Ann: Quarterly Activities Report, page-2

Interesting QTR report. These QTR reports are not easy to read and they certainly sell themselves short with their marketing.

I will start off with the Graphite mine (Skaland)

Production is up, the annual production rate is around 11ktpa +10% increase without the additional days of operation. The TGC grade of the final concentration has increased, it appears they have achieved 93% average TGC for its flake concentrate just by changing the grinding medium. It is unclear to me if this is a result of the 4th stage polishing being installed, or simply by making modifications to the existing grinding medium. If we are seeing 93% TGC without the 4th stage unit being installed, we should see a significant increase in TGC once this is commissioned. A higher TGC achieves higher prices, the higher-grade concentrate will also reduce the amount of purification required with its downstream processing (Spherical graphite)

Does anyone know why MRC doesn't detail the amount of material that is stockpiled?
MRC sold 2356 tonnes of graphite material and produced 2763 tonnes = 407t stockpiled,
the 2356 tonnes sold for US$1.7mil = US$721 per tonne x 407t of stockpiled material = $300k

I know $300k is not a significant amount of graphite concentration, without knowing the total amount the company has stockpiled of graphite and heavy metals, it's a little hard to determine what the companies true cash balance is.

As we know MRC had zero sales of ilmenite in the September QTR, where they produced 23k tonnes,
Going off another mineral sands companies ilmenite price, the value is between US$310-350 per tonne during September QTR = US$7-8mil of Ilmenite that was stockpiled available for export.