Ann: 2014 AGM Presentation, page-4

New MBN presentation..... more of the same .... nothing new .... are we still in 2013?

For a while there I thought I was reading the Financial Report for period ending June 2013 .... ;-)

For starters, the "Mirabela Highlights", at the beginning of the presentation, claims everything they denied in the DOCA that originated the new MBN, as to justify the axing of the then existing shareholders. Now, all of a sudden, those bad things they used to convince the Court that was bad at the old MBN, are now great news ..... Really amazing!

1- "Challenging second quarter driven by lower performance of equipment used to prepare the South zone, resulting in South zone ore being replaced with ore from the Central zone, impacting both quantity and quality of ore" ;-)

Whats news here? Same old... same old .... Low grade? Low quantity? I read this about this time in 2013!

What is management doing to fix this?

2- "Production of 2,767 tonnes and sales of 2,366 tonnes of nickel in concentrate"

I read in the highlights that 100% of the concentrate had an offtake agreement until end of 2014 .... NOT QUITE! More like 90% ...

Grade is getting lower and lower!
Water less and less!

There is so much water in the state of Bahia, what is really happenning in the production dept?

3- "Phase 1 of Tailings Dam lift with U&M (third party contractor) expected to be completed during Q3 2014"

Phase 1 completed during Q3 2014 ....

a - How many phases to solve the problem?
b- What exactly is the problem with the Dam?
b- How much is this work costing MBN?

I did not see anything about the problem with the Dam in the report or the presentation?

4- "Company closed the quarter with strong cash balance of US$62.42m...."

Can't see this money lasting too long if MBN do not get a profitable offtake deal soon and production cost under control.

Can't wait to read the Financial Report for 3Q 2014, under new management and company structure.