BCI Beautiful Compounding Investment, page-1226

So, 5 business days until the end of the 'first half', but probably of more relevance, is that its 5 more business days until the end of the FY.

I don't want to say the bleeding obvious, but after doing a bit of reading, I've come to the conclusion that there was clearly no intention of Ponds being filled in this half as mentioned by the company. So yes, we have been lied too, yet again.

We may get an announcement this week that approvals have been granted to conduct Pond filling, but the physical act will not occur until 'next FY'.

The reason is pretty clear to me now, and its likely not to have been as a result of construction work, but more as a result of the companies comments re "Commencement of Operations", which has been mentioned in the last two updates, being -

8/4/2024 - MARDIE PROJECT UPDATE: APPROVALS, &
29/4/2024 - MARCH 2024 QUARTERLY REPORT

The issue is one of taxation.

Up until now, Mardie has been a construction site. It has not "commenced operations". Once Mardie commences Pond Filling, it "commences operations" and that takes on a different tax position for the Mardie project.

Whilst no income will be derived immediately from the "commencement of operations", Mardie's tax situation will change once "operations commence".

I still believe there is unfinished construction work around Pond 1, but the change in the taxation position is more than likely the real reason for the delays around Pond Filling, all navigated by the company.

Sadly, given the company's recent track record around disclosure, we will probably never know for sure.