Ann: Shareholder Update Bacchus Marsh Upgrades, page-26

I sent the company an email and got a prompt response. While I have been frustrated and have a lot invested, I think they need to be given a bit more time, especially Mr Selvakumar. Advancing discussions with significant counterparties sounds promising, so it is possible we could get some information some time soon.

My email:
On 3rd of June it was announced the appointment of Sri P. Selvakumar, this was prior to NMDC pulling out of the tripartite agreement. What are the terms of his contract? Was it possible to terminate his contract after NMDC pulled out? In four months what work has he done? What is the current status of our involvement with NLC and negotiations with other potential partners? When are we able to get an update? Are we looking at potential partners outside of India? Are we able to move forward with just NLC and provide some of the funding ie brevit and R and D?

In reply from Adam (I asked if I could pass on the correspondence):

Thanks for your email.

Per previous announcements, Mr Selvakumar wasappointed as our in-country lead in June of 2019. This is particularlyimportant in providing significant networks and contacts into the industrialsector relevant for our technologies in India. The other material benefit hasbeen to offset the otherwise higher cost involved with the ongoing presence ofAustralian-based human resources in India and freeing up our Australian basedteam to drive local projects forward.

Selvakumar has engaged with and is advancingdiscussions with significant counterparties related to the Coldry and Matmortechnologies though the discussions are yet to reach written agreement stage.Further announcements regarding these discussions will be made in line withcontinuous disclosure obligations.

NLC remain eager to progress a project, howeverthey acknowledge the required access to source iron ore fines and a broaderdesire to partner with a steel industry leader as they do not have internalexpertise in this area and see it as vital to entering that market from aposition of strength.

I hope this helps and please let me know if youhave further questions.