Ann: Quarterly Activities Report, page-120

Hi harris, very brief reply. I will reply more later in the day.

I asked for a T20 list at the start of a jan 2022.
The T4, held 75% - AU mining, two noominee accounts and Simoto. The T20 held 86%, it is virtually a private company.

Mrc has announced they are looking at creating shareholders value. The lower capex expansion and downstream processing will start to unlock this value at Skaland.

The mineral sands project appears to be at a point it will be back to generating significant profit to help fund expansion of both projects.

You only need to look at MRCs MC, there is currently no value for its down stream processing of graphite or it two graphite projects.

I am surprised MRC didnt apply/secure funding from Export Finance Australia for its Munglinup graphite project. They could have provided feedstock to EGR, rather than exportporting the graphite to Norway for downstream processing.