agm, page-31

Sorry, was informed of a flaw in last post.
Rejigged below.

Great to catch up with the new guys (and girl)as well as the crew from last year at the AGM.
Fantastic food and wine consumend late into the evening last night, and again today swanning it up on the foreshore of the Derwent at Salamanca after the meeting.

Was a great presentation, with many many questions being fired at all directors during general business.
I would think that all in attendance came away with a renewed enthusiasm about where we are heading, and a heightened level of expectation as to what is possible.

As far as the scaleability of the plant, Frank explained that the whole system is designed around just that, scaleable.
With tolling, each parties recoverables need to remain seperate to enable them to be returned to the supplier.
On top of that, there are varied types of slag / dross that will be being processed, so there are multiple lines being built into the design to enable MHM to process different products at the same time using slightly different recipes.
More lines can then be added as demand neccesitates.

As mentioned, discussions have commenced with potential contracts for plant 2.

Finance questions were asked, and all options are currently being planned out, with the outcome used, to be the one to benefit shareholders the best, but they indicated a preference to debt fund if possible.
Where the uncertainty comes in is how fast a second plant becomes a reality.

During question time, Frank was very open and honest about the delays to commissioning, and explained in detail how it occurred, and that this paved the way for the US plant to be much quicker to get operating, as the hurdles had all been overcome through trial and error in getting the process and machinery to full production in Geelong.

Was great to catch up with everyone, and to have the opportunity to chat at length afterwards with the directors, who didnt shy away from subjects, and answered honestly (where permitted), which made me come away even more committed and sure we are on a huge winner.

Should be one hell of a ride for the next 12 months & beyond