Page 7 of the 2010 Annual report...

Page 7 of the 2010 Annual report http://www.mhmmetals.com/_content/documents/699.pdf

The ALNAK technology and associated business has been under development since 1998, independently of MHM by a Joint
Venture of three companies (the Three Party JV), including two companies associated with Frank Rogers and Peter Robertson who are both also Directors of MHM.

Also from page 7.

The Three Party JV and Alreco have executed a processing and
sales agency agreement under which, in return for a fee, Alreco will process the Aluminium Salt Slag recovered from the Alcoa landfill and sell the resulting products as agent for the Three Party JV. Alreco will also perform the Three Party JV?s obligations under a tolling contract with Alcoa, as a sub-contractor. Alreco will receive 60% of the EBIT profits for performing these services for the Three Party JV, and has the first right of refusal to acquire 100% of the rights of the Three Party JV, subject to independent valuation and shareholder approval. The Independent Directors of MHM are of the view that the negotiated structure between the Three Party JV and Alreco provides for the lowest risk transaction. The initial processing and sales agency and subsequent valuation by an Independent
Expert permits the Independent Directors to be satisfied that
the business is operating as anticipated prior affecting the
acquisition of 100% of the Three Party JV rights, subject to
shareholder approval. It is the view of the Independent Directors that a more accurate valuation for the Three Party JV rights can be derived in this manner.