bmb presentation at macquarie private wealth

My main takeaway was that we are no longer relying on exploration success to build the business, with Nowa Ruda(NR) and hopefully Togo, we are already there.

We have also made a lot of money with the Monty asset by proving it up in the manner that we have, and it's now time to give some of that wealth back to shareholders and retain some in order to grow the assets where the most money can be made, i.e. NR and Togo.

There were around 20 people present.

Funding
- Will now be attempted at the project level, and Mike acknowledges that the issuing of scrip by BMB has to stop.

Peelwood
- Farm-out to expand the resource further using someone else's cash.

Bogdan
- Assays pending.

Nowa Ruda
- Getting a lot of interest in Poland from others in the mining industry.
- People in Poland very keen to work with us, contractors, high net worth individuals.
- Previous gas issues won’t be an issue with modern techniques.
- Derek is lining up several “very, very, high net worth individuals" to come in at a project level.
- IMO Coal Holdings will be a hit in Poland if we can get the high net worth individuals onboard. Signing up these big hitters in Poland will then bring in the rest of the Warsaw market. It'll be like getting Andrew Forest onboard an Australian mining venture.
- It is anticipated that BMB shareholders will be given the option of shares in Coal Holdings or a cash payout, with the cash payout resulting from the entry of one of the high net worth individuals, who would take up the BMB shareholders allocation in Coal Holding.
- Looking at listing in Poland Q1 2014.
- Looking at an Independent Experts Report/Valuation in Q1 2014 to coincide with listing in Poland. All the additional info that I have been banging on about (and obviously more) will be provided then. It’ll carry more weight coming from an independent 3rd party than from BMB.
- Appointing a MD for Coal Holdings experienced in the development of underground coal mines, a very strong applicant found in the last few days.
- Local backing at a political and local population level is very strong. Everyone wants this to work to help with the regions high unemployment.
- Feasibility Studies will run CONCURRENTY with the drilling campaign.
- Given the resource is already classified using the current Polish method of resource classification, there are no hurdles for getting things moving with European investors and third parties from day one.
- It's full speed ahead.

Balkans
- Currently negotiating a cash sale of the projects. Expecting a successful resolution to the negotiations soon, but they are still negotiations so best not bank on the deal being done until the money is in the bank.

Togo
- Currently negotiating with another very large phosphate company, hope to close the deal very soon but is taking longer than we want but that is often the way it is with very large foreign organisations. They are taking their time for the final signoff and probably just "playing the game".
- BMB has assisted the Togo Govt. in developing the tender process from the start.
- BMB presented the scenario that 3 suppliers are better than one using the Pilbara as an example. De-risks and is better for Togo. Scenario was well received.
- Our proposal provides the Togolese Government with the largest payback.
- US govt. will give Togo a $300M grant should the process be transparent and free of corruption.
- Aries is the international arm of Kailin, so a MOU with Aries is an open door into Kailin.
- The Aries MOU provides leverage to all of Aries's existing relationships in the international phosphate industry, ... a huge plus.
- The tender doesn’t rule out BMB being taken over as we are a publicly listed company.

All in all Mike came across as a honest and reputable MD who really knew his stuff and has a passion for the Company and ensuring that the development of our assets goes as smoothly and with the least dilution possible. He really couldn't have done a better job.

Macquarie Private Wealth hosted the event and as usual they were a class act. It's great to have them on board with us.