update from agm...

Howdy All

Some feedback from the AGM today:

1) No greens/Quit Coal were chained to anything anywhere in the vicinity.

2)MNM have reduced their project portfolio to 3 primary coal projects (BM, LV and MtM) and three primary gold projects (GC, HS and CT). The uranium tenements have been relinquished.

3) MNM are happy with latest GC results, believe that the drilling project moved quickly and will look to infill drill after wet season in 2013 - anticipated A/M/J 2013.

4) MNM board happy with BM deal with Exergen. Exergen are commited to paying for and proving up CHTD demo plant and will be driving this forward. Should PFS and BFS be positive for BM added with CHTD proven - then options to progress to commercial stage for MNM with Exergen with offtake agreements.

Offtake agreements are key here (and probably a requirement of the ALDP) as project funding based on ensuring once product created that it can be sold. Fact that Exergen have potential offtakes with Tata and Itochu will make funding BM project viable.

5) Calcifer - MNM still chasing monies in relation to costs and this will be ann'ed once finalised.

6) MtM ILUA has been lodged with appropriate Govt body and currently progressing. Relationship with Djungan is very good and moving forward and they are key decision makes in use of land.

IK believes that MtM ideal for gas project due to topology, geology, minimal ground water issues and other factors. They know the coal is there due to drilling in 60's and 70's.

Unable to move on it in any rapid progression right now as necessary boxes need to be ticked/access agreements/etc., but confident pogressing well and more news to come on that front.

IK believes once all systems go with MtM, that it has the potential to ramp up within a respectable timeframe moving towards cashflow positive. Mentioned "genset" techs and that Djungan people are positive with MNM and MNM's direction re project outcomes. Cautioned still boxes to tick.

7) SP - MNM board not happy with current SP and feel that the deal at BM should have seen a decent rerate, but difficult market at present. SP has lifted off 3c, but all feel undervalued for what has transpired over last financial year.

Board obvously have no control over SP and market and can only keep progressing projects as appropriate and eventual rerate should occur.

8) LV - mooted submission for S7 will occur. However, progression on update there is in hands of Govt and S7 update and terms around that was likely Nov 12 - so IK believes news on that front likely near future.

When asked about LV - desktop study progressing and more to come on that front. Believes that there are a number of potential options re techs open to MNM in LV and not just with Exergen (as has been suggested on HC). Did not (could not) allude anything further.

9) T/O target - was reiterated that MNM is an independent Company and as such will do what is right for the business and SHs. They will look at offers, but at this stage nothing proffered from other Co's. All suggestion on HC re Exergen T/O pure speculation.

10) Fortrend - majority of shares are still held by Fortrend and they are "sticky". Board aware of comments re SP manipulation, but little they can do on that front as they do not control SH motives to sell, etc.

That's about it. IK and team seem quite bullish, understand frustration with SHs and where SP is at, but confident projects moving in right direction.

Board taking cash in shares, aware of dilution and endeavouring to do as much as they can whilst conscious of further dilution.

Cheers K