Ann: Receipt of Default Notice, page-10

Hi opinionator,

Have you considered the former board and their policies were the reason why MRC is in the situation?

It has taken nearly 2 years to resolve the issue at the inland strands, MRC has only restarted mining in this area, and one has to ask how did the former management get the processing flow sheet so wrong when it took 2 years to resolve.

Then we have the issues at Skaland, which I don't think were either the new or old management's fault. no one could have predicted a fire that shut down production, we all knew the mine need its drives to be developed to gain access to additional mining zones, which have all occurred now.

Munglinup - No doubt the poor cash flow from Tormin (failure of the mining of the inland strands) is partly to blame for the company not advancing all of its environmental approvals.

Dilution - has been caused by all of the above and the selling by the former CEO. anyway, the positive news, we won't see the full funds raised with the entitlement offer. no one is going to take up shares at 7.5c when you can buy them for 6.8-7.2cwe're