Ann: Appendix 4D and Half Yearly Financial Statements, page-4

Hi Shellbell,

I personally think MRC just needs to provide more regular updates on the progress at Tormin. The following is from the June QTR report, We haven't heard boo from the company to advise if all of these issues have been resolved, Blue is my comments.

Processing
ROM feed tonnes to PCP-1 and PCP-2 were lower than the previous quarter at 293Kt, representing an average
feed rate of 256tph and 67% plant utilisation. This was due to seawater intake issues at both the Northern Beaches
and Inland Strands, extended crusher breakdown at the Inland Strand significantly reducing feed rates and further
optimisation of Inland Strands processing. Management believe Inland Strands processing will materially improve
next quarter.

I would have thought if all of these issues were resolved they should be updating the market.
Throughput was above the previous quarter, with final concentrate production for the period increasing to 33,296
tonnes, compared to the March 2023 quarter of 31,364 tonnes. Management expects production to return to
more historic levels given optimisation and resolution of the crusher breakdown that caused material downtimes
this quarter for Inland Strands processing.

if all of these issues were resolved they should be updating the market.

Total tonnes processed by the secondary concentrator (GSP/SCP) were 61kt, compared to 49kt from the previous
quarter, with ongoing optimisation of the GSP to handle varied Inland Strand material. Management expects this
will materially improve next quarter.

I would have thought if all of these issues were resolved they should be updating the market.