Ann: September 2019 Quarterly Activity Report, page-23

Hi hotty "PATIENCE" IMHO all long term BSR Shareholders have the "PATIENCE OF A SAINT" along with all the frustration and doubt that comes with it. The 3rd anniversary of the granting of the exploitation permit will occur on the 30/11/2016 (SP 4.2 cents) 19 days away and Management after numerous first gold production predictions since then (all untrue by the way) still cannot give us a time prediction. Key ingredients to BSR becoming a gold producer are simply still in development or progressing. So I guess all we can do is just wait until something really happens. As if after having your hard earned tied up in BSR for the past 5 years you really have any other option without possibly ending up looking even sillier than you currently do.

The real smarties got out when it hit 4.2 cents in 2016 having not been taken in by Managements predictions of achieving quick gold production for all the reasons they were spruiking, such as much of the infrastructure is already in place or the finance is in the bag and only months away. BSR has managed to raise approximately another AUS$26.8 million through capital raisings and finance package in the past 3 years and still no end date for developing the first 2 pits. The 4 pits to be initially developed was decided upon in 2013. More capital raisings look likely to be a serious possibility at this time just to get it over the line. May also to cover the first months of production costs. What amount of Working Capital from existing cash reserves will BSR have and need upon commencement of production? From what I can see it will have very little. For Management at this time that maybe of little concern, they have to get there first.

After such a long wait I only hope that BSR's 63% non controlling interest in MGO it's subsidiary ( which by the way now owns all the assets) produces the net returns constantly touted by Management. Let's all hope that due to Management's constant changes in direction from their previously reported strategy, the return does not turn out to be simply chump change given the amount of money invested by BSR shareholders, finance full guaranteed by them and the overall risk they have exposed themselves to.

The final results? All we can do is wait. The race is still being run. Not to compare BSR's current race to production with that of a horse race. Although, with the later at least you know the length of the race and a good approximation of the time it will take to complete. Upon saying this though the 2019 Melbourne Cup could be viewed as being similar to BSR's present performance in that the time taken was 3.24 minutes. The slowest run time for the race since 2010.

Suggestion, to pass the time try whittling. I started with a Australian mountain ash tree 5 years ago when I first invested in BSR and I have produced 1,600,355 tooth picks so far. For me good therapy.