Further potential offtakes

Hi Guys,

I have been doing some looking at investing MNS just recently with the 4 week low or there about and think it would be a good time to jump in!!! I have looked through the investor presentations, the offtakes and the BFS along with watching the video with professor Whittingham.

I do however have a few questions and am hoping that the loyal MNS holders would be able to help me out here.

At the moment MNS have Offtake agreements with SINOMA (80,000tpa) for 5 years and with SINOSTEEL (100,000tpa) for 10 years. So for the first 5 years they have sewn up 180ktpa at market price. Looking at the BFS released in March it states a "15 year mine life" at "240,000tpa for the first 12 years". My question is with MNS saying they are in advanced negotiations with western offtakes does that leave them only 60,000tpa for any potential end users???? (240k-180k=60k)

There is significant talk in the BFS of a bigger plant size (PFS states 3.6Mtpa, while BFS states up to 5Mtpa) and I understand that the Nachu resource only covers 2% of the project licence area. It is just with further exploration which can be funded quite easily once the plant is up and running will MNS be able to get it out of the ground quick enough???



Also just going through the investor presentation form February, the projected timeline has production starting Q1-Q2 in 2017. The BFS has commissioning and production starting Q2-Q3-Q4 2017. Does anyone have a clearer understanding on the timeline? My bet would be that the BFS would be right with 2017 just over 6 months away.

GLTA