MINERAL COMMODITIES LTD — Capital/Financing Update 2023

May 9, 2023

==> picture [561 x 106] intentionally omitted <==

----- Start of picture text -----

ASX RELEASE
ASX: MRC 10 May 2023
----- End of picture text -----

FINAL HIGH GRADE DRILLING RESULTS FROM DE PUNT

• 6,018m of air core drilling from 169 holes completed (100%) of 6,000m exploration program

• 149 of the 169 holes completed (88%) have significant intercepts, that being intercepts over 5% VHM

• 6,018 assays received (100%) with Maiden Mineral Resource expected June 2023

• Significant high grade mineralisation intersected

Mineral Commodities Ltd (“MRC” or “the Company”) and its empowerment partner, Blue Bantry Investments 255 (Pty) Ltd, are pleased to announce that the Company’s 50%[1] owned subsidiary, Mineral Sands Resources (Pty) Ltd (“MSR”) has completed the first phase of resource definition drilling from Prospecting Right (WC 30/5/1/1/2/10240PR) for De Punt Inland Strands. This Prospecting Right was only granted 28 July 2022[2] , reflecting the Company’s focused commitment to its Strategic Plan[3] aiming to increase Tormin’s asset value by expanding mineral resources through organic growth.

This release is subsequent to previous high grade results[4] and reflects all assays received from the air core drilling program. Significant results from resource definition drilling include:

• DP-L16-1: 12m @ 29.48% VHM[5] (61.68% THM[6] ) from 27m (Incl. 11m @ 31.08% VHM (65.11% THM) from 28m)

• DP-L20-1: 4m @ 28.24% VHM (66.65% THM) from 34m (Incl. 3m @ 35.97% VHM (84.36% THM) from 35m)

• DP-L23-3: 4m @ 27.59% VHM (53.82% THM) from 37m (Incl. 2m @ 38.12% VHM

1 Note the Company’s increase to 69% ownership of MSR is subject to shareholder approval. Refer ASX Announcement entitled ‘MRC to Increase Ownership Interest in Tormin’ dated 12 April 2023.

2 Refer ASX Announcement entitled ‘MRC Granted De Punt Prospecting Right at South Tormin’ dated 28 July 2022.

3 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan 2022-2026’ dated 29 April 2022.

4 Refer ASX Announcement entitled ‘High Grade Drilling Results at De Punt Inland Strands’ dated 15 March 2023.

5 VHM includes all currently saleable minerals that report as sink during heavy liquid separation at SG of 2.96 (Bromoform) after desliming, within the 45 micron to 2mm size fraction as a percentage of the total material.

6 THM includes all minerals that report as sink during heavy liquid separation at SG of 2.96 (Bromoform) after desliming, within the 45 micron to 2mm size fraction as a percentage of the total material.

T: +61 8 6373 8900 PO Box 91 BELMONT WA 6984

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 1

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

(70.37% THM) from 38m)

• DP-L20-2: 6m @ 24.13% VHM (56.39% THM) from 34m (Incl. 3m @ 38.3% VHM (76.97% THM) from 36m)

• DP-L14-1: 8m @ 20.92% VHM (52.21% THM) from 24m (Incl. 6m @ 24.1% VHM (60.68% THM) from 26m)

• DP-L19-1: 6m @ 20.85% VHM (52.83% THM) from 32m (Incl. 3m @ 27.64% VHM (72.86% THM) from 35m)

• DP-L06-1: 7m @ 20.59% VHM (48.82% THM) from 15m (Incl. 4m @ 26.29% VHM (65.59% THM) from 17m)

• DP-L03-5: 11m @ 20.57% VHM (54.79% THM) from 21m (Incl. 7m @ 24.94% VHM (66.26% THM) from 24m)

• DP-L47-3: 6m @ 19.86% VHM (57.19% THM) from 34m (Incl. 2m @ 33.49% VHM (78.09% THM) from 38m)

• DP-L18-2: 8m @ 19.5% VHM (59.01% THM) from 32m (Incl. 4m @ 27.3% VHM (76.63% THM) from 35m)

• DP-L07-1: 13m @ 19.24% VHM (56.48% THM) from 15m and 1m @ 9.39% VHM (22.34% THM) from 32m (Incl. 8m @ 24.04% VHM (69.13% THM) from 17m)

De Punt resource and reserve drilling has been fully completed and reflects a Use of Funds[7] from the proceeds of the most recent Rights Issue. The Company expects to deliver a Maiden JORC Mineral Resource for the De Punt prospect in June 2023 and continue to progress all activities required to develop the deposit as soon as possible.

To provide context, average VHM (%) grade for the financial year ended 31 December 2022 for the Northern Beaches and Tormin Beaches were 10.5% VHM and 9.1% VHM respectively. The Updated Ore Reserve[8] estimate for the Western Strandline of 60.3 million tonnes was at 3.7% VHM (14.7% THM). Drillings results above are significantly higher than current beach and Inland reserve material. 149 of the 169 holes completed (88%) have significant intercepts, that being intercepts over 5% VHM.

Interim Chief Executive Officer Adam Bick commented: “MRC remains exceedingly pleased with the results seen to date in the initial De Punt drilling program. These spectacular results clearly indicate the existence of a large, high grade, southern extension to the Western Strandline. MRC will use these results to deliver a Maiden JORC

7 Refer ASX Announcement entitled ‘Supplementary Offer Document’ dated 7 December 2022.

8 Refer ASX Announcement entitled 'Significant Ore Reserve Increase for Tormin Inland Strands' dated 5 April 2023.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 2

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

Mineral Resource that is expected to materially extend the life of mine of the Tormin asset beyond the recently upgraded[8] Geelwal Inland Strands resource and reserves”.

Background

In July 2022,MSR was granted Prospecting Right 10240PR to explore the Inland Strands area, covering 4,495 hectares. This prospecting area is 13km long and adjacent to the existing mining operations.

In August 2022 an airborne magnetic and radiometric (“AMR”) survey was conducted over the De Punt Prospecting Right[9] with two main linear magnetic trends identified within the tenement; the Western linear trend which is 13km long and the Eastern linear trend with an aggregate length of 8km (see Figure 2). Geologically, these magnetic trends appear to be a continuation of palaeo-marine strandlines identified at Geelwal Karoo, the Western Strandline (35-40m above mean sea level), and an Eastern Strandline (~86m above mean sea level). Geelwal Karoo strandlines reported a total of 212.7Mt Mineral Resources and 60.3Mt Ore Reserves[10] with mining of the Western Strandline having commenced in year 2020.

==> picture [427 x 304] intentionally omitted <==

Figure 1 – Tenements granted and under application in the west coast of South Africa

9 Refer ASX announcement entitled ‘Strandline Extension Targets Identified at De Punt’ , dated 25 August 2022.

10 Refer ASX Announcement entitled 'Significant Ore Reserve Increase for Tormin Inland Strands' dated 5 April 2023.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 3

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

Locally referred to as ‘Inland Strandlines’, these multiple buried palaeo-strandlines run semi-parallel to the coastline at Tormin’s Geelwal Karoo and De Punt tenements (Figure 2). At De Punt, seven major drilling targets (identified along strong magnetic anomalies) have been identified over the strike of the Western and Eastern Strandlines extensions, covering an area of approximately 700 hectares.

