Resource evaluation of the Railway Cobalt Deposit has increased cobalt resources by 70% and added considerable potential to BPL’s 100% owned Thackaringa Cobalt Project near Broken Hill, NSW

A maiden Mineral Resource Estimate has been calculated for the Railway Cobalt Deposit near Broken Hill and this work has increased the size of the combined Inferred Mineral Resources (Pyrite Hill, Big Hill and Railway) from 20.8 million tonnes (‘Mt’) of 1.87 pounds per tonne (‘lb/t) of cobalt (‘Co’) to an Inferred Mineral Resources total of 35.7Mt of 1.85lb/t Co, a 70% increase in contained cobalt (Table 1, new results highlighted in yellow).

The Railway Cobalt Deposit study also defined additional Potential for between 23 and 35 million tonnes of cobalt mineralisation of similar grade peripheral to the new Railway Resource*. The Railway Cobalt Deposit Inferred Mineral Resource and Potential mineralisation occur from near surface to 250m deep and are open at depth and along trend.

The study, undertaken by H&S Consultants Ltd (‘H&SC’, formerly Hellman & Schofield Pty Ltd) is reported in accordance with JORC Code (2004) standards. The study assumes continuity of mineralisation along trend and considerable more infill and step-out drilling is required to define the extent of the mineralised system.

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