MINERAL COMMODITIES LTD — Interim / Quarterly Report 2013

Apr 29, 2013

Q U A R T E R LY R E P O R T 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

30 April 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 1 M A R C H 2 01 3

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S U M M A R Y

T O R M I N E N G I N E E R I N G D E S I G N C O M P L E T E D

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

• T O R M I N C A P I TA L E X P E N D I T U R E A N D D E V E LO P M E N T T I M E TA B L E S R E M A I N O N T R A C K

• O F F- TA K E D I S C U S S I O N S F O R T O R M I N P R O D U C T AT A D VA N C E D S TA G E

• 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 P L A N N E D

• 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 I N I T I AT E D

• C O M P L E T I O N O N $ 1 4 . 5 M I L L I O N C A P I TA L R A I S I N G

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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 )

D e v e l o p m e n t

To r m i n E n g i n e e r i n g D e s i g n C o m p l e t e d a n d C o n s t r u c t i o n C o m m e n c e s

Perth-based MSP Engineering Pty Ltd (MSP Engineering), as EPCM contractor, completed the final engineering design for the Tormin Mineral Sands Project (“Tormin”). Based on this, all major equipment orders were awarded during the last quarter.

Fabrication of the Primary Beach Concentrators (“PBCs”) and the clearing the proposed Secondary Concentrator Plant (“SCP”) site also commenced in the period. The Company anticipates finalizing the contacts for the fabrication and construction of the SCP in the near future based on the tenders received in the last quarter.

No significant development delays have been experienced in the last quarter. Accordingly, commissioning is still expected to commence towards the end of the third quarter with full production expected during the last quarter of 2013

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 $16,000,000.

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 that there are good prospects that it will be improved upon

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P r o d u c t O f f - t a k e D i s c u s s i o n s

Tormin will produce approximately 48,000 tonnes pa of enriched Non-Magnetic Concentrate containing 38,000 tonnes of Zircon and 5,500 tonnes of Rutile. This material will require secondary treatment through a third party dry separation plant. In addition, the Company will produce approximately 100,000 tonnes to 125,000 tonnes of finished IImenite product once MRC installs its own dry processing infrastructure in early 2014. Garnet concentrate will also be sold to Blastrite for secondary treatment.

Based on the expected production and timetables, samples of the products were sent to potential off take partners. The samples were well received and demand for Tormin Ilmenite and Non-Magnetic concentrate has been strong.

During the first week of February the Company’s board of directors attended the Mining Indaba in Cape Town, the majority of potential off take partners also attended. Coinciding with this, a trip to the Tormin site was arranged for the stakeholders and potential off take partners involved.

The trip was a great success and draft off-take proposals have subsequently been received. The Company shortlisted potential off-take partners and held detailed discussions with each in respect to product pricing, supporting working capital and infratrusture finance if required. MRC is currently assessing all proposals submitted to the Company and all outstanding matters are expected to be finalised by the end of May 2013 to enable the Company to announce off-take agreements for 100% of the products to be produced at Tormin.

O f f s h o r e P r o s p e c t i n g R i g h t

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.

A prospecting right for the offshore area immediately adjacent to Tormin was awarded towards the end of 2012. The right was executed in February 2013 and was registered at the Department of Mineral Resources on 15 April 2013.

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 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.

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 develop a scientific approach to identify and quantify the extent of beach replenishment. Work in this regard will commence in the next quarter. 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.

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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.

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.

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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.

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.

Having obtained the traditional leaderships approval of the planned process and updated the DMR in the last quarter, the public consultation process will be undertaken in April and a full stakeholder engagement report submitted to the DMR during May 2013.

The Company remains optimistic that, based on this work, that the DMR will award a new prospecting right over the Kwanyana block to the Company during the second half 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.

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C O R P O R AT E

I n v e s t m e n t i n P e t r o Ve n t u r e s I n t e r n a t i o n a l L i m i t e d

The Company maintains a significant investment in Petro Ventures International Ltd (“PVIL”), an Exploration & Prospecting company operating in the Northern Hemisphere. PVIL has strategic oil & gas working interests in Romania, Hungary, the Netherlands and France.

PVIL is currently seeking to divest its Romanian interests which should result in a redistribution of capital to PVIL shareholders. The sale process is expected to conclude in the third quarter of 2013.

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 31 March 2013, MRC had $10.7 million in cash and $0.4 million in marketable securities.

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

As announced in January 2013, MRC successfully completed all three tranches of the A$14.5 million (before costs) capital raising to institutional and sophisticated investors and related parties (“Capital Raising”).

Existing directors of MRC subscribed for up to A$3.4 million in shares in MRC (on 18 January 2012 on the same terms as those issued under the original placement. The issue of Shares to directors of MRC was approved by shareholders on 21 December 2012.

The final issue of approximately 9.9 million Shares pursuant to the private placement was also approved by shareholders on 21 December 2012 and took place on 23 January 2013 following the issue to existing directors of MRC.

I s s u e d s e c u r i t i e s a t q u a r t e r- e n d c o m p r i s e :

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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