Ann: Quarterly Activities Report - March 2023, page-10

Hi @Shellbell,

MRC certainly doesn't use its social media platforms to its advantage.

Two significant developments during the past QTR which weren't announced prior to the QTR report.

Munglinup Graphite Project
Final environmental permits are expected in September quarter 2023. MRC continues to work closely with the
Esperance Tjaltjraak Native Title Aboriginal Corporation (ETNTAC) to finalise a Heritage and Community
Engagement Agreement for the Munglinup Graphite Project by June 2023. Final negotiations of salient terms
have been completed and are subject to final legal review. The execution of the Agreement will provide a range
of benefits, opportunities and collaboration for the local community in accordance with the Company’s ESG focus.

Battery minerals achievements during the quarter and up to the date of this report include:
• Finalisation of salient terms with ENTAC regarding the heritage agreement for Munglinup;
• Stakeholder engagement with environmental authorities seeking to expedite Munglinup environmental
approvals (note feedback is that this may be delayed until later in 2023);
• Continued negotiation and engagement with Mitsubishi Chemical Corporation on its technical
collaboration, including a visit to Japan in April; and
• Engagement with CSIRO on expediting long lead procurement for the pilot scale battery anode plant,
which is the final precursor to commercial anode production

Why wouldn't MRC advise that it had completed the negotiations with the ENTAC for the Munglinup project, or that they had traveled to meet with Mitsubishi Chemicals in Japan during April?

We also seem to be pushing the CSIRO on the development of the larger-scale anode pilot plant, Which indicates our cash reserves will be sufficient with the increased sales during the current QTR. The pilot plant did have a significant CAPEX at $4.3mil.