Mineralogically and lithologically, the strandlines are a concentration of high-grade Valuable Heavy Minerals (“VHM”) with horizons overlying the strandlines in the form of an aeolian facies (orange feldspathic sand), erosional surface facies (dorbank, silcrete, calcrete) and red aeolian sands deflation zones that have also been confirmed to be mineralised. VHM comprises ilmenite, zircon, rutile, magnetite and garnet, which are sold as concentrates.

The first phase of the resource drilling at de Punt (~6,000 metres) commenced in October 2022 and targeted mainly the Western geophysical aeromagnetic anomaly. Additional identified anomalies to the east have not been drilled at this stage. Future drilling programs will include drill holes targeting these anomalies.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 4

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

==> picture [424 x 502] intentionally omitted <==

Figure 2 – Anomalous Magnetic Field (AMF) generated from airborne survey over De Punt tenement shows predicted magnetic signatures of two main semi-parallel heavy mineral sand strandlines in the shallow subsurface.

Resource Definition Drilling

The drilling program was concentrated on defining resources along the Western Strandline with a total of 169 drill holes (165 within the identified Western strandline geophysical anomaly) drilled for 6,018m, in fence lines 250m apart on 25m hole spacings in the southern portion and 500m apart on 25m hole spacing in the northern portion of the prospecting area.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 5

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

The exploration holes drilled in fence lines as shown in Figure 3 (Line DP-L07) and are located as shown in Figure 4 and Figure 5 below. All one metre drillhole samples were dried, weighed, de-slimed (removal of -45 micron fraction) and screened (+2mm oversize) before assaying at the Tormin laboratory by XRD machines (the Rietveld method after HLS) and at external laboratories for QA/QC. The Company expects to release a maiden JORC Mineral Resource of the De Punt Inland Strands in Q2-2023.

The drilling program was undertaken using a truck mounted air core drilling rig as noted in Appendix 2. Due to the size of the drill rig used, including the air compressor, drilling on occasion proved difficult at depth where gravels and bedrock were encountered. This resulted in 15 of the drill holes with returned assays being terminated in significant mineralisation (greater than 20% VHM). This potential issue will be further assessed and addressed in future drilling programs.

==> picture [425 x 218] intentionally omitted <==

==> picture [425 x 74] intentionally omitted <==

Figure 3 – Highly mineralised W-E cross-section through drill line number 7 in the Western Strandline at De Punt

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 6

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

==> picture [425 x 571] intentionally omitted <==

Figure 4 – Location map of resource drill holes at the De Punt prospecting area (northern section)

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 7

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

==> picture [425 x 571] intentionally omitted <==

Figure 5 – Location map of resource drill holes at the De Punt prospecting area (southern section)

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 8

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

Only intersections with grades above 5% VHM are reported to demonstrate the highgrade nature of the strandline zones. Intersections referred to as “Including” have been calculated using a 20% VHM cut-off. Drill collar information and assay results of drilling are outlined in Appendix 1.

The table in Appendix 2 provides a summary of important assessment and reporting criteria used for the De Punt Inland Strand exploration in accordance with the Table 1 checklist in The Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). Criteria in each section apply to all preceding and succeeding sections.

END

Issued by Mineral Commodities Ltd ACN 008 478 653 www.mineralcommodities.com Authorised by the Chief Executive Officer and Company Secretary, Mineral Commodities Ltd

For further information, please contact:

INVESTORS & MEDIA CORPORATE Adam Bick Katherine Garvey Interim Chief Executive Officer Company Secretary T: +61 8 8 6373 8900 T: +61 8 6373 8900 investor@mncom.com.au investor@mncom.com.au

About Mineral Commodities Ltd

Mineral Commodities Ltd is a global mining and development company with a primary focus on the production of high-grade Mineral Sands and Natural Flake Graphite from operations in South Africa and Norway.

The Company is a leading producer of zircon, rutile, garnet, magnetite, and ilmenite concentrates through its Tormin Mineral Sands Operation, located on the Western Cape of South Africa.

The Company owns and operates the Skaland Graphite Operation in Norway, the world’s highest-grade operating flake graphite mine and is the only producer in Europe. The planned development of the Munglinup Graphite Project, located in Western Australia, builds on the Skaland acquisition and is a further step toward an integrated, downstream value-adding strategy which aims to capitalise on the fast-growing demand for sustainably manufactured lithium-ion batteries.

In April 2022, the Company released its Five-Year Strategic Plan 2022-2026[11] to delineate and implement its aspiration to become a leading vertically integrated diversified producer of

11 Refer ASX Announcement entitled ‘MRC Unveils Five Year Strategic Plan 2022-2026’ dated 29 April 2022.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 9

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

graphitic anode materials and value added mineral products with a commitment to operate with a focus on the Environment, Sustainability and Governance.

Cautionary Statement

This announcement contains forward-looking statements. Any forward-looking statements reflect management’s current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that various factors may cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements.

These forward-looking statements are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond MRC’s control. This may cause actual results and developments to differ materially from those expressed or implied. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk.

Forward-looking statements in this announcement apply only at the date of issue and are subject to any continuing obligations under applicable law or regulations, MRC does not undertake to publicly update or revise any of the forward-looking statements in this announcement or to advise of any change in events, conditions, or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this announcement.

Competent Persons Statement

The information in this Announcement related to Exploration Results is based on information compiled and has been approved for release by Ms Thuli Hlela. Ms Hlela is a Registered Professional Natural Scientist ("Pr.Sci.Nat") with the South African Council for Natural Scientific Professions ("SACNASP") and a member of Geological Society of South Africa ("GSSA"), a Recognised Professional Organisation ("RPO"). She is Mineral Resource Manager of Mineral Sands Resources ("MSR") and a full-time employee of the Company. She has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activity she is undertaking to qualify as a Competent Person in accordance with the JORC Code (2012). Ms Hlela consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 10

