Ann: Funding Update, page-9

Hi Chuck,

"Inland strands must be just about ready to save the company" -

I haven't seen any report about the "ultra galaxy" being successfully removed from Tormin Beach. Have you heard the good news that the Vessel has been recovered? I cannot imagine it would cost much to install the new water main to get the mine into production. It will be interesting to hear an update on what is happening at Tormin.

WKT - They appointed the administrators, They had credit card debts and their mine wasn't able to service the loans.

Do I see any comparison - Not really, MRC is trying to raise the funds from their largest shareholders to keep the company operating, WKT didn't have this type of shareholder in the registry, I am honestly surprised MRC has been able to continue to operate as long as they have without injecting more capital. but they appear to be doing everything possible to keep the company solvent.

I am surprised that Skaland is up on the market, as we were meant to be pivoting away from the mineral sands, Can we assume this might be the cash injection MRC needs to get Tormin back up and running or is this going to be the funds for Munglinup.

Anyway, I hope for all shareholders sake we don't go down the same road as WKT, it won't be a good outcome if the company has to be recapitalised, its highly dilutive.