Ann: Quarterly Activities Report, page-23

Good Morning Shellbell.

After MRC providing a detailed update on all aspects of the business, do you think MRC will start to see an increase of buying interest in the lead up to the company commencing commissioning and production from the inland strands, EPA approval form Munglinup and possibly hearing news on Mitsubishi moving forward with a JV or MOU?

I am keen to see if MRC's update DFS on Munglinup might be required for Australian Government funding, RNU and EGR both have received conditional funding for their graphite projects, the only down side i see with Munlinup is the current mine life, which might be increased once MRC complete the Government funded drilling campaign.

Then we have De Punt's drilling which has already commenced - (I thought all drilling campaigns required their own ASX announcement),
It is unclear to me if this drilling commenced back in August,



If the drilling did commence back in August, it seems to be taking MRC some time to provide the results to shareholders.

I am keen to see if the 7 different area's (some up to 13 km in length) will have the same 50% HM grades.

I think Norway suggested MRC was calling shareholders during the CR period. if MRC provided the details in this QTR report in September, I would have taken up my rights for the entitlement offer, I have always wanted to know what was holding up the processing of the Inland strands and it appears we are only weeks away from completing the works and starting commissioning. I guess the only down side, the March QTR report isn't going to be that great, but the June report should be a significant improvement when the higher grade starts to be processed.

I guess the other positive we have, once the third PCP is constructed and operational in Q3 2023 (within 8 months), we will have an additional 1.2mil tonnes pa capacity at Tormin. Even with the lower grades from the beaches, this will allow the company to produce around 60-80k tonnes of additional Heavy Metals.