Future of MGU

Hi Neil,

Ihave a couple of concerns and would like some timelines to give us all hopethat MGU still has a heartbeat.

Inow account for over 20 million shares with a combination of my holdings andthrough my followers and unfortunately most of them entered in at the low 5cent range. I like the potential of this project, but we are all losinginterest very quickly for simple fact there are no timelines pathway toproduction or clarity on the studies.

• There's never been a clear committed strategy here, when are we going to see one?
• MGU swing from DSO to pig iron to magical iron to whatever else Mr. Neil Goodman produces, MGU need to just stop being at the mercy of the iron price and show some conviction and clarity on a single direction and stick to it?
• I can’t believe we spent multiple trips in the USA to lure Peak asset management, it just goes to show that the interest in the US is not as big as we all thought.
• Why haven’t we initiated coverage the a well respected cornerstone investor in the USA if this project is so attractive?

The market is sick of fluffy sugar-coated announcements with poor money management.

Shareholders really doappreciate the regular updates, but price will not move on the following….
@donegaldemon I hope you don't mind me using a bit of your concern. I need some support as I seem to be the only one writing to management and sharing it with shareholders.
1. Binding offtake
2. Nasdaq listing
3 Numerous studies with vague estimations .
4. MOU's
5. Announcing to the market that you’ve flown tonew York to talk to people .
6. Announcing you have retained a top USattorney .
7.Announcing successful road trips .
8. Bio Char agreements .
9. Announcing Lithium has been found , eventhough we are looking for Iron Ore .
10 . Terrible cap raises where the directors allget in on the deal .
11. Announcing the start of a BFS and thenwalking it back a week later in another announcement , love the way that wasburied in another announcement .
11. Switching form DSO to DRI to 500k TPA to 1.6million tpa back to 800k tpa etc etc .
12. OTC listing
13. 3 minute interviews
14. Pre recorded webinars .
15. Doing studies and stating that the productwill be sold at the mine gate and then announcing a few weeks later that yourtalking to ports and rail for pricing

What will move the price .

• Well thought out investor presentation with timelines which should have been done prior to a capital raising – basic stuff.
• Sign an offtake or offtakes with prepayments.
• Secure funding to build a mine.
  Replace the 2 money men / sharks on the board with someone who has a proven track record in iron Ore and helping junior spec explorer's transition to established miners.There two salaries combined could bring in someone like a Darren Gordon or serious player like José Mourinho or Pep Guardiola of the iron Ore industry.

The last 5 million raise wasmeant to complete BFS was it not? And here we are again.

Having the proper experienced team in place iscrucial, as of now we could be mistaken for a tech/finance company with CEO onthe board who has a background in Iron Ore
We need someone on the board with a solidreputation in the Iron ore industry to help you out Neil.

I look forward to your response Neil, I sure hope you can putthis company on the map. I know these things take time but this should be onebig refresh, seems to be going nowhere fast with no clarity.

Thanks for your passionateemail! I share some of your concerns, but I also do disagree with some ofwhat you say.

Let’s start with what we agree on,your items on what will move the price:

1. Sign an offtake or offtakes with prepayments.
2. Secure funding to build a mine.

We are in dialogue withfinanciers and funders which takes time and open dialogue, and the companycontinues to answer questions during this period where an investment decisionwill eventually be made.

Our trips to the USAhave not been only to deal with financiers and funders, we are also dealingwith Government, rail, port, and engineering firms to name a few. As youcan appreciate, they are multiple tasks we are juggling, not just the process offiling and listing in the USA

Our main focus is to sign anofftake agreement which will then assist in securing funding for themine. We have competitive tension between Mitsubishi, Anglo and Midmetaland are talking to all three groups simultaneously. We are also speakingto other special venture groups. The market for DRI grade ore is strongand poised to grow stronger as more blast furnaces close and new DRI plants arebuilt in MENA and SE Asia.

As to the Board, I know I have100% support from both directors and the Chairman, and Athan Lekkas has been agreat hands-on help with raising our profile in the US, he has opened a lot ofdoors for the company, and we work very well together. I mustalso mention that it was Athan that head hunted me and hired me as a specialconsultant for the company, and then CEO after he was convinced I was the rightperson for the role. He has worked hard and continues to do so. Athanand I both believe it will be US investors that will push this project over theline as it is a US mine located in the USA.

In reference to Peakthey have nothing to do with the US listing. For this small capital raisewe had a number of groups that were interested in raising capital, funding fromthe US was available, and has been offered, however, we are not interested inany bridge funding at present prior to a US listing, it is our aim to focus onbuilding value first, hence why we chose a joint lead manager roles betweenIndian Ocean and Peak. This was only a small raise, there are multiplebrokers involved in the company it was just Indian Ocean and Peak who managedthe book build process.

I just want to touch ona point you raised about Directors, they all had the ability to convert 10million shares each (@2c), which were approved at the prior shareholder meetingwhen the share price was around 1.5c. The Directors chose not to convertdue to the price disparity as the price rose above 5c during this period ofconversion. This should be seen as good character by the board.

In terms of the company, Imust note that this is not a Pilbara mine where we just blast, dig, crush andship ore to China. I would be happy to meet an iron ore expert with aproven track record in selling DRI grade concentrate to DRI plants. Therewon’t be many in Australia, maybe in Brazil?

Cheers

Neil