Business Development Summary

Shareholder Update – November 2020 to May 2021

Subsequent the October 2020 AGM’s Bifox has been developing and commercialising the following

business activities;

• Phosphate production in Chile remains constrained because of Covid restrictions.
• The average sales price in Chile is US$120 per tonne with a net profit of USD$60 per tonne.
• Bifox is now targeting 2,000tpm phosphate production run rate.
• From October 2020 leading up to the March-May 2021 Chilean phosphate sales period Bifox has undertaken the following production and sales business development activities including;
• Increase production capacity from 1,500 tpm up to 2,000 tpm and further expand production to targeted 5,000 tpm run rate over the next 6 months.
• Implement production plans to rehabilitate plant vertical mill and other phosphate production plant improvements.
• Undertake an expanded Bifox Ltd marketing program capitalising on existing Chilean distributor orders whilst developing Argentina, Brazil and Paraguay markets.
• Develop and execute a potential 80,000 tonne Argentine market supply contract.
• Finalise Florida phosphate lab tests for marketing KI area.
• Invest in geological software and quality control equipment.
• Undertake a new Caldera Chile mining plant security plan.
• Conduct further exploration and phosphate survey at KI area.