Hi Astavrou1,I think the double shipment relates to Zircon and...

Hi Astavrou1,

I think the double shipment relates to Zircon and Rutile. the last two QTR MRC produced around 3200-3900 tonnes per QTR, which would generate sales worth around US$3.2 - 4 mil

The ilmenite shipment was the one mentioned in the December QTR report, it was shipped in Jan and they expected the payment to be received by mid Feb. this would have been worth around US$7.5 mil

If my numbers are correct, MRC is likely to have sold at least US$10mil for the QTR and up to US$14mil if the double shipment of Zircon/Rutile were around 3-4k tonnes each. the previous two QTR's MRC sold US$4.7 and US$6mil. The sales of ilmenite alone during this QTR will be higher than the two previous QTR's and if they hit the same sales of Zircon/Rutile we should still have a good QTR.

The one point I don't believe MRC has mentioned in this announcement is related to the secondary processing facility (Garnet Stripping Plant), They mention "the plant operation was interrupted by below expectation availability and delays in establishing additional tailing storage facility capacity"

This resulted in 3 weeks lost in the operation of the GSP, but the announcement did not mention now that this has been resolved if MRC has any stockpiles available for this to continue operation or if they have exhausted all mineral sand stockpiles due to the issues with the beach mining and the break down of the scrubber. One would assume they would have at least 3 weeks of feed available to the GSP while the Inlands strands continued to operate.

If we look back to the December QTR report to see the processing and production rates of the GSP.,



With the inland strands back into production/ramp up, MRC managed to achieve a throughput of 124kt through the GSP in December QTR, Which was a significant improvement over the September QTR and December 2022.

If we assume the GSP wasn't operating for 3-4 weeks, MRC is still likely to have a throughput of 80-90k which is still higher than the previous QTR's.

If my assumptions are correct, even with these breakdowns and loss of operation, we should still have higher amounts of HMC available than any of last year QTR's.