Ann: MD's Presentation at AGM, page-5

Hi V_H

MCR is very exciting longer term and if we do see Ni price recover we have this:

CASSINI:
This target covers only the 430 metre plunge length drilled so far
 Very high additional prospectivity down- plunge and along strike
 Conceptual scoping study demonstrates low start-up capex
 Utilisation of nearby Redross Mine surface infrastructure
 Strong potential economic returns at forecast nickel prices

REPUBLICAN HILL:
Exciting new exploration target
 Cassinilook-alike
 Strikingcoincidence of:

• – Nickel in soils
• – Interpreted channel locations in

basal contact
– Magnetic high along basal contact.

IMO, MCR is extremely well positioned to rebound if Nickel stocks drop and Ni prices recover based on its existing production capability.

When you add Cassini and Rebublican Hill, we start to see a company that should do very well in the future.

As we all know its all about ni inventory, demand and falling supply which must ultimately lead to a ni price rebound.

Cheers

Mulac1