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

Appendix 1 Drill Collar Information and Assay Results of Drill Holes

HOLE ID	EASTING WGS 84-UTM	NORTHING WGS 84- UTM	HEIGHT (m)	DEPTH (m)	DIP (degrees)	SIGNIFICANT DRILL HOLE INTERSECTS
DP-B1L03-1	227,608	6,500,717	100	63	-90
DP-B2L07-1	229,732	6,497,376	79	38	-90
DP-C2L01-1	229,394	6,499,073	104	40	-90
DP-C2L05-1	229,913	6,498,218	93	37	-90
DP-L01-1	233,169	6,490,993	62	40	-90
DP-L01-2	233,148	6,490,980	61	25	-90	DP-L01-2: 8m @ 18.77% VHM (51.27% THM) from 17m (Incl. 3m @ 29.72% VHM(66.31% THM)from 22m)
DP-L01-3	233,126	6,490,968	61	27	-90	DP-L01-3: 4m @ 4.98% VHM (9.73% THM) from 0m and 1m @ 5.17% VHM (11.26% THM) from 10m and 1m @ 5.93% VHM (23.02% THM) from 14m and 9m @ 13.13% VHM (36.43% THM) from 18m (Incl. 2m @ 22.85% VHM (56.18% THM)from 25m)
DP-L01-4	233,104	6,490,954	59	33	-90	DP-L01-4: 5m @ 5.47% VHM (23.8% THM) from 10m and 8m @ 9.03% VHM(29.33% THM)from 18m
DP-L01-5	233,080	6,490,938	59	28	-90	DP-L01-5: 3m @ 6.21% VHM (23.75% THM) from 13m and 7m @ 10.2% VHM (33.56% THM) from 20m (Incl. 1m @ 20.9% VHM (40.71% THM) from 24m)
DP-L01-6	233,054	6,490,923	58	29	-90	DP-L01-6: 1m @ 6.86% VHM (7.75% THM) from 2m and 9m @ 9.92% VHM (34.77% THM) from 18m (Incl. 1m @ 20.42% VHM (66.17% THM) from 25m)
DP-L02-1	233,038	6,491,206	66	39	-90	DP-L02-1: 5m @ 8.58% VHM (23.68% THM) from 9m and 1m @ 6.91% VHM(34.06% THM)from 25m
DP-L02-2	233,016	6,491,193	65	39	-90	DP-L02-2: 8m@4.76%VHM(11.02%THM)from 13m
DP-L02-3	232,996	6,491,180	63	30	-90	DP-L02-3: 14m@9.59% VHM(30.3% THM)from 16m
DP-L02-4	232,974	6,491,167	62	30	-90	DP-L02-4: 1m @ 6.61% VHM (14.49% THM) from 0m and 16m @ 7.52% VHM(28.48% THM)from 14m
DP-L02-5	232,950	6,491,152	61	30	-90	DP-L02-5: 4m @ 6.33% VHM (25.11% THM) from 16m and 5m @ 9.4% VHM(28.59% THM)from 23m
DP-L02-6	232,923	6,491,136	59	27	-90	DP-L02-6:6m@ 8.64%VHM(26.29%THM)from 21m
DP-L03-1	232,907	6,491,420	70	40	-90	DP-L03-1: 2m @ 11.58% VHM (24.7% THM) from 9m and 6m @ 4.92% VHM (22.68% THM) from 22m and 1m @ 7.9% VHM (10.13% THM) from 34m
DP-L03-2	232,886	6,491,406	69	35	-90	DP-L03-2: 10m @ 12.65% VHM (34.22% THM) from 13m (Incl. 1m @ 28.3% VHM(64.5% THM)from 21m)
DP-L03-3	232,864	6,491,393	68	34	-90	DP-L03-3: 19m @ 18.85% VHM (53.15% THM) from 15m (Incl. 11m @ 24.86% VHM(68.93% THM)from 23m)
DP-L03-4	232,843	6,491,380	67	33	-90	DP-L03-4: 14m @ 16.13% VHM (50.63% THM) from 19m (Incl. 6m @ 20.5% VHM(59.46% THM)from 22m)
DP-L03-5	232,818	6,491,365	66	34	-90	DP-L03-5: 11m @ 20.57% VHM (54.79% THM) from 21m (Incl. 7m @ 24.94% VHM(66.26% THM)from 24m)
DP-L03-6	232,793	6,491,352	66	33	-90	DP-L03-6: 11m@10.79%VHM(31.48%THM)from 22m
DP-L03-7	232,769	6,491,339	65	33	-90	DP-L03-7: 11m @ 11.66% VHM (33.56% THM) from 22m (Incl. 2m @ 24.24% VHM(52.11% THM)from 29m)
DP-L04-1	232,776	6,491,632	73	39	-90	DP-L04-1: 5m @ 8.28% VHM (28.46% THM) from 12m and 1m @ 5.24% VHM (28.26% THM) from 22m and 1m @ 9.26% VHM (19.02% THM) from 29m
DP-L04-2	232,755	6,491,619	72	37	-90	DP-L04-2: 14m @ 12.59% VHM (47.31% THM) from 15m and 1m @ 5.93% VHM(22.05% THM)from 36m
DP-L04-3	232,798	6,491,645	73	37	-90	DP-L04-3: 6m@5.49%VHM(28.5%THM)from 19m
DP-L04-4	232,734	6,491,607	71	40	-90	DP-L04-4: 1m @ 5.79% VHM (18.86% THM) from 6m and 18m @ 11.48% VHM (38.53% THM) from 18m (Incl. 1m @ 21.93% VHM (64.12% THM) from 35m)
DP-L04-5	232,713	6,491,593	70	35	-90	DP-L04-5: 14m@11.37%VHM(36.96%THM)from 21m
DP-L04-6	232,687	6,491,577	70	37	-90	DP-L04-6: 10m@11.25%VHM(35.26%THM)from 26m
DP-L04-7	232,659	6,491,561	69	35	-90	DP-L04-7: 8m @ 12.95% VHM (35.4% THM) from 27m (Incl. 2m @ 29.18% VHM(74.53% THM)from 33m)
DP-L04-8	232,634	6,491,544	69	36	-90	DP-L04-8:6m@ 6.58%VHM(23.93%THM)from30m
DP-L05-1	232,645	6,491,845	68	38	-90	DP-L05-1: 7m @ 18.65% VHM (52.58% THM) from 8m (Incl. 3m @ 23.4% VHM(61.78% THM)from 10m)
DP-L05-2	232,624	6,491,832	67	28	-90	DP-L05-2: 17m @ 18.38% VHM (46.27% THM) from 10m (Incl. 10m @ 23.16% VHM(58.3% THM)from 16m)
DP-L05-3	232,666	6,491,858	69	35	-90	DP-L05-3: 4m@8.74%VHM(24.14%THM)from 5m
DP-L05-4	232,603	6,491,820	66	35	-90	DP-L05-4: 1m @ 13.03% VHM (18.44% THM) from 2m and 20m @ 16.09% VHM (43.96% THM) from 12m (Incl. 6m @ 30.7% VHM (74.8% THM) from 25m)
DP-L05-5	232,581	6,491,806	66	30	-90	DP-L05-5: 1m @ 8.37% VHM (25.96% THM) from 5m and 14m @ 14.98% VHM (48.11% THM) from 16m (Incl. 1m @ 22% VHM (52.7% THM) from 19m and 3m @ 22.42% VHM(67.45% THM)from 27m)

