All good but one or two points to remember. This project is a...

All good but one or two points to remember. This project is a JV. BBI need our IO and FMS needs them (although BBI has not demonstrated any prior expertise or track record in the complete IO supply chain). FMS is, and must be seen as, a JV partner. By handing over the key to supply the IO that will build and pay for BBI’s infrastructure that may have a 50+ year life, FMS must get a slice of BBI or, at the very least, a royalty on every ton of ore or other product that goes through the port for its lifetime. An upfront payment to FMS is required before BBI can do anything with our PIOP. It recognises the numerous years of investment and the risk taken by FMS shareholders in proving up the value of PIOP and the substantial value that our PIOP brings to enable the project and provide the very foundation for BBI’s future prosperity.

No substantial upfront payment = a NO Vote = no BBI. We can wait. I made it clear to the chairman yesterday that SHs would be happy to cough up for a CR to place PIOP in care and maintenance until a decent offer is put on the table. All other shareholders at the meeting showed their support for this action.

The ball is firmly in FMS negotiators court and BBI. If they want a deal done soon they now know what is required or they’ll have yet another failed initiative. As I said, we can wait.

BTW, it was great to meet the other shareholders, Cheryl E and James G.