MINERAL COMMODITIES LTD — Interim / Quarterly Report 2013

Jul 30, 2013

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Q U A R T E R LY R E P O R T 3 1 J U LY 2 01 3

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C O R P O R AT E D I R E C T O R Y

M I N E R A L C O M M O D I T I E S LT D

ACN 008 478 653 ABN 39 008 478 653

A D D R E S S

40 Murray Road North Welshpool WA 6106, Australia PO Box 235, Welshpool DC WA 6986, Australia Telephone: 61 8 6253 1100 Facsimile: 61 8 9258 3601 Email: info@mncom.com.au Web: www.mncom.com.au

31 July 2013

Australian Stock Exchange Company Announcements Office

Q U A R T E R LY A C T I V I T I E S R E P O R T

F O R T H E P E R I O D E N D E D 3 0 J U N E 2 01 3

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S U M M A R Y

• N E G O T I AT I O N S F O R O F F TA K E F O R N O N - M A G N E T I C C O N C E N T R AT E W I T H $ 2 M I L L I O N P R E - F I N A N C E A R R A N G E M E N T C O M P L E T E D D U R I N G T H E Q U A R T E R & E X E C U T E D F O L L O W I N G T H E Q U A R T E R E N D

• T O R M I N C O N S T R U C T I O N A C T I V I T I E S R E M A I N O N S C H E D U L E & O N B U D G E T

T O R M I N P I L O T P L A N T F A B R I C AT E D & C O M M I S S I O N E D

• O F F S H O R E P R O S P E C T I N G A C T I V I T I E S AT T O R M I N T O C O M M E N C E

• X O L O B E N I P U B L I C PA R T I C I PAT I O N P R O C E S S S U C C E S S F U L LY C O M P L E T E D

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T O R M I N M I N E R A L S A N D S P R O J E C T ( S O U T H A F R I C A )

O f f t a k e A g r e e m e n t

As separately announced following the quarter end, Mineral Commodities Limited (MRC or the Company) and its subsidiary, Mineral Sands Resources Proprietary Limited (MSR), which owns Tormin have concluded an offtake agreement with Wogen Pacific Limited for 100% of the non-magnetic concentrate (Concentrate) to be produced at Tormin. A substantial part of the negotiations and work to complete the agreement took place during the quarter.

Pursuant to the agreement, Wogen will pay MSR for the Concentrate at an FOB level. Thereafter, Wogen will fund the shipping and processing of the Concentrate until such time as it is sold into the local Chinese market in finished product form, with sale proceeds net of commission, shipping and processing costs being paid over to MRC.

Accordingly, the agreement provides MRC with significant working capital finance as well as access to the full mineral sands value chain without investment in its own dry processing facilities.

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Discussions with various Ilmenite offtake partners have also progressed well and advanced discussions are ongoing with a preferred customer. However, until such time as offtake and funding terms have been agreed, the Company has deferred starting work on the construction of a dry separation plant to produce the Ilmenite product. As previously reported, the Garnet concentrate will be sold to Blastrite for secondary treatment.

P r e - F i n a n c e A r r a n g e m e n t

Wogen will also provide MRC with US$2 million under a pre-finance arrangement associated with the offtake arrangement. MRC will be able to draw down against the arrangement until 31 December 2013 and, while interest will accrue from the time it is drawn, capital and interest will only become payable when Tormin comes into commercial production.

To r m i n D e v e l o p m e n t U p d a t e

Site clearing and the removal of the top soil was completed in the period. Tenders for the construction of Secondary Concentrator Plant (“SCP”) were adjudicated, contracts for the fabrication and construction of the SCP awarded and construction activities for the SCP commenced. Earthworks have progressed well and no delays were experienced. By the end of the period excavation of the SCP was completed, civil structures and the process water ponds had also commenced.

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Fabrication of the Primary Beach Concentrators (“PBCs”) also continued and site work for the primary beach concentrators will commence at the delivery of the pre-fabricated modular units scheduled for delivery by the end of September 2013.

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D e v e l o p m e n t C o s t s

The Company had previously indicated that the capital budget for Tormin, including provisions for upgrading existing roads; bulk earthworks for the SCP; all concrete works; fabrication and construction of the PBCs and the SCP; all equipment, storage and process facilities; installation of equipment and mechanical and piping services; and electrical and instrumentation and scope, amounted to approximately $16,000,000.

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All contracts awarded to date have been below the budgeted cost for those line items. Accordingly, the Company believes that the capital budget remains appropriate and prospects remain good that it will be improved upon.

The Company has also been able to negotiate better terms with a number of vendors as the project has proceeded. While this is only a matter of timing, it has ensured that the overall cash position is currently better than envisaged at the start of the quarter. It will also mean that cash outflows will be higher in the following two quarters.

