ann: alox offtake agreement

MHM SECURES ALUMINIUM OXIDE
OFF TAKE AGREEMENT

ASX Release ? 14 June 2011

? Aluminium oxide (?AL80?) off take agreement signed
? AL80 first shipment due end of July 2011
? Additional aluminium oxide feedstock being sought for sale under this off take agreement
? Securing commercial aluminium oxide application is significant for global aluminium industry

MHM?s wholly-owned subsidiary, Alreco Pty Ltd, has signed a contract with Impex Minerals Pty Ltd for the off
take of its aluminium oxide product, AL80. The minimum monthly volume under the contract is 1,500 tonnes
and there is no upper limit to the amount MHM can sell to Impex.

While the details of the contract are commercial in confidence, the financial terms are consistent with MHM?s
previously announced future annual earnings target of $8.5 million EBITDA for the Australian aluminium
division. This target includes a provision for AL80 pricing, which is now confirmed.

Alreco has commenced producing AL80 with a planned first shipment by the end of July 2011.

Alreco?s salt slag processing technology yields significant environmental and economic benefits including the
elimination of salt slag landfill, which has traditionally been the practice for disposal of this waste product. The
Alreco technology separates the salt slag into aluminium metal, aluminium oxide, and a salt and potassium
chloride blend. The process results in no residues, no by-products and no landfill disposal.

Finding viable applications for aluminium oxide has been a major hurdle for salt slag processing. The aluminium
industry unsuccessfully tried for a number of years to source a high value, high volume application for
aluminium oxide. AL80 is produced when aluminium oxide recovered from Alreco?s salt slag operations is valueadded
using an additional proprietary process. Alreco?s off take agreement for AL80 is an event of significance
for the global aluminium industry and its importance should not be underestimated.

MHM believes there is opportunity for additional value-adding of the AL80, to be addressed in due course.
This is a major milestone for the company as it completes MHM?s closed-loop, landfill-free salt slag processing
technology.

MHM is seeking additional aluminium oxide for treatment with the company?s proprietary process to produce
AL80 to sell under this off take agreement.