Ann: Quarterly Activities Report - March 2023, page-2

You need to read the last two QTR reports together to get a true picture of what is happening.


MRC raised US$7.7mil in January, it appears part of these funds might have been used to pay down our current debt, which was US$7.3mil at the end of December, vs US$4.9mil at the end of the March QTR (US$2.4mil payment)

IMO it is unlikely MRC used graphite or HMC sales to pay down this debt.

As expected, the QTR results weren't fantastic. due to the limited processing of the inland strands and the tie in of the new processing equipment.
I am surprised to read we have now returned to profitability even after the issues we had during the QTR.




MRC expects another shipment of 35k tonnes of ilmenite, using our updated figures we were provided the other week, this should generate another US$5.25mil in revenues for our current QTR. which will exceed our total sales for the March QTR or all HMC sold.

Anyway, it is great to see we are almost back to profitability hopefully this will be achieved by the end of the current QTR and we will see the full benefits of the processing the inlands strands later in the year when we expand the mines total capacity to 3.9mil TPA.