Ann: Response to ASX Appendix 5B Query, page-50

Yes it's curious but not necessarily unjustified.

Look at the likes of NVX (ASX) which produces battery testing and battery technology for the likes of Panasonic, CATL, Dodge, etc etc the list goes on. They are also in development of a graphite project. MCAP of $68m (and share price up today too, I note).

So why on a day when another ASX listed battery and graphite company is going up, is MNS going down?

My analysis for some time is that MNS is overvalued in the face of headwinds in Tanzania. So much of its peak MCAP was explained by its Tanzania BFS but there doesn't seem to be much emphasis on the Nachu project anymore.

That leaves the battery technology aspect, and the stated intention to produce of batteries.

However, without quantifiable, independent analysis (such as a peer reviewed BFS) explaining all the accepted variables and risks then it seems difficult to quantify value to the battery technology part of MNS.

Thus, compared to the small number of comparable companies on the ASX I would wonder whether the downtrend will continue to a point where the market thinks the risk vs reward of the MCAP is acceptable for investment or trading.

Early signs are that 36 cents has gone from support to resistance so it's very interesting seeing how it pans out.