However, i'm interested to hear your POV on what are the most...

However, i'm interested to hear your POV on what are the most salient risks and your estimation of degree of probability i.e. . I know this is a crystal ball kind of a question, but just trying to get clear on the top 1 - 2 deliverables that matter most in the short term to provide that pathway to SP / company recovery.

Hi PJWhite, I know the WKT visitors are going to love my posts and it will open up a can of worms, But I will reply to your question as it is a good question to ask.

what matters most over the next 3 - 12 months and the impact of not achieving it

The most important factor I see is resolving the inland strands processing issues at the GSP (secondary stage), the QTR report detailed they will have the solutions to resolve these issues and expect to have the new equipment installed by the end of the current QTR (25 days away), these works are funded by GMA Garnet using part of the funds for the MSP facility. New cyclones and the additional water supply sound like very simple fixes to get the plant running back at full capacity. MRC is not the only company to contend with fines or slimes, the plant seems to working okay currently, it just needs a bit of improvements to get back to the historic feed rates.

if you look at the table below, you can see the impact of commissioning at the GSP to handle the inland strands mineralisation.



Processing through the GSP is down by around 60% from the 2022 production rate (444kt vs 181kt), MRC has been able to produce more Zircon, Rutile (higher value products), and more Ilmenite versus the higher production rate from 2022, this shows the higher grade of the contained HM that are found at the inland strands. When you put 2022 and 2023 production rates into perspective, the GSP is virtually running at idle. in 2018 MRC processed around 850kt through the GSP.

MRC does have a slight issue at the PCB (first stage), the QTR report detailed they had water intake issues at both PCB's, and a crusher issue at the inland strands. although both issues sound like they have been resolved.

The other issue I see is the company's ability to market itself. the ASX announcements have improved, although they should be providing more updates on the status of processing the inland strands mineralisation after they have had so many issues, a simple update to advise we have hit a new record in recovery/production would help build confidence.

Anyway, we will find out in 8-9 weeks if these issues have been resolved and more importantly if the company is still bleeding funds. if the issues are fixed it significantly reduces our chances of another CR to provide the company with cash to continue to operate. It will also allow the company to focus on expanding our capacity, getting the MSP fully operating, build the pilot anode plant, and move forward with our MOUs with Mitsubishi Chemicals and FREYR.

Anyway, I hope that answers your question.