Ann: Receipt of Default Notice, page-4

Hi Marcus,

You would probably know more about this than I do.

It appears the breach is between MRC and BSG Mining LLC, BSG were the facilitator for the transaction/purchase of the Skaland Graphite project, they are a 10% shareholder of Skaland. I cannot see any ASX announcement which details the agreement between MRC and BSG Mining, Anyway, It doesn't appear to be a financial disagreement as I first suggested, I really wonder what the original agreement detailed.

BTW, do you know if BSG is required to pay MRC for all of the upgrades to the Skaland Graphite mine? Or is their shareholding a nondelutiable holding?

Do you know if Mark Caruso or any of his associates are involved with BSG? the timing of the apparent breach seems a little off to me,