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 11

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

HOLE ID	EASTING WGS 84-UTM	NORTHING WGS 84- UTM	HEIGHT (m)	DEPTH (m)	DIP (degrees)	SIGNIFICANT DRILL HOLE INTERSECTS
DP-L05-6	232,557	6,491,787	64	29	-90	DP-L05-6: 2m @ 6.08% VHM (15.84% THM) from 0m and 12m @ 12.94% VHM (39.63% THM) from 17m (Incl. 2m @ 23.94% VHM (65.51% THM) from 22m)
DP-L05-7	232,529	6,491,773	63	32	-90	DP-L05-7: 9m @ 11.1% VHM (27.74% THM) from 19m (Incl. 1m @ 22.38% VHM(59.69% THM)from 25m)
DP-L05-8	232,499	6,491,758	62	30	-90	DP-L05-8:6m@ 6.72%VHM(16.61%THM)from 23m
DP-L06-1	232,515	6,492,058	74	40	-90	DP-L06-1: 7m @ 20.59% VHM (48.82% THM) from 15m (Incl. 4m @ 26.29% VHM(65.59% THM)from 17m)
DP-L06-2	232,493	6,492,045	71	36	-90	DP-L06-2: 1m @ 15.9% VHM (52.14% THM) from 7m and 18m @ 19.87% VHM (54.99% THM) from 18m (Incl. 1m @ 20.6% VHM (47.99% THM) from 22m and 10m@24.75% VHM(69.2% THM)from 26m)
DP-L06-3	232,536	6,492,072	75	40	-90	DP-L06-3: 1m@6.2% VHM(10.61% THM)from 20m
DP-L06-4	232,471	6,492,032	70	36	-90
DP-L06-5	232,451	6,492,019	68	34	-90	DP-L06-5: 4m @ 14.83% VHM (47.9% THM) from 30m (Incl. 1m @ 20.47% VHM(50.48% THM)from 32m)
DP-L06-6	232,427	6,492,004	67	34	-90	DP-L06-6: 13m@10.1% VHM(28.27% THM)from 20m
DP-L06-7	232,405	6,491,991	66	35	-90	DP-L06-7: 1m @ 5.11% VHM (14.47% THM) from 13m and 10m @ 6.18% VHM(13.5% THM)from 21m
DP-L07-1	232,384	6,492,271	75	33	-90	DP-L07-1: 13m @ 19.24% VHM (56.48% THM) from 15m and 1m @ 9.39% VHM (22.34% THM) from 32m (Incl. 8m @ 24.04% VHM (69.13% THM) from 17m)
DP-L07-2	232,362	6,492,258	73	37	-90	DP-L07-2: 3m @ 7.23% VHM (12.85% THM) from 1m and 20m @ 19.7% VHM (55.23% THM) from 17m (Incl. 6m @ 35.47% VHM (76.05% THM) from 31m)
DP-L07-3	232,405	6,492,284	76	39	-90	DP-L07-3: 2m @ 6.43% VHM (9.05% THM) from 0m and 3m @ 7.38% VHM (13.49% THM)from 8m
DP-L07-4	232,340	6,492,245	72	37	-90	DP-L07-4: 15m @ 18.06% VHM (42.81% THM) from 22m (Incl. 5m @ 34.82% VHM(73.9% THM)from 32m)
DP-L07-5	232,320	6,492,232	71	37	-90	DP-L07-5: 11m @ 13.78% VHM (35.79% THM) from 26m (Incl. 2m @ 32% VHM(72.43% THM)from 35m)
DP-L07-6	232,296	6,492,218	70	37	-90	DP-L07-6: 7m@9.52%VHM(23.83%THM)from 29m
DP-L07-7	232,276	6,492,205	69	37	-90	DP-L07-7: 1m @ 7.88% VHM (10.33% THM) from 17m and 8m @ 10.02% VHM(32% THM)from 28m
DP-L07-8	232,251	6,492,188	67	35	-90	DP-L07-8: 7m @ 11.88% VHM (31.85% THM) from 28m (Incl. 1m @ 21.34% VHM(56.94% THM)from 33m)
DP-L08-1	232,253	6,492,484	77	35	-90	DP-L08-1: 13m @ 16.58% VHM (45.31% THM) from 13m (Incl. 4m @ 25.1% VHM(70.39% THM)from 21m)
DP-L08-2	232,231	6,492,471	76	40	-90	DP-L08-2: 22m @ 13.82% VHM (49.98% THM) from 18m (Incl. 3m @ 33.44% VHM(78.21% THM)from 37m)
DP-L08-3	232,274	6,492,497	78	38	-90	DP-L08-3: 2m @ 6.87% VHM (12.3% THM) from 0m and 2m @ 6.97% VHM (11.78% THM)from 11m
DP-L08-4	232,210	6,492,458	74	40	-90	DP-L08-4: 22m @ 15.34% VHM (50.02% THM) from 18m (Incl. 7m @ 25.48% VHM(72.33% THM)from 32m)
DP-L08-5	232,189	6,492,445	74	41	-90	DP-L08-5: 22m @ 11.2% VHM (37.6% THM) from 19m (Incl. 1m @ 34.64% VHM(78.77% THM)from 37m)
DP-L08-6	232,164	6,492,431	72	39	-90	DP-L08-6: 17m@11%VHM(41.13%THM)from 22m
DP-L08-7	232,145	6,492,416	72	39	-90	DP-L08-7: 13m@ 8.68%VHM(28.11%THM)from 24m
DP-L08-8	232,120	6,492,401	70	39	-90	DP-L08-8: 15m @ 11.2% VHM (29.38% THM) from 24m (Incl. 1m @ 22.57% VHM(69.71% THM)from 35m)
DP-L09-1	232,122	6,492,698	83	39	-90	DP-L09-1: 3m@11.09%VHM(20.85%THM)from 12m
DP-L09-2	232,100	6,492,685	81	42	-90	DP-L09-2: 13m @ 15.7% VHM (52.08% THM) from 15m (Incl. 6m @ 21.46% VHM(66.9% THM)from 20m)
DP-L09-3	232,143	6,492,710	84	42	-90
DP-L09-4	232,080	6,492,671	79	42	-90	DP-L09-4: 23m @ 13.51% VHM (48.38% THM) from 19m (Incl. 1m @ 20.01% VHM (47.48% THM) from 24m and 1m @ 20.77% VHM (60.07% THM)from 35m and 2m@22.29% VHM(69.93% THM)from 40m)
DP-L09-5	232,058	6,492,657	78	42	-90	DP-L09-5: 22m @ 12.17% VHM (39.7% THM) from 20m (Incl. 1m @ 21.25% VHM(74.27% THM)from 36m)
DP-L09-6	232,033	6,492,644	76	42	-90	DP-L09-6: 1m @ 7.9% VHM (18.66% THM) from 0m and 1m @ 6.17% VHM (14.68% THM) from 6m and 1m @ 5.11% VHM (6.09% THM) from 24m and 14m @ 13.89% VHM (39.18% THM) from 28m (Incl. 1m @ 23.14% VHM (45.1% THM)from 34m)

