel sulphide asset in their Country and are interested in exploiting it in conjunction with BSX. It goes no further than that.

The timing of this MOU is important. It was not long after BSX published it's PFS for the UBU which was expected to immediately preceed an announcement on partnerships (with Ecopro) to develop the DBU to process the nickel into battery cathode precursors. This partnership announcement did not occur, but it was in an environment where our partner Ecopro's BOD where in a period of massive upheaval. If we look at the likely state of mind of those particular (former) players at Ecopro we can see how it was likely affected by their personal circumstances, which are very much removed from Ecopro the business circumstances. They were about to be, and have been since, removed from their positions on the Ecopro Board for becoming the subjects of some insider trading investigations. This is likely career ending and if charged and convicted could potentially see them lose their freedom and assets as legal penalties as well. What would they care about the DBU at BSX? It must have been a very frustrating time for BSX to be trying to negotiate the partnership agreement which everyone was expecting after the UBU PFS.

Perhaps fearing the worst, BSX saw the need to investigate other options if Ecopro itself fell over. It hasn't however, as a public company it is so much larger than it's employees on the Board of Directors. It has a new BOD now for BSX to negotiate with.

There was a need to investigate options for new partners, this MOU was a first step, nothing more, no solid, binding commitment. The door is still open to Ecopro and they still sit on our Board of Directors having addressed the issues surrounding their previous employees on their BOD by replacing them. They haven't sold their shareholding either.

As mentioned previously Vingroup are apparently experiencing delays raising the capital required for their Vinfast expansion plans and that may potentially (likely IMO) have affected the negotiations for advancing this non-binding agreement. Their battery partner LG Chem, may have better access to capital, but so may Ecopro.