Ann: Update on BBB 33 Evaluation and Bolling 4 Drilling, page-197

The thing with Voyager is they committed mortgaging the Voyager lease to IACX based on only hole and no flow rate determined?

Now more is known and the Voyager business case might be borderline due to millions needed to lease the IACX processing plant?

But could BNL with what is known be better off at Voyager buying their own processing plant for let's say US$15m or so rather than about AUD5m per year or whatever the figure is per year leasing the IACX plant?

BNL is locked in with IACX at Voyager and never gave themselves the ability at Voyager to make a decision based on more drilling data on buying their own plant versus leasing a plant. Given they locked themselves in early with IACX based on one drill hole only and no flow data? That one drill hole they marketed as being 8.8% but when drilled nearby later and flow tested it came in lower which would of been a clearer picture if more drilling was done before deciding to lock themselves in with IACX at Voyager with IACX get a mortgage over the Voyager lease?