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 12

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

HOLE ID	EASTING WGS 84-UTM	NORTHING WGS 84- UTM	HEIGHT (m)	DEPTH (m)	DIP (degrees)	SIGNIFICANT DRILL HOLE INTERSECTS
DP-L09-7	232,008	6,492,630	75	42	-90	DP-L09-7: 12m @ 12.19% VHM (28.34% THM) from 30m (Incl. 1m @ 23.52% VHM(49.2% THM)from 39m)
DP-L09-8	231,984	6,492,616	73	41	-90	DP-L09-8: 1m @ 12.1% VHM (34.7% THM) from 7m and 8m @ 11.79% VHM(28.71% THM)from 33m
DP-L10-1	231,991	6,492,910	84	27	-90	DP-L10-1: 5m@12.42%VHM(5.11%THM)from 8m
DP-L10-2	231,970	6,492,897	82	37	-90	DP-L10-2: 16m @ 15.1% VHM (54.01% THM) from 15m (Incl. 5m @ 19.43% VHM(57.58% THM)from 18m)
DP-L10-3	232,012	6,492,924	87	33	-90
DP-L10-4	231,950	6,492,885	80	43	-90	DP-L10-4: 27m @ 12.62% VHM (45.93% THM) from 16m (Incl. 1m @ 22.87% VHM (65.05% THM) from 26m and 1m @ 23.94% VHM (65.35% THM)from 37m)
DP-L10-5	231,927	6,492,871	78	43	-90	DP-L10-5: 19m @ 14.04% VHM (47.23% THM) from -19m (Incl. 1m @ 22.25% VHM (68.22% THM) from 36m and 1m @ 29.93% VHM (78.72% THM)from 41m)
DP-L10-6	231,907	6,492,858	76	41	-90	DP-L10-6: 1m @ 5.15% VHM (8.35% THM) from 0m and 1m @ 5.09% VHM (11.76% THM) from 16m and 16m @ 11.28% VHM (39.08% THM) from 25m (Incl. 1m@20.09% VHM(50.75% THM)from 30m)
DP-L10-7	231,888	6,492,845	75	41	-90	DP-L10-7: 3m @ 5.04% VHM (11.01% THM) from 0m and 13m @ 7.87% VHM(29.54% THM)from 28m
DP-L10-8	231,866	6,492,833	73	40	-90	DP-L10-8: 2m @ 6.23% VHM (16.71% THM) from 0m and 7m @ 10.27% VHM(25.75% THM)from 32m
DP-L11-1	231,860	6,493,123	80	30	-90	DP-L11-1: 4m@12.76%VHM(46.25%THM)from 21m
DP-L11-2	231,839	6,493,110	79	42	-90	DP-L11-2: 16m @ 11.97% VHM (44.13% THM) from 26m (Incl. 1m @ 21.56% VHM(65.76% THM)from 33m)
DP-L11-3	231,881	6,493,137	83	39	-90	DP-L11-3:1m@ 8.74%VHM(25.32%THM)from0m
DP-L11-4	231,817	6,493,097	77	42	-90	DP-L11-4: 2m @ 5.71% VHM (10.55% THM) from 0m and 12m @ 12.04% VHM (38.26% THM) from 30m (Incl. 1m @ 23.35% VHM (70.5% THM) from 40m)
DP-L11-5	231,796	6,493,084	76	42	-90	DP-L11-5: 10m @ 9.79% VHM (33.41% THM) from 32m (Incl. 1m @ 23.03% VHM(79.8% THM)from 38m)
DP-L11-6	231,773	6,493,071	74	40	-90	DP-L11-6: 1m @ 5.73% VHM (8.64% THM) from 3m and 3m @ 9.62% VHM (34.46% THM)from 35m
DP-L12-1	231,729	6,493,336	76	35	-90
DP-L12-2	231,708	6,493,323	75	38	-90
DP-L12-3	231,751	6,493,349	78	36	-90
DP-L12-4	231,686	6,493,310	73	38	-90	DP-L12-4: 9m @ 13.81% VHM (45.73% THM) from 29m (Incl. 1m @ 20.73% VHM (65.27% THM) from 30m and 1m @ 37.51% VHM (52.16% THM) from 35m)
DP-L12-5	231,665	6,493,297	72	38	-90	DP-L12-5: 9m @ 15.19% VHM (45.27% THM) from 29m (Incl. 1m @ 34.03% VHM(76.98% THM)from 35m)
DP-L12-6	231,644	6,493,284	70	37	-90	DP-L12-6: 6m@9.41%VHM(47.96%THM)from 30m
DP-L12-7	231,622	6,493,269	69	37	-90	DP-L12-7: 5m @ 8.2% VHM (25.4% THM) from 0m and 5m @ 17.5% VHM (45.96% THM) from 30m (Incl. 2m @ 21.61% VHM (59.64% THM) from 32m)
DP-L13-1	231,599	6,493,549	72	30	-90	DP-L13-1: 5m @ 15.79% VHM (59.26% THM) from 17m (Incl. 1m @ 20.68% VHM(75.57% THM)from 19m)
DP-L13-2	231,577	6,493,536	71	33	-90	DP-L13-2: 13m @ 16.82% VHM (52.22% THM) from 20m (Incl. 3m @ 22.67% VHM (56.84% THM) from 21m and 3m @ 22.39% VHM (66.13% THM)from 29m)
DP-L13-3	231,620	6,493,562	74	35	-90
DP-L13-4	231,556	6,493,523	69	34	-90	DP-L13-4: 14m @ 16.87% VHM (55.96% THM) from 20m (Incl. 3m @ 27.6% VHM (64.94% THM) from 21m and 3m @ 20.01% VHM (75.82% THM) from 29m)
DP-L13-5	231,534	6,493,510	68	34	-90	DP-L13-5: 13m @ 12.85% VHM (47.14% THM) from 21m (Incl. 1m @ 28.61% VHM(57.49% THM)from 21m)
DP-L13-6	231,512	6,493,496	66	34	-90	DP-L13-6: 10m @ 11.67% VHM (38.95% THM) from 22m (Incl. 1m @ 24.33% VHM(62.72% THM)from 29m)
DP-L13-7	231,491	6,493,481	66	33	-90	DP-L13-7: 6m @ 14.61% VHM (42.55% THM) from 25m (Incl. 2m @ 23.55% VHM(57.71% THM)from 28m)
DP-L14-1	231,467	6,493,762	69	32	-90	DP-L14-1: 8m @ 20.92% VHM (52.21% THM) from 24m (Incl. 6m @ 24.1% VHM(60.68% THM)from 26m)
DP-L14-2	231,446	6,493,749	67	31	-90	DP-L14-2: 5m @ 16.1% VHM (62.35% THM) from 26m (Incl. 2m @ 22.66% VHM(74.63% THM)from 29m)
DP-L14-3	231,489	6,493,775	70	34	-90	DP-L14-3:5m@ 9.52%VHM(17.94%THM)from 28m
DP-L14-4	231,425	6,493,736	67	30	-90	DP-L14-4: 8m @ 11.84% VHM (37.94% THM) from 22m (Incl. 3m @ 21.32% VHM(63.49% THM)from 24m)

