h1 2012

The MNM story in the first half of 2012 has been extraordinary:

* putting calcifer to the sword in legal action and getting 100% of the Mt Mulligan CSG project;

* signing a binding ILUA with the Djungan to enable the optimal development of the 500 million tonne MT M CSG project;

* completing a spectacular coal drilling program at BM, and being poised to JORC a multi-billion tonne brown coal resource on coal that has been proven at pilot scale to be ideally suited to the exergen CHTD brown coal upgrade process.

* by controlling 360 sq km of dirt at BM MNM is the ONLY significant brown coal ground holder in commercial proximity to rail to the under-used port of Geelong.

* BM is the ONLY readily exportable coal deposit that presently exists in Victoria. Given the Victorian and Cth Govt's stated aim to develop a 'brown coal pilbara' in Victoria, this is a very nice position to occupy for a $30 million MC company. It also explains why exergen are in business with us;

* inking a binding JV with exergen at the multi-billion tonne BM coal project, with the Tata/Itochu/Sedgman/Thiess/Elphinstone owned exergen now being legally obliged to take over control of the BM project post JORC, and spend $50 million on a commercial scale CHTD demo plant for starters.

* the exergen JV effectively gives MNM a 50% free carry into a potential multi-billion dollar business over the next 30-50 years in return for little more than transferring half our coal to exergen: a truly spectacular outcome for a company of MNM's MC.

* the completion of a superbly executed brown coal land banking operation in the LV. With nearly 600 sq km under peg, MNM is now easily the largest holder of brown coal ground adjacent to the key S7 zone listed on the asx.

On any view of the successes of H1 2012, MNM has never been in a better position to make the transition from asx explorer to asx producer.

the SP is being held down by the same global market forces that are hitting all other stocks, but market forces cut both ways.

when the serious money starts coming back into the market - and it always does - MNM will be brilliantly placed to ride bullish market sentiment all the way to $1+ if it keeps on kicking goals the way it did in H1 2012.

GLTA