ConclusionMatrix has completed the ramp up phase of Leichhardt,...

Conclusion

Matrix has completed the ramp up phase of Leichhardt, completing the development of the project on time and
on budget. Following its first full quarter of copper production, the operation is now at nameplate capacity. With
the ramp up complete, the Company is well advanced in its plans to increase production to 9,000tpa that has
the potential to almost double operating cashflow for a relatively low capital cost.
The development of Leichhardt provides the Company with the cashflow to implement its strategy of focussing
on the discovery of world class sulphide deposits within its large tenement holding in the prospective Mt Isa
region. With the tenements also highly prospective for uranium, the JV with Deep Yellow allows the Company to
focus on its copper developments, while participating in the upside of an economic uranium discovery.
With the Company now producing at nameplate capacity, and Leichhardt cashflow positive, we have updated
our model for MRX, valuing it at 20 – 29cps. We believe MRX will be re-rated as the market recognises the
Company’s move to a cash generating position; its leverage to the copper price; and the exploration potential of
its ground holding.