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 13

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

HOLE ID	EASTING WGS 84-UTM	NORTHING WGS 84- UTM	HEIGHT (m)	DEPTH (m)	DIP (degrees)	SIGNIFICANT DRILL HOLE INTERSECTS
DP-L14-5	231,404	6,493,723	66	33	-90	DP-L14-5: 1m @ 9.25% VHM (55% THM) from 0m and 11m @ 10.84% VHM (36.78% THM) from 21m (Incl. 1m @ 24.05% VHM (30.88% THM) from 31m)
DP-L14-6	231,377	6,493,709	64	30	-90	DP-L14-6: 8m @ 18.24% VHM (45.39% THM) from 22m (Incl. 2m @ 39.35% VHM(78.89% THM)from 26m)
DP-L14-7	231,353	6,493,694	63	30	-90	DP-L14-7: 7m@ 8.52%VHM(24.9%THM)from 22m
DP-L15-1	231,337	6,493,975	72	37	-90	DP-L15-1: 1m @ 11.66% VHM (26.4% THM) from 14m and 1m @ 5.74% VHM (17.44% THM) from 20m and 9m @ 26.9% VHM (51.51% THM) from 28m(Incl. 5m@39.54% VHM(73.22% THM)from 32m)
DP-L15-2	231,315	6,493,962	70	36	-90	DP-L15-2: 21m @ 9.39% VHM (36.35% THM) from 15m (Incl. 1m @ 22.37% VHM(66.44% THM)from 33m)
DP-L15-3	231,358	6,493,989	73	33	-90	DP-L15-3: 1m @ 7.02% VHM (28.86% THM) from 0m and 2m @ 6.19% VHM(11.38% THM)from 31m
DP-L15-4	231,294	6,493,949	68	34	-90	DP-L15-4: 17m @ 13.43% VHM (48.37% THM) from 16m (Incl. 2m @ 27.75% VHM(80.08% THM)from 30m)
DP-L15-5	231,273	6,493,937	66	33	-90	DP-L15-5: 1m @ 5.14% VHM (11.03% THM) from 0m and 15m @ 7.91% VHM(39.13% THM)from 18m
DP-L15-6	231,248	6,493,921	65	32	-90	DP-L15-6: 1m @ 5.62% VHM (8.28% THM) from 16m and 7m @ 14.86% VHM (42.67% THM) from 23m (Incl. 4m @ 20.26% VHM (57.46% THM) from 25m)
DP-L15-7	231,227	6,493,909	63	30	-90	DP-L15-7: 14m @ 11.37% VHM (37.01% THM) from 15m (Incl. 3m @ 20.69% VHM(75.29% THM)from 26m)
DP-L16-1	231,206	6,494,189	75	39	-90	DP-L16-1: 12m @ 29.48% VHM (61.68% THM) from 27m (Incl. 11m @ 31.08% VHM(65.11% THM)from 28m)
DP-L16-2	231,185	6,494,175	73	38	-90	DP-L16-2: 13m @ 15.83% VHM (52.81% THM) from 25m (Incl. 1m @ 21.79% VHM (70.53% THM) from 26m and 4m @ 24.13% VHM (71.74% THM)from 34m)
DP-L16-3	231,227	6,494,202	77	37	-90	DP-L16-3: 1m@8.38%VHM(20.47%THM)from 36m
DP-L17-1	231,075	6,494,401	77	41	-90	DP-L17-1: 1m @ 11.84% VHM (17.81% THM) from 9m and 4m @ 11.32% VHM (33.33% THM) from 27m and 7m @ 29.96% VHM (65.95% THM) from 34m(Incl. 5m@37.69% VHM(80.18% THM)from 36m)
DP-L17-2	231,054	6,494,388	74	40	-90	DP-L17-2: 11m @ 11.74% VHM (38.48% THM) from 29m (Incl. 2m @ 24.68% VHM(68.12% THM)from 36m)
DP-L17-3	231,096	6,494,414	79	39	-90
DP-L18-1	230,944	6,494,614	76	40	-90	DP-L18-1: 1m @ 7.1% VHM (14.72% THM) from 0m and 8m @ 28.8% VHM (67.45% THM) from 32m (Incl. 6m @ 33.91% VHM (73.21% THM) from 33m)
DP-L18-2	230,923	6,494,601	75	40	-90	DP-L18-2: 8m @ 19.5% VHM (59.01% THM) from 32m (Incl. 4m @ 27.3% VHM(76.63% THM)from 35m)
DP-L18-3	230,965	6,494,628	78	36	-90	DP-L18-3: 1m@7.73%VHM(19.14%THM)from 0m
DP-L19-1	230,813	6,494,827	74	38	-90	DP-L19-1: 6m @ 20.85% VHM (52.83% THM) from 32m (Incl. 3m @ 27.64% VHM(72.86% THM)from 35m)
DP-L19-2	230,792	6,494,814	72	37	-90	DP-L19-2: 7m @ 18.34% VHM (60.03% THM) from 30m (Incl. 2m @ 30.54% VHM(77.78% THM)from 34m)
DP-L19-3	230,834	6,494,841	75	33	-90
DP-L20-1	230,682	6,495,041	75	38	-90	DP-L20-1: 4m @ 28.24% VHM (66.65% THM) from 34m (Incl. 3m @ 35.97% VHM(84.36% THM)from 35m)
DP-L20-2	230,661	6,495,028	74	45	-90	DP-L20-2: 6m @ 24.13% VHM (56.39% THM) from 34m (Incl. 3m @ 38.3% VHM(76.97% THM)from 36m)
DP-L20-3	230,703	6,495,053	77	41	-90
DP-L21-1	230,552	6,495,253	78	38	-90	DP-L21-1: 2m@7.96%VHM(18.03%THM)from 30m
DP-L21-2	230,530	6,495,240	76	40	-90	DP-L21-2: 2m @ 8.42% VHM (25.08% THM) from 22m and 7m @ 16.3% VHM (57.26% THM) from 33m (Incl. 3m @ 21.97% VHM (71.85% THM) from 37m)
DP-L21-3	230,573	6,495,266	80	39	-90
DP-L23-1	230,267	6,495,665	73	38	-90	DP-L23-1: 1m @ 5.93% VHM (9.88% THM) from 25m and 7m @ 13.98% VHM (51.24% THM) from 31m (Incl. 1m @ 27.33% VHM (72.15% THM) from 35m)
DP-L23-2	230,290	6,495,679	76	40	-90	DP-L23-2: 2m @ 5.29% VHM (10.11% THM) from 24m and 7m @ 14.89% VHM (43.83% THM) from 33m (Incl. 4m @ 17.54% VHM (49.73% THM) from 35m)
DP-L23-3	230,311	6,495,693	78	41	-90	DP-L23-3: 4m @ 27.59% VHM (53.82% THM) from 37m (Incl. 2m @ 38.12% VHM(70.37% THM)from 38m)
DP-L23-4	230,334	6,495,706	80	41	-90	DP-L23-4: 1m@5.65%VHM(8.56%THM)from 34m
DP-L23-5	230,243	6,495,651	71	38	-90	DP-L23-5: 12m@8.78% VHM(37.3% THM)from 24m

