Ore Tonnes Treated (DMT) 51,247 68,645 Average Nickel Grade (%)...

Ore Tonnes Treated (DMT) 51,247 68,645 Average Nickel Grade (%) 3.03 2.50 Nickel-in-Concentrate Sold (tonnes) 1,354.3 1,468.1 Copper-in-Concentrate Sold (tonnes) 130.4 134.2 Cobalt-in-Concentrate Sold (tonnes) 25.2 27.2 Sales Revenue* (A$) 13.69M 15.60M Direct Operating Costs** (A$) 12.54M 16.5M Royalty Costs (A$) 0.55M 0.61M Operating Surplus (loss)*** (A$) 0.60M (1.51M) Capital Costs**** 0.04M 2.86M Payable

"Outlook for the Remainder of Financial Year 2016 During the December Quarter the third phase of Mincor’s revised mining strategy will be implemented. This is expected to achieve further cost reductions at the price of lower overall nickel production. Unfortunately it will also involve further redundancies among Mincor’s workforce. From the end of October Mincor’s operations will move to a single shift basis, producing approximately 4,000 to 5,000 tonnes of ore per month, "

AGM

"Manage thru the downturn –staged process: –April/May: terminated capital development –July: implemented ‘One Operation-Two Mine’ strategy –November: Moved to single shift –Currently targeting ~5,000 ore tonnes/month –Continuous assessment: optionality to raise, lower or suspend production "

they have already told mr market that if it aint profitable - they wont mine it !

rgds
V_H