Ann: Quarterly Activities Report, page-8

Thank you Peppie,

Do you know if MRC's agreement had a fixed price sale price or a discount with GMA Garnet and do you know what the current spot price is for garnets?

hopefully it is positive news GMA Garnets have taken all of their offtake agreement in the first 6 months, does this indicate there is a shortfall in availability and the prices we are likely to achieve will be higher?
MRC needs to be open about its pricing, it would be much easier to determine if the company has sufficient cash reserves or if it would require a CR.
The QTR report gave me the impression the cash reserves are growing and the shipment of ilmenite in July will provide a much-needed boost to the cash reserves,

Back to the Graphite business, we only have 60 days left in the QTR, we should be provided an update on the Mitsubishi MOU, (Toll processing and supply agreement) along with the company announcing FID on its anode business.

IMO if this occurs, we should see a rerate to MC like our graphite peers, TLG, RNU, and EGR. who all have MC's which are multiples of MRC's.