Ann: Maiden Ore Reserve for Tormin Inland Strand, page-2

The maiden ore reserves for the Western inland strands are impressive.

7.5Mt at 34.3% THM containing 2.6mil tonnes of Heavy metals, it has higher grade Zircon and rutile. along with large percentage of Garnet and Ilmenite.



MRC intends to build a 1.2mil tpa processing facility by September to process this material at a CAPEX of only US$3mil, with expansion in 2025 to an annual capacity of 2.4mil tpa for a modest CAPEX of only US$1.8mil, the increase of capacity will be tied into expansion of the mining right, the EBITDA for the stage 2 is impressive, US$96.1Mil pa.


I am interested to hear if MRC are using the cash from their operation at Tormin and Skaland to cover the CAPEX, or if we are likely to raise the US$3mil to fund the stage 1 expansion.