Ann: Quarterly Activities Report, page-36

Hi Marcus,

I still don't know why you are a shareholder, you seem to have a negative view on all things MRC.
We also have a completely different view on what management should be doing, I am very impressed with the developments at Skaland, I will explain;

MRC has purchased a 10-16ktpa production facility for US$8.7mil in October 2019, They have employed a graphite expert Christoph Frey to make improvements to the mine, he has worked on numerous graphite projects and is the inventor of EGR's purification process for spherical Graphite/fines.

When MRC purchased the mine, the mine was producing around 8ktpa of graphite concentrate per year.
The EBITDA over the previous years was only US$0.7-1mil per year
The average TGC for the graphite was 89-91% TGC and had a graphite recovery of 91%
Once MRC took over the mine they were achieving a graphite price of US$544 per tonne.
Annual sales of ~US$4.35mi

If you look at the December QTR report, you will see the following,
The graphite concentrate has increased to 93% TGC and a recovery of 93%,
They now achieve a graphite price of US$721 per tonne.
The annual production rate has also increased from 8ktpa to ~11ktpa based on the December QTR production.
You should note MRC is forecasting an annual graphite production of up to 10ktpa in 2022. Based on the 2022 forecast, the annual sales should achieve US$7.2mil. As you know MRC has detailed the production facility can achieve and is approved for an annual rate of 16ktpa which only required additional shifts.

Skaland wouldn't have generated a profit over the past 2 years. MRC has gained significant experience with operating a mine and is using this experience with its EPA approvals for its Australian Graphite project, Unlike MRC's peers who need to obtain approvals, secure funding, then build and successfully commission a graphite mine, MRC has fast-tracked all of these requirements and is now looking to expand its capacity along with downstream processing. It certainly has lowered the risk to provide its customers with samples produced from a commercial production facility, or if it is looking to obtain bank funding for the expansion of its capacity.

The real money won't be seen until MRC expands the production to 16kta or 30ktpa or moves to downstream processing of spherical graphite. Which will increase the graphite price increase to US$2-4k per tonne, depending on the purity and spherical size.