Ann: Transition to 24-hour Inland Strands Ore Processing, page-3

It is fantastic news Champee

This is the first step of returning the company to a profitable mining operating.

The forecast EBITDA from the Inland strands (50% mines capacity) is US$11mil.
It has also been announced MRC is bringing forward the stage 2 expansion and expects this to be up and running by the end of the year.

If they achieve these forecast production and recoveries, we are likely to see an annual EBITDA of US$96mil.



Plus MRC will have an additional 1.5mil tpa feed from Tormin or the Northern Beaches which will add additional HMC and revenues.

It was fantastic seeing MRC raise 70% of the funds they required to get the plant completed and to funds the expansion of capacity only a few months ago. Even more impressive these funds were raised when the Share Price was well below the CR price of 7.5c.

I am looking forward to the further updates and the June QTR report which is when we should start to see the financial benefits of the inland strands processing.

MRC’s Interim Chief Executive Officer, Mr Adam Bick said, “We are very pleased with the
rapid transition to 24-hour operations – it is a great reflection on the efforts of the MSR
team.
We look forward to processing the Inlands Strands HMC and producing saleable
concentrates from the Inland Strands to increase Tormin production levels and sales
revenues in line with MRC’s Heavy Minerals Division's Objectives3
.
Further updates will be provided as Inland Strands processing advances.”