Ann: Tormin update and exclusivity for potential sale, page-51

Thank you for confirming you were confused again, MRC hasn't fully drawn down on GMA Garnets loans, the funds they have drawn down were used for the following.

Slimes management improvements are underway, including installing double efficiency cyclones in April 2024 (removes more slimes prior to processing) and a new water circulation circuit (includes a fresh seawater infeed line to the secondary process plant and eliminates slimes in tailings being recirculated in processing) being installed in May 2024.


As you know these were reported in the March QTR report along with the impact of the breakdown of the excavator and the tear in the liner for the water supply to the processing facilities. all of these issues have been resolved and MRC returned to mining the inland strands and Tormin Beach,

We should see some improvements in production during the current QTR, although I cannot see MRC having any major sales due to the time required to build stockpiles of Heavy Metals. It will be interesting to read the June QTR report when this this arrives to see how they managed to continue to operate with their dire cash backing.