Ann: Significant Thackaringa Resource Upgrade, page-8

I also think it is interesting, I mean, OK maybe BPL have a case that they haven't been diluted out. In that case, a significant resource upgrade of which you contend you still own 30% would surely be significant and market sensitive.

On the other hand, if you do admit you have been diluted to a royalty on the tenement, which is arguable, this resource upgrade is still market sensitive as the value of your royalty arrangement is dependent upon two things; in-ground value and production of that in-ground value.

Whilst it is not strictly kosher according to ASIC and ASX listing rules or JORC, to quote in-ground value as a manner of valuing forward value in a share on the stock market, in the context of a royalty on metal it is at least arguable that your royalty is valued on the in-ground amount exclusively (and you get paid out on that in-ground value whenever it is put into production). Under this view it is also puzzling as to why BPL did not make an announcement on the resource upgrade.