Ann: Production Delays - Tormin Mineral Sands, page-21

Morning Randy,

Yes they did have profitable cashflow previously, This comment will upset the many MVC fans (CEO at the time) instead of upgrading the fleet or investing back into the project, MRC at the time thought it would have been better to pay up dividends to shareholders.

I have long said those funds should have been put back into the project. which might have saved MRC from some of the issued they faced over the past few years.

The biggest problem with cash strapped companies it makes it very difficult to fix all the issues with the projects, You can also thank the former CEO who prevented 100% uptake of the 2022 Capital Raising and most likely turned investors off from the 2021 captial raising when he was selling his shares during the capital raising period.

Anyway, we should see another announcement in 10-15 days time to confirm the Tormin has recommence mining the beaches and the inland strands. I would also like MRC to give commentary on the GSP to advise if this has been operating while mining had ceased.