Ann: Quarterly Activities Report - March 2022, page-2

Well, Tormin (Mineral sands) is really struggling with its profitability and grade. It is good to see they have started mining the virgin beaches during this QTR. they certainly need the higher grade to improve its return.

The cash balance is really poor US$2.2mil, which is impacted by the lower sales of ilmenite during the QTR. MRC is really odd it appears they sell bulk volumes of ilmenite every 6 months. They really need to sell the story of the future in the QTR reports.

Skaland, (graphite mine) is operating at 10ktpa annual capacity rate the basket price is not sitting closer to US$761 per tonne average. As we know the price of graphite significantly increased in Jan-March, it will be interesting to see what prices they achieve during this QTR.

MRC really lacks the marketing skills, I would have thought they could have detailed the prices they are achieving during march are now $x per tonne to give investors a sneak peek into what to expect in the June QTR.
They also should give investors an indication on how much inventory they have available. Both Tormin and Skaland produced more concentrate than was sold, Why not tell us what the value of finished concentrate.

I don't recall seeing this in the CEO's settlement announcement
Australian Exploration Our Australian exploration tenements were relinquished in April 2022 as part of the settlement with the former CEO.