Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-7

Its a miss for me unfortunately. As I find typical with MNS, just no detail.

Why could they not add detail as how testing is progressing? Especially if the last test that was failed has now passed. Why not announce that? Its been 10 weeks since we failed last time. How much longer? They must have an understanding of timing based on progress to-date. Why not provide some production numbers or how the continued ramp up is progressing?

"the sales team has continued to focus on obtaining deposits and locking in delivery dates". Ok. Good. That’s what I expect a sales team to do in any company. How are sales actually progressing? how many deposits have been obtained? What is the value of orders todate? Apart from Sukh Energy, how many other agreements have delivery dates? D13 was a company that would continuously make similar statements. Ultimately, they went into administration as while the company continued to focus on generating sales of their product they could not lock in orders. I do have faith in the product and IM3NY and note the difference between these companies I am making the comparison to. I am just pointing out that statements like this, to myself and many investors actually means nothing.

IM3NY funding sounds promising, particularly HSBC progress.

The biggest issue though is Nachu. I don’t understand what we have actually done so far this year to progress a mine and provide feed for offtakes and the AAM plant? Corporate and social responsibility is important, sure. But that is all that is ever updated. If progress continues like this, I don’t see it getting off the ground in time. Setting up a mine in Africa (anywhere in Africa) is not easy and never quick. Do Frank and David have the mining knowledge to get this up with Peter Tsegas? Remains to be seen.


DYOR. etc.