D e v e l o p m e n t T i m e t a b l e

The development schedule for Tormin remains on track and on schedule with production to commence December 2013.

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To r m i n P i l o t P l a n t F a b r i c a t e d a n d C o m m i s s i o n e d

At the start of the quarter, MRC resolved to build and commission a pilot plant to prove the mining methodology and provide further product for offtake testing.

The pilot plant was successfully commissioned in June 2013 and is producing heavy mineral concentrate for the trial runs at the Blastrite facility. The results have exceeded the Company’ initial expectations and the pilot plant will therefore continue to operate and produce a small quantity of non-magnetic concentrate each month until production commences and, in so doing, generate some initial revenue.

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O f f s h o r e P r o s p e c t i n g A c t i v i t i e s a t To r m i n C o n t i n u e

MRC has previously reported that a prospecting right for the offshore area immediately adjacent to Tormin was awarded towards the end of 2012. The offshore prospecting area covers an area of 12 square kilometers and extends 1km out to sea from the low water mark and covers the full length of the existing 12km Tormin tenement.

The established geology of the region confirms that the source of the Tormin beach deposits is a Heavy Mineral-rich offshore zone and that the dynamic coastline serves to replenish the beaches by transporting sediment from deeper waters.

The offshore prospecting right represents the first step in MRC’s initiatives to significantly extend the Tormin Life of Mine. Consequently, since the award of the prospecting right, the Company has undertaken a series of informal replenishment tests. These tests involved excavating trenches at various intervals along the beach deposit and then allowing them to be filled from the offshore ore body. Assays of the samples taken at each stage were compared to each other and the original Tormin resource test work.

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MRC is very encouraged by the results which indicated replenishment to within 10% of the existing heavy mineral gradings. The Company has used the results from the tests to plan formal replenishment studies in conjunction with various specialists, including Professor A Rozendal (Economic Geologist, Stellenbosch University) who co-authored the research study, “The Geelwal Karoo heavy mineral deposit: a modern day beach placer”.

T h e s t u d y i n d i c a t e d t h a t :

“The locally high, total heavy mineral content and the favourable ore to gangue mineral ratio, coupled with the possibility of replenishment style mining, make this an attractive resource.

A prominent headland, forming a J-bay just south of the source, prevents large scale dispersion of these sediments by the northward flowing littoral current. The result is an offshore trail of heavy mineral-enriched sand, which is then transported to the beach by wave action. There it is repeatedly sorted and further upgraded to be re-deposited on the beach face during mild weather conditions.

The implementation of replenishment mining of this active beach appears to be a realistic possibility. It is, after all, regularly practised by off-shore diamond mining in several favourable localities. This alternative could considerably increase the reserves and sustain mining for an extended period.”

Formal studies will commence shortly with a view to identifying and quantifying the extent of beach replenishment. The Company is optimistic that these tests will show that replenishment from, or exploitation of this area, could at least double the expected Life of Mine of Tormin.

B a c k g r o u n d

Tormin is located on the west coast of South Africa, approximately 400km north of Cape Town. The predominant minerals of value are Zircon and Rutile which are contained in a high grade beach placer deposit north of the Oliphants River outfall.

A DFS commissioned by MRC demonstrated that Tormin can produce an enriched Non-Magnetic saleable concentrate containing predominately Zircon and Rutile. The base case derived from the DFS provides for hydraulic mining and primary concentration of the deposit through spiral plants on the beach. Thereafter, the concentrate will be transferred to a SCP where it will be further upgraded by spirals, wet magnetic separation (LIMS and WHIMS), and screens before being bagged prior to shipment to destination markets.

MSP Engineering completed the process engineering, including PFD’s, P&ID’s, Mass Balances and Process Design Criteria, based on the DFS and submitted designs for the PBCs based on the beach and the SCP.

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The engineering design provides for primary beach concentration of 1.1 Mtpa producing approximately 48,000 tonnes of Non-Magnetic concentrate grading up to 80% Zircon and 10% Rutile. Provision was also made to produce various magnetic concentrates for further processing through dry plants should the project economics for those products allow.

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X O L O B E N I M I N E R A L S A N D S P R O J E C T ( S O U T H A F R I C A )

The Xolobeni Mineral Sands Project (Xolobeni) is located in the Eastern Cape Province of South Africa approximately 300km north of East London and 200km south of Durban.

The Xolobeni resource is 346 million tonnes of 5.0% heavy mineral, with 65% of this resource in the Measured category.

Xolobeni is therefore regarded as one of the largest undeveloped mineral sands resources in the world containing in excess of 9,000,000 tonnes of ilmenite.

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B a c k g r o u n d

In November 2011 the DMR extended the prospecting rights over the Xolobeni project, excluding the Kwanyana block, for a further period of 3 years. During the first quarter of 2012, this right was executed and subsequently registered by the DMR in the third quarter of 2012.

