Ann: Quarterly Activities Report, page-3

Our likely revenue for the 2022 financial year should be around US$52 mil which is down from 2020 FYR.

The HY21 showed revenues of US$29 MIL, which was significantly higher than HY20 of US18.1mil


The second part of year revenues will be higher than the first half 2019 sales, but lower than the first half 2020's.The September QTR showed sales of US$6.6mil and the December QTR was US$13.6mil for the Mineral Sands and US$1mil and US$1.7mil for graphite.

Total sales for the 2H21 = US$22.9

FYR2021 sales of US$52.2 Mil vs FYR2020 revenues of US$63.5mil which included US$3.5mil of non material sales. = US$59.7mil in concentrate sales

How will investor react to the lower sales during 2021? It is pretty obvious they had a difficult 2021 as they required additional funds from a capital raising. Will investors start to look at the future forecast of mining the higher grade beaches and the restart of mining the inland strands?

My basic calculations of the forecast revenue for 2022 using the prices of ilmenite from another mineral sands projects, indicates the revenues will be significantly higher in 2022 vs 2021.



The forecast annual revenues could be US$30-45 mil higher than 2021 FYR due to mining higher grade material in the northern beaches and the inland strand (excluding graphite sales). At what point will the market start believing these higher revenues are going to be achieved, after seeing the March QTR report?

Zircon and Ilmenite prices continue to rise, hitting US$2,000 and US$370 per tonne

Note MRC you need to start promoting these prices to your investors.If you add these numbers into the forecast production, the likely revenues for 2022 are significant.