Ann: Updated Port Gregory JORC Mineral Resource Increased by 23%, page-49

GMA have been buying MRC garnet for years and years, because it's cheaper than producing their own because MRC garnet is a bi-product of other valuable min sands. Well, that is until they stopped buying, reneged on the off-take agreement late 2019-20 (pre-covid) and nearly drove MRC's Tormin operation into insolvency... GMA settled the dispute after the covid bounce was on in earnest and it was apparent garnet demand was on the up. Kept MRC solvent, but it's obvious who the bitch is in that relationship.

The pertinent question you should be asking is; why does MRC sell bulk garnet very cheaply to GMA if it';s that easy to just bag it up and sell retail for very high margins? ... Think about it, I'm sure the answer will come...