News: MRC Mineral Commodities Announces Temporary Business Interruption At Skaland Graphite Mine

Sept 7 (Reuters) - Mineral Commodities Ltd (MRC) :

• TEMPORARY BUSINESS INTERRUPTION SKALAND GRAPHITE MINE
• MECHANICAL FAILURE OF PRIMARY ORE PRODUCTION DRILL RIG AT SKALAND GRAPHITE AS OPERATIONS LED TO TEMPORARY BUSINESS INTERRUPTION OF 6 WKS
• MECHANICAL FAILURE AT SKALAND GRAPHITE AS OPERATIONS HAS LED TO A TEMPORARY BUSINESS INTERRUPTION OF APPROXIMATELY 6 WEEKS
• UPON RESTART IT BECAME EVIDENT THAT ENTIRE HYDRAULIC SYSTEM HAS FAILED
• SKALAND HAS NOW DEPLETED ITS INVENTORY OF FINISHED PRODUCT AND FEED STOCK FOR PLANT
• DEVELOPMENT RIG IN USE AT MINE IS NOT SUITABLE AND CANNOT BE REDEPLOYED FOR IMMEDIATE STOPING ORE PRODUCTION
• ESTIMATED THAT RENTAL DRILL SHOULD BE DELIVERED AROUND MID-OCTOBER 2023
• ESTIMATES A NEGATIVE IMPACT TO CASH FLOWS OF APPROXIMATELY US$0.6 MILLION - US$0.9 MILLION
• DECISION TAKEN TO SOURCE AND TEMPORARILY RENT A DRILL RIG UNTIL A PERMANENT SOLUTION CAN BE IMPLEMENTED