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Flinders ASX ANNOUNCEMENT MINES 30 April 2021 HIGHLIGHTS • • • Quarterly Report For the period ended 31 March 2021 Flinders Mines Limited ( Flinders ) and BBI Group Pty Ltd ( BBIG ) continue to advance the Pilbara Iron Ore Project ( PIOP ) pursuant to the farm - in incorporated joint venture . Flinders has continued to progress negotiations with BBIG on the non - binding indicative offer ( NBIO ) to acquire the BBIG rail , port and marine infrastructure . The Flinders ' negotiating team consists of Messrs Neil Warburton , James Gurry , Hon Cheryl Edwardes AM , Dr Andrew Whitehead and consultants . BBIG supporting Flinders ' third - party costs in relation to the NBIO of up to $ 1m . Appointment of Ms Amy Jiang as Non - executive Director . Pilbara Iron Ore Project ( PIOP ) During the quarter ended 31 March 2021 , BBIH Pty Limited ( BBIH ) , a wholly owned subsidiary of BBI Group Pty Ltd , as Manager of Flinders ' flagship Pilbara Iron Ore Project ( PIOP ) , continued to progress the development of the PIOP integrated project pursuant to the farm - in incorporated joint venture that was completed with BBIG in the September 2020 quarter . personal use only During the March 2021 quarter , BBIH carried out a range of activities associated with the advancement of the PIOP Feasibility Study including : . Developing further understanding of the PIOP ore body ( resource definition ) . Stratigraphic reinterpretation was completed for Blacksmith . ○ O New detritals logging handbook received . First pass geological model created for Delta with new stratigraphy . о BFS Resource Definition programme design completed . Maturing of the preferred mine plan and finalising and documenting the draft mine plan report . Continued planning associated with the upcoming field based metallurgical test work programme . Update completed to the PIOP Exploration Environmental Management Plan in support of proposed site- based activities in 2021 . Submission of a Programme of Works ( POW ) to DMIRS for approval in relation to existing disturbance areas at PIOP . Planning and risk management with potential contractors completed for PIOP camp restart , which will include repairs and upgrade . Continued development of updated Opex model for the complete supply chain ( pit to market ) . பட NBIO As previously advised on 14 December 2020 , the Company received a non - binding indicative offer ( NBIO ) from BBIG in relation to a potential ownership restructuring opportunity of the infrastructure associated with the PIOP integrated project ( Potential Transaction ) . The Potential Transaction would result in Flinders retaining 100 % ownership of the PIOP as well as 100 % of BBIG's port and rail infrastructure assets , as an integrated project within one public corporate group ( Flinders ) . If successful , Flinders would then control its own destiny and better facilitate financing and management of the integrated project development or a staged development approach . During the March 2021 quarter , independent Non - executive Directors , Messrs Neil Warburton , James Gurry and Ms Cheryl Edwardes ( Independent Directors ) and General Manager Dr Andrew Whitehead continued to progress the Potential Transaction with BBIG , along with external advisors . The negotiations have been progressing with several high level commercial issues being resolved to the satisfaction of both parties although no binding or non - binding agreement has been signed . There still remains many legal and commercial issues to be resolved and agreed .