BBX has initiated the application process for trial mining...

BBX has initiated the application process for trial mining licences at Ema and Três Estados in advance of the likely commencement of pilot scale production in the coming months, with the expectation of scaling up the process to commercial scale production in the medium term.

Two tenements at Juma East, one in its entirety and one in part have been impacted by the proclamation of a national park. BBX is awaiting the result of an appeal lodged against the park´s creation on the grounds that due process was not followed.

BBX has continued to fully fund its activities through placements to sophisticated investors and the continual exercising of in-the-money options by key shareholders, including directors and management. The steady and at times spectacular increase in BBX´s share price has been a key factor in encouraging the exercising of options, a reflection of the significant advances the Company has made over the past year. BBX´s majority shareholder, Drake Private Investment LLC, who increased its participation to 48.68% through an on-market takeover bid early in the financial year remains highly supportive of the Company´s ongoing strategy and operating philosophy.