Ann: Quarterly Activities Report, page-33

Hi Marcus,

You are one deceptive poster, you know full well they have had issues at the mine and these issues resulted in lost production and poor mining rates.

MRC has successfully developed the declines to gain access to additional mineralisation and they achieved 2763 tonnes of graphite for the December QTR its highest rate of production, This is without increasing production to 7 days per week where the company has indicated it will achieve 16ktpa without any additional CAPEX required.

2763t x 4 QTR = 11,052 tonnes annual production. Which is above the companies own forecast of 10ktpa for the NPV of $54mil MC.

You really need to stop looking at the past and start looking at the future for the company.

Graphite prices have increased, MRC has sorted the issues at the graphite mine. At Tormin the Mineral sands prices are increasing and they are soon to begin mining higher grades at the northern beaches where the company has indicated its annual production will increase from 247kt of concentrate to 284-349k tonnes. if the company can achieve these rates, the likely 2022 revenues will be US$15-30mil above 2021.

Anyway, it is good to see you have changed your sentiment from sell to hold.