Ann: MRG HMS - Metallurgical Testwork Update - Koko Massava, page-2

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“MRG has again demonstrated a methodical approach to the Corridor
Central and Corridor South project development. The metallurgical analysis has provided clarity on
the HMS assemblage data and has successfully produced 3 potential products which importantly
have viable smelter alternatives. Of significance is the clean ease of separation and low
contaminants in the 3 streams, with the ilmenite stream having a clear path to roasting success to
bring Chromium levels down and Tio2 levels up to improve the value of the end product.
Particular pleasing was the quality of the Titanomagnetite stream, which had previously played no
part in our economic thinking but now provides a significant uplift from 25% by weight of the total
THM and is now being factored into the VHM component. While the magnetite output from the
VHM components (titanomagnetite/ Illmenite/ luecoxene/ rutile/ zircon/ vanadium/ monazite) is
of lower value, the quality and quantity of the iron component, with the accompanying TiO2 in
this product stream, is exciting. The proposed titanomagnetite product is looking like it may
become a significant credit to the Illmenite and Non Magnetic Concentrate products; something
we will be evaluating...