VYSARN LIMITED — Board/Management Information 2013

Sep 12, 2013

ABN
41
124
212
175

==> picture [84 x 44] intentionally omitted <==

ASX
Release
–
13
September
2013

Clarification
of
CEO
change
&
Company
Update

MHM
Metals
Limited
(ASX:MHM)
today
provides
clarification
of
the
release
lodged
with
ASX
on 11
September
2013.
It
also
takes
this
opportunity
to
provide
an
interim
company
update
pending the
release
of
MHM’s
annual
results
later
this
month.

CEO
change
‐
clarification

Mr
Robert
McAlister
has
requested
MHM
to
replace
the
statement
that
he
resigned
as
Chief Executive
Officer
with
“his
services
were
terminated”.

Company
Update

Pending
the
release
of
MHM’s
annual
audited
financial
statements
and
directors’
report,
the following
interim
update
is
provided.

The
waste
processing
operation
at
Moolap
is
undergoing
significant
changes.
The
primary objectives
(of
the
changes)
which
were
identified
in
MHM’s
new
strategic
plan
include:

• understand
and
document
the
waste
processing
operation
including
water
management;

• reduce
processing
costs;

• process
100%
of
customer
waste
received
and
produce
consistent
NMP
to
achieve
a
more saleable
product;

• reprocess
the
material
stockpiled
on
site
over
past
years
into
saleable
product;

• implement
effective
asset
management
and
maintenance
programmes
to
cope
with
the very
harsh
operating
environment
at
Moolap.

Operational
and
other
costs
have
been
reducing
steadily
which
is
encouraging
but
there
is
much more
to
be
achieved
including
proper
documentation
and
effective
asset
management.
This
is critical
for
the
understanding
of
the
existing
operation
and
importantly
the
development
of future
expansion.
Increased
tolling
fees
were
negotiated
with
effect
from
April
2013
which, coupled
with
reducing
operating
costs,
resulted
in
the
company
generating
positive
EBITDA
over the
past
three
months;
again
this
is
encouraging.

The
new
Dieme
Filter
Press
installation
is nearing
completion
and
is
now
expected
to
be
commissioned
in
late
October
(formerly
August). The
unit
is
high
capacity
and
fully
automated
which,
once
installed,
will
reduce
costs
including water
consumption.
It
will
allow
for
throughput
capacity
at
the
plant
to
run
in
excess
of
current requirements.
This
will
allow
stockpiles
to
be
more
quickly
reduced
and
maximise
potential income.
To
date,
MHM
has
made
a
number
of
small
volume
NMP
(AL80)
sales
within
Australia for
use
in
the
industrial
abrasives and
refractory
industries.

The
results
have
been
very
positive and
potential
for
expansion
is
excellent.

As
reported
last
month,
a
shipment
of
NMP
was
sent
to

Registered
Office:
80
Buckley
Grove,
Moolap,
VIC
3221
|
Tel:
03
5240
8999
|
Fax:
03
5248
3498
|
E:
info@mhmmetals.com
|
www.mhmmetals.com

ABN
41
124
212
175

==> picture [84 x 44] intentionally omitted <==

a
potential
customer
in
China
for
evaluation.
Further
product
has
also
been
supplied
for
larger volumes
for
other
uses
both
within
Australia
and
overseas.
Again
this
is
encouraging
and
MHM
is confident
that
sustaining,
contracted
orders
should
follow.

MHM
will
be
lodging
its
annual
financial
report
for
the
year
ended
30
June
2013
prior
to
the
end of
September.

END

For
further
information
contact

Matt
Keen,
CEO
–
+61
3
5240
8999

Iain
Kirkwood,
Chairman
+61
(0)
408
473
496

Registered
Office:
80
Buckley
Grove,
Moolap,
VIC
3221
|
Tel:
03
5240
8999
|
Fax:
03
5248
3498
|
E:
info@mhmmetals.com
|
www.mhmmetals.com