Royalty Option PIOPMINECO, page-3

Just a reminder about the control of PIOPMINECO. From Flinders Mines web site. https://flindersmines.com/projects/piop/

Extract from web site -

"Completion to a Final Investment Decision

• From Completion to a Final Investment Decision (“FID”), Flinders will retain control of PIOP Mine Co
• BBIG must fund the Feasibility Studies and there are various “off ramps” if progress is not made
  • Flinders will retain 100% economic interest and 90% voting interest in PIOP Mine Co
  • Flinders will appoint 3 of the 4 PIOP Mine Co Board members including the Chair
  • BBIG must spend $15m per annum until FID is achieved or BBIG withdraws (and pay any shortfalls to Flinders)
  • After 30 months, if Flinders reasonably believes BBIG will not be capable of submitting a FID proposal by the end of the pre FID period, alternative infrastructure proposals can be sought by Flinders
• If BBIG is unable to bring a FID Proposal in 4 years which may be extended by 1 year in certain circumstances then Flinders m ay withdraw
• If Flinders or BBIG withdraw:
  • The arrangements will be unwound and Flinders will retain 100% of PIOP Mine Co
  • BBIG must pay the shortfall of the $15m minimum spend for the year of withdrawal if any, and not less than $3m
  • If within 2 years BBIG determines to sell the BBI Project, Flinders will have a right of first offer to acquire the BBI Project

MINORITY PROTECTION

• Flinders retains control of PIOP
• Governance protocol with TIO to manage conflicts of interest" end of extract

FMS has control of Piop Mine Co and reported on some of PIOP Mine Co activities in the recent quarterly. So isn't it reasonable to expect that those activities are being done to a plan and timeline? Isn't that plan and timeline material information that should be provided to the market? With 3 directors on the board of PMC would it be reasonable to conclude that both the largest shareholder (TIO) and second largest shareholder (OCJ) are likley to be aware of that plan and timerline? So why not provide more detailed information to the market and shareholders? Why only reveal that BBI has 4 years to bring a FID Proposal which may be extended by 1 year in certain circumstances?