Quarterly, page-19

I believe that there may be misleading parts of the Quarterly Report:

The Quarterly Report provides:

“The Boardrecognises that BBIG has a Western Australian State Rail Agreement and that oneof its options in the agreement that is stated (as an example) is to ship orefrom PIOP.” [emphasis added]

This begs the questions of whether the statement is correct or misleading? Turning to the agreement itself and Hon Alannah MacTiernan of the WA government as set out below, I believe this is evident.
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Section 11 (5)(a)(iii) of the Railway (BBI Rail Aus Pty Ltd) Agreement Act 2017 which is the legislation for the "The Western Australian State Rail Agreement" appears to require a binding agreement with the proponents of the PIOP. It doesn’t merely list PIOP as an example:



The proponent of the PIOP mining area is FMS.

That the PIOP is not merely oneof its options in the agreement is supported by Hon Alannah MacTiernan in the Western Australian Parliament on 10 April 2019:

Alannah MacTiernan is the Minister for Regional Development; Agriculture and Food; Ports;Minister Assisting the Minister for State Development, Jobs and Trade.

The FMS Quarterly report in relation to the Western Australian State Rail Agreement is therefore at odds with the legislation and the WA government. I believe that FMS should clarify this in an ASX announcement.