MRC has also previously advised that the DMR had withdrawn the previously granted Conditional Mining Right over the Kwanyana block and that it was engaging with the DMR and Minister in relation to these matters. The Company subsequently withdrew all previous applications in respect of the Kwanyana block and immediately applied for a new prospecting right over the same block.

The benefit of this approach is that the Kwanyana block will be re-aligned with the rest of the Xolobeni project which will enable the Company to progress its application to develop Xolobeni in its entirety and, in so doing, demonstrate that this can be undertaken responsibly and sustainably.

The DMR accepted the new prospecting right application (“PRA”) over the Kwanyana block in the first quarter of 2012 and, in accordance with prevailing legislation, directed the Company to submit an Environmental Management Plan (EMP) for the prospecting work and details of its engagement with all stakeholders with an interest in the project. The Company compiled an EMP for the Kwanyana block prospecting work and undertook a comprehensive stakeholder engagement process (SEP) during the second quarter of 2012. The EMP and SEP report were also lodged with the DMR in accordance with the required timetable.

A number of objections to the PRA were received. Accordingly, the DMR was required by law to call a meeting to consider the objections and a representations made by the Company. This meeting was held on 28 November 2012.

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Based on the information presented at that meeting, the DMR instructed the Company to undertake additional consultation. A comprehensive consultation process, designed to identify and engage with all potential interested and affected parties designed during the last quarter. In addition, in keeping with local traditions, a series of pre-meetings were held with the traditional leaders in the Xolobeni area to update them on developments with the project, brief them on the planned consultation process and gain their approval for the process.

X o l o b e n i P u b l i c P a r t i c i p a t i o n S u c c e s s f u l l y C o m p l e t e d

Having obtained the traditional leadership’s approval of the planned process and updated the DMR in the first quarter, the public consultation process took place in March and April 2013. Subsequently, feedback from all the meetings has been collated into a comprehensive issues and response trial which has been incorporated into a stakeholder engagement report (SER). The SER was completed in the last quarter and submitted to all relevant parties at the DMR for evaluation.

The Company remains optimistic that, based on this work, that the DMR will award a new prospecting right over the Kwanyana block in the final quarter of 2013 and enable the Company to do the final work necessary to submit a mining right application for the entire Xolobeni tenement as soon thereafter as possible.

B a s e l i n e S t u d i e s

In the interim, work has commenced on preparation for the various baseline studies that are required as part of the prospecting works programme and in preparation for and application for a mining right for Xolobeni. The Company will therefore be in a position to commence those studies as soon as the Minister approves the prospecting right.

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F U N D I N G U P D AT E

The Company has previously indicated that further funding initiatives, including offtake finance, debt and equity, were being explored to ensure that the working capital required to bring Tormin into production were are being advanced.

Having completed the offtake and pre-funding arrangement with Wogen, MRC is in the process of finalising fundraising initiatives which will provide the Company with the funding required to commence production at Tormin. Further updates will be provided in the coming days.

C O R P O R AT E

C a s h a n d M a r k e t a b l e S e c u r i t i e s

At 30 June 2013, MRC had $7.8 million in cash and $0.5 million in marketable securities.

S e c u r i t i e s o n I s s u e

Issued securities at quarter-end comprise:

323,953,343 fully paid ordinary shares listed on the ASX 10,000,000 Unlisted Options exercisable at $0.20 on or before 31 December 2015 1,000,000 Unlisted Options exercisable at $0.35 on or before 31 December 2015

For enquiries in connection with this release please contact:

A n d r e w L a s h b r o o k e - C E O

Mineral Commodities Limited alashbrooke@mrc-res.co.za +27 21 4171700

C o m p e t e n t P e r s o n s

The information in this announcement which relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Allen Maynard, who is a Member of the Australian Institute of Geosciences (“AIG”), a Corporate Member of the Australasian Institute of Mining & Metallurgy (“AusIMM”) and independent consultant to the Company. Mr Maynard is the Director and principal geologist of Al Maynard & Associates Pty Ltd and has over 30 years of exploration and mining experience in a variety of mineral deposit styles. Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves”.(JORC Code). Mr Maynard consents to inclusion in the report of the matters based on this information in the form and context in which it appears.

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M R C R E S O U R C E S TAT E M E N T

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Ilmenite Zircon Rutile Garnet
PROJECT Category Ore Mt HM%
(% in HM) (% in HM) (%in HM) (%i HM)
Tormin Indicated 2.7 49.4% 21.4% 6.9% 1.4% 51,2%
Xolobeni Measured 224 5.7% 54.5%
Indicated 104 4.1% 53.7%
Inferred 18 2.3% 69.6%
346.0 5.0% 54.0%
Total MRC 348.7 5.3% 51.7%
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