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 14

10 May 2023

ASX: MRC ASX: MRC

==> picture [88 x 24] intentionally omitted <==

HOLE ID	EASTING WGS 84-UTM	NORTHING WGS 84- UTM	HEIGHT (m)	DEPTH (m)	DIP (degrees)	SIGNIFICANT DRILL HOLE INTERSECTS
DP-L23-6	230,218	6,495,637	69	35	-90	DP-L23-6: 11m@10.78% VHM(38.17% THM)from 23m
DP-L23-7	230,195	6,495,622	68	34	-90	DP-L23-7: 1m @ 5.84% VHM (13.84% THM) from 0m and 8m @ 5.96% VHM(27.94% THM)from 25m
DP-L23-8	230,171	6,495,609	65	33	-90	DP-L23-8: 7m@ 9.17%VHM(22.31%THM)from 26m
DP-L25-1	230,007	6,496,092	72	36	-90	DP-L25-1: 1m @ 5.45% VHM (10.74% THM) from 1m and 8m @ 10.95% VHM(46.76% THM)from 28m
DP-L25-2	230,028	6,496,106	74	39	-90	DP-L25-2: 8m @ 17.34% VHM (48.56% THM) from 31m (Incl. 1m @ 42.41% VHM(81.42% THM)from 36m)
DP-L27-1	229,744	6,496,518	69	34	-90	DP-L27-1: 2m @ 6.06% VHM (14.46% THM) from 0m and 11m @ 14.17% VHM (43.47% THM) from 23m (Incl. 5m @ 18.92% VHM (59.78% THM) from 28m)
DP-L29-1	229,484	6,496,943	64	30	-90	DP-L29-1: 2m @ 7.01% VHM (9.18% THM) from 15m and 10m @ 7.48% VHM(34.67% THM)from 20m
DP-L29-2	229,505	6,496,957	66	30	-90	DP-L29-2: 16m@9.08% VHM(29.33% THM)from 14m
DP-L31-1	229,220	6,497,374	54	18	-90	DP-L31-1: 1m @ 5.32% VHM (7.4% THM) from 4m and 9m @ 9.96% VHM (33.55% THM)from 9m
DP-L33-1	228,960	6,497,796	57	21	-90	DP-L33-1: 7m @ 14.28% VHM (54.88% THM) from 14m (Incl. 2m @ 24.52% VHM(79.69% THM)from 19m)
DP-L33-2	228,981	6,497,809	58	19	-90	DP-L33-2: 4m@ 8.57%VHM(30.34%THM)from 13m
DP-L35-1	228,697	6,498,222	58	22	-90	DP-L35-1: 2m@7.55%VHM(24.61%THM)from 18m
DP-L35-2	228,719	6,498,236	60	22	-90
DP-L35-3	228,741	6,498,249	60	23	-90
DP-L35-4	228,673	6,498,208	57	21	-90
DP-L35-5	228,653	6,498,195	57	22	-90	DP-L35-5: 5m @ 11.2% VHM (38.73% THM) from 16m (Incl. 1m @ 25.05% VHM(73.71% THM)from 19m)
DP-L35-6	228,630	6,498,181	56	21	-90	DP-L35-6: 4m@7.56%VHM(23.12%THM)from 16m
DP-L35-7	228,605	6,498,166	55	21	-90	DP-L35-7: 4m@5.31% VHM(19.09% THM)from 17m
DP-L37-1	228,436	6,498,649	66	29	-90	DP-L37-1: 3m@7.15%VHM(38.15%THM)from 26m
DP-L37-2	228,458	6,498,662	67	30	-90
DP-L39-1	228,180	6,499,077	76	39	-90	DP-L39-1: 8m @ 16.64% VHM (50.74% THM) from 31m (Incl. 2m @ 36.88% VHM(67.72% THM)from 37m)
DP-L39-2	228,197	6,499,087	77	39	-90	DP-L39-2: 7m @ 13.21% VHM (44.73% THM) from 31m (Incl. 3m @ 17.11% VHM(49.04% THM)from 34m)
DP-L41-1	227,913	6,499,501	76	37	-90	DP-L41-1: 4m@ 6.88%VHM(28.44%THM)from 14m
DP-L41-2	227,934	6,499,514	78	36	-90	DP-L41-2: 1m @ 7.2% VHM (12.86% THM) from 9m and 1m @ 5.09% VHM (9.5% THM)from 14m
DP-L43-1	227,651	6,499,926	73	37	-90	DP-L43-1: 1m @ 8.43% VHM (39.49% THM) from 29m and 2m @ 7.1% VHM(48.55% THM)from 33m
DP-L43-2	227,672	6,499,940	74	35	-90
DP-L45-1	227,389	6,500,354	74	39	-90	DP-L45-1: 5m@ 8.05%VHM(39.92%THM)from32m
DP-L45-2	227,411	6,500,366	75	40	-90	DP-L45-2: 8m@12.05%VHM(40.4%THM)from 30m
DP-L47-1	227,128	6,500,779	75	41	-90	DP-L47-1: 1m @ 5.23% VHM (23.75% THM) from 24m and 3m @ 9.9% VHM(51.11% THM)from 33m
DP-L47-2	227,149	6,500,792	76	42	-90	DP-L47-2: 9m @ 12.61% VHM (46.22% THM) from 31m (Incl. 2m @ 28.45% VHM(73.36% THM)from 38m)
DP-L47-3	227,170	6,500,805	77	42	-90	DP-L47-3: 6m @ 19.86% VHM (57.19% THM) from 34m (Incl. 2m @ 33.49% VHM(78.09% THM)from 38m)
DP-L47-4	227,194	6,500,819	79	43	-90	DP-L47-4: 5m @ 14.63% VHM (54.23% THM) from 37m (Incl. 1m @ 28.9% VHM(81% THM)from 39m)
DP-L47-5	227,219	6,500,836	81	45	-90	DP-L47-5: 7m@7.11%VHM(43.41%THM)from 37m
DP-L47-6	227,102	6,500,765	74	39	-90	DP-L47-6: 3m@6.77% VHM(43.9% THM)from 35m

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 15

Appendix 2 JORC TABLE 1 Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

==> picture [487 x 613] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code Explanation Commentary
 Sampling  Nature and quality of sampling (eg cut  Sampled exclusively by vertical aircore.
techniques channels, random chips, or specific
 One-metre air core drill samples from a
specialised industry standard measurement
cyclone were collected in 20-25kg
tools appropriate to the minerals under
plastic bags.
investigation, such as down hole gamma
sondes, or handheld XRF instruments, etc).  Each bag was riffle split into two pre-
These examples should not be taken as numbered calico bags of ~5kg each and
limiting the broad meaning of sampling. the remainder of the samples collected
 Include reference to measures taken to in a large plastic bag.
ensure sample representivity and the  5kg sample were submitted directly to
appropriate calibration of any measurement the Tormin mine laboratory to be
tools or systems used. analysed for oversize, slimes and heavy
minerals.
 Aspects of the determination of mineralisation
that are Material to the Public Report. In cases  The laboratory sample was dried, de-
where ‘industry standard’ work has been done slimed (removal of -45 micron fraction)
this would be relatively simple (eg ‘reverse and screen (+2mm oversize).
circulation drilling was used to obtain 1 m
 200g of sample split to use for heavy
samples from which 3kg was pulverised to
liquid separation using TBE with density
produce a 30g charge for fire assay’). In other
range between 2.92 and 2.96 g/ml to
cases more explanation may be required,
define THM content.
such as where there is coarse gold that has
inherent sampling problems. Unusual
commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of
detailed information.
 Drilling  Drill type (eg core, reverse circulation, open-  Aircore drilling was used. Aircore drilling
techniques hole hammer, rotary air blast, auger, Banka, is considered a standard industry drilling
sonic, etc) and details (eg core diameter, triple method for HMS mineralisation.
or standard tube, depth of diamond tails, face-  85 mm drill bits and rods were used.
sampling bit or other type, whether core is
 All holes were drilled vertical.
oriented and if so, by what method, etc).
 Drill sample  Method of recording and assessing core and  No sample loss or cavitation were
recovery chip sample recoveries and results assessed. experienced.
 Measures taken to maximise sample recovery  Sample recovery was very good.
and ensure representative nature of the
samples.
 Whether a relationship exists between sample
recovery and grade and whether sample bias
may have occurred due to preferential
loss/gain of fine/coarse material.
 Logging  Whether core and chip samples have been  Each hole was logged by a geologist on
geologically and geotechnically logged to a pre-printed log sheets.
level of detail to support appropriate Mineral
 Geological and lithological observations
Resource estimation, mining studies and
per depth were recorded together with
metallurgical studies.
field sections and hand drawn down-the-
hole logs.
 Special attention was given to heavy
----- End of picture text -----

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 16

Criteria	JORC Code Explanation	Commentary
	 Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.  The total length and percentage of the relevant intersections logged.	minerals intersected as a guide to potential marine strandlines and marine diamond deposits.  Percentage HMS was recorded from visual observations as well as the magnetic content of each metre by handheld pen magnet.  Marine gravels and contact with basement bedrock recorded as maximum depth of mineralisation.  Each 1m sample were washed and sieved to obtain a representative sample stored in numbered chip trays.
 Sub- sampling techniques and sample preparation	 If core, whether cut or sawn and whether quarter, half or all core taken.  If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.  For all sample types, the nature, quality, and appropriateness of the sample preparation technique.  Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.  Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.  Whether sample sizes are appropriate to the grain size of the material being sampled.	 Sampling over 1m down-the-hole intervals as determined by 1m marks on the rig mast.  Drill samples were riffle split into approximately 3kg samples to be assayed.  Technicians undertaking the splitting are supervised by mine site geologist to ensure sampling quality.  Duplicate samples were riffled for the Tormin mine laboratory external QA/QC checks.
 Quality of assay data and laboratory tests	 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.  For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.  Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	 All sample analyses were undertaken by the Tormin mine laboratory.  The mine owns and operates a state of the art heavy liquid separation lab with Panalytical XRD machines. All grades reported are from XRD results on heavy liquid sink.  Industrial laboratory XRF machines (Panalytical Epsilon 3 ED) are used by Tormin mine as a grade verification check on the XRD zircon content.  The Tormin mine laboratory completed its own internal QA/QC checks that include CRMs, duplicates and blanks.  External sampling checks (one out of every 20 samples) have been done by XRD Analytical and Consulting in Pretoria.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 17

