Ann: MRC to Increase Ownership Interest in Tormin, page-7

Hi Marcus. I completely agree, it is a great outcome for MRC shareholders.

MRC has paid around $600k in MRC shares to secure an additional 19% of Tormin, If you didn't know the mine life has increased to 25 years based on the most recent JORC from 9 years and the company is moving to produce 300,000 tonnes of finished products by this time next year.

If you use a conservative price of US$50 per tonne extra for the finished products = US$15mil in additional revenues
The 19% increase in ownership will provide MRC shareholders with = US$2.85mil of revenue.

Or if you look at the PFS numbers which are based on a mine life of 9 years.
The EBITDA of US$107.5 the additional 19% ownership = US$20mil



The slight dilution we are seeing is insignificant compared to our future earnings. hopefully with the increased ownership we will see MRC expand the capacity of the Inland strands well beyond the 2.4Mtpa capacity.

Spid when do you forecast a profit?

Soon Marcus, We will know more once we see the June QTR report.