Ann: MRG HMS Binding Joint Venture to Develop HMS Projects, page-202

If you want to get a sense of the upside potential to the NPV it just takes a quick look through the previous announcements from 10 Nov 2022 (Azaria Target) up April 27 2023 (MET Test Results).

There is good reason to be very excited by the upcoming revised PEA/FS results based on these announcements. Where will the NPV land? My guess is somewhere between $500-$600M (with MRQ's 20% valued somewhere between $100-120m)...overly optimistic? I don't think so. Let's see.

GLTAH

peace.


ASX Ann 31/3/23
The Company has completed highly successful metallurgical testwork on non-magnetic concentrate that had been assigned a low value in the existing PEA. • These metallurgy results are expected to significantly and positively impact the economic model to be associated with an updated PEA.
• TZMI calculated value for combined Zircon and Rutile non-magnetic products are now more than USD$900 per ton up from approximately USD$350 per ton used in the PEA, with additional work to be done, including on the Monazite in the magnetic rejects, to determine value.

ASX Ann 9/1/23
MRG’s Preliminary Economic Assessment (PEA) (refer ASX Announcement 3 November 2022), which delivered an NPV of A$417 million, has already been eclipsed by excellent aircore drilling results in the past two months.

• New discoveries with significantly better mineral assemblage at similar grade compared to the existing PEA material (45% VHM) have been identified at Azaria (72.4% VHM), Malambane (61.6% VHM), Cihari (58.1% VHM), Viaria (63.5% VHM) and Zulene (62.6% VHM) targets

ASX Ann 19/12/22
Our initial focus has been on the incredibly impressive Global Resource base across our Koko Massava, Nhacutse and Poiombo deposits which delivered a compelling first pass Scoping study and Preliminary Economic Analysis. It is clear already that these results will ultimately make that first pass analysis redundant, as we now have multiple new assets that will not only add to our total MRE, but will likely replace most, if not all of the 250 MT utilized in that scoping study