MASTERMYNE GROUP LIMITED — AGM Information 2014

Nov 24, 2014

25[th] November 2014

ASX Announcement

==> picture [147 x 114] intentionally omitted <==

ANNUAL GENERAL MEETING 25 November 2014 Chairman’s Commentary

Ladies and Gentlemen,

Welcome and thank you for making the effort to join us for this year’s Annual General Meeting.

Introduction

Today we are in similar market circumstances as we were at last year’s AGM but obviously one year closer to the end of the market slow down. While the capital spending cycle is now at a low ebb, we are witnessing the expansion in coal industry production from the numerous investments made in the past five years. Mastermyne stands to benefit in the future as coal industry clients seek to run these assets as efficiently as possible. Our suite of low cost and flexible services will help our clients achieve their productivity goals and achieve profitability in a lower price environment. It is vital that the Australian Coal industry continues to focus on lower unit costs to be globally competitive.

As a major shareholder of Mastermyne since 1996 I have seen 3 significant industry down cycles, with this being the first as a public listed company. Although within these conditions it is harder to make profits, in all previous downturns our company has both managed the downturn conditions well due to our low risk model emerging stronger and well prepared to capitalise on the better times.

Past Year’s Performance

While the buoyant times were here your company was still operating in a fair and reasonable way with its clients, and this has proven invaluable during the harder times we face now. With many competitors having been displaced or wound back significantly Mastermyne has remained on most sites as an integral part of the mining and services of those mines.

I commend your CEO Tony Caruso and his dedicated team for their efforts in maintaining these relationships.

Strategy

In a recent strategy workshop and spending a few days with the board and the senior leadership team, I was very pleased to feel the strong cohesion of the team and the desire to succeed. Our future remains promising and I am very confident our management have positioned the business well to capture opportunities as the market expands.

Mastermyne will keep our strong relationships and build on current work scopes and add to these any new projects which are slowly starting to come to fruition although on a slower than expected start up rate.

Mastermyne continues to generate strong cash flows and the recent investment in DMS demonstrates our confidence and our ability to remain focused and take good opportunities as they present. In completing this transaction we will be further diversifying our service offering and revenue streams. This will greatly benefit our customers and in turn our shareholders in the years to come.

I would like to acknowledge the hard work and support of fellow directors and company secretaries. I would especially like to thank Colin Bloomfield in his first full year as a director of MYE as his wealth of experience in the industry has been very beneficial through these tougher times.

Thank you.

Are there any questions?

Darren Hamblin Chairman

Further information:

Tony Caruso – Chief Executive and Managing Director: (07) 4963 0400

Or visit www.mastermyne.com.au

About Mastermyne

Mastermyne Group Limited (ASX:MYE) was established in 1996 and is a leading provider of specialised services to the Australian coal mining industry. Mastermyne listed on the ASX on 7 May 2010.

It has three operating divisions, Mastermyne Underground (underground roadway development, installation of conveyors and longwall relocation), Mastermyne Engineering (design and engineering of specialised mining equipment and consumables) and Mastermyne Services (electrical, mechanical and maintenance services).

Based in Mackay Queensland, Mastermyne has operations in Queensland’s Bowen Basin and the Illawarra and Hunter Valley regions in New South Wales.