Ann: Quarterly Activities Report December 2023, page-2

What a dire QTR results with no Garnet of Ilmenite sales. Cash balance is poor after a capital raising and they are still having issues at Tormin although it appears to be starting to make a recovery, you can certianly see why MRC called a CR to save the company until the Ilmentite sales arrive during this month.

The 50kt sales of ilmenite that was due this month, is valued at around US$7.5mil. (One has to wonder why MRC don't highlight this in the QTR reports) it also appears we are now back on to produce 50kt of Ilmenite every 6 months now we are back to processing the inland strands mineralisation.

I don't know why MRC would move forward with building the anode pilot facility while the company still has funding issues. I guess on the positive, Scott's discussion last QTR with Mitsubishi Chemical must have been positive for the company to push this forward when they didn't raise the total funds they needed in the recent CR.

Anyway, we look set for better days in 3-6 months time, hopefully Scott can work out how to provide regular updates to shareholders to start to build some confidence back into the projects.