Ann: Change in substantial holding, page-34

Hi Croc,

I thought we had already established that MRC doesn't need the additional $6.5mil,

We discussed there is no point in expanding production at Tormin by 50% until they resolve the issues of processing the inland strands mineralisation. Once this has been resolved and the profitability returns the company can use its free cash flow (Historically US$16mil) to purchase the third PCP, borrow, or raise funds at a higher SP.

Anyway, the new MSP is expected to be fully installed by the end of March, which should increase the value of the HM by US $10-15mil.