Ann: Inland Strands Ore Processing Commences at Tormin, page-14

Hi Gammat,

What do you think about MRC's NPV figures?



Stage 1 has now been completed for the inland strands (this threads announcement) The Forecast EBITDA is US$11.4mil.based on 320ktpa Heavy Metal Concentrate HMC which is based on ~50% of the mines capacity, to give you an idea last year the mine operation was based on all the beach mining, they only produced ~220ktpa of HMC, If MRC achieves similar grades based on the new 50% beach 50% inland, MRC should be producing around 430kt tonnes of HMC, i.e double 2022 results.

MRC successfully raised the funds for the expansion earlier this year to fund the third PCP at Tormin, it is expected to be operating by the December QTR, which will boost the forecast EBITDA to US$96mil based on an annual production of 630ktpa of Heavy Metal Concentrate. i.e just from mining the inland strands, they will have 200% more HMC compared to 2022 beach grades. Plus they should be also producing another 110kt from the beaches.

Total production once the third PCP is installed will be around is 740ktpa.MHC.

I believe 300ktpa of Finished products are expected to be produced when MRC installs the separator plants, which again will boost the companies revenues due to the finished products having a higher value to concentrate.

MRC also has the graphite business, which will increase the companies profitability, they have 50% spare capacity which they expect to unlock later this year or early next.

Anyway, Good luck conducting your research, the main issue I see is the former CEO continuing to sell his significant holding. We will get to a point where he has ran out of shares and the company will be based on its future earning or based on its financial performance.