==> picture [487 x 683] intentionally omitted <==

----- Start of picture text -----

Criteria JORC Code Explanation Commentary
 Verification  The verification of significant intersections by  All sampling was done by mine site
of sampling either independent or alternative company personnel overseen by a qualified and
and personnel. experienced geologist.
assaying  The use of twinned holes.  All sample preparation was done by
 Documentation of primary data, data entry qualified staff, supervised by chemists
and the laboratory manager.
procedures, data verification, data storage
(physical and electronic) protocols.  The lab results and logging have been
reviewed by external consultants to MSR
 Discuss any adjustment to assay data.
as well as internally by MSR’s resource
manager.
 The drill hole logs have been converted
to electronically stored formats and
stored in a database provided by
Maxgeo (DataShed). This database is
hosted on an offsite server supplied by
Maxgeo and managed by their trained
database staff.
 No adjustment to assay data results were
done outside the standard XRD
calibration software being used.
 Location of  Accuracy and quality of surveys used to locate  Hole collars were surveyed by DGPS
data points drill holes (collar and down-hole surveys), accurate to within centimetres by mine
trenches, mine workings and other locations surveyors.
used in Mineral Resource estimation.
 Down hole surveys for shallow vertical
 Specification of the grid system used. aircore holes are not required.
 Quality and adequacy of topographic control.  WGS 84 datum and UTM/ zone 34S
coordinate system is used.
 Data  Data spacing for reporting of Exploration  Each drill fence line is approximately 250
spacing and Results. apart along the extension of strandline
distribution strike in the southern half of the lease
 Whether the data spacing and distribution is
area and 500m apart in the northern half.
sufficient to establish the degree of geological
and grade continuity appropriate for the  Each drill hole is spaced 25m apart along
Mineral Resource and Ore Reserve estimation each drill line perpendicular to the
procedure(s) and classifications applied. strandline inferred strike.
 Whether sample compositing has been
applied.
 Orientation  Whether the orientation of sampling achieves  Vertical drilling to intersect sub-
of data in unbiased sampling of possible structures and horizontal strata.
relation to the extent to which this is known, considering  Orientation of the drill holes will not
geological the deposit type.
result in sampling bias.
structure
 If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to have
introduced a sampling bias, this should be
assessed and reported if material.
 Sample  The measures taken to ensure sample  Sampling was done using pre-printed
security security. calico bags to prevent mislabeling.
 All sample bag numbers were logged
against the drill hole by the site geologist.
 Three samples per metre drilled were
----- End of picture text -----

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 18

Criteria	JORC Code Explanation	Commentary
		produced. One stored securely in a bag farm for reference, one for external QA/QC use and one sent directly to the mine lab at the end of each days drilling in a secure area.  The Tormin mine laboratory inspected the submitted samples and did not report any missing or error of the samples against the sample lists.
 Audits or reviews	 The results of any audits or reviews of sampling techniques and data.	 The lab results and logging have been reviewed by external consultants to MSR and internally as part of normal validation processes by MRC.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

==> picture [487 x 431] intentionally omitted <==

----- Start of picture text -----

Criteria Explanation Commentary
 Mineral  Type, reference name/number, location  The area has a granted prospecting right
tenement and and ownership including agreements or (WC 30/5/1/1/2/10240 PR) in the name of
land tenure material issues with third parties such as Mineral Sands Resources (Pty) Ltd a
status joint ventures, partnerships, overriding subsidiary of ASX listed Mineral
royalties, native title interests, historical Commodities Ltd (ASX: MRC).
sites, wilderness or national park and
 This Prospecting Right (Inland Strand)
environmental settings.
incorporates an area approximately
 The security of the tenure held at the time 13.4km in length covering 4,495 hectares.
of reporting along with any known
impediments to obtaining a licence to
operate in the area.
 Exploration  Acknowledgment and appraisal of  The general area has been investigated
done by other exploration by other parties. and mined for diamond and heavy mineral
parties deposits as far back as the 1930s.
Subsequent geological surveys and
exploration programs investigated the
distribution, mineralogy, and economic
potential of diamond and heavy mineral
sands along the coastline of De Punt
(Trans Hex, 1989-1991, Lybb and Barnes,
1998, De Wit, 1999 and Cole,2013).
 The area has an historical strandline
deposit (the 35mamsl strandline) as
identified by 24 exploration holes that
intersected it from 51 holes drilled
(unpublished results -Trans Hex 1999-
2000, B Cilliers).
 Geology  Deposit type, geological setting and style of  The western coastal plain of South Africa
mineralisation. contains a significant resource of detrital
heavy minerals by world standards.
 The heavy mineral sand deposits occur in
a current active beach environment (e.g.,
Tormin mine) as well as in older palaeo-
----- End of picture text -----

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 19

Criteria	Explanation	Commentary
		beach raised strandlines found inland (inland strandlines) e.g., Tronox Namakwa Sands and Tormin.  Apart from the mid-Jurassic, Cretaceous and Tertiary (Paleogene) sediments along the coast, numerous small fossiliferous, marine, and terrestrial deposits of Neogene age outcrop along the coastal zone.  The onshore mineral sands are marine palaeo-terraces “Inland Strands”, aeolian sands and fluvial sediments. These targets were formed during Miocene, Pliocene, and Quaternary/Pleistocene coastal transgression (sea move inland) and regression cycles. 
 Drillhole Information	 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drillholes:  Easting and northing of the drill hole collar  elevation or RL (Reduced Level – elevation above sea level in metres) of the drillhole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.  If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	 A summary of the 3,041m of aircore drilling (5,839m sampled in total for 6,018m total drilled) is reflected in the text of this release.  The minimum hole length is 18m, maximum 63m, average depth of drilling is 35.6 metres and the median is 37m.  East collar ranges – 227,101.9mE to 233,168.9mE.  North collar ranges – 6,490,923.4mN to 6,500,835.5mN.  Azimuth ranges/dip ranges – vertical drilling.
 Data aggregation methods	 In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.  Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.  The assumptions used for any reporting of metal equivalent values should be clearly stated.	 No weighting or cutting of HM values, other than averaging of grades intersected were reported.  As all samples are 1 metre in length, no length weighting is required in averaging grades.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 20

Criteria	Explanation	Commentary
 Relationship between mineralisation widths and intercept lengths	 These relationships are particularly important in the reporting of Exploration Results.  If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.  If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	 The strandline mineralisation is sub- horizon in nature and the aircore drilling intercepts are vertical.  Thickness of intercept reported is therefore true thickness of the mineralisation.
 Diagrams	 Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported these should include, but not be limited to a plan view of drillhole collar locations and appropriate sectional views.	 Maps, sections, and plan view are provided in this report.
 Balanced reporting	 Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	 Intersection with grades above 10% or above 5% VHM have been reported in this release to indicate the high-grade strandline zones.
 Other substantive exploration data	 Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	 Historical drill data is not reported as it is classified as historical foreign estimates that are non-JORC compliant.
 Further work	 The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).  Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	 Additional drilling activities to be planned upon receipt of all assay data and Maiden JORC Mineral Resource.  Maiden JORC Mineral Resources of De Punt will be released in June quarter 2023.

==> picture [67 x 28] intentionally omitted <==

ABN 39 008 478 653 info@mncom.com.au www.mncom.com.au

Page 21