Ann: Quarterly Activities Report, page-120

Hi Fulang,

Yes I would like to know why it is taking so long, the upgrade was expected to cost US$3mil and take 16 weeks to complete stage one's upgrades (according to the February announcement) these works should have been completed around the 8th of June 2022, This was 10 weeks ago.
Even the QTR report wasn't definitive on when the production would recommence which is frustrating.

The testwork detailed fantastic recoveries.



Since the commencement of Project implementation, all detailed engineering has been
completed and significant earthworks and civils carried out. The 225t mobile MFU and primary
crushing circuit and tailing pumping upgrades are underway. An 18-metre thickener has been
installed and installation of the flocculant plant is ongoing (Figure 5), together with optimisation
of the tailings system. The Company aims to commence processing by the September quarter
2022.



https://www.mineralcommodities.com/wp-content/uploads/2022/02/MRC-Maiden-Ore-Reserve-Inland-Strandline-18-February-2022.pdf

I have speculated the delays in completing the upgrades were due to the company's low cash balance and needing to wait for shipments to be completed before they had the funds to get on with the upgrades. With the low SP it has pretty much removed any chance of raising funds.


Can you help me with two points,

1. Rigid trucks, I cannot find the announcement detailing MRC purchased new fleet, They did purchase a new truck for the Skaland graphite mine in March 2020. Wouldn't the rigid trucks be used to transport the ilmenite and garnet to the port? not used for onsite movement from the inland strands?

2. The last drilling that occurred with the inland strands was in May 2021
https://www.mineralcommodities.com/wp-content/uploads/2021/05/High-Grade-Drilling-at-Inland-Strand.pdf

I do agree with you, there is no point in completing additional drilling if the production facilities cannot process the mineralisation from the inland strands. shareholders really need to be updated on why the time frame has blown out by 10 weeks and when we can expect the see the restart of processing of this higher grade mineralisation.